XML 30 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1

Mortgage Note Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Note Payable	NOTE 5: MORTGAGE NOTE PAYABLE In May 2022, we assumed a $42.8 million mortgage note in connection with the acquisition of Elme Marietta. This mortgage note bore interest at 3.36% per annum. The effective interest rate on this mortgage note was 4.50% based on quotes obtained for similar loans. We recorded the mortgage note at its estimated fair value of $40.0 million. Principal and interest were payable monthly until May 1, 2030, at which time all unpaid principal and interest were payable in full. In May 2022, we assumed a $33.7 million mortgage note in connection with the acquisition of Elme Cumberland. This mortgage note bore interest at 2.93% per annum. The effective interest rate on this mortgage note was 4.00% based on quotes obtained for similar loans. We recorded the mortgage note at its estimated fair value of $31.5 million. Principal and interest were payable monthly until May 1, 2030, at which time all unpaid principal and interest were payable in full. In September 2022, we extinguished the liabilities associated with both of the mortgage notes through defeasance arrangements, recognizing aggregate losses on extinguishment of debt of $4.9 million.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for mortgage notes payable.

+ References

No definition available.

+ Details

Name:	us-gaap_MortgageNotesPayableDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration