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DATE

日期

Wednesday, Aug. 6, 2025, at 10 a.m. ET

2025年8月6日，星期三，东部时间上午 10 点

CALL PARTICIPANTS

参会人员

Chief Executive Officer — Paul McDermott
Chief Financial Officer — Steve Freishtat
Chief Operating Officer — Tiffany Butcher

首席执行官 — Paul McDermott
首席财务官 — Steve Freishtat
首席运营官 — Tiffany Butcher

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TAKEAWAYS

主要内容

Portfolio sale agreement--The companyhas entered into a definitive agreement to sell a portfolio of 19 assets to Cortland for $1.6 billion in cash, subject to adjustments and shareholder approval, with closing expected in the fourth quarter of 2025.
Plan of sale and liquidation-- The board has approved a plan to liquidate all remaining assets, including remaining multifamily assets and Watergate 600, with marketing commencing in the third quarter and completion targeted within twelve months.
Special distribution guidance-- CFO Freishtat stated, “We estimate that the amount of this initial special distribution will be between $14.50 and $14.82 per share,” to be declared following the closing of the Cortland transaction, which is expected to occur in the fourth quarter of 2025, funded by Cortland transaction proceeds and anticipated new debt financing.
Aggregate distributions-- Total cash returned to shareholders from all transactions, including the regular $0.18 per share dividend, is estimated at $17.58-$18.50 per share and includes the planned initial and subsequent distributions from asset sales. This estimate is based on company projections related to the proposed portfolio sale and liquidation plan, with timing dependent on the closing of the Cortland transaction and subsequent asset sales, as described in the company's fiscal Q2 2025 earnings call.
Shareholder approval process-- The company intends to file a preliminary proxy and convene a special meeting in the fall for approval of both the Cortland transaction and the liquidation plan.
Multifamily NOI growth-- Tiffany Butcher reported that multifamily Net Operating Income increased 4.5% year over year in fiscal Q2 2025, primarily due to higher rental revenue and fee income.
Market performance-- Monthly effective rent growth in the Washington Metro Area outperformed the national average in fiscal Q2 2025, and the region ranked sixth nationwide for transaction volume in the same period.
Distribution mechanics-- Quarterly distributions will be suspended after the declared $0.18 payment scheduled for Oct. 3, 2025, with future liquidating distributions at the board’s discretion as additional sales close.
Occupancy levels-- Occupancy in the DMV exceeded 96%. Northern Virginia and Maryland sustained positive blended lease rate growth year to date; DC lease rates held steady year to date, chiefly due to renewal strength offsetting softer new lease growth.
Process transparency-- Over 80 potential counterparties were contacted during the strategic alternatives review, including institutional investors, capital sponsors, and REITs.
Transaction cost inclusion-- CFO Freishtat confirmed that all transaction cost estimates are already reflected in the projected shareholder distribution figures, as stated during the fiscal Q2 2025 earnings call.

投资组合出售协议——公司已与 Cortland 达成最终协议，以 16 亿美元现金出售 19 项资产，交易需调整并获得股东批准，预计在 2025 年第四季度完成。
出售和清算计划——董事会已批准清算所有剩余资产的计划，包括剩余的多户住宅资产和 Watergate 600，市场推广将在第三季度开始，目标是在 12 个月内完成。
特别分配指导——首席财务官 Freishtat 表示：“我们估计这次初始特别分配的金额将在每股 14.50 美元至 14.82 美元之间，” 将在 Cortland 交易完成后宣布，预计该交易将在 2025 年第四季度完成，资金来源于 Cortland 交易收益和预期的新债务融资。
总分配——从所有交易中返还给股东的总现金，包括每股 0.18 美元的常规股息，预计在每股 17.58 美元至 18.50 美元之间，并包括计划中的初始和后续资产出售分配。该估计基于公司对拟议投资组合出售和清算计划的预测，时间取决于 Cortland 交易的完成和后续资产出售，如公司 2025 财年第二季度财报电话会议中所述。
股东批准流程——公司计划提交初步代理声明，并在秋季召开特别会议，以批准 Cortland 交易和清算计划。
多户住宅净营业收入增长——Tiffany Butcher 报告称，2025 财年第二季度多户住宅净营业收入同比增长 4.5%，主要由于租金收入和费用收入的增加。
市场表现——华盛顿大都会区的月度有效租金增长在 2025 财年第二季度超过全国平均水平，该地区在同期交易量中排名全国第六。
分配机制——在2025年10月3日计划支付的 0.18 美元后，季度分配将暂停，未来的清算分配将根据董事会的决定在额外销售完成后进行。
入住率——华盛顿特区、马里兰州和弗吉尼亚州的入住率超过 96%。北弗吉尼亚和马里兰州的综合租赁率年初至今保持正增长；华盛顿特区的租赁率年初至今保持稳定，主要由于续租强劲抵消了新租赁增长的疲软。
流程透明度——在战略替代方案审查期间，联系了超过 80 个潜在对手方，包括机构投资者、资本赞助商和房地产投资信托基金。
交易成本包含——首席财务官 Freishtat 确认，所有交易成本估算已反映在预计的股东分配数字中，如 2025 财年第二季度财报电话会议中所述。

SUMMARY

摘要

Elme Communities(ELME -0.18%) committed to a business model wind-down by targeting both a large portfolio sale and the complete liquidation of remaining assets, providing a clear path and associated cash return estimations for shareholders. Management confirmed that all significant transaction and operational transition costs are included in the guidance for shareholder distributions, addressing questions about possible future deductions. The company stated that the shareholder distribution estimates include projected expenses and payment of liabilities. The company is preparing a formal proxy statement with further financial details and procedural clarifications related to the proposed transactions.

Elme Communities(ELME -0.18%) 致力于通过目标大规模投资组合出售和完全清算剩余资产来结束业务模式，为股东提供明确的路径和相关现金回报估算。管理层确认所有重大交易和运营过渡成本已包含在股东分配的指导中，解决了关于未来可能扣除的问题。公司表示，股东分配估算包括预计的费用和负债支付。公司正在准备正式的代理声明，提供与拟议交易相关的进一步财务细节和程序说明。

CEO McDermott noted the board chose the current transaction path after a “robust” process involving outreach to more than 80 financial entities, following the lack of a viable entity-level offer that met value objectives.
Management stated the marketing and sale of the final asset pool will proceed in parallel with transaction approvals, with some asset sales possibly occurring regardless of the outcome of the main Cortland agreement.
Liquidity in DC and Maryland multifamily markets may be affected by regulatory processes, but the team asserted familiarity and confidence in navigating local requirements such as the TOPA and HSE processes.
As additional context, Watergate 600 is 82% leased, which is where Elme Communities expects to be at the end of 2025.

