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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，東部時間上午 10 點

CALL PARTICIPANTS

參會人員

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

首席執行官 — Paul McDermott
首席財務官 — Steve Freishtat
首席運營官 — Tiffany Butcher

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TAKEAWAYS

主要內容

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.

投資組合出售協議——公司已與 Cortland 達成最終協議，以 16 億美元現金出售 19 項資產，交易需調整並獲得股東批准，預計在 2025 年第四季度完成。
出售和清算計劃——董事會已批准清算所有剩餘資產的計劃，包括剩餘的多户住宅資產和 Watergate 600，市場推廣將在第三季度開始，目標是在 12 個月內完成。
特別分配指導——首席財務官 Freishtat 表示：“我們估計這次初始特別分配的金額將在每股 14.50 美元至 14.82 美元之間，” 將在 Cortland 交易完成後宣佈，預計該交易將在 2025 年第四季度完成，資金來源於 Cortland 交易收益和預期的新債務融資。
總分配——從所有交易中返還給股東的總現金，包括每股 0.18 美元的常規股息，預計在每股 17.58 美元至 18.50 美元之間，幷包括計劃中的初始和後續資產出售分配。該估計基於公司對擬議投資組合出售和清算計劃的預測，時間取決於 Cortland 交易的完成和後續資產出售，如公司 2025 財年第二季度財報電話會議中所述。
股東批准流程——公司計劃提交初步代理聲明，並在秋季召開特別會議，以批准 Cortland 交易和清算計劃。
多户住宅淨營業收入增長——Tiffany Butcher 報告稱，2025 財年第二季度多户住宅淨營業收入同比增長 4.5%，主要由於租金收入和費用收入的增加。
市場表現——華盛頓大都會區的月度有效租金增長在 2025 財年第二季度超過全國平均水平，該地區在同期交易量中排名全國第六。
分配機制——在2025年10月3日計劃支付的 0.18 美元后，季度分配將暫停，未來的清算分配將根據董事會的決定在額外銷售完成後進行。
入住率——華盛頓特區、馬里蘭州和弗吉尼亞州的入住率超過 96%。北弗吉尼亞和馬里蘭州的綜合租賃率年初至今保持正增長；華盛頓特區的租賃率年初至今保持穩定，主要由於續租強勁抵消了新租賃增長的疲軟。
流程透明度——在戰略替代方案審查期間，聯繫了超過 80 個潛在對手方，包括機構投資者、資本贊助商和房地產投資信託基金。
交易成本包含——首席財務官 Freishtat 確認，所有交易成本估算已反映在預計的股東分配數字中，如 2025 財年第二季度財報電話會議中所述。

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%) 致力於通過目標大規模投資組合出售和完全清算剩餘資產來結束業務模式，為股東提供明確的路徑和相關現金回報估算。管理層確認所有重大交易和運營過渡成本已包含在股東分配的指導中，解決了關於未來可能扣除的問題。公司表示，股東分配估算包括預計的費用和負債支付。公司正在準備正式的代理聲明，提供與擬議交易相關的進一步財務細節和程序説明。

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.

首席執行官 McDermott 指出，董事會在經過 “充分” 的流程後選擇了當前的交易路徑，該流程涉及與超過 80 個金融實體的接觸，因為沒有符合價值目標的可行實體級報價。
管理層表示，最後一批資產的市場推廣和銷售將與交易批准並行進行，某些資產銷售可能會在主要 Cortland 協議結果之前發生。
華盛頓特區和馬里蘭州的多户住宅市場流動性可能會受到監管流程的影響，但團隊表示熟悉並有信心應對當地要求，如 TOPA 和 HSE 流程。
作為額外背景，Watergate 600 的租賃率為 82%，這是 Elme Communities 預計到 2025 年底的狀態。

INDUSTRY GLOSSARY

行業術語

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：租户優先購買法，華盛頓特區的一項法律，賦予租户在建築物出售時的優先購買權。
HSE：高速電梯；在此上下文中，指的是影響資產銷售時間表的蒙哥馬利縣的監管流程。
NOI：淨營業收入；衡量物業層面盈利能力的指標，未考慮融資或公司費用。
RemainCo：Cortland 交易後剩餘的多户住宅資產和 Watergate 600 的投資組合。
DMV：通常用於指代華盛頓特區、馬里蘭州和弗吉尼亞州地區。
FAR：建築面積比；在房地產中，表示建築物總建築面積與其地塊面積的比率。

Full Conference Call Transcript

完整會議電話記錄

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.

