In the third quarter, DSC Meridian Capital acquired 543,081 shares of Elme Communities, valued at $9.2 million, representing 1.9% of their assets under management. The company focuses on multifamily, office, and retail real estate in the Washington Metro area, generating revenue from property leasing and management.

Elme Communities’ shares were priced at $17.41, up 10% over the past year but underperforming the S&P 500. The company reported revenue of $247 million, a net income of ($134.8 million), and a dividend yield of 4.2%. It employs a real estate investment trust model, emphasizing income-producing properties.

DSC Meridian Capital’s top holdings include NYSEMKT: BKLN, NASDAQ: CORZ, NYSE: VST, NASDAQ: COOP, and NYSE: TECK. The fund’s total U.S. equity assets under management were $493 million as of September 30, with the new Elme position comprising 1.9% of this total. The fund holds 11 reportable positions in total.

Elme Communities recently sold 19 multifamily communities for approximately $1.6 billion, signifying a transition for the real estate platform. Despite years of underperformance, the company’s stable portfolio and strategic initiatives aim to create value and attract tenants in the Washington Metro area. The stock price remains below mid-2000s levels.

Read more at Yahoo Finance: This REIT Is Down 60% Since 2006, but a $9.2 Million Bet Says There’s Still Value