首席执行官 McDermott 指出，董事会在经过 “充分” 的流程后选择了当前的交易路径，该流程涉及与超过 80 个金融实体的接触，因为没有符合价值目标的可行实体级报价。
管理层表示，最后一批资产的市场推广和销售将与交易批准并行进行，某些资产销售可能会在主要 Cortland 协议结果之前发生。
华盛顿特区和马里兰州的多户住宅市场流动性可能会受到监管流程的影响，但团队表示熟悉并有信心应对当地要求，如 TOPA 和 HSE 流程。
作为额外背景，Watergate 600 的租赁率为 82%，这是 Elme Communities 预计到 2025 年底的状态。

INDUSTRY GLOSSARY

行业术语

TOPA: Tenant Opportunity to Purchase Act, a DC law giving tenants first right to buy their building if offered for sale.
HSE: High-Speed Elevator; in this context, referenced as regulatory processes in Montgomery County affecting asset sale timelines.
NOI: Net Operating Income; a measure of property-level profitability before financing or corporate expenses.
RemainCo: The portfolio of multifamily assets and Watergate 600 remaining after the Cortland transaction.
DMV: Commonly used to refer to the District of Columbia, Maryland, and Virginia region.
FAR: Floor Area Ratio; in real estate, a metric indicating the ratio of a building’s total floor area to its lot size.

TOPA：租户优先购买法，华盛顿特区的一项法律，赋予租户在建筑物出售时的优先购买权。
HSE：高速电梯；在此上下文中，指的是影响资产销售时间表的蒙哥马利县的监管流程。
NOI：净营业收入；衡量物业层面盈利能力的指标，未考虑融资或公司费用。
RemainCo：Cortland 交易后剩余的多户住宅资产和 Watergate 600 的投资组合。
DMV：通常用于指代华盛顿特区、马里兰州和弗吉尼亚州地区。
FAR：建筑面积比；在房地产中，表示建筑物总建筑面积与其地块面积的比率。

Full Conference Call Transcript

完整会议电话记录

Paul McDermott: Thanks, Amy. Welcome, everyone. And thank you for joining us this morning. We're pleased to report another solid quarter for Elme Communities, reflecting both the stability of our portfolio and the continued execution of our operating strategy. Our second quarter results are detailed in our earnings release and associated filings. In addition to discussing our results, I want to spend time today discussing the announcement regarding our strategic alternatives review process. Steve will provide additional financial details about the proposed portfolio sale transaction and future asset sales. Tiffany will cover our operating trends and initiatives. On Monday, we announced that our board of trustees completed the formal evaluation of strategic alternatives that had been announced back in February.

保罗·麦克德莫特： 谢谢，艾米。欢迎大家，感谢你们今天早上加入我们。我们很高兴地报告，Elme Communities 又一个稳健的季度，这反映了我们投资组合的稳定性以及我们运营战略的持续执行。我们的第二季度业绩在我们的财报和相关文件中有详细说明。除了讨论我们的业绩，我今天还想花时间讨论关于我们战略选择评估过程的公告。史蒂夫将提供关于拟议的投资组合出售交易和未来资产出售的更多财务细节。蒂芙尼将介绍我们的运营趋势和举措。周一，我们宣布我们的受托人委员会完成了自二月份以来宣布的战略选择的正式评估。

After an extensive evaluation, we have entered into a definitive agreement to sell a portfolio of 19 assets to Cortland, an Atlanta-based multifamily real estate investment development and management company. At closing, which we currently expect to occur in the fourth quarter following receipt of shareholder approval and satisfaction of other customary closing conditions, Elme Communities will receive from Cortland $1.6 billion in cash, subject to certain adjustments. The board has also approved a plan of sale and liquidation to sell our remaining assets. As such, we will be looking for buyers of all Elme Communities' remaining multifamily assets as well as Watergate 600. This plan of sale and liquidation is also subject to shareholder approval.

经过广泛评估，我们已与总部位于亚特兰大的多户住宅房地产投资开发和管理公司 Cortland 签署了出售 19 个资产组合的最终协议。我们目前预计在获得股东批准并满足其他惯例成交条件后，于第四季度完成交易，Elme Communities 将从 Cortland 获得 16 亿美元现金，具体金额将根据某些调整而定。董事会还批准了一项出售和清算计划，以出售我们剩余的资产。因此，我们将寻找所有 Elme Communities 剩余多户住宅资产以及 Watergate 600 的买家。该出售和清算计划也需获得股东批准。

I want to take a moment to provide some history leading up to this transaction. Over a decade ago, we launched a strategic transformation that streamlined our portfolio from four asset classes into one, including the sale of our office and retail portfolios in 2021. We designed and built a scalable operating platform, internalized multifamily operations, and platform initiatives to improve our performance and profitability with the goal of reducing our cost of capital in order to scale our portfolio and further maximize shareholder value.

我想花一点时间提供一些关于此次交易的背景。十多年前，我们启动了一项战略转型，将我们的投资组合从四个资产类别精简为一个，包括在 2021 年出售我们的办公和零售投资组合。我们设计并建立了一个可扩展的运营平台，内部化了多户住宅运营，并实施平台举措，以提高我们的业绩和盈利能力，目标是降低我们的资本成本，以便扩展我们的投资组合并进一步最大化股东价值。

Despite the success we've had in transforming our company into a focused multifamily with strong operating capabilities, the current market environment has made it difficult to lower our cost of capital in a way that supports our ability to scale accretively. Our agreement with Cortland and the decision to sell our remaining assets came after a thoughtful and deliberate review process, taking into account the work the company has already undertaken to scale and geographically diversify our portfolio. The review process by our advisors was robust. More than 80 potential counterparties were contacted, including pension funds, insurance companies, institutional advisors, financial sponsors, multifamily managers, sovereign wealth funds, family offices, and other public REITs.

尽管我们在将公司转型为专注于多户住宅并具备强大运营能力方面取得了成功，但当前的市场环境使得降低我们的资本成本变得困难，无法支持我们以增值的方式进行扩展。我们与 Cortland 的协议以及出售剩余资产的决定是在经过深思熟虑和审慎的评估过程后做出的，考虑到公司已经进行的扩展和地理多样化的工作。我们的顾问的评估过程非常全面，联系了 80 多家潜在对手方，包括养老基金、保险公司、机构顾问、金融赞助商、多户住宅管理公司、主权财富基金、家族办公室和其他公共房地产投资信托。

Underpinning its unanimous determination that the combination of the sale of these assets to Cortland and a plan of sale and liquidation is expected to result in the greatest value for shareholders. Importantly for Elme Communities, we anticipate a seamless transition of ownership to Cortland, enabling continuity of operations for both our residents and community team members and continuing our strong legacy of customer service excellence. We expect to prepare and file a preliminary proxy as soon as reasonably practicable that will more fully describe the proposed Cortland sale transaction and the proposed plan of sale and liquidation. We intend to convene a special meeting this fall to approve these transactions.