保羅·麥克德莫特： 謝謝，艾米。歡迎大家，感謝你們今天早上加入我們。我們很高興地報告，Elme Communities 又一個穩健的季度，這反映了我們投資組合的穩定性以及我們運營戰略的持續執行。我們的第二季度業績在我們的財報和相關文件中有詳細説明。除了討論我們的業績，我今天還想花時間討論關於我們戰略選擇評估過程的公告。史蒂夫將提供關於擬議的投資組合出售交易和未來資產出售的更多財務細節。蒂芙尼將介紹我們的運營趨勢和舉措。週一，我們宣佈我們的受託人委員會完成了自二月份以來宣佈的戰略選擇的正式評估。

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.

經過廣泛評估，我們已與總部位於亞特蘭大的多户住宅房地產投資開發和管理公司 Cortland 簽署了出售 19 個資產組合的最終協議。我們目前預計在獲得股東批准並滿足其他慣例成交條件後，於第四季度完成交易，Elme Communities 將從 Cortland 獲得 16 億美元現金，具體金額將根據某些調整而定。董事會還批准了一項出售和清算計劃，以出售我們剩餘的資產。因此，我們將尋找所有 Elme Communities 剩餘多户住宅資產以及 Watergate 600 的買家。該出售和清算計劃也需獲得股東批准。

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.

我想花一點時間提供一些關於此次交易的背景。十多年前，我們啓動了一項戰略轉型，將我們的投資組合從四個資產類別精簡為一個，包括在 2021 年出售我們的辦公和零售投資組合。我們設計並建立了一個可擴展的運營平台，內部化了多户住宅運營，並實施平台舉措，以提高我們的業績和盈利能力，目標是降低我們的資本成本，以便擴展我們的投資組合並進一步最大化股東價值。

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.

儘管我們在將公司轉型為專注於多户住宅並具備強大運營能力方面取得了成功，但當前的市場環境使得降低我們的資本成本變得困難，無法支持我們以增值的方式進行擴展。我們與 Cortland 的協議以及出售剩餘資產的決定是在經過深思熟慮和審慎的評估過程後做出的，考慮到公司已經進行的擴展和地理多樣化的工作。我們的顧問的評估過程非常全面，聯繫了 80 多家潛在對手方，包括養老基金、保險公司、機構顧問、金融贊助商、多户住宅管理公司、主權財富基金、家族辦公室和其他公共房地產投資信託。

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.

在一致認為將這些資產出售給 Cortland 以及出售和清算計劃的組合預計將為股東帶來最大價值的基礎上，Elme Communities 期待與 Cortland 的所有權無縫過渡，確保我們居民和社區團隊成員的運營連續性，並繼續我們卓越的客户服務傳統。我們預計將盡快準備並提交初步代理聲明，詳細描述擬議的 Cortland 出售交易和擬議的出售和清算計劃。我們打算在今年秋季召開特別會議，以批准這些交易。

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 董事會已確定這些擬議交易符合我們股東的最佳利益，並一致建議我們的股東批准這些交易。如我們公告中所述，我們打算在不久的將來開始剩餘資產的營銷和銷售，目標是在接下來的十二個月內完成這些資產銷售。該營銷過程預計將在第三季度啓動，某些資產銷售可能會繼續進行，無論股東對 Cortland 交易和出售清算計劃的投票結果如何。我們的目標始終是為 Elme Communities 的股東最大化價值。

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，我將把時間交給史蒂夫，讓他提供有關此次交易及後續銷售對股東的好處的更多細節。

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： 謝謝，保羅。如我們週一的新聞稿中所述，Elme Communities 打算將 Cortland 交易和其他資產銷售的淨收益返還給股東。公司打算向股東宣佈初步特別分配，由 Cortland 交易的淨收益和我們預計將對 Elme Communities 剩餘資產進行的新債務的一部分資金支持。我們估計這項初步特別分配的金額將在每股 14.50 美元至 14.82 美元之間。在考慮到還清我們所有現有公司債務、預期的新債務融資金額以及與投資組合出售交易相關的公司估計交易成本等因素後。

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.

