The company's transition to a pure-play multifamily model has resulted in extreme revenue volatility, culminating in a reported negative $185.7 million revenue in 2025Q4 as legacy assets were cleared.
Elme Communities (ELME) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | -61.49M | 0 | 241.94M | 227.91M | 209.38M | 169.15M | 176M | 176.75M | 336.89M | 325.08M | 313.26M | 306.43M | 288.64M | 263.02M | 304.98M | 289.53M | 297.98M | 306.93M | 282.31M | 255.66M | 219.66M | 190.05M | 172.39M | 163.82M | 153.61M | 148.42M | 134.73M | 118.97M | 103.6M | 79.43M | 65.54M |
| Revenue Growth % | -125.01% | -100% | 6.15% | 8.85% | 23.78% | -3.89% | -0.42% | -47.54% | 3.63% | 3.77% | 2.23% | 6.16% | 9.74% | -13.76% | 5.34% | -2.84% | -2.92% | 8.72% | 10.43% | 16.39% | 15.58% | 10.24% | 5.23% | 6.65% | 3.49% | 10.16% | 13.24% | 14.84% | 30.43% | 21.19% | 24.61% |
| Property Operating Expenses | 48.54M | 76.6M | 97.56M | 87.94M | 81.44M | 66.92M | 69.13M | 69.42M | 116.23M | 115.65M | 115.01M | 112.23M | 103.69M | 93.29M | 103.28M | 97.19M | 98.92M | 104.57M | 94.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 51.37M | -76.6M | 144.37M | 139.97M | 127.94M | 102.24M | 106.88M | 107.32M | 220.66M | 209.43M | 198.25M | 194.19M | 184.94M | 169.73M | 201.71M | 192.34M | 199.06M | 202.36M | 187.74M | 255.66M | 219.66M | 190.05M | 172.39M | 163.82M | 153.61M | 148.42M | 134.73M | 118.97M | 103.6M | 79.43M | 65.54M |
| NOI Margin % | -83.53% | - | 59.67% | 61.42% | 61.11% | 60.44% | 60.72% | 60.72% | 65.5% | 64.42% | 63.29% | 63.37% | 64.07% | 64.53% | 66.14% | 66.43% | 66.8% | 65.93% | 66.5% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 22.37M | 45.61M | 120.9M | 163.04M | 129.67M | 106.83M | 109.3M | 57.84M | 143.32M | 134.64M | 127.95M | 129.19M | 115.77M | 103.28M | 118.56M | 109.03M | 108.4M | 107.95M | 98.75M | 164.79M | 134.06M | 113.28M | 97.03M | 88.89M | 77.68M | 42.15M | 38.32M | 35.28M | 31.11M | 25.46M | 21.93M |
| G&A Expenses | 54.59M | 54.59M | 24.97M | 25.89M | 28.26M | 34.17M | 23.95M | 26.07M | 22.09M | 22.58M | 19.55M | 20.26M | 19.76M | 17.54M | 15.49M | 15.73M | 14.41M | 13.91M | 12.32M | 15.1M | 12.62M | 8.01M | 6.19M | 5.28M | 4.58M | 9.17M | 10.29M | 6.17M | 6.56M | 4.24M | 3.1M |
| EBITDA | 3.07M | -44.05M | 119.4M | 65.89M | 90M | 95.08M | 117.61M | 190.66M | 199.18M | 178.61M | 279.91M | 257.08M | 160.04M | 150.93M | 183.89M | 176.61M | 184.65M | 188.85M | 175.42M | 161.89M | 139.77M | 124M | 116.46M | 110.68M | 105.14M | 133.01M | 119.14M | 103.28M | 87.88M | 64.88M | 51.1M |
| EBITDA Margin % | -5% | - | 49.35% | 28.91% | 42.98% | 56.21% | 66.82% | 107.87% | 59.12% | 54.94% | 89.35% | 83.9% | 55.45% | 57.38% | 60.29% | 61% | 61.97% | 61.53% | 62.14% | 63.32% | 63.63% | 65.25% | 67.55% | 67.56% | 68.45% | 89.62% | 88.43% | 86.81% | 84.83% | 81.68% | 77.97% |
| Depreciation & Amortization | 125.28M | 78.16M | 95.94M | 88.95M | 91.72M | 95.56M | 120.03M | 141.18M | 121.23M | 112.06M | 108.41M | 108.94M | 96.01M | 85.74M | 103.07M | 93.3M | 93.99M | 94.45M | 86.43M | 71.02M | 54.17M | 47.23M | 41.09M | 35.76M | 29.21M | 26.74M | 22.72M | 19.59M | 15.4M | 10.91M | 7.5M |
