Elme Communities (ELME) 10-K 16 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-06622
Entity Registrant Name	ELME COMMUNITIES
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	53-0261100
Entity Address, Address Line One	7550 WISCONSIN AVE
Entity Address, Address Line Two	SUITE 900
Entity Address, City or Town	BETHESDA
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	774-3200
Title of 12(b) Security	Shares of Beneficial Interest
Trading Symbol	ELME
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,429,202,578
Entity Common Stock, Shares Outstanding		87,867,059
Documents Incorporated by Reference	Portions of our definitive Proxy Statement relating to the 2024 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission, are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein.
Entity Central Index Key	0000104894
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Land	$ 384,097	$ 373,171
Income producing property	1,960,020	1,897,835
Income producing property, at cost	2,344,117	2,271,006
Accumulated depreciation and amortization	(528,024)	(481,588)
Net income producing property	1,816,093	1,789,418
Properties under development or held for future development	30,980	31,260
Total real estate held for investment, net	1,847,073	1,820,678
Cash and cash equivalents	5,984	8,389
Restricted cash	2,554	1,463
Rents and other receivables	17,642	16,346
Prepaid expenses and other assets	26,775	25,730
Total assets	1,900,028	1,872,606
Liabilities
Notes payable, net	522,345	497,359
Line of credit	157,000	55,000
Accounts payable and other liabilities	38,997	34,386
Dividend payable	15,863	14,934
Advance rents	5,248	1,578
Tenant security deposits	6,225	5,563
Total liabilities	745,678	608,820
Shareholders’ equity
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding	0	0
Shares of beneficial interest, $0.01 par value; 150,000 shares authorized: 87,867 and 87,534 shares issued and outstanding, as of December 31, 2023 and 2022, respectively	879	875
Additional paid in capital	1,735,530	1,729,854
Distributions in excess of net income	(569,391)	(453,008)
Accumulated other comprehensive loss	(12,958)	(14,233)
Total shareholders’ equity	1,154,060	1,263,488
Noncontrolling interests in subsidiaries	290	298
Total equity	1,154,350	1,263,786
Total liabilities and equity	$ 1,900,028	$ 1,872,606

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of beneficial interest, authorized (in shares)	150,000,000	150,000,000
Shares of beneficial interest, issued (in shares)	87,867,000	87,534,000
Shares of beneficial interest, outstanding (in shares)	87,867,000	87,534,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenue, type [Extensible Enumeration]		Real Estate [Member]	Real Estate [Member]	Real Estate [Member]
Real estate rental revenue		$ 227,911	$ 209,380	$ 169,151
Expenses
Property operating and maintenance		50,985	47,384	38,573
Real estate taxes and insurance		28,845	26,617	22,209
Property management		8,108	7,436	6,133
General and administrative		25,887	28,258	27,538
Transformation costs		6,339	9,686	6,635
Depreciation and amortization		88,950	91,722	72,656
Real estate impairment		41,860	0	0
Total expenses		250,974	211,103	173,744
Real estate operating loss		(23,063)	(1,723)	(4,593)
Other income (expense)
Interest expense		(30,429)	(24,940)	(34,063)
Loss on interest rate derivatives		0	0	(5,866)
Loss on extinguishment of debt, net		(54)	(4,917)	(12,727)
Other income		569	712	4,109
Total other income (expense)		(29,914)	(29,145)	(48,547)
Loss from continuing operations		(52,977)	(30,868)	(53,140)
Discontinued operations:
Income from operations of properties sold or held for sale		0	0	23,083
Gain on sale of real estate, net		0	0	46,441
Income from discontinued operations		0	0	69,524
Net (loss) income		$ (52,977)	$ (30,868)	$ 16,384
Basic net (loss) income per share
Continuing operations (in dollars per share)		$ (0.61)	$ (0.36)	$ (0.63)
Discontinued operations (in dollars per share)		0	0	0.82
Basic net (loss) income per share (in dollars per share)	[1]	(0.61)	(0.36)	0.19
Diluted net (loss) income per share
Continuing operations (in dollars per share)		(0.61)	(0.36)	(0.63)
Discontinued operations (in dollars per share)		0	0	0.82
Diluted net (loss) income per share (in dollars per share)	[1]	$ (0.61)	$ (0.36)	$ 0.19
Weighted average shares outstanding – basic (in shares)		87,735	87,388	84,544
Weighted average shares outstanding – diluted (in shares)		87,735	87,388	84,544
[1]Earnings per share may not sum due to rounding

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (52,977)	$ (30,868)	$ 16,384
Other comprehensive income (loss):
Unrealized (loss) gain on interest rate derivatives	(764)	2,819	3,673
Reclassification of unrealized loss on interest rate derivatives to earnings	2,039	2,039	7,799
Comprehensive (loss) income	$ (51,702)	$ (26,010)	$ 27,856

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Shareholders’ Equity	Shares of Beneficial Interest at Par Value	Additional Paid in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Non- controlling Interests in Subsidiary
Beginning balance (in shares) at Dec. 31, 2020			84,409
Beginning balance at Dec. 31, 2020	$ 1,321,109	$ 1,320,787	$ 844	$ 1,649,366	$ (298,860)	$ (30,563)	$ 322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	16,384	16,384			16,384
Unrealized (loss) gain on interest rate derivatives	3,673	3,673				3,673
Loss on interest rate derivatives	5,760	5,760				5,760
Amortization of swap settlements	2,039	2,039				2,039
Distributions to noncontrolling interests	(15)						(15)
Dividends	(80,018)	(80,018)			(80,018)
Equity offerings, net of issuance costs (in shares)			1,636
Equity offerings, net of issuance costs	$ 40,462	40,462	$ 17	40,445
Shares issued under Dividend Reinvestment Program (in shares)	75		75
Shares issued under Dividend Reinvestment Program	$ 1,744	1,744		1,744
Share grants, net of forfeitures and tax withholdings (in shares)			141
Share grants, net of forfeitures and tax withholdings	5,924	5,924	$ 2	5,922
Ending balance (in shares) at Dec. 31, 2021			86,261
Ending balance at Dec. 31, 2021	1,317,062	1,316,755	$ 863	1,697,477	(362,494)	(19,091)	307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(30,868)	(30,868)			(30,868)
Unrealized (loss) gain on interest rate derivatives	2,819	2,819				2,819
Amortization of swap settlements	2,039	2,039				2,039
Distributions to noncontrolling interests	(9)						(9)
Dividends	(59,646)	(59,646)			(59,646)
Equity offerings, net of issuance costs (in shares)			1,032
Equity offerings, net of issuance costs	$ 26,849	26,849	$ 10	26,839
Shares issued under Dividend Reinvestment Program (in shares)	47		47
Shares issued under Dividend Reinvestment Program	$ 1,030	1,030		1,030
Share grants, net of forfeitures and tax withholdings (in shares)			194
Share grants, net of forfeitures and tax withholdings	$ 4,510	4,510	$ 2	4,508
Ending balance (in shares) at Dec. 31, 2022	87,534		87,534
Ending balance at Dec. 31, 2022	$ 1,263,786	1,263,488	$ 875	1,729,854	(453,008)	(14,233)	298
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(52,977)	(52,977)			(52,977)
Unrealized (loss) gain on interest rate derivatives	(764)	(764)				(764)
Amortization of swap settlements	2,039	2,039				2,039
Distributions to noncontrolling interests	(8)						(8)
Dividends	$ (63,406)	(63,406)			(63,406)
Equity offerings, net of issuance costs (in shares)			0
Shares issued under Dividend Reinvestment Program (in shares)	28		28
Shares issued under Dividend Reinvestment Program	$ 497	497		497
Share grants, net of forfeitures and tax withholdings (in shares)			305
Share grants, net of forfeitures and tax withholdings	$ 5,183	5,183	$ 4	5,179
Ending balance (in shares) at Dec. 31, 2023	87,867		87,867
Ending balance at Dec. 31, 2023	$ 1,154,350	$ 1,154,060	$ 879	$ 1,735,530	$ (569,391)	$ (12,958)	$ 290

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per common share (in dollars per share)	$ 0.72	$ 0.68	$ 0.94

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash flows from operating activities
Net (loss) income	$ (52,977)	$ (30,868)	$ 16,384
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	88,950	91,722	95,560
Credit losses on lease related receivables	4,833	2,483	2,482
Real estate impairment	41,860	0	0
Gain on sale of real estate	0	0	(46,441)
Share-based compensation expense	5,538	7,988	8,553
Amortization of debt premiums, discounts and related financing costs	4,218	4,052	4,325
Loss on interest rate derivatives	0	0	5,866
Loss on extinguishment of debt, net	54	4,917	12,727
Changes in other assets	(11,294)	(1,602)	(4,681)
Changes in other liabilities	3,487	(5,481)	(5,619)
Net cash provided by operating activities	84,669	73,211	89,156
Cash flows from investing activities
Real estate acquisitions, net	(107,595)	(204,433)	(153,748)
Net cash received from sale of real estate	0	0	897,783
Capital improvements to real estate	(38,218)	(36,513)	(32,410)
Development in progress	0	(698)	(8,406)
Non-real estate capital improvements	(408)	(1,743)	(49)
Insurance proceeds	0	2,224	0
Real estate deposits	0	0	(1,000)
Net cash (used in) provided by investing activities	(146,221)	(241,163)	702,170
Cash flows from financing activities
Line of credit borrowings (repayments), net	102,000	55,000	(42,000)
Dividends paid	(64,335)	(59,363)	(90,728)
Principal payments – mortgage notes payable	0	(76,598)	0
Repayments of notes payable	0	0	(311,894)
Repayments of unsecured term loan debt	(100,000)	0	(150,000)
Proceeds from term loan	125,000	0	0
Settlement of interest rate derivatives	0	0	(5,866)
Payment of financing costs	(844)	(39)	(4,858)
Distributions to noncontrolling interests	(8)	(9)	(15)
Proceeds from dividend reinvestment program	497	1,030	1,744
Net proceeds from equity issuances	0	26,849	40,462
Payment of tax withholdings for restricted share awards	(2,072)	(3,286)	(2,241)
Net cash provided by (used in) financing activities	60,238	(56,416)	(565,396)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,314)	(224,368)	225,930
Cash, cash equivalents and restricted cash at beginning of year	9,852	234,220	8,290
Cash, cash equivalents and restricted cash at end of year	8,538	9,852	234,220
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest expense	23,502	20,842	27,166
Change in accrued capital improvements and development costs	9,556	609	(6,949)
Dividend payable	15,863	14,934	14,650
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	5,984	8,389	233,600
Restricted cash	2,554	1,463	620
Cash, cash equivalents and restricted cash	$ 8,538	$ 9,852	$ 234,220

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NOTE 1: NATURE OF BUSINESS Elme Communities, a Maryland real estate investment trust, formerly known as Washington Real Estate Investment Trust, is a self-administered equity real estate investment trust, successor to a trust organized in 1960. Our business primarily consists of the ownership and operation of apartment communities in the greater Washington, DC metro and Sunbelt regions. U.S. Federal Income Taxes We believe that we qualify as a REIT under Sections 856-860 of the Internal Revenue Code of 1986, as amended (the "Code"), and intend to continue to qualify as such. To maintain our status as a REIT, we are, among other things, required to distribute 90% of our REIT taxable income (which is generally our ordinary taxable income, with certain modifications), excluding any net capital gains and any deductions for dividends paid to our shareholders on an annual basis. When selling a property, we generally have the option of (a) reinvesting the sales proceeds of property sold in a way that allows us to defer recognition of some or all taxable gain realized on the sale, (b) distributing gains to the shareholders with no tax to us or (c) treating net long-term capital gains as having been distributed to our shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to our shareholders. We sold no properties in 2023 or 2022. We sold twelve office and eight retail properties for an aggregate gain of $46.4 million during the year ended December 31, 2021. Generally, and subject to our ongoing qualification as a REIT, no provisions for income taxes are necessary except for taxes on undistributed taxable income and taxes on the income generated by our taxable REIT subsidiaries (“TRSs”). Our TRSs are subject to corporate federal and state income tax on their taxable income at regular statutory rates. As of both December 31, 2023 and 2022, our TRSs had a deferred tax asset of $1.4 million that was fully reserved. Beginning in 2018, ordinary taxable income per share is equal to the Section 199A dividend that was created by the Tax Cuts and Jobs Act. The following is a breakdown of the taxable percentage of our dividends for the three years ended December 31, 2023 (unaudited): 2023 2022 2021 Ordinary income/Section 199A dividends 33 % 20 % — % Return of capital 67 % 80 % 100 % Qualified dividends — % — % — % Unrecaptured Section 1250 gain — % — % — % Capital gain — % — % — %

