Elme Communities initiated with a Peer Perform at Wolfe Research

Wolfe Research initiated coverage of Elme Communities (ELME) with a Peer Perform rating without a price target Elme is an apartment real estate investment trust that is focused in the D.C Metro market but has expanded into Atlanta the past few years as it has increased its Sun Belt exposure, the analyst tells investors in a research note. The firm says the overhang for the stock is the one remaining office asset that the company is looking to sell and re-invest into apartment assets to become a pure-play apartment REIT.