在此之後，需經股東批准出售和清算計劃，並根據資產銷售的時間和結果，我們預計將向股東進行額外分配。我們目前估計從 Elme Communities 剩餘的九個資產和 Watergate 600 的銷售中，向股東額外分配的總金額將在每股 2.90 美元至 3.50 美元之間，考慮到估計的交易費用、債務支付以及建立必要的準備金以滿足未償債務、義務和與最終解散活動相關的費用等因素。總的來説，預計分配的總金額將在每股 17.58 美元至 18.50 美元之間。

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.

這些數字包括公司每股 0.18 美元的季度股息分配，該股息已被宣佈，並將在2025年10月3日支付。我們在資產出售後進行的分配的税務處理可能會因每位股東的具體情況而有所不同。但假設 Cortland 交易完成，並且銷售和清算計劃獲得股東批准，Cortland 交易後的初始特別分配和剩餘資產出售一般應被視為對股東的資本回報，至於他們在 Elme Communities 股份中的基礎部分，任何超出部分應視為資本收益。

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.

如果清算分配低於股東在 Elme Communities 股份中的税基，該股東通常會在其 Elme Communities 股份上確認資本損失。關於 Cortland 交易和銷售及清算計劃的更多信息，以及潛在税務考慮和後果的更完整摘要，將在保羅之前提到的初步代理文件中提供。展望未來，Elme Communities 團隊預計將在適當的季度 SEC 文件中報告與我們剩餘資產銷售相關的重要進展。這是與交易相關的關鍵財務細節的概述。

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

我將把時間交給蒂芙尼，更新第二季度的運營結果。

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·布徹： 謝謝你，史蒂夫。正如保羅所説，我們很高興能夠交出一個穩健的季度，年同比多户住宅淨運營收入增長 4.5%，主要得益於租金收入的增加和我們各項舉措帶來的強勁費用收入增長。我們的運營舉措推動了強勁的增長，加上我們對資產管理的戰略性方法和持續關注提升客户服務，導致我們的運營表現隨着時間的推移不斷改善。我想花一點時間來認可並感謝我們敬業的團隊成員，他們提升了居民的生活體驗。我們相信，我們所建立的基礎使我們能夠通過宣佈的 Cortland 銷售實現顯著價值。

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.

華盛頓大都會區的月度有效租金增長繼續超過全國平均水平，華盛頓大都會在第二季度的交易量方面排名全國第六。國防支出現在預計將超過之前的估計，這可能在很大程度上抵消該地區更廣泛的聯邦勞動力削減，並在我們出售剩餘資產時實現有利的執行。因此，我將把時間交回給保羅，進行一些結束語。

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.

保羅·麥克德莫特： 謝謝你，蒂芙尼。我想花一點時間重申蒂芙尼對我們整個團隊（無論是過去還是現在）所做的令人難以置信的努力和奉獻的感謝。他們的努力對推動我們股東的成功結果至關重要。在變革時期，我們的團隊繼續維護和推進我們的品牌價值，提供卓越的客户體驗，使我們在市場中脱穎而出，並重新定義客户在價值驅動的價格點上可以期待的內容。我還想對我們的受託人委員會表示感謝，感謝他們的支持，以及他們對認為能提供最佳結果和最大價值的路徑的深思熟慮和謹慎選擇。

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

就這樣，我將把電話交給操作員，開始問答環節。

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.

操作員： 當然。此時每個人將進行問答環節。如果您有任何問題或評論，請在此時按 1。如果您在使用揚聲器時提問，請拿起聽筒以提供最佳音質。再次提醒，如果您有任何問題或評論，請按 1。您的第一個問題來自富國銀行的庫珀·克拉克。您的線路已開啓。

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.

