08:22 AM EDT, 08/04/2025 (MT Newswires) -- Elme Communities ( ELME ) said Monday that it has completed its formal evaluation of strategic alternatives, agreeing to sell 19 properties to Cortland Partners for $1.6 billion in cash, and seeking shareholder approval for a broader plan to sell remaining assets and liquidate.

The company said that the 19-asset portfolio sale is expected to be completed in Q4, and that its remaining nine multifamily properties and Watergate 600 will be marketed separately as part of the liquidation plan.

Elme said it plans to make total upfront distributions to shareholders of $14.68 to $15 per share, with an additional $2.90 to $3.50 per share expected from future asset sales.

The company also said it has secured a $520 million debt commitment from Goldman Sachs ( GS ) tied to the deal and will use proceeds to repay debt and fund distributions.

Elme said quarterly distributions will continue until the initial special payout, after which regular dividends will be suspended in favor of liquidating distributions.

Shares of the company were up more than 6% in recent Monday premarket activity.