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10-Q Filing

ELME COMMUNITIES CIK: 104894 Q1 2016
Filing Information
Form Type 10-Q
Accession Number 0000104894-16-000158
Period End Date 20160331
Filing Date 20160428
Fiscal Year 2016
Fiscal Period Q1
XBRL Instance wre-20160331.xml
Balance Sheet 79 line items
Line Item Tag Value Unit Period
Rents and other receivables, allowance for doubtful accounts AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $2.30M USD Point-in-time
Rents and other receivables, allowance for doubtful accounts AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables $2.40M USD Point-in-time
Land Land $561.26M USD Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred Stock, Par or Stated Value Per Share (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Land Land $561.26M USD Point-in-time
Preferred Stock, Shares Authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Income producing property RentalProperties $2.10B USD Point-in-time
Preferred Stock, Shares Authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Income producing property RentalProperties $2.08B USD Point-in-time
Real estate investment property, at cost RealEstateInvestmentPropertyAtCost $2.66B USD Point-in-time
Preferred Stock, Shares Issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Real estate investment property, at cost RealEstateInvestmentPropertyAtCost $2.64B USD Point-in-time
Preferred Stock, Shares Issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $692.61M USD Point-in-time
Preferred Stock, Shares Outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $714.69M USD Point-in-time
Preferred Stock, Shares Outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Shares of beneficial interest, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Shares of beneficial interest, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Net income producing property RealEstateInvestments $1.94B USD Point-in-time
Net income producing property RealEstateInvestments $1.95B USD Point-in-time
Shares of beneficial interest, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Shares of beneficial interest, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Properties under development or held for future development DevelopmentInProcess $27.31M USD Point-in-time
Properties under development or held for future development DevelopmentInProcess $36.09M USD Point-in-time
Total real estate held for investment, net RealEstateInvestmentPropertyNet $1.98B USD Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 68.19M shares Point-in-time
Total real estate held for investment, net RealEstateInvestmentPropertyNet $1.97B USD Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 68.33M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.57M USD Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 68.19M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $23.82M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $40.02M USD Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 68.33M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $15.83M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $9.89M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $13.38M USD Point-in-time
Rents and other receivables, net of allowance for doubtful accounts of $2,399 and $2,297, respectively AccountsAndNotesReceivableNet $62.89M USD Point-in-time
Rents and other receivables, net of allowance for doubtful accounts of $2,399 and $2,297, respectively AccountsAndNotesReceivableNet $63.86M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $118.79M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $109.79M USD Point-in-time
Total assets Assets $2.19B USD Point-in-time
Total assets Assets $2.19B USD Point-in-time
Total assets Assets $2.12B USD Point-in-time
Notes payable, net NotesPayable $743.48M USD Point-in-time
Notes payable, net NotesPayable $743.18M USD Point-in-time
Mortgage notes payable, net SecuredDebt $333.85M USD Point-in-time
Mortgage notes payable, net SecuredDebt $418.05M USD Point-in-time
Lines of credit LineOfCredit $105.00M USD Point-in-time
Lines of credit LineOfCredit $215.00M USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $45.37M USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $56.35M USD Point-in-time
Dividends Payable DividendsPayableCurrentAndNoncurrent $20.43M USD Point-in-time
Dividends Payable DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Advance rents AdvanceRent $12.74M USD Point-in-time
Advance rents AdvanceRent $11.59M USD Point-in-time
Tenant security deposits SecurityDepositLiability $9.60M USD Point-in-time
Tenant security deposits SecurityDepositLiability $9.38M USD Point-in-time
Total liabilities Liabilities $1.35B USD Point-in-time
Total liabilities Liabilities $1.37B USD Point-in-time
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding PreferredStockValue - USD Point-in-time
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding PreferredStockValue - USD Point-in-time
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 68,326 and 68,191 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively CommonStockValue $683.00K USD Point-in-time
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 68,326 and 68,191 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively CommonStockValue $682.00K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.19B USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.19B USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-376.04M USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-357.78M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax $-4.22M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax $-550.00K USD Point-in-time
Total shareholders equity StockholdersEquity $814.17M USD Point-in-time
Total shareholders equity StockholdersEquity $835.65M USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $1.36M USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $1.27M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $837.01M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $815.43M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.19B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.19B USD Point-in-time
Income Statement 39 line items
Line Item Tag Value Unit Period
Real estate rental revenue RealEstateRevenueNet $77.14M USD 1 Quarter
Real estate rental revenue RealEstateRevenueNet $74.86M USD 1 Quarter
Real estate expenses CostOfRealEstateRevenue $29.21M USD 1 Quarter
Real estate expenses CostOfRealEstateRevenue $28.73M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $26.04M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $25.27M USD 1 Quarter
Acquisition costs BusinessCombinationAcquisitionRelatedCosts $154.00K USD 1 Quarter
Acquisition costs BusinessCombinationAcquisitionRelatedCosts $16.00K USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $6.08M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $5.51M USD 1 Quarter
Operating Expenses OperatingExpenses $60.44M USD 1 Quarter
Operating Expenses OperatingExpenses $60.58M USD 1 Quarter
Gain on sale of real estate DisposalGroupNotDiscontinuedOperationGainLossOnDisposal - USD 1 Quarter
Gain on sale of real estate DisposalGroupNotDiscontinuedOperationGainLossOnDisposal $89.65M USD Annual
Gain on sale of real estate DisposalGroupNotDiscontinuedOperationGainLossOnDisposal $30.28M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $16.70M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $44.55M USD 1 Quarter
Interest expense InterestExpense $14.36M USD 1 Quarter
Interest expense InterestExpense $15.35M USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $39.00K USD 1 Quarter
