XML 50 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Real Estate (Tables)
 12 Months Ended
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,
 20232022
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 DatePropertyType# of Homes (unaudited)Ending OccupancyContract
Purchase Price
(in thousands)
September 29, 2023Elme Druid HillsResidential500 93.8%$108,000 
500 $108,000 
February 1, 2022Elme Sandy SpringsResidential389 91.3%$105,586 
May 5, 2022Elme MariettaResidential42090.7%107,900 
May 5, 2022Elme CumberlandResidential27091.1%69,750 
1,079 $283,236 
August 10, 2021Elme ConyersResidential24093.3%$48,000 
November 19, 2021Elme Eagles LandingResidential49089.0%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,
202320222021
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):
 202320222021
Land$25,249 $50,547 $20,914 
Building79,281 220,825 128,540 
Absorption costs3,660 7,300 4,786 
Aggregate discount on assumed mortgages— 5,042 — 
Total acquisition cost108,190 283,714 154,240 
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,
 20232022
Gross Carrying ValueAccumulated AmortizationNetGross Carrying ValueAccumulated AmortizationNet
Tenant origination costs$2,262 $281 $1,981 $11,723 $8,000 $3,723 
Leasing commissions/absorption costs67,504 60,887 6,617 63,064 56,416 6,648 
Net lease intangible liabilities13,055 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,
202320222021
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 expenseReal estate rental revenue, net increaseTotal
2024$3,870 $(708)$3,162 
20252,011 (710)1,301 
20261,698 (662)1,036 
20271,019 (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, net46,441 
       Income from discontinued operations$69,524 
Basic net income per share$0.82 
Diluted net income per share$0.82 
Capital expenditures $3,316