在一致认为将这些资产出售给 Cortland 以及出售和清算计划的组合预计将为股东带来最大价值的基础上，Elme Communities 期待与 Cortland 的所有权无缝过渡，确保我们居民和社区团队成员的运营连续性，并继续我们卓越的客户服务传统。我们预计将尽快准备并提交初步代理声明，详细描述拟议的 Cortland 出售交易和拟议的出售和清算计划。我们打算在今年秋季召开特别会议，以批准这些交易。

The Elme Communities Board has determined that these proposed transactions are in the best interest of our shareholders and unanimously recommends to our shareholders that they approve them. As noted in our announcement, we intend to commence the marketing and sale of our remaining assets in the near future with a view toward completing these asset sales over the next twelve months. This marketing process should kick off in the third quarter and certain of these asset sales are likely to move forward regardless of the outcome of the shareholder votes on the Cortland transaction and plan and sale of liquidation. Our goal, as always, is to maximize value for Elme Communities shareholders.

Elme Communities 董事会已确定这些拟议交易符合我们股东的最佳利益，并一致建议我们的股东批准这些交易。如我们公告中所述，我们打算在不久的将来开始剩余资产的营销和销售，目标是在接下来的十二个月内完成这些资产销售。该营销过程预计将在第三季度启动，某些资产销售可能会继续进行，无论股东对 Cortland 交易和出售清算计划的投票结果如何。我们的目标始终是为 Elme Communities 的股东最大化价值。

And with that, I'll turn it over to Steve to provide more detail around the shareholder benefits of this transaction and the subsequent sales.

在此，我将把时间交给史蒂夫，让他提供有关此次交易及后续销售对股东的好处的更多细节。

Steve Freishtat: Thanks, Paul. As noted in our press release on Monday, Elme Communities intends to return net proceeds from the Cortland transaction and other asset sales to shareholders. The company intends to declare an initial special distribution to shareholders, funded by the net proceeds from the Cortland transaction and a portion of the proceeds from the new debt we expect to place on Elme Communities' remaining assets. We estimate that the amount of this initial special distribution will be between $14.50 and $14.82 per share. After considering, among other factors, repayment of all of our existing corporate debt, the anticipated amount of new debt financing, and the company's estimated transaction costs in connection with the portfolio sale transaction.

史蒂夫·弗雷施塔特： 谢谢，保罗。如我们周一的新闻稿中所述，Elme Communities 打算将 Cortland 交易和其他资产销售的净收益返还给股东。公司打算向股东宣布初步特别分配，由 Cortland 交易的净收益和我们预计将对 Elme Communities 剩余资产进行的新债务的一部分资金支持。我们估计这项初步特别分配的金额将在每股 14.50 美元至 14.82 美元之间。在考虑到还清我们所有现有公司债务、预期的新债务融资金额以及与投资组合出售交易相关的公司估计交易成本等因素后。

After this, subject to shareholder approval of the plan of sale and liquidation, and depending on the timing and outcome of asset sales, we expect to make additional distributions to our shareholders. Our current estimate of the aggregate amount of additional distributions to shareholders from the sale of Elme Communities' nine remaining assets and Watergate 600 is between $2.90 and $3.50 per share, accounting for, among other factors, estimated transaction expenses, payment of liabilities, and the establishment of necessary reserves to satisfy outstanding liabilities, obligations, and expenses associated with the final dissolution activities. In total, the aggregate amount of distributions is expected to be between $17.58 and $18.50 per share.

在此之后，需经股东批准出售和清算计划，并根据资产销售的时间和结果，我们预计将向股东进行额外分配。我们目前估计从 Elme Communities 剩余的九个资产和 Watergate 600 的销售中，向股东额外分配的总金额将在每股 2.90 美元至 3.50 美元之间，考虑到估计的交易费用、债务支付以及建立必要的准备金以满足未偿债务、义务和与最终解散活动相关的费用等因素。总的来说，预计分配的总金额将在每股 17.58 美元至 18.50 美元之间。

These figures include the company's quarterly dividend distribution of $0.18 per share, which has been declared and is to be paid on 10/03/2025. The tax treatment of the distributions we make following asset sales may vary depending on each shareholder's particular situation. But assuming the Cortland transaction closes, and the plan of sale and liquidation is approved by shareholders, the initial special distribution following the Cortland transaction and remaining asset sales generally should be treated as a return of capital to shareholders to the extent of their basis in their Elme Communities shares, with any excess treated as capital gain.

这些数字包括公司每股 0.18 美元的季度股息分配，该股息已被宣布，并将在2025年10月3日支付。我们在资产出售后进行的分配的税务处理可能会因每位股东的具体情况而有所不同。但假设 Cortland 交易完成，并且销售和清算计划获得股东批准，Cortland 交易后的初始特别分配和剩余资产出售一般应被视为对股东的资本回报，至于他们在 Elme Communities 股份中的基础部分，任何超出部分应视为资本收益。

To the extent that the liquidating distributions are less than a shareholder's tax basis in its Elme Communities shares, that shareholder generally would recognize a capital loss on their Elme Communities shares. Additional information on both the Cortland transaction and the plan of sale and liquidation, as well as a more complete summary of the potential tax considerations and consequences, will be available in the preliminary proxy that Paul mentioned earlier. Looking ahead, the Elme Communities team expects to report on material developments relating to the sale of our remaining assets through quarterly SEC filings as appropriate. That wraps up the overview of key financial details related to the transactions.

如果清算分配低于股东在 Elme Communities 股份中的税基，该股东通常会在其 Elme Communities 股份上确认资本损失。关于 Cortland 交易和销售及清算计划的更多信息，以及潜在税务考虑和后果的更完整摘要，将在保罗之前提到的初步代理文件中提供。展望未来，Elme Communities 团队预计将在适当的季度 SEC 文件中报告与我们剩余资产销售相关的重要进展。这是与交易相关的关键财务细节的概述。

I'll turn it over to Tiffany for an update on operating results for the second quarter.

我将把时间交给蒂芙尼，更新第二季度的运营结果。

Tiffany Butcher: Thanks, Steve. As Paul stated, we are pleased to have delivered a solid quarter with year-over-year multifamily NOI growth of 4.5%, driven primarily by higher rental revenue and strong growth in fee income from our initiatives. Our operating initiatives have driven strong growth and, combined with our strategic approach to asset management and our ongoing focus on enhancing customer service, have led to consistent improvements in our operating performance over time. I want to take a moment to recognize and thank our dedicated team members who enhance the value living experience for our residents. We believe the foundation we've built positions us to realize significant value through the announced Cortland sale.

蒂芙尼·布彻： 谢谢你，史蒂夫。正如保罗所说，我们很高兴能够交出一个稳健的季度，年同比多户住宅净运营收入增长 4.5%，主要得益于租金收入的增加和我们各项举措带来的强劲费用收入增长。我们的运营举措推动了强劲的增长，加上我们对资产管理的战略性方法和持续关注提升客户服务，导致我们的运营表现随着时间的推移不断改善。我想花一点时间来认可并感谢我们敬业的团队成员，他们提升了居民的生活体验。我们相信，我们所建立的基础使我们能够通过宣布的 Cortland 销售实现显著价值。

Monthly effective rent growth for the Washington Metro Area continues to outpace the national average, and the Washington Metro ranked sixth in the nation in terms of transaction volume during the second quarter. Defense spending is now projected to exceed prior estimates, which could meaningfully offset broader federal workforce reductions in the region and ability to achieve favorable executions as we sell our remaining assets. And with that, I'll turn it back to Paul for some closing remarks.

华盛顿大都会区的月度有效租金增长继续超过全国平均水平，华盛顿大都会在第二季度的交易量方面排名全国第六。国防支出现在预计将超过之前的估计，这可能在很大程度上抵消该地区更广泛的联邦劳动力削减，并在我们出售剩余资产时实现有利的执行。因此，我将把时间交回给保罗，进行一些结束语。

Paul McDermott: Thanks, Tiffany. I want to take a moment to reiterate Tiffany's thanks to our entire team, both past and present, for their incredible hard work and dedication over the years. Their efforts have been instrumental in driving a successful outcome for our shareholders. Through periods of change, our teams continued to uphold and advance our brand values, delivering excellent customer experiences that distinguish us in the market and redefine what customers can expect at value-driven price points. I'd also like to extend my appreciation to our board of trustees for their support and for their thoughtful deliberation and careful selection of the path they believe offers the best outcome and greatest value.

保罗·麦克德莫特： 谢谢你，蒂芙尼。我想花一点时间重申蒂芙尼对我们整个团队（无论是过去还是现在）所做的令人难以置信的努力和奉献的感谢。他们的努力对推动我们股东的成功结果至关重要。在变革时期，我们的团队继续维护和推进我们的品牌价值，提供卓越的客户体验，使我们在市场中脱颖而出，并重新定义客户在价值驱动的价格点上可以期待的内容。我还想对我们的受托人委员会表示感谢，感谢他们的支持，以及他们对认为能提供最佳结果和最大价值的路径的深思熟虑和谨慎选择。

With that, I'll hand the call over to the operator to begin Q&A.

就这样，我将把电话交给操作员，开始问答环节。

Operator: Certainly. Everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press 1 on your phone at this time. We do ask that while posing your question, please pick up your handset if you're listening on speakerphone to provide optimum sound quality. Once again, if you have any questions or comments, please press 1 on your phone. Your first question is coming from Cooper Clark from Wells Fargo. Your line is live.

操作员： 当然。此时每个人将进行问答环节。如果您有任何问题或评论，请在此时按 1。如果您在使用扬声器时提问，请拿起听筒以提供最佳音质。再次提醒，如果您有任何问题或评论，请按 1。您的第一个问题来自富国银行的库珀·克拉克。您的线路已开启。

Cooper Clark: Great. Thank you for taking the question. I'm wondering if you could provide more color on the building blocks to get to the $3.20 midpoint in distribution expected from the sale of the remaining portfolio. If you could break out sort of what's coming from expected pricing on the assets and kind of the offset from any expected leakage or liabilities in reserves that Steve spoke to earlier on the call. Just trying to get a better sense of what the pricing expectation is embedded in that $3.20.

库珀·克拉克： 很好。谢谢你回答我的问题。我想知道你是否可以提供更多关于如何达到预计从剩余投资组合销售中获得的 3.20 美元中点分配的构成。如果你能分解一下来自资产预期定价的部分，以及史蒂夫在电话中提到的任何预期泄漏或准备金负债的抵消。只是想更好地了解这个 3.20 美元中嵌入的定价预期。

Steve Freishtat: Yeah. Cooper, this is Steve. And to the extent that I can get you the information right now, the company's current estimates of the net proceeds, as you mentioned, of the remaining assets is based on a number of estimates and assumptions, which includes estimated expenses and payments of liabilities. As far as additional information, there will be more in the proxy on the estimates and assumptions that'll be more fully described when the proxy is filed in connection with these proposed transactions.

史蒂夫·弗雷施塔特： 是的，库珀，我是史蒂夫。就我能在此时提供的信息而言，公司对剩余资产的净收益的当前估计是基于多个估计和假设，包括预计的费用和负债支付。至于更多的信息，代理文件中将有更多关于估计和假设的内容，当代理文件与这些拟议交易一起提交时将更全面地描述。

Cooper Clark: Okay. I guess just zooming in on a few of the specific assets in the remaining portfolio. If we could just quickly talk about both Watergate and Riverside and sort of how to think about those assets in a sale. I guess on Watergate, could you just sort of talk about any potential office to residential conversion for a potential buyer and what's the right way to think about the sale on Watergate? Appreciate that you bought it in 2Q '17 for $135 million.

库珀·克拉克： 好的。我想聚焦于剩余投资组合中的一些具体资产。如果我们能快速谈谈 Watergate 和 Riverside，以及如何看待这些资产的销售。关于 Watergate，你能谈谈潜在买家进行办公室转住宅改造的可能性，以及如何看待 Watergate 的销售吗？我很感激你在 2017 年第二季度以 1.35 亿美元购买了它。

And then also Riverside, given the density and the development upside, is that fair to assume a higher cap rate on that versus some of the DC and Maryland and Atlanta portfolio just given that it will take a specific buyer?

另外，考虑到 Riverside 的密度和开发潜力，是否可以合理地假设其资本化率会高于一些华盛顿特区、马里兰州和亚特兰大投资组合，因为这将需要特定的买家？

Paul McDermott: Cooper, it's Paul. Let's start with the Watergate. We've never, as you know, we've never formally taken the Watergate out and done a formal sales process. And we are we've really been focused on the operations and the leasing of the asset. So we're looking forward to seeing the market pricing, but we recognize that DC is still a sought-after market with, I think, as Tiffany said, alluded to it ranked sixth in the United States in terms of transaction volume. So, we will be taking those assets out here in the third quarter with a view of trying to complete the sale of all the assets over the next twelve months.

保罗·麦克德莫特： 库珀，您好，我是保罗。我们先谈谈水门事件。正如您所知，我们从未正式将水门事件拿出来进行正式的销售流程。我们一直专注于资产的运营和租赁。因此，我们期待看到市场定价，但我们认识到华盛顿特区仍然是一个备受追捧的市场，正如蒂芙尼所提到的，它在美国的交易量中排名第六。因此，我们将在第三季度将这些资产推出，计划在未来十二个月内完成所有资产的销售。

In terms of Riverside, obviously, a little bit larger asset, but we like the trends that we've seen in the marketplace. And in terms of the additional FAR that we went through, we're not going to or we'll be watching as people add if they bifurcate the transaction and look at income versus additional FAR, but we'll have a better lens into that in the coming months.

就河滨而言，显然这是一个稍大的资产，但我们喜欢市场上看到的趋势。至于我们讨论的额外建筑面积，我们不会或将会关注人们是否将交易分开，考虑收入与额外建筑面积，但我们将在接下来的几个月中对此有更清晰的了解。

Cooper Clark: Great. Thank you. And then on the Maryland portfolio, just curious how much potential policy risk comes into play and what's the right way to think about some of the puts and takes related to Maryland specifically? And then also, question for Tiffany, if you could just sort of talk about the RemainCo portfolio and some of the trends year to date versus the kind of legacy portfolio average, whether it's revenue growth or blended rent growth?

库珀·克拉克： 很好，谢谢。那么关于马里兰投资组合，我很好奇潜在的政策风险有多大，以及如何正确看待与马里兰相关的一些利弊？还有，蒂芙尼，您能否谈谈 RemainCo 投资组合以及截至目前与传统投资组合平均水平相比的一些趋势，无论是收入增长还是综合租金增长？

Tiffany Butcher: Sure. So, Cooper, let's start with your question on the Maryland assets. As you know, rent control was put in place in Montgomery County. And I think that has now been baked into how investors are underwriting assets. I think it's a pretty understandable process in Montgomery County. We continue to see transaction volume in Montgomery County. So we are excited to launch the marketing process for those assets. And, as we stated in our prepared remarks, we are confident in our ability to ultimately execute successfully on the sale of those communities. In terms of your question on RemainCo, I would refer you to our supplement where we provide asset level detail starting on page 22 of our supplement.

蒂芙尼·布彻： 当然。库珀，让我们先谈谈您关于马里兰资产的问题。正如您所知，蒙哥马利县实施了租金管制。我认为这已经被纳入投资者对资产的评估中。我认为在蒙哥马利县这是一个相当可以理解的过程。我们继续看到蒙哥马利县的交易量。因此，我们很高兴能够启动这些资产的营销过程。正如我们在准备的发言中所述，我们对最终成功出售这些社区的能力充满信心。至于您关于 RemainCo 的问题，我建议您查看我们的补充材料，其中从第 22 页开始提供了资产级别的详细信息。

But if you were just kind of asking about big picture trends, I would be more than happy to kind of talk about the trends we're seeing in our various markets. As I mentioned in my prepared remarks, Northern Virginia continues to be a very strong market for growth in the area. We continue to see both strong new lease rate growth as well as renewal rent growth. Maryland, we've seen positive blended lease rates growth year to date, really driven by very strong renewals there.

但如果您只是想了解大趋势，我很乐意谈谈我们在各个市场上看到的趋势。正如我在准备的发言中提到的，北弗吉尼亚仍然是该地区增长非常强劲的市场。我们继续看到强劲的新租金增长以及续租租金增长。马里兰州，我们看到截至目前的综合租金增长是积极的，主要是由非常强劲的续租推动的。

And DC has tended to be a little bit more flat in terms of blended lease rate growth year to date, driven by strong renewals that are covering some of the softness in new lease rate growth in the DC market.

而华盛顿特区在截至目前的综合租金增长方面则相对平稳，强劲的续租覆盖了华盛顿市场新租金增长的一些疲软。

Cooper Clark: Great. Thank you for taking the questions.

库珀·克拉克： 很好。谢谢您回答这些问题。

Operator: Thank you. Your next question is coming from Anthony Paolone from JPMorgan. Your line is live.

操作员： 谢谢。您的下一个问题来自摩根大通的安东尼·保罗尼。您的线路已开启。

Anthony Paolone: Thank you, and congratulations on getting everything through your process there. I know you may be constrained on what all you could say, but to the extent you can, maybe Paul, can you take us a bit into the process and just what liquidity looked like as you brought the company and the portfolios out to market in terms of, you know, were there limitations on liquidity as the deal size got bigger? Or certain quality cuts of assets that had more demand versus others or just anything you can help us with to give us some context around liquidity that was out there in this process would be great.

安东尼·保罗尼： 谢谢，恭喜你们顺利完成所有流程。我知道您可能在表达上受到限制，但如果可以的话，保罗，您能否带我们了解一下这个过程，以及在您将公司和投资组合推向市场时流动性状况如何？例如，随着交易规模的增大，流动性是否受到限制？或者某些优质资产的需求是否更高，或者您能否提供一些关于这个过程中的流动性背景的信息？

Paul McDermott: Sure, Tony. The board, with the assistance from its dedicated transaction committee, which was comprised of all independent trustees, really conducted a thorough evaluation of all the potential strategic alternatives, including keeping Elme Communities under its current business strategy. But the goal, when we started this front, we announced this process in February, was making an informed determination that the board believed would be the best opportunity for maximizing value for our shareholders. As I think you know, we engaged financial advisers to assist with this process. And those advisers contacted everyone from, as I said earlier, pension funds and insurance companies, institutional advisers, financial sponsors, multifamily managers, sovereign wealth funds, family offices, and other public REITs.

保罗·麦克德莫特： 当然，托尼。董事会在其专门的交易委员会的协助下，进行了对所有潜在战略选择的全面评估，包括保持 Elme Communities 在其当前商业战略下的运作。但当我们在二月份宣布这一过程时，目标是做出一个明智的决定，董事会认为这是为我们的股东最大化价值的最佳机会。正如您所知，我们聘请了财务顾问来协助这一过程。这些顾问联系了从养老金基金、保险公司、机构顾问、金融赞助商、多家庭管理者、主权财富基金、家族办公室到其他公共房地产投资信托等各类资本来源。

I think the board and the transaction committee recognized our goals prior to the strategic process of being our efforts to undertake this scale the portfolio and reduce its cost of capital. And so, as we looked as operators and the management team and board looked, we were really trying to scale the business, grow the operations effectively, and make accretive acquisitions. The process did not produce a viable offer on an entity level basis at a price that the transaction committee and the board considered more attractive than the combination of the portfolio sale to Cortland and the liquidating distributions that the company would make with our plan of sale and liquidation.

我认为董事会和交易委员会在战略过程之前认识到我们的目标是扩大投资组合规模并降低资本成本。因此，当我们作为运营商和管理团队以及董事会进行审视时，我们实际上是在努力扩大业务，有效地增长运营，并进行增值收购。该过程并未在实体层面上产生一个交易委员会和董事会认为比将投资组合出售给 Cortland 和公司根据我们的销售和清算计划进行的清算分配更具吸引力的可行报价。

I think the board unanimously determined that what we've proposed are advisable and in the best interest of the shareholders, Tony.

