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10-Q Filing

ELME COMMUNITIES CIK: 104894 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0000104894-19-000063
Period End Date 20190331
Filing Date 20190429
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance wre-20190331.xml
Balance Sheet 79 line items
Line Item Tag Value Unit Period
Preferred shares, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred shares, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred shares, shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Land Land $614.66M USD Point-in-time
Land Land $612.69M USD Point-in-time
Preferred shares, shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Preferred shares, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Income producing property RentalProperties $2.27B USD Point-in-time
Income producing property RentalProperties $2.28B USD Point-in-time
Preferred shares, shares issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Preferred shares, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred shares, shares outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Net income producing property, at cost RealEstateInvestmentPropertyAtCost $2.89B USD Point-in-time
Net income producing property, at cost RealEstateInvestmentPropertyAtCost $2.89B USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $770.53M USD Point-in-time
Accumulated depreciation and amortization RealEstateInvestmentPropertyAccumulatedDepreciation $781.30M USD 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 RealEstateInvestmentPropertyNet $2.11B USD Point-in-time
Shares of beneficial interest, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Net income producing property RealEstateInvestmentPropertyNet $2.12B USD 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 $97.29M USD Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 79.91M shares Point-in-time
Properties under development or held for future development DevelopmentInProcess $87.23M USD Point-in-time
Shares of beneficial interest, shares issued (in shares) CommonStockSharesIssued 80.03M shares Point-in-time
Total real estate held for investment, net RealEstateInvestments $2.21B USD Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 80.03M shares Point-in-time
Total real estate held for investment, net RealEstateInvestments $2.20B USD Point-in-time
Shares of beneficial interest, shares outstanding (in shares) CommonStockSharesOutstanding 79.91M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $12.03M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $11.51M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $6.02M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $2.47M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $1.37M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $1.62M USD Point-in-time
Rents and other receivables AccountsAndNotesReceivableNet $73.29M USD Point-in-time
Rents and other receivables AccountsAndNotesReceivableNet $73.86M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $132.32M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssets $116.72M USD Point-in-time
Total assets Assets $2.42B USD Point-in-time
Total assets Assets $2.52B USD Point-in-time
Total assets Assets $2.41B USD Point-in-time
Notes payable, net NotesPayable $995.40M USD Point-in-time
Notes payable, net NotesPayable $995.75M USD Point-in-time
Mortgage notes payable, net SecuredDebt $59.79M USD Point-in-time
Mortgage notes payable, net SecuredDebt $58.80M USD Point-in-time
Line of credit LineOfCredit $228.00M USD Point-in-time
Line of credit LineOfCredit $188.00M USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $67.28M USD Point-in-time
Accounts payable and other liabilities AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent $59.57M USD Point-in-time
Dividend payable DividendsPayableCurrentAndNoncurrent - USD Point-in-time
Dividend payable DividendsPayableCurrentAndNoncurrent $24.02M USD Point-in-time
Advance rents AdvanceRent $10.42M USD Point-in-time
Advance rents AdvanceRent $11.74M USD Point-in-time
Tenant security deposits SecurityDepositLiability $10.02M USD Point-in-time
Tenant security deposits SecurityDepositLiability $10.11M 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; 80,029 and 79,910 shares issued and outstanding, as of March 31, 2019 and December 31, 2018, respectively CommonStockValue $800.00K USD Point-in-time
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized; 80,029 and 79,910 shares issued and outstanding, as of March 31, 2019 and December 31, 2018, respectively CommonStockValue $799.00K USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.53B USD Point-in-time
Additional paid in capital AdditionalPaidInCapital $1.53B USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-469.08M USD Point-in-time
Distributions in excess of net income RetainedEarningsAccumulatedDeficit $-498.54M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax $5.67M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax $9.84M USD Point-in-time
Total shareholders equity StockholdersEquity $1.04B USD Point-in-time
Total shareholders equity StockholdersEquity $1.07B USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $351.00K USD Point-in-time
