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SCHEDULE III
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
SCHEDULE III
 Initial Cost (a)Net Improvements (Retirement) since Acquisition
Gross Amounts at Which Carried at December 31, 2024
Accumulated Depreciation at December 31, 2024
   
PropertiesLocationLandBuildings and ImprovementsLandBuildings and ImprovementsTotal (c)Year of Construction
Date of Acquisition
Depreciation Life (d)
Residential Properties
3801 Connecticut Avenue Washington, DC$420,000 $2,678,000 $23,809,000 $420,000 $26,487,000 $26,907,000 $19,246,000 1951Jan 196330 years
Roosevelt TowersVirginia336,000 1,996,000 15,779,000 336,000 17,775,000 18,111,000 14,539,000 1964May 196540 years
Park AdamsVirginia287,000 1,654,000 18,458,000 287,000 20,112,000 20,399,000 14,327,000 1959Jan 196935 years
The Ashby at McLean (f)Virginia4,356,000 17,102,000 36,436,000 4,356,000 53,538,000 57,894,000 39,538,000 1982Aug 199630 years
Bethesda Hill ApartmentsMaryland3,900,000 13,412,000 18,668,000 3,900,000 32,080,000 35,980,000 26,066,000 1986Nov 199730 years
Bennett ParkVirginia2,861,000 917,000 83,946,000 4,774,000 82,950,000 87,724,000 55,126,000 2007Feb 200128 years
The ClayborneVirginia269,000 — 32,363,000 699,000 31,933,000 32,632,000 21,766,000 2008Jun 200326 years
Kenmore ApartmentsWashington, DC28,222,000 33,955,000 23,147,000 28,222,000 57,102,000 85,324,000 29,074,000 1948Sep 200830 years
The MaxwellVirginia12,787,000 — 39,354,000 12,850,000 39,291,000 52,141,000 18,715,000 2014Jun 201130 years
Yale WestWashington, DC14,684,000 62,069,000 2,705,000 14,684,000 64,774,000 79,458,000 24,738,000 2011Feb 201430 years
The Paramount (f)Virginia8,568,000 38,716,000 4,722,000 8,568,000 43,438,000 52,006,000 19,137,000 1984Oct 201330 years
The WellingtonVirginia30,548,000 116,563,000 28,346,000 30,259,000 145,198,000 175,457,000 50,239,000 1960Jul 201530 years
TroveVirginia15,000,000 — 119,069,000 15,000,000 119,069,000 134,069,000 30,163,000 2020Jul 201530 years
Riverside ApartmentsVirginia38,924,000 184,854,000 58,959,000 38,864,000 243,873,000 282,737,000 82,380,000 1971May 201630 years
Riverside Apartments land parcel (e)Virginia15,968,000 — 14,419,000 — 30,387,000 30,387,000 — n/aMay 2016n/a
Elme AlexandriaVirginia23,942,000 93,672,000 23,148,000 23,942,000 116,820,000 140,762,000 25,204,000 1990Jun 201930 years
Elme ManassasVirginia13,586,000 68,802,000 10,600,000 13,586,000 79,402,000 92,988,000 17,884,000 1986Jun 201930 years
Elme DullesVirginia12,476,000 66,852,000 11,927,000 12,476,000 78,779,000 91,255,000 17,734,000 2000Jun 201930 years
Elme LeesburgVirginia4,113,000 21,286,000 2,532,000 4,113,000 23,818,000 27,931,000 6,003,000 1986Jun 201930 years
Elme HerndonVirginia11,225,000 51,534,000 9,729,000 11,225,000 61,263,000 72,488,000 14,077,000 1991Jun 201930 years
Elme GermantownMaryland7,609,000 34,431,000 5,149,000 7,609,000 39,580,000 47,189,000 9,334,000 1990Jun 201930 years
Elme Watkins MillMaryland7,151,000 30,851,000 3,066,000 7,151,000 33,917,000 41,068,000 8,446,000 1975Jun 201930 years
Cascade at LandmarkVirginia12,289,000 56,235,000 6,355,000 12,289,000 62,590,000 74,879,000 13,472,000 1988Jul 201930 years
Elme ConyersGeorgia4,798,000 42,122,000 4,861,000 4,798,000 46,983,000 51,781,000 7,181,000 1999Aug 202130 years
Elme Eagles LandingGeorgia16,117,000 86,460,000 8,227,000 16,117,000 94,687,000 110,804,000 13,486,000 2000Nov 202130 years
Elme Sandy SpringsGeorgia17,423,000 85,817,000 8,900,000 17,423,000 94,717,000 112,140,000 11,966,000 1972Feb 202230 years
Elme MariettaGeorgia19,019,000 83,319,000 3,314,000 19,019,000 86,633,000 105,652,000 9,965,000 1975May 202230 years
Elme CumberlandGeorgia14,106,000 51,689,000 5,624,000 14,106,000 57,313,000 71,419,000 6,997,000 1982May 202230 years
Elme Druid HillsGeorgia25,249,000 79,281,000 3,912,000 25,249,000 83,193,000 108,442,000 5,572,000 1987Sep 202330 years
$366,233,000 $1,326,267,000 $627,524,000 $352,322,000 $1,967,702,000 $2,320,024,000 $612,375,000 
Office Building
Watergate 600 (b)Washington, DC$45,981,000 $78,325,000 $(30,017,000)$31,486,000 $62,803,000 $94,289,000 $5,924,000 1972Apr 201730 years
Total$412,214,000 $1,404,592,000 $597,507,000 $383,808,000 $2,030,505,000 $2,414,313,000 $618,299,000 
______________________________ 
a)     The purchase cost of real estate investments has been divided between land and buildings and improvements on the basis of management’s determination of the fair values.
b)    During 2023, we recognized an impairment charge of $41.9 million on Watergate 600 in order to reduce its carrying value to its estimated fair value, which declined due to changes in market conditions in the Washington, DC metro region office market.
c)     At December 31, 2024, total land, buildings and improvements are carried at $1.5 billion for federal income tax purposes.
d)     The useful life shown is for the main structure. Buildings and improvements are depreciated over various useful lives ranging from 3 to 40 years.
e)     As of December 31, 2024, Elme Communities had one residential property under development, the Riverside Apartments land parcel. The value not yet placed into service at December 31, 2024 was $30.4 million.
f)     As of December 31, 2024, Elme Communities had investments in various development, redevelopment and renovation projects, including The Ashby at McLean and The Paramount. The total value of these projects, which has not yet been placed in service, is $0.6 million at December 31, 2024.
The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2024 (in thousands):
Year Ended December 31,
202420232022
Real estate assets
Balance, beginning of period$2,375,097 $2,299,712 $1,990,810 
Additions:
Property acquisitions (1)
— 104,530 271,373 
Improvements (1)
39,216 48,075 37,539 
Deductions:
Impairment write-down — (77,220)— 
Write-off of disposed assets— — (10)
Balance, end of period$2,414,313 $2,375,097 $2,299,712 
Accumulated depreciation
Balance, beginning of period$528,024 $479,846 $401,926 
Additions:
Depreciation90,275 83,538 78,267 
Deductions:
Impairment write-down— (35,360)— 
Write-off of disposed assets— — (347)
Balance, end of period$618,299 $528,024 $479,846 
______________________________  
(1)     Includes non-cash accruals for capital items.