我认为董事会一致认为我们所提出的方案是可取的，并符合股东的最佳利益，托尼。

Anthony Paolone: Okay. Was there a dynamic where, you know, did the potential bidders wanted more value add versus more core or just, you know, the size got a little bit too big or there anything to glean from that?

安东尼·保罗尼： 好的，是否存在一种动态，即潜在的竞标者更希望获得增值而非核心资产，或者只是交易规模变得有些过大，或者从中可以获得什么信息？

Paul McDermott: I think a lot of this will be addressed in the proxy statement that's gonna be coming out. But I think you had a wide array of, as I said, we contacted over 80 capital sources, and you had a wide array of capital sources with different criteria.

保罗·麦克德莫特： 我认为很多内容将在即将发布的代理声明中得到解答。但我认为我们联系了超过 80 个资本来源，您会发现这些资本来源的标准各不相同。

Anthony Paolone: Okay. Understand. And then just second question. Anything you can give us in terms of just total costs for the transaction, either advisers, originating a piece of debt that you'll take on, just transfer taxes, anything of that nature that you could brackets around?

安东尼·帕罗尼: 好的。明白了。那么第二个问题。关于交易的总成本，您能给我们提供一些信息吗？无论是顾问费用、您将承担的债务部分，还是转让税，或者其他类似的费用，您能给出一个大致的范围吗？

Steve Freishtat: Tony, I mean, in our estimates, those are factored in. Kind of similar to what Paul just mentioned, additional information regarding the transaction cost will be in the proxy statement that will be filed in due course.

史蒂夫·弗雷施塔特: 托尼，我的意思是，在我们的估算中，这些费用已经考虑在内。与保罗刚才提到的类似，关于交易成本的更多信息将在适当的时候提交的代理声明中提供。

Anthony Paolone: Okay. Fair enough. Thank you.

安东尼·帕罗尼: 好的。公平。谢谢。

Steve Freishtat: Thank you.

史蒂夫·弗雷施塔特: 谢谢。

Operator: Your next question is coming from Michael Lewis from Truist Securities. Your line is live.

操作员: 您的下一个问题来自 Truist 证券的迈克尔·刘易斯。您的线路已开启。

Michael Lewis: Great. Thank you. So, Paul, I appreciate your comments. I know it must be bittersweet to maximize value in this way after all the work you and the team have done. My question, you know, assuming Cortland closes, that leaves us with 10 assets to talk about. Is there any reason you could give, you know, why Cortland left these assets out? Was there a theme I realized Watergate's a unique asset, but among the remaining apartment assets, you know, was there something about those that didn't meet their investment goals or their criteria or whatever is? Is there some reason, you know, that kinda runs through it why those assets are left out of the deal?

迈克尔·刘易斯: 很好。谢谢你。保罗，我很感激你的评论。我知道在经历了你和团队的所有努力后，以这种方式最大化价值一定是感慨万千。我的问题是，假设科特兰交易完成，这将使我们有 10 个资产可以讨论。您能否给出一些理由，为什么科特兰将这些资产排除在外？我意识到水门大厦是一个独特的资产，但在剩余的公寓资产中，是否有什么原因使它们未能满足他们的投资目标或标准？是否有某种原因贯穿其中，导致这些资产被排除在交易之外？

Paul McDermott: Michael, as I said earlier, it was a very thorough process that was conducted by our board and, with the transaction committee. And a number of strategic alternatives and combinations were considered. And, you know, as we all have said, additional information regarding all of the alternatives that were evaluated are gonna be in our upcoming proxy statement. But our board determined that the combination of this portfolio sale to Cortland plus the individual sales of the remaining assets was the right path forward to maximize value for our shareholders.

保罗·麦克德莫特: 迈克尔，正如我之前所说，这是一个非常彻底的过程，由我们的董事会和交易委员会进行。考虑了多种战略选择和组合。正如我们所说，关于所有评估的替代方案的更多信息将在我们即将发布的代理声明中提供。但我们的董事会认为，将这部分资产出售给科特兰与剩余资产的单独销售结合起来，是最大化我们股东价值的正确路径。

Michael Lewis: Okay. Were there interested buyers for, you know, the remaining assets as you ran the process that maybe you could go back to? And do you think, you know, does being a motivated seller impact the value now as you liquidate those assets, do you think?

迈克尔·刘易斯: 好的。在您进行这个过程时，是否有对剩余资产感兴趣的买家，您可能会回去联系？您认为，作为一个有动机的卖家，您在清算这些资产时，价值会受到影响吗？

Paul McDermott: From a macro level, Michael, I think that, you know, obviously, when we look back at our process, you're gonna have a wider pool of bidders on a one-off basis versus an entity level basis. So we're looking forward to commencing our sales process and getting the maximum value allowable from the market for our shareholders.

保罗·麦克德莫特: 从宏观层面来看，迈克尔，我认为，显然，当我们回顾我们的过程时，单个资产的竞标者池会比整体实体的竞标者池更广泛。因此，我们期待开始我们的销售过程，并为我们的股东从市场中获取最大价值。

Michael Lewis: Okay. And then just lastly for me, I assume you'll be making the additional distributions as you close deals. So it won't just be one at the end. And you know, also, you know, as you run the operation forward now, you know, over however long this takes, you know, how lean does the operation get in terms of overhead and kind of continuing to run the company now the next few months?

迈克尔·刘易斯: 好的。最后一个问题，我假设您将在交易完成时进行额外的分配。因此，不会只是最后一次分配。您知道，在接下来的几个月中，您将如何精简运营，以减少开支并继续运营公司？

Steve Freishtat: Yeah, Michael. As far as the distributions, you know, obviously, we'll suspend our quarterly distribution after the $0.18 distribution that we have that I mentioned in my prepared remarks in October. But future liquidating distributions would be at the board's discretion following future sales. You know, as far as, you kinda talked about expenses, and we expect some changes will be made to expenses as we conduct the sales of the remaining assets and begin to reduce the size of the company. Those estimates are in the numbers that we have talked about.

史蒂夫·弗雷施塔特: 是的，迈克尔。关于分配，显然，在我在十月份的准备发言中提到的$0.18 分配之后，我们将暂停季度分配。但未来的清算分配将由董事会根据未来的销售决定。至于您提到的开支，我们预计在销售剩余资产并开始缩减公司规模时，会对开支进行一些调整。这些估算已经包含在我们讨论的数字中。

Michael Lewis: Alright. Thank you, guys. Appreciate it.

迈克尔·刘易斯: 好的。谢谢你们。非常感谢。

Steve Freishtat: Thank you.

史蒂夫·弗雷施塔特: 谢谢。

Operator: And once again, everyone, if you have any questions or comments, please press star then 1 on your phone. Your next question is coming from John Pawlowski from Green Street. Your line is live.