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform ("Topic 848"), which was amended in December 2022 by ASU 2022-06, Reference Rate Reform (Topic 848). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected through December 31, 2024 as reference rate reform activities occur. During the first quarter of 2023, we executed an amendment to the $700.0 million unsecured revolving credit facility (“Revolving Credit Facility”) to convert the benchmark interest rate from LIBOR to an adjusted SOFR ("Secured Overnight Financing Rate"). We elected to apply the optional expedients in Topic 848 to (i) assert that the hedged interest payments remain probable regardless of any expected modification in terms related to reference rate reform, and (ii) continue the method of assessing effectiveness as documented in the original hedge documentation so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The impact of this guidance did not have a material impact on our consolidated financial statements. Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements include the consolidated accounts of Elme Communities and our subsidiaries and entities in which Elme Communities has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial amounts in prior periods have been reclassified to conform with the current period presentation. The primary changes to the consolidated statements of operations are reclassifications between property operating and maintenance expense and real estate taxes and insurance expense . We have prepared the accompanying audited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Use of Estimates in the Financial Statements The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition We primarily lease residential properties under operating leases with terms of generally one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases , using a method that represents straight-line basis over the term of the leases. In circumstances where a lease concession is provided to the resident, primarily in lease-up, we recognize a reduction of rental revenues on a straight-line basis. We also generate other property-related revenue associated with the leasing of apartment homes, including parking income, move-in charges, pet rent and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from residents and recognized monthly as they are earned. We recognize cost reimbursement income at our residential properties from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are primarily comprised of utility costs which are reimbursed by residents in accordance with specific allowable costs per resident lease agreements. We recognize gains on sales of real estate when we have executed a contract for sale of the asset, transferred controlling financial interest in the asset to the buyer and determined that it is probable that we will collect substantially all of the consideration for the asset. Our real estate sale transactions typically meet these criteria at closing. Rents and Other Receivables Lease related receivables, which include contractual amounts accrued and unpaid from residents and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. We evaluate the collectability of lease receivables on a lease-by-lease basis. We recognize the credit loss on lease related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income recognized subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. Debt Issuance Costs We amortize external debt issuance costs using the effective interest rate method or the straight-line method, which approximates the effective interest rate method over the estimated life of the related debt. We record debt issuance costs related to notes, net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit on our consolidated balance sheets with Prepaid expenses and other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance costs as interest expense. Real Estate and Depreciation We depreciate buildings on a straight-line basis over an estimated useful life of 26 to 40 years. We capitalize all capital improvements associated with replacements, improvements or major repairs to real property that extend its useful life and depreciate them using the straight-line method over their estimated useful lives ranging from 3 to 40 years. We also capitalize costs incurred in connection with our development projects, including interest incurred on borrowing obligations and other internal costs during periods in which qualifying expenditures have been made and activities necessary to get the development projects ready for their intended use are in progress. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed into service and depreciation commences. Real estate depreciation expense from continuing operations was $82.7 million, $77.2 million and $66.2 million during the years ended December 31, 2023, 2022 and 2021, respectively. We charge maintenance and repair costs that do not extend an asset’s useful life to expense as incurred. Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2023 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Total interest incurred $ 30,429 $ 25,223 $ 34,813 Capitalized interest — (283) (750) Interest expense, net of capitalized interest $ 30,429 $ 24,940 $ 34,063 We recognize impairment losses on long-lived assets used in operations, development assets or land held for future development if indicators of impairment are present and the net undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Estimates of undiscounted cash flows are based on forward-looking assumptions, including annual and residual cash flows and our estimated holding period for each property. Such assumptions involve a high degree of judgment and could be affected by future economic and market conditions. When determining if a property has indicators of impairment, we evaluate the property's occupancy, our expected holding period for the property, strategic decisions regarding the property's future operations or development and other market factors. If such carrying amount is in excess of the estimated undiscounted cash flows from the operation and disposal of the property, we would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions. Assets held for sale are recorded at the lower of cost or fair value less costs to sell. Asset Acquisitions The properties we acquire typically are not businesses as defined by ASC 805 ("Topic 805") - Clarifying the Definition of a Business. Per this definition, a set of transferred assets and activities is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We therefore account for such acquisitions as asset acquisitions. Acquisition costs are capitalized and identifiable assets (including physical assets and in-place leases), liabilities assumed and any noncontrolling interests are measured by allocating the cost of the acquisition on a relative fair value basis. We determine the fair values of acquired buildings on an “as-if-vacant” basis considering a variety of factors, including the replacement cost of the property, estimated rental and absorption rates, estimated future cash flows and valuation assumptions consistent with current market conditions. We determine the fair value of land acquired based on comparisons to similar properties that have been recently marketed for sale or sold. The fair value of in-place leases are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include the estimated cost to replace the leases, including foregone rent and expense reimbursements during the hypothetical expected lease-up periods (referred to as “absorption cost”), consideration of current market conditions and costs to execute similar leases. We classify leasing absorption costs as other assets and amortize absorption costs as amortization expense on a straight-line basis over the remaining life of the underlying leases. Software Developed for Internal Use The costs of software developed for internal use that qualify for capitalization are included with Prepaid expenses and other assets on our consolidated balance sheets. These capitalized costs include external direct costs utilized in developing or obtaining the applications and expenses for employees who are directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and continues until the project is substantially complete and is ready for its intended purpose. Completed projects are amortized on a straight-line basis over their estimated useful lives. Held for Sale and Discontinued Operations We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to a plan to sell the assets; (b) the assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets; (c) an active program to locate a buyer and other actions required to complete the plan to sell the assets has been initiated; (d) the sale of the assets is probable and transfer of the assets is expected to qualify for recognition as a completed sale within one year; (e) the assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale. Revenues and expenses of properties that are either sold or classified as held for sale are presented as discontinued operations for all periods presented in the consolidated statements of operations if the dispositions represent a strategic shift that has (or will have) a major effect on our operations and financial results. Interest on debt that can be identified as specifically attributed to these properties is included in discontinued operations. If the dispositions do not represent a strategic shift that has (or will have) a major effect on our operations and financial results, then the revenues and expenses of the properties that are classified as sold or held for sale are presented as continuing operations in the consolidated statements of operations for all periods presented. Segments We evaluate performance based upon net operating income from the combined properties in each segment. Our reportable operating segment is a consolidation of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and commercial paper with original maturities of 90 days or less. We maintain cash deposits with financial institutions that at times exceed applicable insurance limits. We reduce this risk by maintaining such deposits with high quality financial institutions that management believes are credit-worthy. Restricted cash includes funds escrowed for tenant security deposits. Transformation Costs Transformation costs include costs related to the strategic shift away from the commercial sector to residential sector, including the allocation of internal costs, consulting, advisory and termination benefits. Earnings Per Common Share We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. We also determine “Diluted earnings per share” under the two-class method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. Share-Based Compensation We currently maintain equity based compensation plans for trustees, officers and employees. We recognize compensation expense for service-based share awards ratably over the period from the service inception date through the vesting period based on the fair market value of the shares on the date of grant. We account for forfeitures as they occur. If an award's service inception date precedes the grant date, we initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. We amortize awards with performance conditions using the graded expense method. We measure compensation expense for awards with market conditions based on the grant date fair value, as determined using a Monte Carlo simulation, and we amortize the expense ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. Compensation expense for the trustee grants, which fully vest immediately, is fully recognized upon issuance based upon the fair market value of the shares on the date of grant. Accounting for Uncertainty in Income Taxes We can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. As of December 31, 2023 and 2022, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes to our uncertain tax positions over the next twelve months. We are subject to federal income tax as well as income tax of the states of Maryland, Virginia and Georgia, and the District of Columbia. However, as a REIT, we generally are not subject to income tax on our taxable income to the extent it is distributed as dividends to our shareholders. Tax returns filed for 2020 through 2022 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expenses. Derivatives

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Real Estate	NOTE 3: REAL ESTATE As of December 31, 2023 and 2022, 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, 2023 2022 Residential $ 2,249,833 $ 2,098,010 Other (1) 94,284 172,996 $ 2,344,117 $ 2,271,006 ______________________________ (1) Consists of Watergate 600 Our results of operations are dependent on the overall economic health of our markets and residents which are affected by external economic factors, such as inflation, consumer confidence and unemployment rates, as well as changing residents and consumer requirements. As of December 31, 2023, one property, Riverside Apartments, accounted for more than approximately 10% of total assets and more than approximately 10% of real estate rental revenue. From time to time, we have properties under development/redevelopment and held for current or future development. The cost of our real estate portfolio under development or held for future development as of December 31, 2023 and 2022 was $31.0 million and $31.3 million, respectively. As of December 31, 2023, we have invested $30.4 million, including the cost of acquired land, in a residential development adjacent to Riverside Apartments. During the second quarter of 2022, we paused development activities at the aforementioned property and ceased associated capitalization of interest on spending and real estate taxes, though we still consider the future completion of this development to be probable. We also continue to capitalize qualifying costs on several other projects with minor development activity necessary to ready each project for its intended use. Acquisitions Properties and land for development acquired during the three years ended December 31, 2023 were as follows: Acquisition Date Property Type # of Homes (unaudited) Ending Occupancy Contract September 29, 2023 Elme Druid Hills Residential 500 93.8% $ 108,000 500 $ 108,000 February 1, 2022 Elme Sandy Springs Residential 389 91.3% $ 105,586 May 5, 2022 Elme Marietta Residential 420 90.7% 107,900 May 5, 2022 Elme Cumberland Residential 270 91.1% 69,750 1,079 $ 283,236 August 10, 2021 Elme Conyers Residential 240 93.3% $ 48,000 November 19, 2021 Elme Eagles Landing Residential 490 89.0% 106,000 730 $ 154,000 The results of operations from acquired operating properties are included in the consolidated statements of operations as of their acquisition dates. The revenue and earnings of our acquisitions during their year of acquisition for the three years ended December 31, 2023 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Real estate rental revenue $ 2,549 $ 14,937 $ 2,262 Net loss (1,511) (11,126) (1,921) As discussed in note 2, we record the acquired physical assets (land and building) and in-place leases (absorption costs) and any other assumed liabilities by allocating the total cost of the acquisitions on a relative fair value basis. We recorded the total cost of the above acquisitions as follows (in thousands): 2023 2022 2021 Land $ 25,249 $ 50,547 $ 20,914 Building 79,281 220,825 128,540 Absorption costs 3,660 7,300 4,786 Aggregate discount on assumed mortgages — 5,042 — Total acquisition cost 108,190 283,714 154,240 Outstanding balance on assumed mortgages — (76,554) — Total carrying amounts recorded $ 108,190 $ 207,160 $ 154,240 The weighted average remaining life for the absorption costs is four months. The difference in the total acquisition cost of $108.2 million for the 2023 acquisition and the cash paid for the 2023 acquisition per the consolidated statements of cash flows of $107.6 million is due to net credits received at settlement totaling $0.6 million. The difference in the total cost of the 2022 acquisitions of $283.7 million for the 2022 acquisitions and the cash paid for the acquisitions per the consolidated statements of cash flows of $204.4 million is due to the assumption of two mortgage notes secured by Elme Marietta and Elme Cumberland for an aggregate outstanding balance of $76.6 million and credits received at settlement totaling $2.8 million. In September 2022, we extinguished the liabilities associated with the two mortgage notes though defeasance arrangements. The difference in the total cost of the 2021 acquisitions of $154.2 million and the cash paid for the 2021 acquisitions per the consolidated statements of cash flows of $153.7 million is primarily due to credits received at settlement totaling $0.5 million. 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, 2023 and 2022 were as follows (in thousands): December 31, 2023 2022 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Tenant origination costs $ 2,262 $ 281 $ 1,981 $ 11,723 $ 8,000 $ 3,723 Leasing commissions/absorption costs 67,504 60,887 6,617 63,064 56,416 6,648 Net lease intangible liabilities 13,055 10,499 2,556 13,055 9,683 3,372 Amortization of these combined components during the three years ended December 31, 2023, was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation and amortization expense $ 4,530 $ 12,604 $ 4,378 Real estate rental revenue increase, net (806) (944) (765) $ 3,724 $ 11,660 $ 3,613 Amortization of these combined components over the next four years is projected to be as follows (in thousands): Depreciation and amortization expense Real estate rental revenue, net increase Total 2024 $ 3,870 $ (708) $ 3,162 2025 2,011 (710) 1,301 2026 1,698 (662) 1,036 2027 1,019 (476) 543 2028 — — — Properties Sold and Held for Sale We intend to hold our properties for investment with a view to long-term appreciation, to engage in the business of acquiring, developing and owning our properties, and to make occasional sales of the properties that no longer meet our long-term strategy or return objectives and where market conditions for sale are favorable. The proceeds from the sales may be reinvested into other properties, used to fund development operations or to support other corporate needs or distributed to our shareholders. Depreciation on these properties is discontinued when classified as held for sale, but operating revenues, other operating expenses and interest continue to be recognized through the date of sale. We sold no properties in 2023 and 2022. We sold twelve office and eight retail properties for an aggregate gain of $46.4 million during the year ended December 31, 2021. The dispositions of the office and retail properties in 2021 represented a strategic shift that had a major effect on our financial results, and we accordingly reported them as discontinued operations. We have fully transferred control of the assets associated with these disposed properties and do not have continuing involvement in the operations of these properties. Real Estate Impairment 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. The estimated fair value is inherently subjective because there are few observable market transactions for similar office properties. This fair valuation fell into Level 3 in the fair value hierarchy due to its reliance on significant unobservable inputs (see note 9). In accordance with ASC 820, we estimated the fair value using a discounted cash flow model which required certain significant assumptions, including a discounted cash flow term of 5 years, an average economic occupancy of 80.5%, and a terminal capitalization rate of 7.5%. No other properties, including assets held for development, had any recognized impairment charges during 2023. Should external or internal circumstances change requiring the need to shorten holding periods or adjust future estimated cash flows from our properties, we could be required to record additional impairment charges in the future. Discontinued Operations The results of the twelve office and eight retail properties sold in 2021 are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data): Year Ended December 31, 2021 Real estate rental revenue $ 70,519 Expenses: Property operating and maintenance (11,201) Real estate taxes and insurance (11,136) Property management (2,195) Depreciation and amortization (22,904) Gain on sale of real estate, net 46,441 Income from discontinued operations $ 69,524 Basic net income per share $ 0.82 Diluted net income per share $ 0.82 Capital expenditures $ 3,316 All assets and liabilities related to the twelve office properties (the “Office Portfolio”) and eight retail properties (the “Retail Portfolio”) were sold as of December 31, 2021.

Lease Accounting

Lease Accounting	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lease Accounting	NOTE 4: LEASE ACCOUNTING Leasing as a Lessee For leases where we are the lessee, primarily in our corporate office operating lease, we recognize a right-of-use asset and a lease liability in accordance with ASC Topic 842. The right-of-use asset and associated liability is equal to the present value of the minimum lease payments, applying our incremental borrowing rate. Our borrowing rate is computed based on observable borrowing rates taking into consideration our credit quality and adjusting to a secured borrowing rate for similar assets and term. Our right-of-use asset and lease liability are recorded within Prepaid expenses and other assets and Accounts payable and other liabilities on our consolidated balance sheets, respectively. Lease expense for the operating lease is recognized on a straight-line basis over the expected lease term and is included in “General and administrative expense.” Leasing as a Lessor Future Minimum Rental Income As of December 31, 2023, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands): 2024 $ 16,351 2025 15,151 2026 15,084 2027 13,340 2028 6,134 Thereafter 42,636 $ 108,696
Lease Accounting	NOTE 4: LEASE ACCOUNTING Leasing as a Lessee For leases where we are the lessee, primarily in our corporate office operating lease, we recognize a right-of-use asset and a lease liability in accordance with ASC Topic 842. The right-of-use asset and associated liability is equal to the present value of the minimum lease payments, applying our incremental borrowing rate. Our borrowing rate is computed based on observable borrowing rates taking into consideration our credit quality and adjusting to a secured borrowing rate for similar assets and term. Our right-of-use asset and lease liability are recorded within Prepaid expenses and other assets and Accounts payable and other liabilities on our consolidated balance sheets, respectively. Lease expense for the operating lease is recognized on a straight-line basis over the expected lease term and is included in “General and administrative expense.” Leasing as a Lessor Future Minimum Rental Income As of December 31, 2023, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands): 2024 $ 16,351 2025 15,151 2026 15,084 2027 13,340 2028 6,134 Thereafter 42,636 $ 108,696

Mortgage Note Payable

Mortgage Note Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Mortgage Note Payable	NOTE 5: MORTGAGE NOTE PAYABLE In May 2022, we assumed a $42.8 million mortgage note in connection with the acquisition of Elme Marietta. This mortgage note bore interest at 3.36% per annum. The effective interest rate on this mortgage note was 4.50% based on quotes obtained for similar loans. We recorded the mortgage note at its estimated fair value of $40.0 million. Principal and interest were payable monthly until May 1, 2030, at which time all unpaid principal and interest were payable in full. In May 2022, we assumed a $33.7 million mortgage note in connection with the acquisition of Elme Cumberland. This mortgage note bore interest at 2.93% per annum. The effective interest rate on this mortgage note was 4.00% based on quotes obtained for similar loans. We recorded the mortgage note at its estimated fair value of $31.5 million. Principal and interest were payable monthly until May 1, 2030, at which time all unpaid principal and interest were payable in full. In September 2022, we extinguished the liabilities associated with both of the mortgage notes through defeasance arrangements, recognizing aggregate losses on extinguishment of debt of $4.9 million.