Noncontrolling interests in subsidiaries MinorityInterest $347.00K USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.10B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.04B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.07B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.42B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.41B USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Real estate rental revenue Revenues $83.17M USD 1 Quarter
Real estate rental revenue Revenues $84.88M USD 1 Quarter
Real estate expenses CostOfRevenue $29.90M USD 1 Quarter
Real estate expenses CostOfRevenue $29.21M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $29.55M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $29.97M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $5.82M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $7.43M USD 1 Quarter
Lease origination expenses OperatingLeaseIndirectCostsExpensedAsIncurred - USD 1 Quarter
Lease origination expenses OperatingLeaseIndirectCostsExpensedAsIncurred $378.00K USD 1 Quarter
Real estate impairment ImpairmentOfRealEstate $1.89M USD 1 Quarter
Real estate impairment ImpairmentOfRealEstate $8.37M USD 1 Quarter
Operating expenses OperatingExpenses $67.58M USD 1 Quarter
Operating expenses OperatingExpenses $74.94M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $17.30M USD 1 Quarter
Real estate operating income OperatingIncomeLoss $8.24M USD 1 Quarter
Interest expense InterestExpense $12.83M USD 1 Quarter
Interest expense InterestExpense $12.64M USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-1.18M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-12.64M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-14.01M USD 1 Quarter
Net (loss) income ProfitLoss $-4.41M USD 1 Quarter
Net (loss) income ProfitLoss $3.30M USD 1 Quarter
Less: Net income attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Net income attributable to noncontrolling interests in subsidiaries NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Net (loss) income attributable to the controlling interests NetIncomeLoss $3.30M USD 1 Quarter
Net (loss) income attributable to the controlling interests NetIncomeLoss $-4.41M USD 1 Quarter
Basic net income attributable to the controlling interests per common share (in dollars per share) EarningsPerShareBasic $-0.06 USD 1 Quarter
Basic net income attributable to the controlling interests per common share (in dollars per share) EarningsPerShareBasic $0.04 USD 1 Quarter
Diluted net income attributable to the controlling interests per common share (in dollars per share) EarningsPerShareDiluted $-0.06 USD 1 Quarter
Diluted net income attributable to the controlling interests per common share (in dollars per share) EarningsPerShareDiluted $0.04 USD 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 78.48M shares 1 Quarter
Weighted average shares outstanding - basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 79.88M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 78.55M shares 1 Quarter
Weighted average shares outstanding - diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 79.88M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net (loss) income ProfitLoss $-4.41M USD 1 Quarter
Net (loss) income ProfitLoss $3.30M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $29.55M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $29.97M USD 1 Quarter
Credit losses on lease related receivables ProvisionForDoubtfulAccounts $176.00K USD 1 Quarter
Credit losses on lease related receivables ProvisionForDoubtfulAccounts - USD 1 Quarter
Real estate impairment ImpairmentOfLongLivedAssetsHeldForUse $8.37M USD 1 Quarter
Real estate impairment ImpairmentOfLongLivedAssetsHeldForUse $1.89M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $2.83M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.54M USD 1 Quarter
Amortization of debt premiums, discounts and related financing costs AmortizationOfFinancingCostsAndDiscounts $536.00K USD 1 Quarter
Amortization of debt premiums, discounts and related financing costs AmortizationOfFinancingCostsAndDiscounts $446.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-1.18M USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $2.04M USD 1 Quarter
Changes in operating other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.37M USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-7.26M USD 1 Quarter
Changes in operating other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-475.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $27.58M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $36.65M USD 1 Quarter
Real estate acquisitions, net PaymentsToAcquireRealEstate - USD 1 Quarter
Real estate acquisitions, net PaymentsToAcquireRealEstate $106.40M USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfPropertyHeldForSale $78.48M USD 1 Quarter
Net cash received for sale of real estate ProceedsFromSaleOfPropertyHeldForSale - USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $7.84M USD 1 Quarter
Capital improvements to real estate PaymentsForCapitalImprovements $7.28M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $6.09M USD 1 Quarter
Development in progress PaymentsToDevelopRealEstateAssets $4.75M USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $67.00K USD 1 Quarter
Non-real estate capital improvements PaymentsToAcquireProductiveAssets $172.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-40.69M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.44M USD 1 Quarter
Line of credit borrowings, net ProceedsFromRepaymentsOfLinesOfCredit $94.00M USD 1 Quarter