操作员: 再次提醒大家，如果您有任何问题或评论，请按电话上的星号，然后按 1。您的下一个问题来自 Green Street 的约翰·帕沃斯基。您的线路已开启。

John Pawlowski: Thanks for the time. I know you can't quantify the expected frictional cost, but I'm just confirming that the distributions you laid out to shareholders in the press release are net of all expected costs, and there aren't any additional costs that might drive a diminution in proceeds to shareholders when all is said and done.

约翰·帕沃斯基: 谢谢你们的时间。我知道您无法量化预期的摩擦成本，但我只是想确认您在新闻稿中列出的对股东的分配是扣除所有预期成本后的净额，并且在所有事情结束时，不会有任何额外成本可能导致股东收益减少。

Steve Freishtat: John, this is Steven. And you're correct that the estimates that we have include estimated expenses and payment of liabilities.

史蒂夫·弗雷施塔特: 约翰，我是史蒂文。您说得对，我们的估算包括了预期的费用和负债支付。

John Pawlowski: Okay. I wanted a few questions on timing of the liquidation. First, on the remaining multifamily assets, could you put brackets around like, fastest and slowest you think you can get or the next buyer could close on the DC and Maryland assets that need to go through or potentially need to go through a right of first refusal process. What's the quickest and the slowest you think the multifamily assets could sell?

约翰·帕沃斯基: 好的。我想问几个关于清算时机的问题。首先，关于剩余的多户住宅资产，您能否给出一个大致的范围，比如，您认为最快和最慢的情况下，买家能在华盛顿特区和马里兰州的资产上完成交易的时间？这些资产可能需要经过优先购买权程序。您认为多户住宅资产的销售最快和最慢的时间是多久？

Tiffany Butcher: So I can start off on that, John. Elme Communities intends to begin the process of marketing our assets, the nine multifamily assets and Watergate, starting in the third quarter, with obviously the view towards completing all of the asset sales within the next twelve months. In terms of you mentioned, you know, DC and the TOPA process, and what I would say to that is that we've been operating in this market for a very long time.

蒂芙尼·巴彻: 所以我可以先回答这个问题，约翰。Elme Communities 计划在第三季度开始营销我们的资产，包括九个多户住宅资产和水门大厦，显然希望在接下来的十二个月内完成所有资产的销售。关于您提到的华盛顿特区和 TOPA 程序，我想说的是，我们在这个市场上运营了很长时间。

We know the TOPA process, and we do plan to take the DC assets out along with the Maryland assets sooner rather than later, given the timeline that it does take to get through both the TOPA process in DC and HSE requirements in Montgomery County. We're gonna certainly work with any tenant association and prospective buyer to progress the sale process in a timely manner. But we feel that the timelines that we have laid out in terms of being able to complete in the next twelve months are realistic, taking into account those processes.

我们了解 TOPA 程序，并计划尽快将华盛顿特区的资产与马里兰州的资产一起出售，因为完成华盛顿特区的 TOPA 程序和蒙哥马利县的 HSE 要求确实需要时间。我们将与任何租户协会和潜在买家合作，以及时推进销售过程。但我们认为，我们在接下来的十二个月内完成销售的时间表是现实的，考虑到这些程序。

John Pawlowski: Okay. I just question on why it would take a full twelve months. Does the twelve months just give you enough cushion and potentially dose of conservatism? Or you really think a TOPA process or a ROFR process in Maryland could really take twelve months. My understanding would be more of a four to six month process in these markets, but I could be wrong.

约翰·帕沃洛斯基： 好的。我只是想问一下，为什么需要整整十二个月。这个十二个月只是给你们留出足够的缓冲和潜在的保守估计吗？还是你真的认为在马里兰州的 TOPA 流程或 ROFR 流程真的需要十二个月。我的理解是在这些市场中，应该是四到六个月的流程，但我可能错了。

Tiffany Butcher: Yeah, John. When we're talking about twelve months, we are talking about, you know, the entire RemainCo portfolio, not we're not commenting on the specific timeline for any one asset. So, you know, we have laid out the view of trying to complete all of the asset sales within that twelve month period.

蒂芙尼·布彻： 是的，约翰。当我们谈论十二个月时，我们是在谈论整个 RemainCo 投资组合，而不是对任何单一资产的具体时间表进行评论。所以，我们已经提出了在这十二个月内完成所有资产销售的观点。

John Pawlowski: Yeah. One more for me. Could you share some views on the lease role at Watergate? I think 82% leased right now. Where is that leasing percentage likely to trend in the next six months? Based off of known move outs and leasing progress you're doing right now?

约翰·帕沃洛斯基： 是的。再问我一个。你能分享一下 Watergate 的租赁情况吗？我认为现在的租赁率是 82%。在接下来的六个月里，这个租赁比例可能会如何变化？基于已知的搬出情况和你们目前的租赁进展？

Paul McDermott: Well, John, we're still in discussions with our largest tenant to determine their ultimate footprint. But your 82% number is accurate, which is where we hope to finish the end of 2025. We do recognize that we have almost 9% expiring in 2026. But we hope to be successful in some of our releasing efforts on that.

保罗·麦克德莫特： 好吧，约翰，我们仍在与我们最大的租户讨论，以确定他们的最终占地面积。但你的 82% 的数字是准确的，这是我们希望在 2025 年底达到的目标。我们确实意识到在 2026 年将有近 9% 的租约到期。但我们希望在重新租赁方面取得一些成功。

John Pawlowski: Okay. Sorry. One more. Bear with me. I wanna go back to the timing. Is there anything other than a potential challenge of selling Watergate and the regulation hurdles for the multifamily, is there anything idiosyncratic in this portfolio that would take twelve months to remain co to liquidate? Again, it strikes me as a long horizon.

约翰·帕沃洛斯基： 好的。抱歉。再问一个。请耐心等一下。我想回到时间问题。除了出售 Watergate 的潜在挑战和多户住宅的监管障碍外，这个投资组合中还有没有其他特定因素会导致 RemainCo 需要十二个月才能清算？我觉得这似乎是一个较长的时间。

Tiffany Butcher: No. I mean, I think we've laid out, you know, that there will be different timelines associated with each asset in the portfolio, but we are going to begin kicking them off starting in the third quarter, and we'll be working to the sale process as quickly as practically possible.

蒂芙尼·布彻： 没有。我认为我们已经说明了，投资组合中每个资产将有不同的时间表，但我们将从第三季度开始启动这些资产的销售流程，并将尽快推进销售过程。

John Pawlowski: Okay. Thank you.

约翰·帕沃洛斯基： 好的。谢谢。

Operator: Thank you. Your next question is coming from Cooper Clark from Wells Fargo. Your line is live.

操作员： 谢谢。您的下一个问题来自富国银行的库珀·克拉克。您的线路已开启。

Jamie Feldman: This is Jamie Feldman following up. You know, just stepping away from the transaction for a second, you know, you guys have had front row seats in probably the most controversial and interesting apartment market in the country this year, with the Doge announcements and all the other ups and downs of the market. Can you just talk us through kind of looking back at the headlines, the timing of the headlines and the impact on lease volumes across your markets across your submarkets? Think we're all just trying to understand what the real impact is. DC is kind of surprised to the upside. So far for people. Is it over?