Unsecured Lines of Credit Payab

Unsecured Lines of Credit Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Unsecured Lines of Credit Payable	NOTE 6: UNSECURED LINES OF CREDIT PAYABLE During the third quarter of 2021, we entered into an amended and restated credit agreement (“Credit Agreement”) which provides for a $700 million unsecured revolving credit facility (the “Revolving Credit Facility”) and the continuation of an existing $250.0 million unsecured term loan (“2018 Term Loan”). The Revolving Credit Facility has a four-year term ending in August 2025, with two six-month extension options. The Credit Agreement has an accordion feature that allows us to increase the aggregate facility to $1.5 billion, subject to the lenders’ agreement to provide additional revolving loan commitments or term loans. As a result of the transaction, we recognized a loss on extinguishment of debt of $0.2 million related to the write off of unamortized loan origination costs. We incurred $4.8 million of additional loan origination costs which are amortized as interest expense over the term of the Revolving Credit Facility. On September 27, 2021, we prepaid a $150.0 million portion of the 2018 Term Loan using proceeds from the sale of the Office Portfolio and Retail Portfolio (see note 3). As a result of the prepayment, we recognized a loss on extinguishment of debt of $0.3 million related to the write-off of unamortized loan origination costs. Simultaneous with the prepayment, we terminated five interest rate swap arrangements. During the first quarter of 2023, we prepaid the remaining $100.0 million portion of the 2018 Term Loan and executed an amendment to the Revolving Credit Facility to convert the benchmark interest rate from LIBOR to an adjusted SOFR, with no change in the applicable interest rate margins. The Revolving Credit Facility bears interest at a rate of daily SOFR plus 0.10% plus a margin ranging from 0.70% to 1.40%. In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.10% to 0.30% (in each case, depending on Elme Communities’ credit rating) on the $700.0 million committed revolving loan capacity, without regard to usage. As of December 31, 2023, the interest rate on the Revolving Credit Facility is based on an adjusted daily SOFR (inclusive of the 0.10% credit spread adjustment) plus 0.85% applicable margin, the daily SOFR is 5.38% and the facility fee is 0.20%. The amount of the Revolving Credit Facility unused and available at December 31, 2023 was as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (157,000) Unused and available $ 543,000 We executed borrowings and repayments on the Revolving Credit Facility during 2023 as follows (in thousands): Balance, December 31, 2022 $ 55,000 Borrowings 322,000 Repayments (220,000) Balance, December 31, 2023 $ 157,000 All outstanding advances for the Revolving Credit Facility are due and payable upon maturity in August 2025, unless extended pursuant to one or both of the two six-month extension options. Interest only payments are due and payable generally on a monthly basis. For the three years ended December 31, 2023, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense (excluding facility fees) $ 4,419 $ 912 $ 390 Facility fees 1,454 1,454 1,419 The Revolving Credit Facility contains and the prior unsecured credit facility that it replaced contained certain financial and non-financial covenants, all of which we have met as of December 31, 2023 and 2022. Included in these covenants are limits on our total indebtedness, secured and unsecured indebtedness and required debt service payments. Information related to revolving credit facilities for the three years ended December 31, 2023 as follows (in thousands, except percentage amounts): Year Ended December 31, 2023 2022 2021 Total revolving credit facilities at December 31 $ 700,000 $ 700,000 $ 700,000 Borrowings outstanding at December 31 157,000 55,000 — Weighted average daily borrowings during the year 70,578 21,636 34,803 Maximum daily borrowings during the year 164,000 67,000 79,000 Weighted average interest rate during the year 6.17 % 4.22 % 1.12 % Weighted average interest rate on borrowings outstanding at December 31 6.26 % 5.20 % — % The covenants under our Credit Agreement require us to insure our properties against loss or damage in amounts customarily maintained by similar businesses or as they may be required by applicable law. The covenants for the notes require us to keep all of our insurable properties insured against loss or damage at least equal to their then full insurable value. We have an insurance policy that has no terrorism exclusion, except for non-certified nuclear, chemical and biological acts of terrorism. Our financial condition and results of operations are subject to the risks associated with acts of terrorism and the potential for uninsured losses as the result of any such acts. Effective November 26, 2002, under this existing coverage, any losses caused by certified acts of terrorism would be partially reimbursed by the United States under a formula established by federal law. Under this formula, the United States pays 85% of covered terrorism losses exceeding the statutorily established deductible paid by the insurance provider, and insurers pay 10% until aggregate insured losses from all insurers reach $100 billion in a calendar year. If the aggregate amount of insured losses under this program exceeds $100 billion during the applicable period for all insured and insurers combined, then each insurance provider will not be liable for payment of any amount which exceeds the aggregate amount of $100 billion. On December 20, 2019, The Terrorism Risk Insurance Program Reauthorization Act of 2019 was signed into law, extending the program through December 31, 2027.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes Payable	NOTE 7: NOTES PAYABLE Our unsecured notes and term loans outstanding as of December 31, 2023 and 2022 are as follows (in thousands): Effective December 31, Payoff Date/ Coupon/Stated Rate Rate (1) 2023 2022 Maturity Date (2) 2018 Term Loan 1 Month LIBOR + 110 basis points 2.31 % $ — $ 100,000 1/10/2023 2023 Term Loan 1 Month SOFR + 95 basis points 4.73 % 125,000 — 1/10/2025 30-Year Unsecured Notes 7.25 % 7.36 % 50,000 50,000 2/25/2028 Green Bonds 3.44 % 4.09 % 350,000 350,000 12/29/2030 Total principal 525,000 500,000 Premiums and discounts, net (94) (116) Deferred issuance costs, net (2,561) (2,525) Total $ 522,345 $ 497,359 ______________________________ (1) For fixed rate notes, the effective rate represents the yield on issuance date, including the effects of discounts on the notes. For variable rate notes, the effective rate represents the rate as fixed by interest rate derivatives (see note 8). (2) No principal amounts are due prior to maturity. During 2023, we executed a $125.0 million unsecured term loan ("2023 Term Loan") with an interest rate of SOFR (subject to a credit spread adjustment of 10 basis points) plus a margin of 95 basis points (subject to adjustment depending on Elme Communities’ credit rating). The 2023 Term Loan has a two-year term ending in January 2025, with two one year extension options. We used the proceeds to prepay the 2018 Term Loan in full and a portion of our borrowings under our unsecured credit facility. In August 2021, we redeemed $300.0 million of our existing unsecured notes that were scheduled to mature in 2022. As a result of the prepayment, we recognized a loss on extinguishment of debt of $12.3 million comprised of a prepayment penalty of $11.9 million and the write-off of unamortized loan origination costs of $0.4 million. On September 29, 2020, we entered into a note purchase agreement to issue $350.0 million aggregate principal amount of 3.44% senior unsecured 10-year notes payable (the “Green Bonds”). The effective interest rate under the Green Bonds, including amortization of the associated interest rate swaps (see note 8), is 4.09%. The closing and full funding of the Green Bonds occurred on December 17, 2020. We incurred $2.6 million of debt issuance costs associated with the Green Bonds which are reported on our consolidated balance sheets as an offset to their related debt. The Green Bonds are senior unsecured obligations of Elme Communities and rank equal in right to payment with all other senior unsecured indebtedness of Elme Communities. The proceeds of the sale of the Green Bonds were used to finance or refinance recently completed and future green building and energy efficiency, sustainable water and wastewater management and renewable energy projects. The note purchase agreement contains customary financial covenants, including a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, and a maximum unencumbered leverage ratio. The note purchase agreement also contains restrictive covenants that, among other things, restrict the ability of Elme Communities and its subsidiaries to enter into transactions with affiliates, consolidate or merge or transfer or lease all or substantially all of its assets, create liens, make dividends and distributions if an event of default exists, or substantially change the general nature of our business. Such financial and restrictive covenants are substantially similar to the corresponding covenants contained in our Credit Agreement. The note purchase agreement also contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of certain covenants and bankruptcy events. In the case of an event of default, we will generally be prohibited from paying any dividends, subject to certain exceptions including payment of dividends necessary to maintain REIT status, and the Purchasers may, among other remedies, accelerate the payment of all obligations. In the event of a change in control of Elme Communities, we must offer to prepay the Green Bonds at par. The required principal payments on the unsecured notes and term loans as of December 31, 2023 are as follows (in thousands): 2024 $ — 2025 125,000 2026 — 2027 — 2028 50,000 Thereafter 350,000 $ 525,000

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	NOTE 8: DERIVATIVE INSTRUMENTS We had one interest rate swap arrangement with a notional amount of $100.0 million that had effectively fixed the remaining $100.0 million portion of the 2018 Term Loan prior to the prepayment. During the first quarter of 2023, we prepaid the 2018 Term Loan using proceeds from the $125.0 million 2023 Term Loan (see note 7). Subsequent to this transaction, our interest rate swap arrangement effectively fixed the interest rate on a $100.0 million portion of the 2023 Term Loan through the interest rate swap arrangement’s expiration date of July 21, 2023. During the first quarter of 2023, we entered into two interest rate swap arrangements with an aggregate notional amount of $125.0 million that effectively fixed the interest at 4.73% for the 2023 Term Loan beginning on July 21, 2023 through the 2023 Term Loan’s maturity date of January 10, 2025. The interest rate swap arrangement is recorded at fair value in accordance with GAAP, based on discounted cash flow methodologies and observable inputs. We record the effective portion of changes in fair value of the cash flow hedge in Other comprehensive income (loss). We assess the effectiveness of a cash flow hedge both at inception and on an ongoing basis. If a cash flow hedge is no longer expected to be effective, hedge accounting is discontinued. Hedge ineffectiveness of our cash flow hedges is recorded in earnings. The fair values of the interest rate swap as of December 31, 2023 and 2022, were as follows (in thousands): Aggregate Effective Date Fair Value Derivative Liabilities December 31, Derivative Instrument Maturity Date 2023 2022 Interest rate swap $ 100,000 March 31, 2017 July 21, 2023 $ — $ 1,998 Interest rate swap 75,000 July 21, 2023 January 10, 2025 740 — Interest rate swap 50,000 July 21, 2023 January 10, 2025 494 — $ 1,234 $ 1,998 We record interest rate swaps on our consolidated balance sheets with prepaid expenses and other assets when in a net asset position, and with accounts payable and other liabilities when in a net liability position. The current interest rate swaps have been effective since inception. The gains or losses on the effective swaps are recognized in other comprehensive income, as follows (in thousands): Year Ending December 31, 2023 2022 2021 Unrealized (gain) loss on interest rate hedges $ (764) $ 2,819 $ 3,673 Amounts reported in Accumulated other comprehensive loss related to effective cash flow hedges will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that an additional $1.2 million related to our two outstanding interest rate swap arrangements will be reclassified as a decrease to interest expense. The losses reclassified from Accumulated other comprehensive income into interest expense for the three years ended December 31, 2023, were as follows (in thousands): Year Ending December 31, 2023 2022 2021 Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ 2,039 $ 2,039 $ 2,039 During the next twelve months, we estimate that an additional $2.0 million related to the previously settled interest rate swap arrangements will be reclassified as an increase to interest expense. We have agreements with each of our derivative counterparties that contain a provision whereby we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of December 31, 2023, the fair value of derivative assets, including accrued interest, was $1.2 million and we did not have any derivatives in a liability position. As of December 31, 2023, we have not posted any collateral related to these agreements. Derivative instruments expose us to credit risk in the event of non-performance by the counterparty under the terms of the interest rate hedge agreement. We believe that we minimize our credit risk on these transactions by dealing with major, creditworthy financial institutions. We monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures	NOTE 9: FAIR VALUE DISCLOSURES Assets and Liabilities Measured at Fair Value For assets and liabilities measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements are required to be disclosed separately for each major category of assets and liabilities, as follows: Level 1: Quoted prices in active markets for identical assets Level 2: Significant other observable inputs Level 3: Significant unobservable inputs The only assets or liabilities we had at December 31, 2023 and 2022 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Plan ("SERP"), which primarily consists of investments in mutual funds, and the interest rate swaps (see note 8). We base the valuations related to the SERP on assumptions derived from significant other observable inputs and accordingly these valuations fall into Level 2 in the fair value hierarchy. The valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments in the fair value measurements to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. These credit valuation adjustments were concluded to not be significant inputs for the fair value calculations for the periods presented. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as the posting of collateral, thresholds, mutual puts and guarantees. The valuation of interest rate swaps falls into Level 2 in the fair value hierarchy. The fair values of these assets at December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 December 31, 2022 Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: SERP $ 1,984 $ — $ 1,984 $ — $ 2,142 $ — $ 2,142 $ — Interest rate swaps 1,234 — 1,234 — 1,998 — 1,998 — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets not measured at fair value on an ongoing basis but subject to fair value adjustments only in certain circumstances, such as when there is evidence of impairment, are measured at fair value on a nonrecurring basis. In the third quarter of 2023, we measured the fair value of Watergate 600 using Level 3 inputs as there was evidence of impairment (see note 3). Financial Assets and Liabilities Not Measured at Fair Value The following disclosures of estimated fair value were determined by management using available market information and established valuation methodologies, including discounted cash flow models. Many of these estimates involve significant judgment. The estimated fair value disclosed may not necessarily be indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have an effect on the estimated fair value amounts. In addition, fair value estimates are made at a point in time and thus, estimates of fair value subsequent to December 31, 2023 may differ significantly from the amounts presented. Below is a summary of significant methodologies used in estimating fair values and a schedule of fair values at December 31, 2023. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents and restricted cash include cash and commercial paper with original maturities of less than 90 days, which are valued at the carrying value, which approximates fair value due to the short maturity of these instruments (Level 1 inputs). Debt Mortgage notes payable consist of instruments in which certain of our real estate assets are used for collateral. We estimate the fair value of the mortgage notes payable by discounting the contractual cash flows at a rate equal to the relevant treasury rates (with respect to the timing of each cash flow) plus credit spreads estimated through independent comparisons to real estate assets or loans with similar characteristics. Line of credit payable consist of bank facilities which we use for various purposes including working capital, acquisition funding and capital improvements. The line of credit advances and term loans with floating interest rates are priced at a specified rate plus a spread. We estimate the market value based on a comparison of the spreads of the advances to market given the adjustable base rate. We estimate the fair value of the notes payable by discounting the contractual cash flows at a rate equal to the relevant treasury rates (with respect to the timing of each cash flow) plus credit spreads derived using the relevant securities’ market prices. We classify these fair value measurements as Level 3 as we use significant unobservable inputs and management judgment due to the absence of quoted market prices. As of December 31, 2023 and 2022, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 5,984 $ 5,984 $ 8,389 $ 8,389 Restricted cash 2,554 2,554 1,463 1,463 Line of credit payable 157,000 157,000 55,000 55,000 Notes payable 522,345 466,668 497,359 454,564

