Elme Communities Appoints Ron Sturzenegger to Board of Trustees

Core Viewpoint - Elme Communities has appointed Ron D. Sturzenegger as an independent trustee to its Board of Trustees, enhancing the Board's expertise and commitment to shareholder value [1][3][5] Board Composition - Following the appointment of Mr. Sturzenegger, the Board now consists of eight trustees, with seven being independent [1][3] - The Board aims to regularly refresh its composition to maximize value for shareholders [3] Ron D. Sturzenegger's Background - Mr. Sturzenegger has over 30 years of experience in finance and real estate, previously serving as Managing Director and Global Head of Real Estate, Gaming and Lodging Investment Banking at Bank of America [2][7] - He currently holds positions on the Boards of several funds, including KBS REIT III and various StepStone Private Funds [2][7] Strategic Initiatives - Mr. Sturzenegger will serve on the transaction committee of the Board, which is overseeing a formal evaluation of strategic alternatives [3] - The Company has entered into a cooperation agreement with Argosy-Lionbridge Management, LLC, a shareholder, to enhance corporate governance practices [4][5] Corporate Governance - Elme Communities is opting out of the Maryland Unsolicited Takeover Act (MUTA) to improve its corporate governance [5] - The cooperation agreement includes customary standstill and voting provisions [5] Company Overview - Elme Communities is a multifamily real estate investment trust (REIT) that operates approximately 9,400 apartment homes and 300,000 square feet of commercial space in the Washington, DC and Atlanta metro areas [12]