Elme Communities (ELME) said Friday that as part of its liquidation activities it has signed two agreements under which it expects to sell three of its remaining properties for gross proceeds of about $155 million.

The three properties are Elme Sandy Spring and Elme Marietta in Georgia and Elme Watkins Mill in Maryland, the company said. The closing of each of the deals is expected to happen later in Q1, it said.

The marketing and sale process of the remaining seven properties is ongoing, the company said, adding it still expects to complete the sale of all 10 remaining properties by mid-year 2026.

Elme said it estimates the amount of additional liquidating distributions to be funded by the net proceeds of sales of the 10 remaining assets will be $2.35 to $2.80 per common share.

Based on the updated estimate, the amount of liquidating distributions, including an initial distribution, is now expected to be $17.02 to $17.47 per common share, down from the previous estimated range of $17.40 to $18.32 per common share, the company said.

Elme shares were down past 15% in recent after-hours activity.