庫珀·克拉克： 很好。謝謝你回答我的問題。我想知道你是否可以提供更多關於如何達到預計從剩餘投資組合銷售中獲得的 3.20 美元中點分配的構成。如果你能分解一下來自資產預期定價的部分，以及史蒂夫在電話中提到的任何預期泄漏或準備金負債的抵消。只是想更好地瞭解這個 3.20 美元中嵌入的定價預期。

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，庫珀，我是史蒂夫。就我能在此時提供的信息而言，公司對剩餘資產的淨收益的當前估計是基於多個估計和假設，包括預計的費用和負債支付。至於更多的信息，代理文件中將有更多關於估計和假設的內容，當代理文件與這些擬議交易一起提交時將更全面地描述。

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.

庫珀·克拉克： 好的。我想聚焦於剩餘投資組合中的一些具體資產。如果我們能快速談談 Watergate 和 Riverside，以及如何看待這些資產的銷售。關於 Watergate，你能談談潛在買家進行辦公室轉住宅改造的可能性，以及如何看待 Watergate 的銷售嗎？我很感激你在 2017 年第二季度以 1.35 億美元購買了它。

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，考慮到 Riverside 的密度和開發潛力，是否可以合理地假設其資本化率會高於一些華盛頓特區、馬里蘭州和亞特蘭大投資組合，因為這將需要特定的買家？

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.

保羅·麥克德莫特： 庫珀，您好，我是保羅。我們先談談水門事件。正如您所知，我們從未正式將水門事件拿出來進行正式的銷售流程。我們一直專注於資產的運營和租賃。因此，我們期待看到市場定價，但我們認識到華盛頓特區仍然是一個備受追捧的市場，正如蒂芙尼所提到的，它在美國的交易量中排名第六。因此，我們將在第三季度將這些資產推出，計劃在未來十二個月內完成所有資產的銷售。

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.

就河濱而言，顯然這是一個稍大的資產，但我們喜歡市場上看到的趨勢。至於我們討論的額外建築面積，我們不會或將會關注人們是否將交易分開，考慮收入與額外建築面積，但我們將在接下來的幾個月中對此有更清晰的瞭解。

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?

庫珀·克拉克： 很好，謝謝。那麼關於馬里蘭投資組合，我很好奇潛在的政策風險有多大，以及如何正確看待與馬里蘭相關的一些利弊？還有，蒂芙尼，您能否談談 RemainCo 投資組合以及截至目前與傳統投資組合平均水平相比的一些趨勢，無論是收入增長還是綜合租金增長？

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·布徹： 當然。庫珀，讓我們先談談您關於馬里蘭資產的問題。正如您所知，蒙哥馬利縣實施了租金管制。我認為這已經被納入投資者對資產的評估中。我認為在蒙哥馬利縣這是一個相當可以理解的過程。我們繼續看到蒙哥馬利縣的交易量。因此，我們很高興能夠啓動這些資產的營銷過程。正如我們在準備的發言中所述，我們對最終成功出售這些社區的能力充滿信心。至於您關於 RemainCo 的問題，我建議您查看我們的補充材料，其中從第 22 頁開始提供了資產級別的詳細信息。

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趨勢，我很樂意談談我們在各個市場上看到的趨勢。正如我在準備的發言中提到的，北弗吉尼亞仍然是該地區增長非常強勁的市場。我們繼續看到強勁的新租金增長以及續租租金增長。馬里蘭州，我們看到截至目前的綜合租金增長是積極的，主要是由非常強勁的續租推動的。

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.

而華盛頓特區在截至目前的綜合租金增長方面則相對平穩，強勁的續租覆蓋了華盛頓市場新租金增長的一些疲軟。

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

庫珀·克拉克： 很好。謝謝您回答這些問題。

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

操作員： 謝謝。您的下一個問題來自摩根大通的安東尼·保羅尼。您的線路已開啓。

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.

安東尼·保羅尼： 謝謝，恭喜你們順利完成所有流程。我知道您可能在表達上受到限制，但如果可以的話，保羅，您能否帶我們瞭解一下這個過程，以及在您將公司和投資組合推向市場時流動性狀況如何？例如，隨着交易規模的增大，流動性是否受到限制？或者某些優質資產的需求是否更高，或者您能否提供一些關於這個過程中的流動性背景的信息？

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.