Other income OtherNonoperatingIncomeExpense $192.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-14.32M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-15.16M USD 1 Quarter
Net income ProfitLoss $29.40M USD 1 Quarter
Net income ProfitLoss $2.38M USD 1 Quarter
Less: Net loss attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest $-5.00K USD 1 Quarter
Less: Net loss attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest $-108.00K USD 1 Quarter
Net income attributable to the controlling interests NetIncomeLoss $29.51M USD 1 Quarter
Net income attributable to the controlling interests NetIncomeLoss $2.38M USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareBasic $0.03 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareBasic $0.43 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareDiluted $0.03 USD 1 Quarter
Net income per share (in dollars per share) EarningsPerShareDiluted $0.43 USD 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 68.14M shares 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 68.30M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 68.19M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 68.49M shares 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.30 USD 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.30 USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $29.40M USD 1 Quarter
Net income ProfitLoss $2.38M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $25.27M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $26.04M USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $441.00K USD 1 Quarter
Provision for losses on accounts receivable ProvisionForDoubtfulAccounts $441.00K USD 1 Quarter
Gain on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate $30.28M USD 1 Quarter
Gain on sale of real estate GainsLossesOnSalesOfInvestmentRealEstate - USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.85M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.55M USD 1 Quarter
Amortization of debt premiums, discounts and related financing costs AmortizationOfFinancingCostsAndDiscounts $837.00K USD 1 Quarter
Amortization of debt premiums, discounts and related financing costs AmortizationOfFinancingCostsAndDiscounts $872.00K USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $932.00K USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $906.00K USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.14M USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $9.07M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $35.70M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $31.47M USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment - USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfRealEstateHeldforinvestment $37.01M USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $4.72M USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $4.78M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $1.12M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $6.39M USD 1 Quarter
Real estate deposits, net PaymentsForDepositsOnRealEstateAcquisitions $12.50M USD 1 Quarter
Real estate deposits, net PaymentsForDepositsOnRealEstateAcquisitions - USD 1 Quarter
Cash released from (held in) replacement reserve escrows IncreaseDecreaseInRestrictedCash $996.00K USD 1 Quarter
Cash released from (held in) replacement reserve escrows IncreaseDecreaseInRestrictedCash $-2.31M USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $13.00K USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $1.38M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $23.47M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivities $-16.04M USD 1 Quarter
Line of credit borrowings (repayments) ProceedsFromRepaymentsOfLinesOfCredit $110.00M USD 1 Quarter
Line of credit borrowings (repayments) ProceedsFromRepaymentsOfLinesOfCredit $-20.00M USD 1 Quarter
Dividends paid PaymentsOfDividends $20.52M USD 1 Quarter
Dividends paid PaymentsOfDividends $41.14M USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $84.22M USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $1.16M USD 1 Quarter
Borrowings under construction loan ProceedsFromConstructionLoansPayable - USD 1 Quarter
Borrowings under construction loan ProceedsFromConstructionLoansPayable $1.84M USD 1 Quarter
Payment of financing costs PaymentOfFinancingAndStockIssuanceCosts $236.00K USD 1 Quarter
Payment of financing costs PaymentOfFinancingAndStockIssuanceCosts $238.00K USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $91.00K USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders - USD 1 Quarter
Net proceeds from equity offering ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Net proceeds from equity offering ProceedsFromIssuanceOfCommonStock $5.09M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-15.68M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-34.98M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $24.20M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-250.00K USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $23.57M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $23.82M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $40.02M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $15.83M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $23.57M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $23.82M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $40.02M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $15.83M USD Point-in-time
Cash paid for interest, net of amounts capitalized InterestPaidNet $8.64M USD 1 Quarter
Cash paid for interest, net of amounts capitalized InterestPaidNet $7.53M USD 1 Quarter
Decrease in accrued capital improvements and development costs IncreaseDecreaseinAccruedCapitalImprovements $-4.21M USD 1 Quarter
Decrease in accrued capital improvements and development costs IncreaseDecreaseinAccruedCapitalImprovements $-4.10M USD 1 Quarter
Stockholders Equity 12 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $837.01M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $815.43M USD Point-in-time
Net income attributable to the controlling interests NetIncomeLoss $29.51M USD 1 Quarter
Net income attributable to the controlling interests NetIncomeLoss $2.38M USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-5.00K USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-108.00K USD 1 Quarter
Other Comprehensive Income (Loss), Net of Tax OtherComprehensiveIncomeLossNetOfTax $-3.67M USD 1 Quarter
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $91.00K USD 1 Quarter
Dividends Dividends $20.64M USD 1 Quarter
Share grants, net of share grant amortization and forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $453.00K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $837.01M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $815.43M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $29.40M USD 1 Quarter
Net income ProfitLoss $2.38M USD 1 Quarter
Other comprehensive loss: OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPortionAttributableToParent $-3.67M USD 1 Quarter
Other comprehensive loss: OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPortionAttributableToParent - USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-1.30M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $29.40M USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-5.00K USD 1 Quarter
Less: Net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-108.00K USD 1 Quarter
Comprehensive (loss) income attributable to the controlling interests ComprehensiveIncomeNetOfTax $29.51M USD 1 Quarter
Comprehensive (loss) income attributable to the controlling interests ComprehensiveIncomeNetOfTax $-1.29M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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