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	NOTE 10: SHARE-BASED COMPENSATION Elme Communities maintains short-term and long-term incentive plans that allow for share-based awards to officers and non-officer employees. Share-based awards are provided to officers and non-officer employees, as well as trustees, under the Washington Real Estate Investment Trust 2016 Omnibus Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options, and other awards up to an aggregate of 2,400,000 shares over the ten-year period in which the plan will be in effect. Restricted share units are converted into shares of our stock upon full vesting through the issuance of new shares. There were no options issued or outstanding as of December 31, 2023 and 2022. On February 14, 2020, the board of trustees adopted an Amended and Restated Executive Officer Short-Term Incentive Plan (the “Officer STIP”) and an Amended and Restated Executive Officer Long-Term Incentive Plan (the “Officer LTIP”). Upon adoption by the board of trustees, both plans became effective for the performance periods beginning January 1, 2020. Officer STIP Under the Officer STIP, as revised, all named executive officers will have the opportunity to receive an annual cash bonus based on the achievement of certain performance measures that will be established for each performance period. Each year, the Compensation Committee will establish the threshold, target and high performance goals for each performance measure, as well as the weighting attributable to each such performance measure, with the aggregate weighting for all such performance measures to total 100%. Such performance measures will consist of one or more financial performance measures and, if determined by the Compensation Committee, individual performance measures. Upon or following completion of a performance period, the degree of achievement of each performance measure will be determined by the Compensation Committee. The degree of achievement of any individual financial performance measures will be determined by the Compensation Committee in its discretion with respect to the Chief Executive Officer, and by the Chief Executive Officer or other immediate supervisor in his or her discretion with respect to all other participants (subject to final approval by the Compensation Committee), and the Compensation Committee will evaluate the degree of achievement of the individual performance measures on a scale of below 1 (below threshold), 1 (threshold), 2 (target) or 3 (high) or any fractional number between 1 and 3. Each participant’s total award under the Officer STIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the first day of that performance period, which percentage will depend upon the participant’s position and the degree of achievement of threshold, target, and high performance goals for the performance period. The percentages for the performance period beginning January 1, 2023 are as set forth in the table below: Threshold Target High President and Chief Executive Officer 63% 125% 188% Chief Financial Officer 41% 75% 133% Chief Operating Officer (1) 23% 45% 76% Chief Information Officer 35% 65% 115% Chief Administrative Officer (1) 28% 54% 96% ______________________________ (1) For both the Chief Operating Officer and the Chief Administrative Officer, the percentages include the effects of prorations for the amount of time in 2023 that they were in their respective positions. If a Change in Control (as defined in the Officer STIP) occurs during a performance period while the participant is employed, the participant will receive a prorated award under the Officer STIP calculated based on the actual levels of achievement of the prorated performance goals as of the date of the Change in Control. Bonuses payable under the short-term incentive plans for non-executive officers and staff are payable 100% in cash. Officer LTIP Under the Officer LTIP, as revised, all named executive officers will have the opportunity to receive awards based on (i) the achievement of performance measures, which will be established for each performance period, and (ii) continued employment with the Company. The aggregate weighting for the performance measures and the time-based measures, as determined by the Compensation Committee, will total 100%. The performance measures will consist of one or more shareholder return measures and one or more strategic measures. The awards earned under the Officer LTIP, if any, are payable in our common shares of beneficial interest. Each participant’s total award under the Officer LTIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the beginning of that performance period. The percentages for the performance period beginning January 1, 2023 are as set forth in the table below: Threshold Target High President and Chief Executive Officer 198% 275% 440% Chief Financial Officer 95% 135% 196% Chief Operating Officer (1) 110% 157% 231% Chief Information Officer 100% 143% 207% Chief Administrative Officer (1) 65% 92% 134% ______________________________ (1) For both the Chief Operating Officer and the Chief Administrative Officer, the percentages include the effects of prorations for the amount of time in 2023 that they were in their respective positions. Any time-based awards under the Officer LTIP will be subject to a three-year vesting schedule, with any award vesting in one-third increments on December 15 of each year of the applicable performance period if the participant remains employed by the Company on each of such dates. The Officer LTIP provides that following a performance period, 100% of any performance-based award will vest immediately upon grant. Each year, the Compensation Committee will establish the threshold, target and high performance goals for each performance measure. Upon or following completion of a performance period, the degree of achievement of each performance measure will be determined by the Compensation Committee in its discretion. If a Change in Control (as defined in the Officer LTIP) occurs during a performance period while the participant is employed, the Officer LTIP provides that all time-based awards which are unvested will become vested, and the participant will receive a pro-rated portion of the shareholder return measure-based awards and the strategic measure-based awards will be calculated at target. We use a binomial model which employs the Monte Carlo method as of the grant date to determine the fair value of the Officer LTIP awards. For three-year performance periods commencing on or after January 1, 2023, the market performance condition is based on total shareholder return relative to the FTSE Nareit Residential Index (60% weighting) and a defined population of peer companies (40% weighting). For three-year performance period commencing on January 1, 2022, the market condition performance measurement is based on total shareholder return relative to a defined population of peer companies (100% weighting). For three-year performance period commencing on January 1, 2021, the market condition performance measurement is based on total shareholder return relative to a defined population of peer companies (50% weighting), relative to the FTSE Nareit Residential Index (42.5% weighting) and the FTSE Office Index (7.5% weighting). The model evaluates the awards for changing total shareholder return over the term of the vesting, relative to the peer companies and relative to the FTSE indexes, and uses random simulations that are based on past stock characteristics as well as dividend growth and other factors for Elme Communities and each of the peer companies. The assumptions used to value the TSR portion of the officer LTIP awards were as follows: 2023 Awards 2022 Awards 2021 Awards Expected volatility (1) 32.3 % 35.2 % 35.5 % Risk-free interest rate (2) 4.2 % 1.7 % 0.3 % Expected term (3) 3 years 3 years 3 years Share price at grant date $19.04 $24.54 $ 23.20 ______________________________ (1) Expected volatility based upon historical volatility of our daily closing share price. (2) Risk-free interest rate based on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period. (3) Expected term based on the market condition performance period. The calculated grant date fair value as a percentage of base salary for the officers for the three-year performance period that commenced in 2023 ranged from approximately 27% to 137% for the 60% of the LTIP based on TSR relative to the FTSE Nareit Residential Index and from approximately 32% to 159% for the 40% of the LTIP based on TSR relative to a defined population of peer companies. The calculated grant date fair value as a percentage of base salary for the officers for the three-year performance period that commenced in 2022 ranged from approximately 32% to 248% for the 100% of the LTIP based on TSR relative to a defined population of peer companies. The calculated grant date fair value as a percentage of base salary for the officers for the three-year performance period that commenced in 2021 ranged from approximately 37% to 78% for the 50% of the LTIP based on TSR relative to a defined population of peer companies and from 38% to 80% for the 50% of the LTIP based on TSR relative to the FTSE Nareit Diversified Index. During 2022, our chief executive officer was granted a one-time equity award of 100,000 restricted shares. None of the restricted shares vest until the earlier of the fifth anniversary of the grant date or when our chief executive officer become retirement-eligible, at which time 100% of the restricted shares will vest, subject to Mr. McDermott's continued employment with Elme Communities until such vesting date. Our non-executive officers and other employees earn restricted share unit awards under a long-term incentive plan for non-executive officers and staff based upon various percentages of their salaries and annual performance calculations. The restricted share unit awards vest ratably over three years beginning on the December 15 following the grant date based upon continued employment. We recognize compensation expense for these awards according to a graded vesting schedule over the three-year requisite service period. Restricted share awards made to retirement-eligible employees fully vest on the grant date. Employees are considered retirement-eligible when they are both over the age of 55 and have been employed by Elme Communities for at least 20 years, or over the age of 65. We fully recognize compensation expense for such awards as of the grant date. Trustee Awards We award share based compensation to our trustees in the form of restricted shares which vest immediately and are restricted from sale for the period of the trustees' service. The value of share-based compensation for each trustee was $100,000 for each of three years ended December 31, 2023. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for each of the three years ended December 31, 2023 for all share based awards was $5.5 million, $8.0 million and $8.6 million, respectively, net of capitalized share-based compensation expense of $0.1 million, $0.2 million and $0.3 million, respectively. Restricted Share Awards with Performance and Service Conditions The activity for the three years ended December 31, 2023 related to our restricted share awards, excluding those subject to market conditions, was as follows: Shares Weighted Average Grant Fair Value Unvested at December 31, 2020 306,995 $ 30.96 Granted 238,134 23.53 Vested during year (277,967) 26.39 Forfeited (7,467) 26.73 Unvested at December 31, 2021 259,695 29.16 Granted 408,606 22.33 Vested during year (408,118) 27.13 Forfeited (17,814) 25.31 Unvested at December 31, 2022 242,369 21.35 Granted 410,928 18.40 Vested during year (367,109) 19.79 Forfeited (28,453) 20.85 Unvested at December 31, 2023 257,735 18.89 The total fair value of share grants vested for each of the three years ended December 31, 2023 was $7.3 million, $11.1 million and $7.6 million, respectively. As of December 31, 2023, the total compensation cost related to non-vested share awards not yet recognized was $4.2 million, which we expect to recognize over a weighted average period of 25 months. Unrestricted Shares with Market Conditions Share-based awards with market conditions under the LTIP were awarded in 2023, 2022 and 2021 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): 2023 Awards (1) 2022 Awards (1) 2021 Awards (1) Relative Peer TSR $ 831 $ 1,480 $ 951 Absolute/Index TSR (2) 1,048 N/A 971 The unamortized value of these awards with market conditions as of December 31, 2023 was as follows (in thousands): 2023 Awards (1) 2022 Awards (1) 2021 Awards (1) Relative Peer TSR $ 592 $ 385 $ — Absolute/Index TSR (2) 743 N/A — ______________________________ (1) The 2023, 2022 and 2021 Awards were granted under the Officer LTIP, whereby all of the shares vest immediately at the end of the three-year performance period. (2)

Other Benefit Plans

Other Benefit Plans	12 Months Ended
	Dec. 31, 2023
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, 2023, we made contributions to the 401(k) plan of $0.6 million, $0.3 million and $0.4 million, respectively. We have adopted non-qualified deferred compensation plans for the officers and members of the board of trustees. 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 and $0.2 million at December 31, 2023 and 2022, respectively.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	NOTE 12: EARNINGS PER COMMON SHARE We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. The computation of basic and diluted earnings per share for the three years ended December 31, 2023 was as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Numerator: Loss from continuing operations $ (52,977) $ (30,868) $ (53,140) Allocation of earnings to unvested restricted share awards (255) (232) (393) Adjusted loss from continuing operations (53,232) (31,100) (53,533) Income from discontinued operations, including gain on sale of real estate — — 69,524 Adjusted net (loss) income $ (53,232) $ (31,100) $ 15,991 Denominator: Weighted average shares outstanding – basic and diluted 87,735 87,388 84,544 Earnings per common share, basic: Continuing operations $ (0.61) $ (0.36) $ (0.63) Discontinued operations — — 0.82 Basic net (loss) income per common share (1) $ (0.61) $ (0.36) $ 0.19 Earnings per common share, diluted: Continuing operations $ (0.61) $ (0.36) $ (0.63) Discontinued operations — — 0.82 Diluted net (loss) income per common share (1) $ (0.61) $ (0.36) $ 0.19 Dividends declared per common share $ 0.72 $ 0.68 $ 0.94 ______________________________ (1) Earnings per share may not sum due to rounding