保羅·麥克德莫特： 當然，託尼。董事會在其專門的交易委員會的協助下，進行了對所有潛在戰略選擇的全面評估，包括保持 Elme Communities 在其當前商業戰略下的運作。但當我們在二月份宣佈這一過程時，目標是做出一個明智的決定，董事會認為這是為我們的股東最大化價值的最佳機會。正如您所知，我們聘請了財務顧問來協助這一過程。這些顧問聯繫了從養老金基金、保險公司、機構顧問、金融贊助商、多家庭管理者、主權財富基金、家族辦公室到其他公共房地產投資信託等各類資本來源。

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.

我認為董事會和交易委員會在戰略過程之前認識到我們的目標是擴大投資組合規模並降低資本成本。因此，當我們作為運營商和管理團隊以及董事會進行審視時，我們實際上是在努力擴大業務，有效地增長運營，並進行增值收購。該過程並未在實體層面上產生一個交易委員會和董事會認為比將投資組合出售給 Cortland 和公司根據我們的銷售和清算計劃進行的清算分配更具吸引力的可行報價。

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

我認為董事會一致認為我們所提出的方案是可取的，並符合股東的最佳利益，託尼。

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?

安東尼·保羅尼： 好的，是否存在一種動態，即潛在的競標者更希望獲得增值而非核心資產，或者只是交易規模變得有些過大，或者從中可以獲得什麼信息？

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.

保羅·麥克德莫特： 我認為很多內容將在即將發佈的代理聲明中得到解答。但我認為我們聯繫了超過 80 個資本來源，您會發現這些資本來源的標準各不相同。

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?

安東尼·帕羅尼: 好的。明白了。那麼第二個問題。關於交易的總成本，您能給我們提供一些信息嗎？無論是顧問費用、您將承擔的債務部分，還是轉讓税，或者其他類似的費用，您能給出一個大致的範圍嗎？

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: 託尼，我的意思是，在我們的估算中，這些費用已經考慮在內。與保羅剛才提到的類似，關於交易成本的更多信息將在適當的時候提交的代理聲明中提供。

Anthony Paolone: Okay. Fair enough. Thank you.

安東尼·帕羅尼: 好的。公平。謝謝。

Steve Freishtat: Thank you.

史蒂夫·弗雷施塔特: 謝謝。

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

操作員: 您的下一個問題來自 Truist 證券的邁克爾·劉易斯。您的線路已開啓。

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?

邁克爾·劉易斯: 很好。謝謝你。保羅，我很感激你的評論。我知道在經歷了你和團隊的所有努力後，以這種方式最大化價值一定是感慨萬千。我的問題是，假設科特蘭交易完成，這將使我們有 10 個資產可以討論。您能否給出一些理由，為什麼科特蘭將這些資產排除在外？我意識到水門大廈是一個獨特的資產，但在剩餘的公寓資產中，是否有什麼原因使它們未能滿足他們的投資目標或標準？是否有某種原因貫穿其中，導致這些資產被排除在交易之外？

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.

保羅·麥克德莫特: 邁克爾，正如我之前所説，這是一個非常徹底的過程，由我們的董事會和交易委員會進行。考慮了多種戰略選擇和組合。正如我們所説，關於所有評估的替代方案的更多信息將在我們即將發佈的代理聲明中提供。但我們的董事會認為，將這部分資產出售給科特蘭與剩餘資產的單獨銷售結合起來，是最大化我們股東價值的正確路徑。

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?

邁克爾·劉易斯: 好的。在您進行這個過程時，是否有對剩餘資產感興趣的買家，您可能會回去聯繫？您認為，作為一個有動機的賣家，您在清算這些資產時，價值會受到影響嗎？

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.

保羅·麥克德莫特: 從宏觀層面來看，邁克爾，我認為，顯然，當我們回顧我們的過程時，單個資產的競標者池會比整體實體的競標者池更廣泛。因此，我們期待開始我們的銷售過程，併為我們的股東從市場中獲取最大價值。

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?

邁克爾·劉易斯: 好的。最後一個問題，我假設您將在交易完成時進行額外的分配。因此，不會只是最後一次分配。您知道，在接下來的幾個月中，您將如何精簡運營，以減少開支並繼續運營公司？

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，邁克爾。關於分配，顯然，在我在十月份的準備發言中提到的$0.18 分配之後，我們將暫停季度分配。但未來的清算分配將由董事會根據未來的銷售決定。至於您提到的開支，我們預計在銷售剩餘資產並開始縮減公司規模時，會對開支進行一些調整。這些估算已經包含在我們討論的數字中。

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

邁克爾·劉易斯: 好的。謝謝你們。非常感謝。

Steve Freishtat: Thank you.

史蒂夫·弗雷施塔特: 謝謝。

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.

操作員: 再次提醒大家，如果您有任何問題或評論，請按電話上的星號，然後按 1。您的下一個問題來自 Green Street 的約翰·帕沃斯基。您的線路已開啓。

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.

約翰·帕沃斯基: 謝謝你們的時間。我知道您無法量化預期的摩擦成本，但我只是想確認您在新聞稿中列出的對股東的分配是扣除所有預期成本後的淨額，並且在所有事情結束時，不會有任何額外成本可能導致股東收益減少。

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: 約翰，我是史蒂文。您説得對，我們的估算包括了預期的費用和負債支付。

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?

約翰·帕沃斯基: 好的。我想問幾個關於清算時機的問題。首先，關於剩餘的多户住宅資產，您能否給出一個大致的範圍，比如，您認為最快和最慢的情況下，買家能在華盛頓特區和馬里蘭州的資產上完成交易的時間？這些資產可能需要經過優先購買權程序。您認為多户住宅資產的銷售最快和最慢的時間是多久？

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·巴徹: 所以我可以先回答這個問題，約翰。Elme Communities 計劃在第三季度開始營銷我們的資產，包括九個多户住宅資產和水門大廈，顯然希望在接下來的十二個月內完成所有資產的銷售。關於您提到的華盛頓特區和 TOPA 程序，我想説的是，我們在這個市場上運營了很長時間。

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.

我們瞭解 TOPA 程序，並計劃儘快將華盛頓特區的資產與馬里蘭州的資產一起出售，因為完成華盛頓特區的 TOPA 程序和蒙哥馬利縣的 HSE 要求確實需要時間。我們將與任何租户協會和潛在買家合作，以及時推進銷售過程。但我們認為，我們在接下來的十二個月內完成銷售的時間表是現實的，考慮到這些程序。

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.

約翰·帕沃洛斯基： 好的。我只是想問一下，為什麼需要整整十二個月。這個十二個月只是給你們留出足夠的緩衝和潛在的保守估計嗎？還是你真的認為在馬里蘭州的 TOPA 流程或 ROFR 流程真的需要十二個月。我的理解是在這些市場中，應該是四到六個月的流程，但我可能錯了。

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·布徹： 是的，約翰。當我們談論十二個月時，我們是在談論整個 RemainCo 投資組合，而不是對任何單一資產的具體時間表進行評論。所以，我們已經提出了在這十二個月內完成所有資產銷售的觀點。

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?

約翰·帕沃洛斯基： 是的。再問我一個。你能分享一下 Watergate 的租賃情況嗎？我認為現在的租賃率是 82%。在接下來的六個月裏，這個租賃比例可能會如何變化？基於已知的搬出情況和你們目前的租賃進展？

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.

保羅·麥克德莫特： 好吧，約翰，我們仍在與我們最大的租户討論，以確定他們的最終佔地面積。但你的 82% 的數字是準確的，這是我們希望在 2025 年底達到的目標。我們確實意識到在 2026 年將有近 9% 的租約到期。但我們希望在重新租賃方面取得一些成功。

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.

約翰·帕沃洛斯基： 好的。抱歉。再問一個。請耐心等一下。我想回到時間問題。除了出售 Watergate 的潛在挑戰和多户住宅的監管障礙外，這個投資組合中還有沒有其他特定因素會導致 RemainCo 需要十二個月才能清算？我覺得這似乎是一個較長的時間。

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·布徹： 沒有。我認為我們已經説明了，投資組合中每個資產將有不同的時間表，但我們將從第三季度開始啓動這些資產的銷售流程，並將儘快推進銷售過程。

John Pawlowski: Okay. Thank you.

