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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Schedule of Real Estate Investment Portfolio | As of December 31, 2023 and 2022, our real estate investment portfolio classified as income producing property that is held and used, at cost, consists of properties valued as follows (in thousands):
| December 31,
| 2023 |  | 2022
Residential | $ | 2,249,833 |  |  | $ | 2,098,010 |
Other (1) | 94,284 |  |  | 172,996 |
| $ | 2,344,117 |  |  | $ | 2,271,006 |
______________________________ (1) Consists of Watergate 600
Schedule of Real Estate Properties and Land Acquired | Properties and land for development acquired during the three years ended December 31, 2023 were as follows:
Acquisition Date |  | Property |  | Type |  | # of Homes (unaudited) |  | Ending Occupancy |  | Contract Purchase Price (in thousands)
September 29, 2023 |  | Elme Druid Hills |  | Residential |  | 500 |  |  | 93.8% |  | $ | 108,000 |
|  |  |  |  |  | 500 |  |  |  |  | $ | 108,000 |
February 1, 2022 |  | Elme Sandy Springs |  | Residential |  | 389 |  |  | 91.3% |  | $ | 105,586 |
May 5, 2022 |  | Elme Marietta |  | Residential |  | 420 |  | 90.7% |  | 107,900 |
May 5, 2022 |  | Elme Cumberland |  | Residential |  | 270 |  | 91.1% |  | 69,750 |
|  |  |  |  |  | 1,079 |  |  |  |  | $ | 283,236 |
August 10, 2021 |  | Elme Conyers |  | Residential |  | 240 |  | 93.3% |  | $ | 48,000 |
November 19, 2021 |  | Elme Eagles Landing |  | Residential |  | 490 |  | 89.0% |  | 106,000 |
|  |  |  |  |  | 730 |  |  |  |  | $ | 154,000 |
Schedule of Revenue and Earnings from Acquired Operating Properties | The revenue and earnings of our acquisitions during their year of acquisition for the three years ended December 31, 2023 are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Real estate rental revenue | $ | 2,549 |  |  | $ | 14,937 |  |  | $ | 2,262 |
Net loss | (1,511) |  |  | (11,126) |  |  | (1,921) |
Schedule of Recorded Cost of Asset Acquisitions | We recorded the total cost of the above acquisitions as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Land | $ | 25,249 |  |  | $ | 50,547 |  |  | $ | 20,914 |
Building | 79,281 |  |  | 220,825 |  |  | 128,540 |
Absorption costs | 3,660 |  |  | 7,300 |  |  | 4,786 |
Aggregate discount on assumed mortgages | — |  |  | 5,042 |  |  | — |
Total acquisition cost | 108,190 |  |  | 283,714 |  |  | 154,240 |
Outstanding balance on assumed mortgages | — |  |  | (76,554) |  | —
Total carrying amounts recorded | $ | 108,190 |  | $ | 207,160 |  | $ | 154,240
Schedule of Components of Fair Value of In-Place Leases | Balances, net of accumulated depreciation or amortization, as appropriate, of the components of the fair value of in-place leases at December 31, 2023 and 2022 were as follows (in thousands):
| December 31,
| 2023 |  | 2022
| Gross Carrying Value |  | Accumulated Amortization |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  | Net
Tenant origination costs | $ | 2,262 |  |  | $ | 281 |  |  | $ | 1,981 |  |  | $ | 11,723 |  |  | $ | 8,000 |  |  | $ | 3,723 |
Leasing commissions/absorption costs | 67,504 |  |  | 60,887 |  |  | 6,617 |  |  | 63,064 |  |  | 56,416 |  |  | 6,648 |
Net lease intangible liabilities | 13,055 |  |  | 10,499 |  |  | 2,556 |  |  | 13,055 |  |  | 9,683 |  |  | 3,372 |
Amortization of these combined components during the three years ended December 31, 2023, was as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Depreciation and amortization expense | $ | 4,530 |  |  | $ | 12,604 |  |  | $ | 4,378 |
Real estate rental revenue increase, net | (806) |  |  | (944) |  |  | (765) |
| $ | 3,724 |  |  | $ | 11,660 |  |  | $ | 3,613 |
Schedule of Future Amortization of Components of Fair Value of In-Place Leases | Amortization of these combined components over the next four years is projected to be as follows (in thousands):
| Depreciation and amortization expense |  | Real estate rental revenue, net increase |  | Total
2024 | $ | 3,870 |  |  | $ | (708) |  |  | $ | 3,162 |
2025 | 2,011 |  |  | (710) |  |  | 1,301 |
2026 | 1,698 |  |  | (662) |  |  | 1,036 |
2027 | 1,019 |  |  | (476) |  |  | 543 |
2028 | — |  |  | — |  |  | — |
Schedule of Properties Held-for-Sale or Sold and Discontinued Operations | The results of the twelve office and eight retail properties sold in 2021 are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data):
|  |  |  | Year Ended December 31, 2021
Real estate rental revenue |  |  |  | $ | 70,519 |
Expenses: |  |  |  |
Property operating and maintenance |  |  |  | (11,201) |
Real estate taxes and insurance |  |  |  | (11,136) |
Property management |  |  |  | (2,195) |
Depreciation and amortization |  |  |  | (22,904) |
Gain on sale of real estate, net |  |  |  | 46,441 |
Income from discontinued operations |  |  |  | $ | 69,524 |
Basic net income per share |  |  |  | $ | 0.82 |
Diluted net income per share |  |  |  | $ | 0.82 |
Capital expenditures |  |  |  | $ | 3,316 |

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