Line of credit borrowings, net ProceedsFromRepaymentsOfLinesOfCredit $40.00M USD 1 Quarter
Dividends paid PaymentsOfDividends $48.16M USD 1 Quarter
Dividends paid PaymentsOfDividends $47.30M USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $610.00K USD 1 Quarter
Principal payments mortgage notes payable RepaymentsOfSecuredDebt $136.31M USD 1 Quarter
Repayments of unsecured term loan debt RepaymentsOfUnsecuredDebt - USD 1 Quarter
Repayments of unsecured term loan debt RepaymentsOfUnsecuredDebt $150.00M USD 1 Quarter
Proceeds from term loan ProceedsFromRepaymentsOfOtherLongTermDebt - USD 1 Quarter
Proceeds from term loan ProceedsFromRepaymentsOfOtherLongTermDebt $250.00M USD 1 Quarter
Payment of financing costs PaymentOfFinancingAndStockIssuanceCosts $252.00K USD 1 Quarter
Payment of financing costs PaymentOfFinancingAndStockIssuanceCosts $5.41M USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $3.00K USD 1 Quarter
Distributions to noncontrolling interests PaymentsToMinorityShareholders $4.00K USD 1 Quarter
Proceeds from dividend reinvestment program ProceedsFromOtherEquity $717.00K USD 1 Quarter
Proceeds from dividend reinvestment program ProceedsFromOtherEquity $1.10M USD 1 Quarter
Payment of tax withholdings for restricted share awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $296.00K USD 1 Quarter
Payment of tax withholdings for restricted share awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $452.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $5.40M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-8.39M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $5.75M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $1.36M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.64M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.98M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.62M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.39M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $7.64M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.98M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.62M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $13.39M USD Point-in-time
Cash paid for interest, net of amounts capitalized InterestPaidNet $6.85M USD 1 Quarter
Cash paid for interest, net of amounts capitalized InterestPaidNet $7.42M USD 1 Quarter
Change in accrued capital improvements and development costs CapitalExpendituresIncurredButNotYetPaid $8.12M USD 1 Quarter
Change in accrued capital improvements and development costs CapitalExpendituresIncurredButNotYetPaid $2.67M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.10B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.04B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.07B USD Point-in-time
Net income (loss) attributable to the controlling interests NetIncomeLoss $3.30M USD 1 Quarter
Net income (loss) attributable to the controlling interests NetIncomeLoss $-4.41M USD 1 Quarter
Unrealized gain (loss) on interest rate hedges OtherComprehensiveIncomeLossNetOfTax $-4.17M USD 1 Quarter
Unrealized gain (loss) on interest rate hedges OtherComprehensiveIncomeLossNetOfTax $4.07M USD 1 Quarter
Distributions to noncontrolling interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $3.00K USD 1 Quarter
Distributions to noncontrolling interests MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $4.00K USD 1 Quarter
Dividends Dividends $24.14M USD 1 Quarter
Dividends Dividends $23.72M USD 1 Quarter
Shares issued under dividend reinvestment program (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 37,079.00 shares 1 Quarter
Shares issued under dividend reinvestment program (in shares) StockIssuedDuringPeriodSharesDividendReinvestmentPlan 42,842.00 shares 1 Quarter
Shares issued under dividend reinvestment program StockIssuedDuringPeriodValueDividendReinvestmentPlan $1.10M USD 1 Quarter
Shares issued under dividend reinvestment program StockIssuedDuringPeriodValueDividendReinvestmentPlan $717.00K USD 1 Quarter
Share grants, net of forfeitures and tax withholdings StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $1.07M USD 1 Quarter
Share grants, net of forfeitures and tax withholdings StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $2.25M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.10B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.08B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.04B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.07B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net (loss) income ProfitLoss $-4.41M USD 1 Quarter
Net (loss) income ProfitLoss $3.30M USD 1 Quarter
Unrealized (loss) gain on interest rate hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-4.17M USD 1 Quarter
Unrealized (loss) gain on interest rate hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $4.07M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $7.36M USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-8.57M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest - USD 1 Quarter
Comprehensive (loss) income attributable to the controlling interests ComprehensiveIncomeNetOfTax $-8.57M USD 1 Quarter
Comprehensive (loss) income attributable to the controlling interests ComprehensiveIncomeNetOfTax $7.36M USD 1 Quarter

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

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