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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
SHAREHOLDERS' EQUITY | NOTE 16: SHAREHOLDERS' EQUITY On October 26, 2023, the Board authorized and approved a share repurchase program of up to $50.0 million of the Company’s common shares of beneficial interest over a period of two years, subject to any applicable limitations or restrictions set forth in our existing credit facility and other debt agreements. The share repurchase program is scheduled to expire on October 25, 2025, unless extended by the Board. On February 20, 2024, we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., TD Securities (USA) LLC and Truist Securities, Inc. as agents and forward sellers, as applicable, (collectively, the “Agents” or “Forward Sellers”, as applicable), and Wells Fargo Bank, National Association, The Bank of New York Mellon, Citibank, N.A., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., The Toronto-Dominion Bank and Truist Bank as forward purchasers pursuant to which up to an aggregate gross sales price of $350.0 million of Elme Communities’ common shares of beneficial interest, $0.01 par value per share, may be offered and sold from time to time through the Agents, acting as the Company’s sales agents or, if applicable, the Forward Sellers, or directly to the Agents as principals for their own accounts. In connection with entry into the Equity Distribution Agreement, we terminated our prior at-the-market offering program. At the time of such termination, approximately $340.0 million remained unsold under such prior program. We did not issue common shares under the Equity Distribution Agreement or any prior equity distribution agreements in 2024 or 2023. Our issuances and net proceeds on the prior equity distribution agreement in 2022, were as follows (in thousands, except per share data):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Issuance of common shares | — |  |  | — |  |  | 1,032 |
Weighted average price per share | $ | — |  |  | $ | — |  |  | $ | 26.27 |
Net proceeds | $ | — |  |  | $ | — |  |  | $ | 26,849 |
We have a dividend reinvestment program, whereby shareholders may use their dividends and optional cash payments to purchase common shares. The common shares sold under this program may either be common shares issued by us or common shares purchased in the open market. Net proceeds under this program are used for general corporate purposes. We did not issue common shares under the dividend reinvestment program during 2024. Our issuances and net proceeds on the dividend reinvestment program for 2023 and 2022 were as follows (in thousands; except per share data):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Issuance of common shares | — |  |  | 28 |  |  | 47 |
Weighted average price per share | $ | — |  |  | $ | 17.64 |  |  | $ | 22.40 |
Net proceeds | $ | — |  |  | $ | 497 |  |  | $ | 1,030 |

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