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REAL ESTATE (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Investment Portfolio | As of December 31, 2024 and 2023, 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,
| 2024 |  | 2023
Residential | $ | 2,289,044 |  |  | $ | 2,249,833 |
Other (1) | 94,289 |  |  | 94,284 |
| $ | 2,383,333 |  |  | $ | 2,344,117 |
______________________________ (1) Consists of Watergate 600
Schedule of Real Estate Properties Acquired | Properties acquired during the two 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 |  |  | 96.0% |  | $ | 108,000 |
|  |  |  |  |  | 500 |  |  |  |  | $ | 108,000 |
February 1, 2022 |  | Elme Sandy Springs |  | Residential |  | 389 |  |  | 90.7% |  | $ | 105,586 |
May 5, 2022 |  | Elme Marietta |  | Residential |  | 420 |  | 90.2% |  | 107,900 |
May 5, 2022 |  | Elme Cumberland |  | Residential |  | 270 |  | 95.9% |  | 69,750 |
|  |  |  |  |  | 1,079 |  |  |  |  | $ | 283,236 |
Schedule of Revenue and Earnings from Acquired Operating Properties | The revenue and earnings of our acquisitions during their year of acquisition for the two years ended December 31, 2023 are as follows (in thousands):
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022
Real estate rental revenue |  |  | $ | 2,549 |  |  | $ | 14,937 |
Net loss |  |  | (1,511) |  |  | (11,126) |
Schedule of Recorded Cost of Asset Acquisitions | We recorded the total cost of the above acquisitions as follows (in thousands):
|  |  | 2023 |  | 2022
Land |  |  | $ | 25,249 |  |  | $ | 50,547 |
Building |  |  | 79,281 |  |  | 220,825 |
Absorption costs |  |  | 3,660 |  |  | 7,300 |
Aggregate discount on assumed mortgages |  |  | — |  |  | 5,042 |
Total acquisition cost |  |  | 108,190 |  |  | 283,714 |
Outstanding balance on assumed mortgages |  |  | — |  | (76,554)
Total carrying amounts recorded |  |  | $ | 108,190 |  | $ | 207,160
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, 2024 and 2023 were as follows (in thousands):
| December 31,
| 2024 |  | 2023
| Gross Carrying Value |  | Accumulated Amortization |  | Net |  | Gross Carrying Value |  | Accumulated Amortization |  | Net
Tenant origination costs | $ | 2,230 |  |  | $ | 804 |  |  | $ | 1,426 |  |  | $ | 2,262 |  |  | $ | 281 |  |  | $ | 1,981 |
Leasing commissions/absorption costs | 67,345 |  |  | 63,809 |  |  | 3,536 |  |  | 67,504 |  |  | 60,887 |  |  | 6,617 |
Net lease intangible liabilities | 13,055 |  |  | 11,208 |  |  | 1,847 |  |  | 13,055 |  |  | 10,499 |  |  | 2,556 |
Amortization of these combined components during the three years ended December 31, 2024, was as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Depreciation and amortization expense | $ | 3,894 |  |  | $ | 4,530 |  |  | $ | 12,604 |
Real estate rental revenue increase, net | (766) |  |  | (806) |  |  | (944) |
| $ | 3,128 |  |  | $ | 3,724 |  |  | $ | 11,660 |
Schedule of Future Amortization of Components of Fair Value of In-Place Leases | Amortization of these combined components over the next five years is projected to be as follows (in thousands):
| Depreciation and amortization expense |  | Real estate rental revenue, net increase |  | Total
2025 | $ | 2,020 |  |  | $ | (709) |  |  | $ | 1,311 |
2026 | 1,922 |  |  | (662) |  |  | 1,260 |
2027 | 1,020 |  |  | (476) |  |  | 544 |
2028 | — |  |  | — |  |  | — |
2029 | — |  |  | — |  |  | — |

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