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OTHER BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
OTHER BENEFIT PLANS | NOTE 11: OTHER BENEFIT PLANS We have a Retirement Savings Plan (the “401(k) Plan”), which permits all eligible employees to defer a portion of their compensation in accordance with the Code. Under the 401(k) Plan, we may make discretionary contributions on behalf of eligible employees. For each of the three years ended December 31, 2024, we made contributions to the 401(k) plan of $0.7 million, $0.6 million and $0.3 million, respectively. We have adopted non-qualified deferred compensation plans for the officers and members of the Board. The plans allow for a deferral of a percentage of annual cash compensation and trustee fees. The plans are unfunded, and payments are to be made out of the general assets of Elme Communities. The deferred compensation liability was $0.1 million at each of December 31, 2024 and 2023. In November 2005, the Board approved the establishment of a SERP for the benefit of officers. This is a defined contribution plan under which, upon a participant's termination of employment from Elme Communities for any reason other than discharge for cause, the participant will be entitled to receive a benefit equal to the participant's accrued benefit times the participant's vested interest. We account for this plan in accordance with ASC 710-10 and ASC 320-10, whereby the investments are reported at fair value, and unrealized holding gains and losses are included in earnings. At December 31, 2024 and 2023, the accrued benefit liability was $2.6 million and $2.0 million, respectively. For each of the three years ended December 31, 2024, we recognized current service cost of $0.3 million, $0.3 million and $0.2 million, respectively.

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