約翰·帕沃洛斯基： 好的。謝謝。

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

操作員： 謝謝。您的下一個問題來自富國銀行的庫珀·克拉克。您的線路已開啓。

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?

傑米·費爾德曼： 我是傑米·費爾德曼，跟進一下。你知道，暫時離開交易，您們在今年可能是全國最具爭議和最有趣的公寓市場中佔據了前排座位，伴隨着 Doge 的公告和市場的各種起伏。您能否談談回顧一下頭條新聞、頭條新聞的時機以及對您們市場和子市場租賃量的影響？我想我們都在試圖理解真正的影響是什麼。到目前為止，華盛頓特區的情況有些超出預期。它結束了嗎？

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，也許，您知道，當一些裁員發生時，人們在裁員後的那段時間仍在領取工資時，我們仍然有一個鞋子要掉落。只是好奇您對華盛頓特區不同子市場的看法。

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.

保羅·麥克德莫特： 傑米，我是保羅。我先開始，然後請蒂芙尼跟進我們的投資組合和我們觀察到的情況。我認為年初時發出的警報可能有些誇大。就我們繼續保持勢頭的能力而言，我認為我們在 2025 年的指導中試圖闡明這一點。我們確實在下半年經歷了一些放緩，這一點我們已經考慮在內，並且我們考慮了多種可能影響我們入住率和定價槓桿的情景和結果。

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?

但我覺得現在，您知道，市場，您知道，蒂芙尼可以更詳細地説明。市場將基於季節性或其他外部因素，可能會出現某種放緩。但我認為，如果您查看 Elme Communities 在今年前六個月的表現，您知道，我們有超出預期的表現，我們對這個投資組合和未來的資產感到非常樂觀。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·布徹： 是的。只是對此進行補充。正如我在準備的發言中提到的，華盛頓大都會區的月度有效租金增長繼續超過全國平均水平。我們還看到，預計將發生的聯邦國防支出現在將超過之前的估計，這可能會顯著抵消保羅提到的一些更廣泛的聯邦勞動力削減。我們在華盛頓特區和馬里蘭州的入住率超過 96%。而且，正如我在回應庫珀早前的問題時提到的，今年迄今為止，我們在弗吉尼亞州的投資組合中實現了強勁的正向綜合租賃率增長，並且在馬里蘭州的投資組合中也看到了正向綜合租賃率增長。

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.

華盛頓特區的物業保持相對平穩。但總體而言，華盛頓大都會區在入住率和租賃率增長方面繼續表現良好。

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?

傑米·費爾德曼： 好的。謝謝你的説明。然後，您能否談談不同子市場的轉讓税？當我們考慮銷售時。

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.

保羅·麥克德莫特： 不，傑米，我認為這些信息將在代理聲明中提供。是的，當然，我們會在適當的時候提交。

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?

傑米·費爾德曼： 好的。好的。然後，當我們考慮管理激勵時，從交易的角度來看，這些都包含在完全稀釋的股份總數中嗎？還是在銷售時會有額外的激勵？

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： 再説一次，傑米，我會説我們估計的所有交易成本，您知道，我們將在代理聲明中提供更多詳細信息。

Jamie Feldman: Okay.

傑米·費爾德曼： 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.

保羅·麥克德莫特： 好的。所有的交易成本，我們預期的所有交易成本都包含在我們提供的估算中。

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

傑米·費爾德曼： 對。好的。好的。謝謝，祝你們在執行和關閉方面好運。

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: 謝謝你，Jamie。謝謝。這結束了我們的問答環節。現在我將把會議交給首席執行官 Paul McDermott 進行結束髮言。請繼續。

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: 感謝大家今天的參與。我們期待在推進資本回饋股東的計劃時，繼續向您通報進展。

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: 謝謝。各位，這次活動到此結束。您可以在此時斷開連接，祝您有美好的一天。感謝您的參與。

Elme (ELME) 2025 年第二季度收益電話會議記錄