| D&A / Revenue % | -203.73% | - | 39.65% | 39.03% | 43.81% | 56.49% | 68.2% | 79.88% | 35.98% | 34.47% | 34.61% | 35.55% | 33.26% | 32.6% | 33.79% | 32.22% | 31.54% | 30.77% | 30.61% | 27.78% | 24.66% | 24.85% | 23.84% | 21.83% | 19.02% | 18.01% | 16.87% | 16.47% | 14.86% | 13.74% | 11.44% |
| Operating Income | -122.21M | -122.21M | 23.47M | -23.06M | -1.72M | -484K | -2.42M | 49.48M | 77.95M | 66.56M | 171.5M | 148.14M | 64.03M | 65.19M | 80.82M | 83.31M | 90.66M | 94.41M | 88.99M | 90.87M | 85.6M | 76.76M | 75.36M | 74.93M | 75.93M | 106.28M | 96.42M | 83.69M | 72.48M | 53.97M | 43.61M |
| Operating Margin % | 198.73% | - | 9.7% | -10.12% | -0.82% | -0.29% | -1.37% | 28% | 23.14% | 20.47% | 54.75% | 48.35% | 22.18% | 24.79% | 26.5% | 28.77% | 30.42% | 30.76% | 31.52% | 35.54% | 38.97% | 40.39% | 43.72% | 45.74% | 49.43% | 71.6% | 71.56% | 70.35% | 69.97% | 67.95% | 66.54% |
| Interest Expense | 0 | 31.95M | 37.84M | 30.43M | 24.94M | 34.06M | 37.3M | 53.73M | 50.5M | 46.79M | 53.13M | 59.55M | 59.78M | 63.57M | 64.7M | 66.47M | 68.39M | 75M | 69.91M | 61.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | -3.82x | 0.65x | -0.74x | -0.24x | -0.31x | -0.08x | 0.92x | 1.02x | 0.92x | 3.23x | 2.50x | 1.09x | 1.03x | 0.28x | 0.71x | 0.97x | 1.23x | 1.25x | 1.46x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 0 | 0 | -1.26M | -515K | 4.21M | 5.87M | 594K | 0 | 1.18M | -507K | -297K | -590K | -825K | 0 | 49.2M | -168K | 7.98M | 0 | 0 | 784K | 3.62M | 3.6M | 34.5M | -62.88M | -138.31M | -96.87M | -86.16M | 0 | 0 | 0 | 0 |
| Pretax Income | -154.16M | -154.16M | -13.1M | -52.98M | -30.87M | -53.14M | -40.32M | -4.25M | 25.63M | 19.53M | 118.67M | 89.19M | 5.07M | -193K | 17.1M | 65.34M | 13.13M | 26.02M | 85.12M | 94.05M | 86.51M | 78.19M | 0 | 0 | 0 | 107.96M | 97.36M | 84.43M | 73.36M | 54.98M | 44.32M |
| Pretax Margin % | 250.7% | - | -5.42% | -23.24% | -14.74% | -31.42% | -22.91% | -2.41% | 7.61% | 6.01% | 37.88% | 29.11% | 1.76% | -0.07% | 5.61% | 22.57% | 4.41% | 8.48% | 30.15% | 36.79% | 39.38% | 41.14% | 0% | 0% | 0% | 72.74% | 72.26% | 70.96% | 70.82% | 69.22% | 67.62% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.18M | -84K | -615K | 0 | 0 | 0 | 59.06M | -21.57M | 44.09M | 59.87M | 56.15M | 28.99M | 46.94M | -874K | 29.8M | 30.04M | 24.09M | 53.92M | 51.28M | 39.39M | 31.42M | 23.83M | 15.93M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -4.6% | -0.43% | -0.52% | 0% | 0% | 0% | 345.42% | -33.02% | 335.8% | 230.09% | 65.96% | 30.82% | 54.26% | -1.12% | - | - | - | 49.95% | 52.67% | 46.66% | 42.83% | 43.35% | 35.95% |
| Net Income | -154.16M | -154.16M | -13.1M | -52.98M | -30.87M | -21.79M | -15.68M | 383.55M | 25.63M | 19.67M | 119.34M | 89.74M | 111.64M | 37.35M | 23.71M | 104.88M | 37.43M | 40.74M | 32.84M | 61.88M | 38.66M | 77.64M | 45.56M | 44.89M | 51.84M | 52.35M | 45.14M | 44.3M | 41.06M | 30.14M | 27.96M |
| Net Margin % | 250.7% | - | -5.42% | -23.24% | -14.74% | -12.88% | -8.91% | 217% | 7.61% | 6.05% | 38.1% | 29.29% | 38.68% | 14.2% | 7.77% | 36.23% | 12.56% | 13.28% | 11.63% | 24.2% | 17.6% | 40.85% | 26.43% | 27.4% | 33.75% | 35.27% | 33.5% | 37.24% | 39.64% | 37.94% | 42.67% |
| Net Income Growth % | -983.66% | -1076.54% | 75.27% | -71.62% | -41.67% | -38.95% | -104.09% | 1396.49% | 30.31% | -83.52% | 32.98% | -19.62% | 198.93% | 57.52% | -77.4% | 180.24% | -8.15% | 24.07% | -46.93% | 60.06% | -50.2% | 70.39% | 1.51% | -13.41% | -0.99% | 15.98% | 1.89% | 7.88% | 36.26% | 7.77% | 7.13% |
| Funds From Operations (FFO) | -28.88M | -76M | 82.83M | 35.97M | 60.85M | 73.77M | 104.35M | 524.73M | 146.86M | 131.72M | 227.75M | 198.68M | 207.65M | 123.09M | 126.78M | 198.18M | 131.42M | 135.19M | 119.27M | 132.91M | 92.83M | 124.87M | 86.66M | 80.64M | 81.05M | 79.09M | 67.86M | 63.89M | 56.46M | 41.05M | 35.46M |
| FFO Margin % | 46.96% | - | 34.24% | 15.78% | 29.06% | 43.61% | 59.29% | 296.88% | 43.59% | 40.52% | 72.7% | 64.84% | 71.94% | 46.8% | 41.57% | 68.45% | 44.1% | 44.05% | 42.25% | 51.99% | 42.26% | 65.71% | 50.27% | 49.23% | 52.76% | 53.29% | 50.37% | 53.7% | 54.5% | 51.68% | 54.1% |
| FFO Growth % | -529.7% | -191.75% | 130.26% | -40.89% | -17.51% | -29.3% | -80.11% | 257.3% | 11.49% | -42.16% | 14.63% | -4.32% | 68.7% | -2.91% | -36.03% | 50.8% | -2.79% | 13.35% | -10.26% | 43.17% | -25.66% | 44.1% | 7.46% | -0.5% | 2.48% | 16.54% | 6.22% | 13.16% | 37.56% | 15.76% | 13.7% |
| FFO per Share | -0.33 | -0.86 | 0.94 | 0.41 | 0.70 | 0.87 | 1.27 | 6.53 | 1.86 | 1.71 | 3.15 | 2.91 | 3.11 | 1.85 | 1.91 | 3.00 | 2.11 | 2.37 | 2.42 | 2.88 | 2.12 | 2.96 | 2.07 | 2.03 | 2.06 | 2.08 | 1.89 | 1.79 | 1.58 | 1.23 | 1.12 |
| FFO Payout Ratio % | -165.39% | -83.83% | 76.83% | 178.84% | 97.55% | 122.98% | 94.95% | 18.36% | 64.73% | 69.59% | 37.61% | 30.96% | 38.66% | 65.08% | 77.09% | 58.05% | 82.9% | 74.13% | 71.74% | 58.73% | 78.29% | 53.91% | 74.82% | 72.67% | 67.06% | 62.82% | 64.77% | 64.71% | 70.16% | 87.97% | 92.27% |
| EPS (Diluted) | -1.75 | -1.75 | -0.15 | -0.61 | -0.69 | -0.26 | -0.64 | 0.55 | 0.32 | 0.25 | 1.65 | 1.31 | 1.67 | 0.55 | 0.35 | 1.58 | 0.60 | 0.71 | 0.67 | 1.34 | 0.88 | 1.84 | 1.08 | 1.08 | 1.32 | 1.35 | 1.26 | 1.24 | 1.15 | 0.90 | 0.88 |
| EPS Growth % | -969.68% | -1066.67% | 75.41% | 11.59% | -165.38% | 59.38% | -216.36% | 71.88% | 28% | -84.85% | 25.95% | -21.56% | 203.64% | 57.14% | -77.85% | 163.33% | -15.49% | 5.97% | -50% | 52.27% | -52.17% | 70.37% | 0% | -18.18% | -2.22% | 7.14% | 1.61% | 7.83% | 27.78% | 2.27% | 0% |
| EPS (Basic) | - | -1.75 | -0.15 | -0.61 | -0.69 | -0.26 | -0.64 | 0.55 | 0.32 | 0.25 | 1.65 | 1.31 | 1.67 | 0.55 | 0.35 | 1.59 | 0.60 | 0.71 | 0.67 | 1.35 | 0.89 | 1.85 | 1.08 | 1.08 | 1.33 | 1.35 | 1.26 | 1.24 | 1.15 | 0.90 | 0.88 |
| Diluted Shares Outstanding | 88.09M | 88.09M | 87.92M | 87.73M | 87.39M | 84.54M | 82.35M | 80.33M | 79.04M | 76.82M | 72.34M | 68.31M | 66.84M | 66.58M | 66.38M | 65.98M | 62.26M | 56.97M | 49.37M | 46.12M | 43.87M | 42.2M | 41.8M | 39.72M | 39.27M | 37.94M | 35.82M | 35.72M | 35.75M | 33.48M | 31.78M |
Quick answers to the most common questions about buying ELME stock.
For fiscal year 2025, Elme Communities (ELME) reported total revenue of $0.0M. This represents a 100.0% decline compared to $65.5M in 1996.
Elme Communities (ELME) reported a net loss of $154.2M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Capital deployment execution risk
Metrics are mathematically derived from official filings.
FFO Volatility Masks Underlying Transition
As reported in recent financial statements, ELME's FFO per share has exhibited significant volatility, swinging from a negative $1.13 in 2025Q3 to a positive $0.37 in 2025Q4, reflecting the ongoing structural transformation and the impact of non-recurring items associated with the company's portfolio divestiture strategy.
The extreme variance in FFO suggests that investors should look past headline figures to identify the core earning power of the remaining multifamily assets. The recent positive FFO print in 2025Q4 may indicate that the company is beginning to stabilize its operations following the exit from commercial markets, though the sustainability of this growth remains unproven.
NOI Margin Compression Warrants Caution
Based on the company's reported figures, NOI margins have fluctuated wildly, dropping from a peak of 61.6% in 2023Q3 to as low as 17.9% in 2024Q1, highlighting the operational friction inherent in transitioning to a pure-play multifamily portfolio while managing significant asset turnover.
The inconsistency in property-level profitability suggests that the company is currently absorbing high transition costs or experiencing temporary occupancy gaps during the renovation cycle. Analysts should monitor whether these margins can return to the 60% range as the portfolio stabilizes, as failure to do so would imply that the value-add strategy is not yielding the expected operational efficiencies.
Divestiture Completion Defines New Era
According to recent SEC filings, the completion of the commercial portfolio divestiture has fundamentally altered the company's income statement, resulting in a reported revenue of negative $185.7 million in 2025Q4, which serves as a clear indicator of the final accounting cleanup of legacy assets.
This inflection point marks the transition from a diversified REIT to a focused multifamily operator, effectively rendering historical GAAP comparisons obsolete. The market's challenge now lies in valuing the company based on its future residential rental income potential rather than its past performance as a mixed-use entity.
Capital Drag and Deployment Uncertainty
As noted in the company's financial disclosures, the accumulation of a massive cash position, while providing a fortress balance sheet, creates a significant drag on returns, with the company currently holding over $1.3 billion in liquidity that has yet to be fully recycled into yielding assets.
The pressure to deploy this capital in a high-interest-rate environment may force management into acquisitions that could dilute FFO per share if cap rates are not sufficiently attractive. Investors should monitor the pace of this deployment, as the current cash-heavy position may be suppressing the company's overall return on invested capital compared to more fully deployed peers.