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 13: COMMITMENTS AND CONTINGENCIES Development Commitments At December 31, 2023, we had no committed contracts outstanding with third parties in connection with our development and redevelopment projects. Litigation We are involved from time to time in various legal proceedings, lawsuits, examinations by various tax authorities and claims that have arisen in the ordinary course of business. Management believes that the resolution of any such current matters will not have a material adverse effect on our financial condition or results of operations.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	NOTE 14: SEGMENT INFORMATION We operate in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. Within the residential segment, we do not distinguish or group our consolidated operations based on size (only one community, Riverside Apartments, comprises more than 10% of consolidated revenues), type (all assets in the segment are residential) or geography (all but six communities are within the Washington, DC metro region). Further, our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. As a result, our operating properties are aggregated into a single reportable segment: residential. Prior to the end of the second quarter of 2021, we had two reportable segments: office and residential. During the third quarter of 2021, we closed on the sales of the Office Portfolio and the Retail Portfolio (see note 3), and following such sales, we have one remaining office property, Watergate 600, which does not meet the criteria for a reportable segment and has been classified within “Other” on our segment disclosure tables. We evaluate performance based upon net operating income ("NOI") of the combined properties in the segment. Our reportable operating segment consolidates similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment’s performance. NOI is a key measurement of our segment profit and loss and is defined as real estate rental revenue less real estate expenses. Real estate rental revenue as a percentage of the total for each of the reportable operating segments for the three years ended December 31, 2023 was as follows: Year Ended December 31, 2023 2022 2021 Multifamily 92 % 91 % 89 % Other 8 % 9 % 11 % The percentage of income producing real estate assets classified as held and used, at cost, for each of the reportable operating segments as of December 31, 2023 and 2022 was as follows: 2023 2022 Multifamily 96 % 92 % Other 4 % 8 % The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2023 from these segments, and reconciles net operating income of reportable segments to net (loss) income as reported (in thousands): Twelve Months Ended December 31, 2023 Residential Other (1) Consolidated Real estate rental revenue $ 209,311 $ 18,600 $ 227,911 Real estate expenses 74,535 5,295 79,830 Net operating income $ 134,776 $ 13,305 $ 148,081 Property management expenses (8,108) General and administrative expenses (25,887) Transformation costs (6,339) Depreciation and amortization (88,950) Interest expense (30,429) Loss on extinguishment of debt (54) Other income 569 Real estate impairment (41,860) Net loss $ (52,977) Capital expenditures $ 37,782 $ 844 $ 38,626 Total assets $ 1,768,426 $ 131,602 $ 1,900,028 Twelve Months Ended December 31, 2022 Residential Other (1) Consolidated Real estate rental revenue $ 190,500 18,880 $ 209,380 Real estate expenses 68,735 5,266 74,001 Net operating income $ 121,765 $ 13,614 $ 135,379 Property management expenses (7,436) General and administrative expenses (28,258) Transformation costs (9,686) Depreciation and amortization (91,722) Interest expense (24,940) Loss on extinguishment of debt (4,917) Other income 712 Net loss $ (30,868) Capital expenditures $ 35,081 $ 3,175 $ 38,256 Total assets $ 1,691,176 $ 181,430 $ 1,872,606 Twelve Months Ended December 31, 2021 Residential Other (1), (2) Consolidated Real estate rental revenue $ 150,965 $ 18,186 $ 169,151 Real estate expenses 55,527 5,255 60,782 Net operating income $ 95,438 $ 12,931 $ 108,369 Property management expenses (6,133) General and administrative expenses (27,538) Transformation costs (6,635) Depreciation and amortization (72,656) Interest expense (34,063) Loss on interest rate derivatives (5,866) Loss on extinguishment of debt (12,727) Other income 4,109 Discontinued operations: Income from properties sold or held for sale 23,083 Gain on sale of real estate 46,441 Net income $ 16,384 Capital expenditures $ 27,953 $ 4,506 $ 32,459 Total assets $ 1,455,328 $ 420,666 $ 1,875,994 ______________________________ (1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment. (2) Total capital expenditures include office and retail properties classified as discontinued operations.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	NOTE 15: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) While the Company previously owned a combination of commercial and residential assets, we disposed of all but one of our commercial assets in 2021. These commercial assets are classified as discontinued operations as of December 31, 2023. Unaudited financial data by quarter in each of the years ended December 31, 2023 and 2022 were as follows (in thousands, except for per share data): Quarter (1) First Second Third Fourth 2023 Real estate rental revenue $ 55,809 $ 56,599 $ 56,651 $ 58,852 Loss from continuing operations $ (3,643) $ (2,611) $ (43,618) $ (3,105) Net loss $ (3,643) $ (2,611) $ (43,618) $ (3,105) Loss from continuing operations per share Basic $ (0.04) $ (0.03) $ (0.50) $ (0.04) Diluted $ (0.04) $ (0.03) $ (0.50) $ (0.04) Net loss per share Basic $ (0.04) $ (0.03) $ (0.50) $ (0.04) Diluted $ (0.04) $ (0.03) $ (0.50) $ (0.04) 2022 Real estate rental revenue $ 47,804 $ 51,380 $ 54,603 $ 55,593 Loss from continuing operations $ (7,724) $ (8,874) $ (10,739) $ (3,531) Net loss $ (7,724) $ (8,874) $ (10,739) $ (3,531) Loss from continuing operations per share Basic $ (0.09) $ (0.10) $ (0.12) $ (0.04) Diluted $ (0.09) $ (0.10) $ (0.12) $ (0.04) Net loss per share Basic $ (0.09) $ (0.10) $ (0.12) $ (0.04) Diluted $ (0.09) $ (0.10) $ (0.12) $ (0.04) ______________________________ (1) With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
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 17, 2021, we entered into separate amendments to each of our existing equity distribution agreements (“Original Equity Distribution Agreements”) with each of Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and Truist Securities, Inc. (f/k/a SunTrust Robinson Humphrey, Inc.), each dated May 4, 2018 (collectively, as amended, the “Equity Distribution Agreements”). Also on February 17, 2021, we entered into a separate equity distribution agreement with BTIG, LLC on the same terms as the Amended Equity Distribution Agreements (the “BTIG Equity Distribution Agreement”). On September 22, 2021, BTIG, LLC notified us that it was terminating the BTIG Equity Distribution Agreement, effective as of September 27, 2021. Pursuant to the Equity Distribution Agreements, we may sell, from time to time, up to an aggregate price of $550.0 million of our common shares of beneficial interest, $0.01 par value per share. Issuances of our common shares are made at market prices prevailing at the time of issuance. We may use net proceeds from the issuance of common shares under this program for general business purposes, including, without limitation, working capital, the acquisition, renovation, expansion, improvement, development or redevelopment of income producing properties or the repayment of debt. Our issuances and net proceeds on the Equity Distribution Agreements in 2022 and 2021 and the Original Equity Distribution Agreements in 2021 for the three years ended December 31, 2023 were as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Issuance of common shares — 1,032 1,636 Weighted average price per share $ — $ 26.27 $ 25.44 Net proceeds $ — $ 26,849 $ 40,462 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. Our issuances and net proceeds on the dividend reinvestment program for the three years ended December 31, 2023 were as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Issuance of common shares 28 47 75 Weighted average price per share $ 17.64 $ 22.40 $ 23.37 Net proceeds $ 497 $ 1,030 $ 1,744

Deferred Costs

Deferred Costs	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs	NOTE 17: DEFERRED COSTS As of December 31, 2023 and 2022, deferred leasing costs and deferred leasing incentives were included in prepaid expenses and other assets as follows (in thousands): December 31, 2023 2022 Gross Carrying Accumulated Net Gross Carrying Accumulated Net Deferred leasing costs $ 9,048 $ 5,537 $ 3,511 $ 8,992 $ 5,132 $ 3,860 Amortization, including write-offs, of deferred leasing costs and deferred leasing incentives for the three years ended December 31, 2023 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Deferred leasing costs amortization $ 351 $ 406 $ 535

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (IN THOUSANDS) Balance at Beginning of Year Additions Charged to Expenses Net Recoveries Balance at End of Year Valuation allowance for deferred tax assets 2023 $ 1,399 $ — $ — $ 1,399 2022 $ 1,392 $ 7 $ — $ 1,399 2021 $ 1,402 $ — $ (10) $ 1,392

Schedule III

Schedule III	12 Months Ended
	Dec. 31, 2023
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, 2023 Accumulated Depreciation at December 31, 2023 Properties Location Land Buildings and Improvements Land Buildings and Improvements Total (c) Year of Construction Date of Acquisition Depreciation Life (d) Residential Properties 3801 Connecticut Avenue Washington, DC $ 420,000 $ 2,678,000 $ 23,494,000 $ 420,000 $ 26,172,000 $ 26,592,000 $ 18,112,000 1951 Jan 1963 30 years Roosevelt Towers Virginia 336,000 1,996,000 14,761,000 336,000 16,757,000 17,093,000 13,970,000 1964 May 1965 40 years Park Adams Virginia 287,000 1,654,000 17,029,000 287,000 18,683,000 18,970,000 13,563,000 1959 Jan 1969 35 years The Ashby at McLean (f) Virginia 4,356,000 17,102,000 35,968,000 4,356,000 53,070,000 57,426,000 37,011,000 1982 Aug 1996 30 years Bethesda Hill Apartments Maryland 3,900,000 13,412,000 18,064,000 3,900,000 31,476,000 35,376,000 24,995,000 1986 Nov 1997 30 years Bennett Park Virginia 2,861,000 917,000 83,551,000 4,774,000 82,555,000 87,329,000 52,189,000 2007 Feb 2001 28 years The Clayborne Virginia 269,000 — 32,103,000 699,000 31,673,000 32,372,000 20,797,000 2008 Jun 2003 26 years Kenmore Apartments Washington, DC 28,222,000 33,955,000 22,258,000 28,222,000 56,213,000 84,435,000 26,795,000 1948 Sep 2008 30 years The Maxwell Virginia 12,787,000 — 38,993,000 12,850,000 38,930,000 51,780,000 17,137,000 2014 Jun 2011 30 years Yale West Washington, DC 14,684,000 62,069,000 2,530,000 14,684,000 64,599,000 79,283,000 22,468,000 2011 Feb 2014 30 years The Paramount (f) Virginia 8,568,000 38,716,000 4,554,000 8,568,000 43,270,000 51,838,000 17,598,000 1984 Oct 2013 30 years The Wellington Virginia 30,548,000 116,563,000 25,251,000 30,548,000 141,814,000 172,362,000 44,342,000 1960 Jul 2015 30 years Trove Virginia 15,000,000 — 118,826,000 15,000,000 118,826,000 133,826,000 23,393,000 2020 Jul 2015 30 years Riverside Apartments Virginia 38,924,000 184,854,000 54,251,000 38,864,000 239,165,000 278,029,000 72,196,000 1971 May 2016 30 years Riverside Apartments land parcel (e) Virginia 15,968,000 — 14,419,000 — 30,387,000 30,387,000 — n/a May 2016 n/a Elme Alexandria Virginia 23,942,000 93,672,000 19,263,000 23,942,000 112,935,000 136,877,000 19,611,000 1990 Jun 2019 30 years Elme Manassas Virginia 13,586,000 68,802,000 8,468,000 13,586,000 77,270,000 90,856,000 14,293,000 1986 Jun 2019 30 years Elme Dulles Virginia 12,476,000 66,852,000 10,415,000 12,476,000 77,267,000 89,743,000 14,082,000 2000 Jun 2019 30 years Elme Leesburg Virginia 4,113,000 21,286,000 1,832,000 4,113,000 23,118,000 27,231,000 4,937,000 1986 Jun 2019 30 years Elme Herndon Virginia 11,225,000 51,534,000 8,295,000 11,225,000 59,829,000 71,054,000 11,369,000 1991 Jun 2019 30 years Elme Germantown Maryland 7,609,000 34,431,000 4,838,000 7,609,000 39,269,000 46,878,000 7,569,000 1990 Jun 2019 30 years Elme Watkins Mill Maryland 7,151,000 30,851,000 2,548,000 7,151,000 33,399,000 40,550,000 6,900,000 1975 Jun 2019 30 years Cascade at Landmark Virginia 12,289,000 56,235,000 5,115,000 12,289,000 61,350,000 73,639,000 10,979,000 1988 Jul 2019 30 years Elme Conyers Georgia 4,798,000 42,122,000 4,001,000 4,798,000 46,123,000 50,921,000 4,843,000 1999 Aug 2021 30 years Elme Eagles Landing Georgia 16,117,000 86,460,000 5,345,000 16,117,000 91,805,000 107,922,000 8,688,000 2000 Nov 2021 30 years Elme Sandy Springs Georgia 17,423,000 85,817,000 5,558,000 17,423,000 91,375,000 108,798,000 7,226,000 1972 Feb 2022 30 years Elme Marietta Georgia 19,019,000 83,319,000 2,737,000 19,019,000 86,056,000 105,075,000 5,945,000 1975 May 2022 30 years Elme Cumberland Georgia 14,106,000 51,689,000 3,705,000 14,106,000 55,394,000 69,500,000 4,098,000 1982 May 2022 30 years Elme Druid Hills Georgia 25,249,000 79,281,000 141,000 25,249,000 79,422,000 104,671,000 1,215,000 1987 Sep 2023 30 years $ 366,233,000 $ 1,326,267,000 $ 588,313,000 $ 352,611,000 $ 1,928,202,000 $ 2,280,813,000 $ 526,321,000 Office Building Watergate 600 (b) Washington, DC $ 45,981,000 $ 78,325,000 $ (30,022,000) $ 31,486,000 $ 62,798,000 $ 94,284,000 $ 1,703,000 1972 Apr 2017 30 years Total $ 412,214,000 $ 1,404,592,000 $ 558,291,000 $ 384,097,000 $ 1,991,000,000 $ 2,375,097,000 $ 528,024,000 ______________________________ 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, 2023, 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, 2023, Elme Communities had one residential property under development, the Riverside Apartments land parcel. The value not yet placed into service at December 31, 2023 was $30.4 million. The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2023 (in thousands): Year Ended December 31, 2023 2022 2021 Real estate assets Balance, beginning of period $ 2,299,712 $ 1,990,810 $ 3,021,232 Additions: Property acquisitions (1) 104,530 271,373 149,497 Improvements (1) 48,075 37,539 34,095 Deductions: Impairment write-down (77,220) — — Write-off of disposed assets — (10) (619) Property sales — — (1,213,395) Balance, end of period $ 2,375,097 $ 2,299,712 $ 1,990,810 Accumulated depreciation Balance, beginning of period $ 479,846 $ 401,926 $ 749,014 Additions: Depreciation 83,538 78,267 86,399 Deductions: Impairment write-down (35,360) — — Write-off of disposed assets — (347) (27) Property sales — — (433,460) Balance, end of period $ 528,024 $ 479,846 $ 401,926 ______________________________ (1) Includes non-cash accruals for capital items.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net (loss) income	$ (3,105)	$ (43,618)	$ (2,611)	$ (3,643)	$ (3,531)	$ (10,739)	$ (8,874)	$ (7,724)	$ (52,977)	$ (30,868)	$ 16,384

