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REAL ESTATE (Tables)
 12 Months Ended
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,
 20242023
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 DatePropertyType# of Homes (unaudited)Ending OccupancyContract
Purchase Price
(in thousands)
September 29, 2023Elme Druid HillsResidential500 96.0%$108,000 
500 $108,000 
February 1, 2022Elme Sandy SpringsResidential389 90.7%$105,586 
May 5, 2022Elme MariettaResidential42090.2%107,900 
May 5, 2022Elme CumberlandResidential27095.9%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,
20232022
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):
 20232022
Land$25,249 $50,547 
Building79,281 220,825 
Absorption costs3,660 7,300 
Aggregate discount on assumed mortgages— 5,042 
Total acquisition cost108,190 283,714 
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,
20242023
Gross Carrying ValueAccumulated AmortizationNetGross Carrying ValueAccumulated AmortizationNet
Tenant origination costs$2,230 $804 $1,426 $2,262 $281 $1,981 
Leasing commissions/absorption costs67,345 63,809 3,536 67,504 60,887 6,617 
Net lease intangible liabilities13,055 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,
202420232022
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 expenseReal estate rental revenue, net increaseTotal
2025$2,020 $(709)$1,311 
20261,922 (662)1,260 
20271,020 (476)544 
2028— — — 
2029— — —