杰米·费尔德曼： 我是杰米·费尔德曼，跟进一下。你知道，暂时离开交易，您们在今年可能是全国最具争议和最有趣的公寓市场中占据了前排座位，伴随着 Doge 的公告和市场的各种起伏。您能否谈谈回顾一下头条新闻、头条新闻的时机以及对您们市场和子市场租赁量的影响？我想我们都在试图理解真正的影响是什么。到目前为止，华盛顿特区的情况有些超出预期。它结束了吗？

Or maybe, you know, by the time some of these layoffs hit and people are off their, you know, the period after layoffs where they're still getting paid, like, we still have a shoe to drop. Just curious what your thoughts are in across the different submarkets within DC.

或者，也许，您知道，当一些裁员发生时，人们在裁员后的那段时间仍在领取工资时，我们仍然有一个鞋子要掉落。只是好奇您对华盛顿特区不同子市场的看法。

Paul McDermott: Jamie, it's Paul. I'll start, and then I'll ask Tiffany to follow-up on our portfolio and what we've observed. I think that the alarm bells that were sounded right at the beginning of the year were probably a bit overblown. In terms of our ability to continue the momentum. I think we tried to articulate that in our guidance for 2025. We did have things slowing down at the back half of the year, which we did incorporate in there, and we did factor in a number of various scenarios and outcomes that could impact both our occupancy and our pricing leverage.

保罗·麦克德莫特： 杰米，我是保罗。我先开始，然后请蒂芙尼跟进我们的投资组合和我们观察到的情况。我认为年初时发出的警报可能有些夸大。就我们继续保持势头的能力而言，我认为我们在 2025 年的指导中试图阐明这一点。我们确实在下半年经历了一些放缓，这一点我们已经考虑在内，并且我们考虑了多种可能影响我们入住率和定价杠杆的情景和结果。

But I feel that right now, you know, the market, you know, and Tiffany can get into it more. The market will either based on seasonality or some other external factors. We will see some type of slowdown. But I think, you know, if you look at Elme Communities' track record for the first six months of this year, you know, it's we've had beats and you know, we feel very optimistic about this portfolio and the assets moving forward. Tiffany?

但我觉得现在，您知道，市场，您知道，蒂芙尼可以更详细地说明。市场将基于季节性或其他外部因素，可能会出现某种放缓。但我认为，如果您查看 Elme Communities 在今年前六个月的表现，您知道，我们有超出预期的表现，我们对这个投资组合和未来的资产感到非常乐观。蒂芙尼？

Tiffany Butcher: Yeah. Just kinda adding on to that. As I mentioned in my prepared remarks, you know, monthly effective rent growth for the Washington Metro Area continues to outpace the national average. And we do also see that, you know, the federal defense spending that is gonna be projected to happen is now gonna exceed prior estimates, which could meaningfully offset some of the broader potential federal workforce reductions that Paul mentioned. Our occupancy in the DMV exceeded 96%. And, you know, as I mentioned, in response to Cooper's earlier question, year to date, we have had, you know, strong positive blended lease rate growth in our Virginia portfolio. And we've seen positive blended lease rate growth in our Maryland portfolio.

蒂芙尼·布彻： 是的。只是对此进行补充。正如我在准备的发言中提到的，华盛顿大都会区的月度有效租金增长继续超过全国平均水平。我们还看到，预计将发生的联邦国防支出现在将超过之前的估计，这可能会显著抵消保罗提到的一些更广泛的联邦劳动力削减。我们在华盛顿特区和马里兰州的入住率超过 96%。而且，正如我在回应库珀早前的问题时提到的，今年迄今为止，我们在弗吉尼亚州的投资组合中实现了强劲的正向综合租赁率增长，并且在马里兰州的投资组合中也看到了正向综合租赁率增长。

DC has remained DC properties remained a little bit flattish. But, you know, overall, the DMV has continued to perform well in terms of both occupancy and lease rate growth.

华盛顿特区的物业保持相对平稳。但总体而言，华盛顿大都会区在入住率和租赁率增长方面继续表现良好。

Jamie Feldman: Okay. Thank you for the color. And then are you able to talk us through transfer taxes by your different submarkets? As we think about the sale?

杰米·费尔德曼： 好的。谢谢你的说明。然后，您能否谈谈不同子市场的转让税？当我们考虑销售时。

Paul McDermott: No. Jamie, I think that information will be in the proxy. Yeah. It will, of course, you know, be submitting in due course.

保罗·麦克德莫特： 不，杰米，我认为这些信息将在代理声明中提供。是的，当然，我们会在适当的时候提交。

Jamie Feldman: Okay. Okay. And then as we think about management incentives, from a transaction, is that all baked into the fully diluted share count? Or are there gonna be incremental incentives on a sale?

杰米·费尔德曼： 好的。好的。然后，当我们考虑管理激励时，从交易的角度来看，这些都包含在完全稀释的股份总数中吗？还是在销售时会有额外的激励？

Steve Freishtat: Again, Jamie, I'd say all of the transaction costs that we're estimating, you know, we'll have additional details on that in the proxy.

史蒂夫·弗雷施塔特： 再说一次，杰米，我会说我们估计的所有交易成本，您知道，我们将在代理声明中提供更多详细信息。

Jamie Feldman: Okay.

杰米·费尔德曼： 好的。

Paul McDermott: Alright. Everything is again, everything, you know, all of the transaction costs that we expect are in the estimates that we have provided.

保罗·麦克德莫特： 好的。所有的交易成本，我们预期的所有交易成本都包含在我们提供的估算中。

Jamie Feldman: Right. Okay. Alright. Thank you, and good luck with the execution in closing.

杰米·费尔德曼： 对。好的。好的。谢谢，祝你们在执行和关闭方面好运。

Operator: Thank you, Jamie. Thank you. That concludes our Q&A session. I will now hand the conference back to Paul McDermott, Chief Executive Officer, for closing remarks. Please go ahead.

主持人: 谢谢你，Jamie。谢谢。这结束了我们的问答环节。现在我将把会议交给首席执行官 Paul McDermott 进行结束发言。请继续。

Paul McDermott: Thank you, everyone, for joining us today. We look forward to keeping you informed as we move forward with our plan to return capital to our shareholders.

Paul McDermott: 感谢大家今天的参与。我们期待在推进资本回馈股东的计划时，继续向您通报进展。

Operator: Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

主持人: 谢谢。各位，这次活动到此结束。您可以在此时断开连接，祝您有美好的一天。感谢您的参与。

Elme (ELME) 2025 年第二季度收益电话会议记录