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform ("Topic 848"), which was amended in December 2022 by ASU 2022-06, Reference Rate Reform (Topic 848). Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in Topic 848 is optional and may be elected through December 31, 2024 as reference rate reform activities occur. During the first quarter of 2023, we executed an amendment to the $700.0 million unsecured revolving credit facility (“Revolving Credit Facility”) to convert the benchmark interest rate from LIBOR to an adjusted SOFR ("Secured Overnight Financing Rate"). We elected to apply the optional expedients in Topic 848 to (i) assert that the hedged interest payments remain probable regardless of any expected modification in terms related to reference rate reform, and (ii) continue the method of assessing effectiveness as documented in the original hedge documentation so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The impact of this guidance did not have a material impact on our consolidated financial statements.
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying audited consolidated financial statements include the consolidated accounts of Elme Communities and our subsidiaries and entities in which Elme Communities has a controlling financial interest. All intercompany balances and transactions have been eliminated in consolidation. Certain immaterial amounts in prior periods have been reclassified to conform with the current period presentation. The primary changes to the consolidated statements of operations are reclassifications between property operating and maintenance expense and real estate taxes and insurance expense .
Use of Estimates in the Financial Statements	Use of Estimates in the Financial Statements
Revenue Recognition	Revenue Recognition We primarily lease residential properties under operating leases with terms of generally one year or less. Rental revenues are recognized in accordance with ASC Topic 842, Leases , using a method that represents straight-line basis over the term of the leases. In circumstances where a lease concession is provided to the resident, primarily in lease-up, we recognize a reduction of rental revenues on a straight-line basis. We also generate other property-related revenue associated with the leasing of apartment homes, including parking income, move-in charges, pet rent and other miscellaneous revenue. Similar to rental income, such revenues are recorded when due from residents and recognized monthly as they are earned. We recognize cost reimbursement income at our residential properties from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are primarily comprised of utility costs which are reimbursed by residents in accordance with specific allowable costs per resident lease agreements. We recognize gains on sales of real estate when we have executed a contract for sale of the asset, transferred controlling financial interest in the asset to the buyer and determined that it is probable that we will collect substantially all of the consideration for the asset. Our real estate sale transactions typically meet these criteria at closing.
Rents and Other Receivables	Rents and Other Receivables Lease related receivables, which include contractual amounts accrued and unpaid from residents and accrued straight-line rents receivable, are reduced for credit losses. Such amounts are recognized as a reduction to real estate rental revenues. We evaluate the collectability of lease receivables on a lease-by-lease basis. We recognize the credit loss on lease related receivables when, in the opinion of management, collection of substantially all lease payments is not probable. When collectability is determined not probable, any lease income recognized subsequent to recognizing the credit loss is limited to the lesser of the lease income reflected on a straight-line basis or cash collected.
Debt Issuance Costs	Debt Issuance Costs
Real Estate and Depreciation	Real Estate and Depreciation We depreciate buildings on a straight-line basis over an estimated useful life of 26 to 40 years. We capitalize all capital improvements associated with replacements, improvements or major repairs to real property that extend its useful life and depreciate them using the straight-line method over their estimated useful lives ranging from 3 to 40 years. We also capitalize costs incurred in connection with our development projects, including interest incurred on borrowing obligations and other internal costs during periods in which qualifying expenditures have been made and activities necessary to get the development projects ready for their intended use are in progress. Capitalization of these costs begins when the activities and related expenditures commence and ceases when the project is substantially complete and ready for its intended use, at which time the project is placed into service and depreciation commences. Real estate depreciation expense from continuing operations was $82.7 million, $77.2 million and $66.2 million during the years ended December 31, 2023, 2022 and 2021, respectively. We charge maintenance and repair costs that do not extend an asset’s useful life to expense as incurred. Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2023 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Total interest incurred $ 30,429 $ 25,223 $ 34,813 Capitalized interest — (283) (750) Interest expense, net of capitalized interest $ 30,429 $ 24,940 $ 34,063 We recognize impairment losses on long-lived assets used in operations, development assets or land held for future development if indicators of impairment are present and the net undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount. Estimates of undiscounted cash flows are based on forward-looking assumptions, including annual and residual cash flows and our estimated holding period for each property. Such assumptions involve a high degree of judgment and could be affected by future economic and market conditions. When determining if a property has indicators of impairment, we evaluate the property's occupancy, our expected holding period for the property, strategic decisions regarding the property's future operations or development and other market factors. If such carrying amount is in excess of the estimated undiscounted cash flows from the operation and disposal of the property, we would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions. Assets held for sale are recorded at the lower of cost or fair value less costs to sell.
Asset Acquisitions	Asset Acquisitions The properties we acquire typically are not businesses as defined by ASC 805 ("Topic 805") - Clarifying the Definition of a Business. Per this definition, a set of transferred assets and activities is not a business when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We therefore account for such acquisitions as asset acquisitions. Acquisition costs are capitalized and identifiable assets (including physical assets and in-place leases), liabilities assumed and any noncontrolling interests are measured by allocating the cost of the acquisition on a relative fair value basis. We determine the fair values of acquired buildings on an “as-if-vacant” basis considering a variety of factors, including the replacement cost of the property, estimated rental and absorption rates, estimated future cash flows and valuation assumptions consistent with current market conditions. We determine the fair value of land acquired based on comparisons to similar properties that have been recently marketed for sale or sold. The fair value of in-place leases are based upon our evaluation of the specific characteristics of the leases. Factors considered in the fair value analysis include the estimated cost to replace the leases, including foregone rent and expense reimbursements during the hypothetical expected lease-up periods (referred to as “absorption cost”), consideration of current market conditions and costs to execute similar leases. We classify leasing absorption costs as other assets and amortize absorption costs as amortization expense on a straight-line basis over the remaining life of the underlying leases.
Software Developed for Internal Use	Software Developed for Internal Use The costs of software developed for internal use that qualify for capitalization are included with Prepaid expenses and other assets on our consolidated balance sheets. These capitalized costs include external direct costs utilized in developing or obtaining the applications and expenses for employees who are directly associated with the development of the applications. Capitalization of such costs begins when the preliminary project stage is complete and continues until the project is substantially complete and is ready for its intended purpose. Completed projects are amortized on a straight-line basis over their estimated useful lives.
Held for Sale and Discontinued Operations	Held for Sale and Discontinued Operations We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to a plan to sell the assets; (b) the assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets; (c) an active program to locate a buyer and other actions required to complete the plan to sell the assets has been initiated; (d) the sale of the assets is probable and transfer of the assets is expected to qualify for recognition as a completed sale within one year; (e) the assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale.
Segments	Segments We evaluate performance based upon net operating income from the combined properties in each segment. Our reportable operating segment is a consolidation of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and commercial paper with original maturities of 90 days or less. We maintain cash deposits with financial institutions that at times exceed applicable insurance limits. We reduce this risk by maintaining such deposits with high quality financial institutions that management believes are credit-worthy. Restricted cash includes funds escrowed for tenant security deposits.
Transformation Costs	Transformation Costs Transformation costs include costs related to the strategic shift away from the commercial sector to residential sector, including the allocation of internal costs, consulting, advisory and termination benefits.
Earnings Per Common Share	Earnings Per Common Share We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends and are therefore considered participating securities. We compute basic earnings per share by dividing net income less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period.
Share-Based Compensation	Share-Based Compensation We currently maintain equity based compensation plans for trustees, officers and employees. We recognize compensation expense for service-based share awards ratably over the period from the service inception date through the vesting period based on the fair market value of the shares on the date of grant. We account for forfeitures as they occur. If an award's service inception date precedes the grant date, we initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. We amortize awards with performance conditions using the graded expense method. We measure compensation expense for awards with market conditions based on the grant date fair value, as determined using a Monte Carlo simulation, and we amortize the expense ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. Compensation expense for the trustee grants, which fully vest immediately, is fully recognized upon issuance based upon the fair market value of the shares on the date of grant.
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes We can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. As of December 31, 2023 and 2022, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes to our uncertain tax positions over the next twelve months. We are subject to federal income tax as well as income tax of the states of Maryland, Virginia and Georgia, and the District of Columbia. However, as a REIT, we generally are not subject to income tax on our taxable income to the extent it is distributed as dividends to our shareholders. Tax returns filed for 2020 through 2022 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expenses.
Derivatives	Derivatives
Assets and Liabilities Measured at Fair Value	Assets and Liabilities Measured at Fair Value For assets and liabilities measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements are required to be disclosed separately for each major category of assets and liabilities, as follows: Level 1: Quoted prices in active markets for identical assets Level 2: Significant other observable inputs Level 3: Significant unobservable inputs The only assets or liabilities we had at December 31, 2023 and 2022 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Plan ("SERP"), which primarily consists of investments in mutual funds, and the interest rate swaps (see note 8). We base the valuations related to the SERP on assumptions derived from significant other observable inputs and accordingly these valuations fall into Level 2 in the fair value hierarchy. The valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments in the fair value measurements to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. These credit valuation adjustments were concluded to not be significant inputs for the fair value calculations for the periods presented. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as the posting of collateral, thresholds, mutual puts and guarantees. The valuation of interest rate swaps falls into Level 2 in the fair value hierarchy.

Nature of Business (Tables)

Nature of Business (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Breakdown of Taxable Percentage of Dividends	The following is a breakdown of the taxable percentage of our dividends for the three years ended December 31, 2023 (unaudited): 2023 2022 2021 Ordinary income/Section 199A dividends 33 % 20 % — % Return of capital 67 % 80 % 100 % Qualified dividends — % — % — % Unrecaptured Section 1250 gain — % — % — % Capital gain — % — % — %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Interest and Interest Capitalized	Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2023 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Total interest incurred $ 30,429 $ 25,223 $ 34,813 Capitalized interest — (283) (750) Interest expense, net of capitalized interest $ 30,429 $ 24,940 $ 34,063

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Real Estate Investment Portfolio	As of December 31, 2023 and 2022, 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, 2023 2022 Residential $ 2,249,833 $ 2,098,010 Other (1) 94,284 172,996 $ 2,344,117 $ 2,271,006 ______________________________ (1) Consists of Watergate 600
Schedule of Real Estate Properties and Land Acquired	Properties and land for development acquired during the three years ended December 31, 2023 were as follows: Acquisition Date Property Type # of Homes (unaudited) Ending Occupancy Contract September 29, 2023 Elme Druid Hills Residential 500 93.8% $ 108,000 500 $ 108,000 February 1, 2022 Elme Sandy Springs Residential 389 91.3% $ 105,586 May 5, 2022 Elme Marietta Residential 420 90.7% 107,900 May 5, 2022 Elme Cumberland Residential 270 91.1% 69,750 1,079 $ 283,236 August 10, 2021 Elme Conyers Residential 240 93.3% $ 48,000 November 19, 2021 Elme Eagles Landing Residential 490 89.0% 106,000 730 $ 154,000
Schedule of Revenue and Earnings from Acquired Operating Properties	The revenue and earnings of our acquisitions during their year of acquisition for the three years ended December 31, 2023 are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Real estate rental revenue $ 2,549 $ 14,937 $ 2,262 Net loss (1,511) (11,126) (1,921)
Schedule of Recorded Cost of Asset Acquisitions	We recorded the total cost of the above acquisitions as follows (in thousands): 2023 2022 2021 Land $ 25,249 $ 50,547 $ 20,914 Building 79,281 220,825 128,540 Absorption costs 3,660 7,300 4,786 Aggregate discount on assumed mortgages — 5,042 — Total acquisition cost 108,190 283,714 154,240 Outstanding balance on assumed mortgages — (76,554) — Total carrying amounts recorded $ 108,190 $ 207,160 $ 154,240
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, 2023 and 2022 were as follows (in thousands): December 31, 2023 2022 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Tenant origination costs $ 2,262 $ 281 $ 1,981 $ 11,723 $ 8,000 $ 3,723 Leasing commissions/absorption costs 67,504 60,887 6,617 63,064 56,416 6,648 Net lease intangible liabilities 13,055 10,499 2,556 13,055 9,683 3,372 Amortization of these combined components during the three years ended December 31, 2023, was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation and amortization expense $ 4,530 $ 12,604 $ 4,378 Real estate rental revenue increase, net (806) (944) (765) $ 3,724 $ 11,660 $ 3,613
Schedule of Future Amortization of Components of Fair Value of In-Place Leases	Amortization of these combined components over the next four years is projected to be as follows (in thousands): Depreciation and amortization expense Real estate rental revenue, net increase Total 2024 $ 3,870 $ (708) $ 3,162 2025 2,011 (710) 1,301 2026 1,698 (662) 1,036 2027 1,019 (476) 543 2028 — — —
Schedule of Properties Held-for-Sale or Sold and Discontinued Operations	The results of the twelve office and eight retail properties sold in 2021 are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data): Year Ended December 31, 2021 Real estate rental revenue $ 70,519 Expenses: Property operating and maintenance (11,201) Real estate taxes and insurance (11,136) Property management (2,195) Depreciation and amortization (22,904) Gain on sale of real estate, net 46,441 Income from discontinued operations $ 69,524 Basic net income per share $ 0.82 Diluted net income per share $ 0.82 Capital expenditures $ 3,316

Lease Accounting (Tables)

Lease Accounting (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Rental Income	As of December 31, 2023, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands): 2024 $ 16,351 2025 15,151 2026 15,084 2027 13,340 2028 6,134 Thereafter 42,636 $ 108,696

Unsecured Lines of Credit Pay_2

Unsecured Lines of Credit Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facilities	The amount of the Revolving Credit Facility unused and available at December 31, 2023 was as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (157,000) Unused and available $ 543,000 We executed borrowings and repayments on the Revolving Credit Facility during 2023 as follows (in thousands): Balance, December 31, 2022 $ 55,000 Borrowings 322,000 Repayments (220,000) Balance, December 31, 2023 $ 157,000 For the three years ended December 31, 2023, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): Year Ended December 31, 2023 2022 2021 Interest expense (excluding facility fees) $ 4,419 $ 912 $ 390 Facility fees 1,454 1,454 1,419 Information related to revolving credit facilities for the three years ended December 31, 2023 as follows (in thousands, except percentage amounts): Year Ended December 31, 2023 2022 2021 Total revolving credit facilities at December 31 $ 700,000 $ 700,000 $ 700,000 Borrowings outstanding at December 31 157,000 55,000 — Weighted average daily borrowings during the year 70,578 21,636 34,803 Maximum daily borrowings during the year 164,000 67,000 79,000 Weighted average interest rate during the year 6.17 % 4.22 % 1.12 % Weighted average interest rate on borrowings outstanding at December 31 6.26 % 5.20 % — %

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Unsecured Notes and Term Loans Outstanding	Our unsecured notes and term loans outstanding as of December 31, 2023 and 2022 are as follows (in thousands): Effective December 31, Payoff Date/ Coupon/Stated Rate Rate (1) 2023 2022 Maturity Date (2) 2018 Term Loan 1 Month LIBOR + 110 basis points 2.31 % $ — $ 100,000 1/10/2023 2023 Term Loan 1 Month SOFR + 95 basis points 4.73 % 125,000 — 1/10/2025 30-Year Unsecured Notes 7.25 % 7.36 % 50,000 50,000 2/25/2028 Green Bonds 3.44 % 4.09 % 350,000 350,000 12/29/2030 Total principal 525,000 500,000 Premiums and discounts, net (94) (116) Deferred issuance costs, net (2,561) (2,525) Total $ 522,345 $ 497,359 ______________________________ (1) For fixed rate notes, the effective rate represents the yield on issuance date, including the effects of discounts on the notes. For variable rate notes, the effective rate represents the rate as fixed by interest rate derivatives (see note 8). (2) No principal amounts are due prior to maturity.
Schedule of Required Principal Payments on Unsecured Notes and Term Loans	The required principal payments on the unsecured notes and term loans as of December 31, 2023 are as follows (in thousands): 2024 $ — 2025 125,000 2026 — 2027 — 2028 50,000 Thereafter 350,000 $ 525,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The fair values of the interest rate swap as of December 31, 2023 and 2022, were as follows (in thousands): Aggregate Effective Date Fair Value Derivative Liabilities December 31, Derivative Instrument Maturity Date 2023 2022 Interest rate swap $ 100,000 March 31, 2017 July 21, 2023 $ — $ 1,998 Interest rate swap 75,000 July 21, 2023 January 10, 2025 740 — Interest rate swap 50,000 July 21, 2023 January 10, 2025 494 — $ 1,234 $ 1,998
Schedule of Unrealized Gain (Loss) and Reclassification of Interest Rate Swap	The gains or losses on the effective swaps are recognized in other comprehensive income, as follows (in thousands): Year Ending December 31, 2023 2022 2021 Unrealized (gain) loss on interest rate hedges $ (764) $ 2,819 $ 3,673 The losses reclassified from Accumulated other comprehensive income into interest expense for the three years ended December 31, 2023, were as follows (in thousands): Year Ending December 31, 2023 2022 2021 Loss reclassified from accumulated other comprehensive income (loss) into interest expense $ 2,039 $ 2,039 $ 2,039

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	The fair values of these assets at December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 December 31, 2022 Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: SERP $ 1,984 $ — $ 1,984 $ — $ 2,142 $ — $ 2,142 $ — Interest rate swaps 1,234 — 1,234 — 1,998 — 1,998 —
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments	As of December 31, 2023 and 2022, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): December 31, 2023 2022 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 5,984 $ 5,984 $ 8,389 $ 8,389 Restricted cash 2,554 2,554 1,463 1,463 Line of credit payable 157,000 157,000 55,000 55,000 Notes payable 522,345 466,668 497,359 454,564

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Award Valuation Performance Period Metrics	Each participant’s total award under the Officer STIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the first day of that performance period, which percentage will depend upon the participant’s position and the degree of achievement of threshold, target, and high performance goals for the performance period. The percentages for the performance period beginning January 1, 2023 are as set forth in the table below: Threshold Target High President and Chief Executive Officer 63% 125% 188% Chief Financial Officer 41% 75% 133% Chief Operating Officer (1) 23% 45% 76% Chief Information Officer 35% 65% 115% Chief Administrative Officer (1) 28% 54% 96% ______________________________ (1) For both the Chief Operating Officer and the Chief Administrative Officer, the percentages include the effects of prorations for the amount of time in 2023 that they were in their respective positions. Threshold Target High President and Chief Executive Officer 198% 275% 440% Chief Financial Officer 95% 135% 196% Chief Operating Officer (1) 110% 157% 231% Chief Information Officer 100% 143% 207% Chief Administrative Officer (1) 65% 92% 134% ______________________________ (1)
Schedule of Assumptions Used to Value TSR Portion of LTIP Awards	The assumptions used to value the TSR portion of the officer LTIP awards were as follows: 2023 Awards 2022 Awards 2021 Awards Expected volatility (1) 32.3 % 35.2 % 35.5 % Risk-free interest rate (2) 4.2 % 1.7 % 0.3 % Expected term (3) 3 years 3 years 3 years Share price at grant date $19.04 $24.54 $ 23.20 ______________________________ (1) Expected volatility based upon historical volatility of our daily closing share price. (2) Risk-free interest rate based on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period. (3) Expected term based on the market condition performance period.
Schedule of Restricted Share Awards Activity	The activity for the three years ended December 31, 2023 related to our restricted share awards, excluding those subject to market conditions, was as follows: Shares Weighted Average Grant Fair Value Unvested at December 31, 2020 306,995 $ 30.96 Granted 238,134 23.53 Vested during year (277,967) 26.39 Forfeited (7,467) 26.73 Unvested at December 31, 2021 259,695 29.16 Granted 408,606 22.33 Vested during year (408,118) 27.13 Forfeited (17,814) 25.31 Unvested at December 31, 2022 242,369 21.35 Granted 410,928 18.40 Vested during year (367,109) 19.79 Forfeited (28,453) 20.85 Unvested at December 31, 2023 257,735 18.89
Schedule of Performance Share Units with Market Conditions	Share-based awards with market conditions under the LTIP were awarded in 2023, 2022 and 2021 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): 2023 Awards (1) 2022 Awards (1) 2021 Awards (1) Relative Peer TSR $ 831 $ 1,480 $ 951 Absolute/Index TSR (2) 1,048 N/A 971
Schedule Of Unamortized Value Of Awards With Market Conditions	The unamortized value of these awards with market conditions as of December 31, 2023 was as follows (in thousands): 2023 Awards (1) 2022 Awards (1) 2021 Awards (1) Relative Peer TSR $ 592 $ 385 $ — Absolute/Index TSR (2) 743 N/A — ______________________________ (1) The 2023, 2022 and 2021 Awards were granted under the Officer LTIP, whereby all of the shares vest immediately at the end of the three-year performance period. (2)

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share for the three years ended December 31, 2023 was as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Numerator: Loss from continuing operations $ (52,977) $ (30,868) $ (53,140) Allocation of earnings to unvested restricted share awards (255) (232) (393) Adjusted loss from continuing operations (53,232) (31,100) (53,533) Income from discontinued operations, including gain on sale of real estate — — 69,524 Adjusted net (loss) income $ (53,232) $ (31,100) $ 15,991 Denominator: Weighted average shares outstanding – basic and diluted 87,735 87,388 84,544 Earnings per common share, basic: Continuing operations $ (0.61) $ (0.36) $ (0.63) Discontinued operations — — 0.82 Basic net (loss) income per common share (1) $ (0.61) $ (0.36) $ 0.19 Earnings per common share, diluted: Continuing operations $ (0.61) $ (0.36) $ (0.63) Discontinued operations — — 0.82 Diluted net (loss) income per common share (1) $ (0.61) $ (0.36) $ 0.19 Dividends declared per common share $ 0.72 $ 0.68 $ 0.94 ______________________________ (1) Earnings per share may not sum due to rounding

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Real Estate Rental Revenue as a Percentage	Real estate rental revenue as a percentage of the total for each of the reportable operating segments for the three years ended December 31, 2023 was as follows: Year Ended December 31, 2023 2022 2021 Multifamily 92 % 91 % 89 % Other 8 % 9 % 11 %
Schedule of Percentage of Income Producing Real Estate Assets by Segment	The percentage of income producing real estate assets classified as held and used, at cost, for each of the reportable operating segments as of December 31, 2023 and 2022 was as follows: 2023 2022 Multifamily 96 % 92 % Other 4 % 8 %
Schedule of Reconciliation of Net Operating Income of Reportable Segments	The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2023 from these segments, and reconciles net operating income of reportable segments to net (loss) income as reported (in thousands): Twelve Months Ended December 31, 2023 Residential Other (1) Consolidated Real estate rental revenue $ 209,311 $ 18,600 $ 227,911 Real estate expenses 74,535 5,295 79,830 Net operating income $ 134,776 $ 13,305 $ 148,081 Property management expenses (8,108) General and administrative expenses (25,887) Transformation costs (6,339) Depreciation and amortization (88,950) Interest expense (30,429) Loss on extinguishment of debt (54) Other income 569 Real estate impairment (41,860) Net loss $ (52,977) Capital expenditures $ 37,782 $ 844 $ 38,626 Total assets $ 1,768,426 $ 131,602 $ 1,900,028 Twelve Months Ended December 31, 2022 Residential Other (1) Consolidated Real estate rental revenue $ 190,500 18,880 $ 209,380 Real estate expenses 68,735 5,266 74,001 Net operating income $ 121,765 $ 13,614 $ 135,379 Property management expenses (7,436) General and administrative expenses (28,258) Transformation costs (9,686) Depreciation and amortization (91,722) Interest expense (24,940) Loss on extinguishment of debt (4,917) Other income 712 Net loss $ (30,868) Capital expenditures $ 35,081 $ 3,175 $ 38,256 Total assets $ 1,691,176 $ 181,430 $ 1,872,606 Twelve Months Ended December 31, 2021 Residential Other (1), (2) Consolidated Real estate rental revenue $ 150,965 $ 18,186 $ 169,151 Real estate expenses 55,527 5,255 60,782 Net operating income $ 95,438 $ 12,931 $ 108,369 Property management expenses (6,133) General and administrative expenses (27,538) Transformation costs (6,635) Depreciation and amortization (72,656) Interest expense (34,063) Loss on interest rate derivatives (5,866) Loss on extinguishment of debt (12,727) Other income 4,109 Discontinued operations: Income from properties sold or held for sale 23,083 Gain on sale of real estate 46,441 Net income $ 16,384 Capital expenditures $ 27,953 $ 4,506 $ 32,459 Total assets $ 1,455,328 $ 420,666 $ 1,875,994 ______________________________ (1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment. (2) Total capital expenditures include office and retail properties classified as discontinued operations.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Unaudited financial data by quarter in each of the years ended December 31, 2023 and 2022 were as follows (in thousands, except for per share data): Quarter (1) First Second Third Fourth 2023 Real estate rental revenue $ 55,809 $ 56,599 $ 56,651 $ 58,852 Loss from continuing operations $ (3,643) $ (2,611) $ (43,618) $ (3,105) Net loss $ (3,643) $ (2,611) $ (43,618) $ (3,105) Loss from continuing operations per share Basic $ (0.04) $ (0.03) $ (0.50) $ (0.04) Diluted $ (0.04) $ (0.03) $ (0.50) $ (0.04) Net loss per share Basic $ (0.04) $ (0.03) $ (0.50) $ (0.04) Diluted $ (0.04) $ (0.03) $ (0.50) $ (0.04) 2022 Real estate rental revenue $ 47,804 $ 51,380 $ 54,603 $ 55,593 Loss from continuing operations $ (7,724) $ (8,874) $ (10,739) $ (3,531) Net loss $ (7,724) $ (8,874) $ (10,739) $ (3,531) Loss from continuing operations per share Basic $ (0.09) $ (0.10) $ (0.12) $ (0.04) Diluted $ (0.09) $ (0.10) $ (0.12) $ (0.04) Net loss per share Basic $ (0.09) $ (0.10) $ (0.12) $ (0.04) Diluted $ (0.09) $ (0.10) $ (0.12) $ (0.04) ______________________________ (1) With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Issuances and Net Proceeds from 2018 Equity Distribution Agreements	Our issuances and net proceeds on the Equity Distribution Agreements in 2022 and 2021 and the Original Equity Distribution Agreements in 2021 for the three years ended December 31, 2023 were as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Issuance of common shares — 1,032 1,636 Weighted average price per share $ — $ 26.27 $ 25.44 Net proceeds $ — $ 26,849 $ 40,462
Schedule of Issuances and Net Proceeds from Dividend Reinvestment Program	Our issuances and net proceeds on the dividend reinvestment program for the three years ended December 31, 2023 were as follows (in thousands, except per share data): Year Ended December 31, 2023 2022 2021 Issuance of common shares 28 47 75 Weighted average price per share $ 17.64 $ 22.40 $ 23.37 Net proceeds $ 497 $ 1,030 $ 1,744

Deferred Costs (Tables)

Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Deferred Leasing Costs and Deferred Leasing Incentives	As of December 31, 2023 and 2022, deferred leasing costs and deferred leasing incentives were included in prepaid expenses and other assets as follows (in thousands): December 31, 2023 2022 Gross Carrying Accumulated Net Gross Carrying Accumulated Net Deferred leasing costs $ 9,048 $ 5,537 $ 3,511 $ 8,992 $ 5,132 $ 3,860
Schedule of Amortization and Write-offs of Deferred Leasing Costs and Deferred Leasing Incentives	Amortization, including write-offs, of deferred leasing costs and deferred leasing incentives for the three years ended December 31, 2023 were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Deferred leasing costs amortization $ 351 $ 406 $ 535

Nature of Business - Narrative

Nature of Business - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties sold | property	0	0
Gain on sale of real estate, net	$ 0	$ 0	$ 46,441
2021 Properties | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of real estate, net			$ 46,400
Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of office properties | property			12
Retail Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of retail properties sold | property			8
TRS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax asset	1,400	1,400
Deferred tax asset valuation allowance	$ 1,400	$ 1,400

Nature of Business - Taxable Pe

Nature of Business - Taxable Percentage of Dividends (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ordinary income/Section 199A dividends	33%	20%	0%
Return of capital	67%	80%	100%
Qualified dividends	0%	0%	0%
Unrecaptured Section 1250 gain	0%	0%	0%
Capital gain	0%	0%	0%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Revolving credit facility borrowing capacity	$ 700,000,000	$ 700,000,000	$ 700,000,000
Real estate depreciation	$ 82,700,000	$ 77,200,000	$ 66,200,000
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	26 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Capital improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Capital improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Residential
Property, Plant and Equipment [Line Items]
Lessor operating lease term (in years)	1 year
Revolving Credit Facility
Property, Plant and Equipment [Line Items]
Revolving credit facility borrowing capacity	$ 700,000,000			$ 700,000,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Basis of Presentation - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Total interest incurred	$ 30,429	$ 25,223	$ 34,813
Capitalized interest	0	(283)	(750)
Interest expense, net of capitalized interest	$ 30,429	$ 24,940	$ 34,063

Real Estate - Real Estate Inves

Real Estate - Real Estate Investment Portfolio (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Income producing property, at cost	$ 2,344,117	$ 2,271,006
Residential
Real Estate [Line Items]
Income producing property, at cost	2,249,833	2,098,010
Other
Real Estate [Line Items]
Income producing property, at cost	$ 94,284	$ 172,996

Real Estate - Narrative (Detail

Real Estate - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022 note	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Real Estate [Line Items]
Properties under development or held for future development		$ 30,980	$ 31,260
Weighted average remaining life for absorption costs		4 months
Total cost of acquisition		$ 108,200	283,700	$ 154,200
Real estate acquisitions, net		107,595	204,433	153,748
Credits received at settlement		$ 600	2,800	500
Number of mortgage notes | note	2
Asset acquisition, mortgages assumed			$ 76,600
Number of properties sold | property		0	0
Gain on sale of real estate, net		$ 0	$ 0	46,441
Real estate impairment		41,860	0	0
2021 Properties | Discontinued Operations, Disposed of by Sale
Real Estate [Line Items]
Gain on sale of real estate, net				$ 46,400
Residential
Real Estate [Line Items]
Properties under development or held for future development		$ 31,000	$ 31,300
Retail Centers
Real Estate [Line Items]
Number of retail properties sold | property				8
Office Buildings
Real Estate [Line Items]
Number of office properties | property				12
Riverside Apartments | Total Assets | Property Concentration Risk
Real Estate [Line Items]
Concentration risk percentage (more than)		10%
Riverside Apartments | Rental Revenue | Property Concentration Risk
Real Estate [Line Items]
Concentration risk percentage (more than)		10%
Riverside Developments
Real Estate [Line Items]
Properties under development or held for future development		$ 30,400
Watergate 600 | Measurement Input, Discounted Cash Flow Term
Real Estate [Line Items]
Measurement input		5
Watergate 600 | Measurement Input, Average Economic Occupancy
Real Estate [Line Items]
Measurement input		0.805
Watergate 600 | Measurement Input, Cap Rate
Real Estate [Line Items]
Measurement input		0.075

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) $ in Thousands						12 Months Ended
	Sep. 29, 2023 USD ($) home	May 05, 2022 USD ($) home	Feb. 01, 2022 USD ($) home	Nov. 19, 2021 USD ($) home	Aug. 10, 2021 USD ($) home	Dec. 31, 2023 USD ($) home	Dec. 31, 2022 USD ($) home	Dec. 31, 2021 USD ($) home
2021 Acquisitions
Real Estate [Line Items]
Number of homes | home								730
Contract purchase price | $								$ 154,000
Residential | 2023 Acquisitions
Real Estate [Line Items]
Number of homes | home						500
Contract purchase price | $						$ 108,000
Residential | 2023 Acquisitions | Elme Druid Hills
Real Estate [Line Items]
Number of homes | home	500
Asset acquisition, occupancy percentage	93.80%
Contract purchase price | $	$ 108,000
Residential | 2022 Acquisitions
Real Estate [Line Items]
Number of homes | home							1,079
Contract purchase price | $							$ 283,236
Residential | 2022 Acquisitions | Elme Sandy Springs
Real Estate [Line Items]
Number of homes | home			389
Asset acquisition, occupancy percentage			91.30%
Contract purchase price | $			$ 105,586
Residential | 2022 Acquisitions | Elme Marietta
Real Estate [Line Items]
Number of homes | home		420
Asset acquisition, occupancy percentage		90.70%
Contract purchase price | $		$ 107,900
Residential | 2022 Acquisitions | Elme Cumberland
Real Estate [Line Items]
Number of homes | home		270
Asset acquisition, occupancy percentage		91.10%
Contract purchase price | $		$ 69,750
Residential | 2021 Acquisitions | Elme Conyers
Real Estate [Line Items]
Number of homes | home					240
Asset acquisition, occupancy percentage					93.30%
Contract purchase price | $					$ 48,000
Residential | 2021 Acquisitions | Elme Eagles Landing
Real Estate [Line Items]
Number of homes | home				490
Asset acquisition, occupancy percentage				89%
Contract purchase price | $				$ 106,000

Real Estate - Revenue and Incom

Real Estate - Revenue and Income (Loss) for Acquired Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
2023 Acquisitions
Real Estate [Line Items]
Real estate rental revenue	$ 2,549
Net loss	$ (1,511)
2022 Acquisitions
Real Estate [Line Items]
Real estate rental revenue		$ 14,937
Net loss		$ (11,126)
2021 Acquisitions
Real Estate [Line Items]
Real estate rental revenue			$ 2,262
Net loss			$ (1,921)

Real Estate - Cost Allocation o

Real Estate - Cost Allocation of Asset Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Total acquisition cost	$ 108,200	$ 283,700	$ 154,200
Outstanding balance on assumed mortgages		(76,600)
2023 Acquisitions
Real Estate [Line Items]
Aggregate discount on assumed mortgages	0
Total acquisition cost	108,190
Outstanding balance on assumed mortgages	0
Total carrying amounts recorded	108,190
2023 Acquisitions | Absorption costs
Real Estate [Line Items]
Absorption costs	3,660
2023 Acquisitions | Land
Real Estate [Line Items]
Property, plant and equipment	25,249
2023 Acquisitions | Building
Real Estate [Line Items]
Property, plant and equipment	$ 79,281
2022 Acquisitions
Real Estate [Line Items]
Aggregate discount on assumed mortgages		5,042
Total acquisition cost		283,714
Outstanding balance on assumed mortgages		(76,554)
Total carrying amounts recorded		207,160
2022 Acquisitions | Absorption costs
Real Estate [Line Items]
Absorption costs		7,300
2022 Acquisitions | Land
Real Estate [Line Items]
Property, plant and equipment		50,547
2022 Acquisitions | Building
Real Estate [Line Items]
Property, plant and equipment		$ 220,825
2021 Acquisitions
Real Estate [Line Items]
Aggregate discount on assumed mortgages			0
Total acquisition cost			154,240
Outstanding balance on assumed mortgages			0
Total carrying amounts recorded			154,240
2021 Acquisitions | Absorption costs
Real Estate [Line Items]
Absorption costs			4,786
2021 Acquisitions | Land
Real Estate [Line Items]
Property, plant and equipment			20,914
2021 Acquisitions | Building
Real Estate [Line Items]
Property, plant and equipment			$ 128,540

Real Estate - Net Balances of C

Real Estate - Net Balances of Components of Fair Value of In-Place Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Tenant origination costs
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 2,262	$ 11,723
Accumulated Amortization	281	8,000
Net	1,981	3,723
Absorption costs
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	67,504	63,064
Accumulated Amortization	60,887	56,416
Net	6,617	6,648
Net lease intangible liabilities
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13,055	13,055
Accumulated Amortization	10,499	9,683
Net	$ 2,556	$ 3,372

Real Estate - Amortization of C

Real Estate - Amortization of Combined Components (Details) - Acquired-in-place leases - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization expense	$ 4,530	$ 12,604	$ 4,378
Real estate rental revenue increase, net	(806)	(944)	(765)
Depreciation and amortization expense, net of revenue effect	$ 3,724	$ 11,660	$ 3,613

Real Estate - Amortization of_2

Real Estate - Amortization of Combined Components Over Next Five Years (Details) - Acquired-in-place leases $ in Thousands	Dec. 31, 2023 USD ($)
Depreciation and amortization expense
2024	$ 3,870
2025	2,011
2026	1,698
2027	1,019
2028	0
Real estate rental revenue, net increase
2024	(708)
2025	(710)
2026	(662)
2027	(476)
2028	0
Total
2024	3,162
2025	1,301
2026	1,036
2027	543
2028	$ 0

Real Estate - Discontinued Oper

Real Estate - Discontinued Operations Results of Retail Portfolio (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Real estate rental revenue			$ 70,519
Expenses:
Property operating and maintenance			(11,201)
Real estate taxes and insurance			(11,136)
Property management			(2,195)
Depreciation and amortization			(22,904)
Gain on sale of real estate, net	$ 0	$ 0	46,441
Income from discontinued operations	$ 0	$ 0	$ 69,524
Discontinued operations, basic (in dollars per share)	$ 0	$ 0	$ 0.82
Discontinued operations, diluted (in dollars per share)	$ 0	$ 0	$ 0.82
Capital expenditures			$ 3,316

Lease Accounting - Schedule of

Lease Accounting - Schedule of Future Minimum Rental Income (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future Minimum Rental Income
2024	$ 16,351
2025	15,151
2026	15,084
2027	13,340
2028	6,134
Thereafter	42,636
Total	$ 108,696

Lease Accounting - Leasing as a

Lease Accounting - Leasing as a Lessee Narrative (Details)	Dec. 31, 2023
Residential
Lessor, Lease, Description [Line Items]
Lessor operating lease term (in years)	1 year

Mortgage Note Payable - Narrati

Mortgage Note Payable - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 31, 2022
Debt Instrument [Line Items]
Notes payable, net		$ 522,345	$ 497,359
Loss on extinguishment of debt	$ 4,900	$ (54)	$ (4,917)	$ (12,727)
Mortgages | Elme Marietta | Carrying Value
Debt Instrument [Line Items]
Notes payable, net					$ 42,800
Stated interest rate (percent)					3.36%
Mortgages | Elme Marietta | Fair Value
Debt Instrument [Line Items]
Notes payable, net					$ 40,000
Stated interest rate (percent)					4.50%
Mortgages | Elme Cumberland | Carrying Value
Debt Instrument [Line Items]
Notes payable, net					$ 33,700
Stated interest rate (percent)					2.93%
Mortgages | Elme Cumberland | Fair Value
Debt Instrument [Line Items]
Notes payable, net					$ 31,500
Stated interest rate (percent)					4%

Unsecured Lines of Credit Pay_3

Unsecured Lines of Credit Payable - Narrative (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 27, 2021 USD ($) arrangement	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2021 USD ($) extension_option	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity					$ 700,000,000	$ 700,000,000	$ 700,000,000
Loss on extinguishment of debt, net		$ (4,900,000)			$ 54,000	$ 4,917,000	$ 12,727,000
Terminated interest swap arrangements | arrangement	5
U.S. covered terrorism losses (percent)					0.85
Insurance provider covered terrorism loss (percent)					0.10
Aggregate insured losses from all insurers in covered terrorism metric					$ 100,000,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Credit agreement, aggregate maximum borrowing capacity including accordion feature				$ 1,500,000,000
Term loan | 2018 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount				$ 250,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity			$ 700,000,000		$ 700,000,000
Debt instrument term (in years)				4 years
Number of extensions allowed | extension_option				2	2
Term of allowable extension (in months)				6 months	6 months
Loss on extinguishment of debt, net				$ 200,000
Loan origination costs				4,800,000
Repayments of outstanding borrowings					$ 220,000,000
Revolving Credit Facility | Variable Rate Component Two
Line of Credit Facility [Line Items]
Facility fee (percent)					0.20%
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)			0.10%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee (percent)			0.30%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)					0.85%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.10%		0.10%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.70%
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			1.40%
Revolving Credit Facility | 2018 Term Loan B
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity				$ 700,000,000
Repayments of outstanding borrowings	$ 150,000,000
Gross amount of debt extinguished			$ 100,000,000
Revolving Credit Facility | Term loan
Line of Credit Facility [Line Items]
Loss on extinguishment of debt, net	$ 300,000

Unsecured Lines of Credit Pay_4

Unsecured Lines of Credit Payable - Revolving Credit Facility Unused and Available Credit (Details) - USD ($)	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Committed capacity	$ 700,000,000		$ 700,000,000	$ 700,000,000
Borrowings outstanding	(157,000,000)		(55,000,000)	$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	700,000,000	$ 700,000,000
Borrowings outstanding	(157,000,000)		$ (55,000,000)
Unused and available	$ 543,000,000

Unsecured Lines of Credit Pay_5

Unsecured Lines of Credit Payable - Borrowings and Repayments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Line of Credit [Roll Forward]
Balance, beginning	$ 55,000
Balance, ending	157,000
Revolving Credit Facility
Line of Credit [Roll Forward]
Balance, beginning	55,000
Borrowings	322,000
Repayments	(220,000)
Balance, ending	$ 157,000

Unsecured Lines of Credit Pay_6

Unsecured Lines of Credit Payable - Recognized Interest Expense and Facility Fees (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest expense (excluding facility fees)	$ 4,419	$ 912	$ 390
Facility fees	$ 1,454	$ 1,454	$ 1,419

Unsecured Lines of Credit Pay_7

Unsecured Lines of Credit Payable - Information Related to Revolving Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Total revolving credit facilities at December 31	$ 700,000	$ 700,000	$ 700,000
Borrowings outstanding at December 31	157,000	55,000	0
Weighted average daily borrowings during the year	70,578	21,636	34,803
Maximum daily borrowings during the year	$ 164,000	$ 67,000	$ 79,000
Weighted average interest rate during the year	6.17%	4.22%	1.12%
Weighted average interest rate on borrowings outstanding at December 31	6.26%	5.20%	0%

Notes Payable - Unsecured Notes

Notes Payable - Unsecured Notes and Term Loans Outstanding (Details) - Unsecured notes and term loans - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal	$ 525,000,000	$ 500,000,000
Premiums and discounts, net	(94,000)	(116,000)
Deferred issuance costs, net	(2,561,000)	(2,525,000)
Total	522,345,000	497,359,000
Principal amounts due prior to maturity	$ 0
2018 Term Loan
Debt Instrument [Line Items]
Effective interest rate (percent)	2.31%
Total principal	$ 0	100,000,000
2018 Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.10%
2023 Term Loan
Debt Instrument [Line Items]
Effective interest rate (percent)	4.73%
Total principal	$ 125,000,000	0
2023 Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.95%
30 Year Unsecured Notes 7.25%
Debt Instrument [Line Items]
Coupon/Stated Rate	7.25%
Effective interest rate (percent)	7.36%
Total principal	$ 50,000,000	50,000,000
Green Bonds
Debt Instrument [Line Items]
Coupon/Stated Rate	3.44%
Effective interest rate (percent)	4.09%
Total principal	$ 350,000,000	$ 350,000,000

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details)		1 Months Ended		12 Months Ended
	Sep. 29, 2020 USD ($)	Sep. 30, 2022 USD ($)	Aug. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) extension_option	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)
Short-term Debt [Line Items]
Redeemed unsecured notes			$ 300,000,000
Loss on extinguishment of debt		$ 4,900,000		$ (54,000)	$ (4,917,000)	$ (12,727,000)
Unsecured notes and term loans
Short-term Debt [Line Items]
Debt issuance costs				2,561,000	$ 2,525,000
Unsecured notes and term loans | 2023 Term Loan
Short-term Debt [Line Items]
Debt instrument face amount				$ 125,000,000			$ 125,000,000
Debt instrument term (in years)				2 years
Term loan facility, number of extensions allowed | extension_option				2
Term loan, extension, term				1 year
Effective interest rate (percent)				4.73%
Unsecured notes and term loans | 2023 Term Loan | Secured Overnight Financing Rate (SOFR)
Short-term Debt [Line Items]
Basis spread on variable rate (percent)				0.95%
Unsecured notes and term loans | 2023 Term Loan | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Short-term Debt [Line Items]
Basis spread on variable rate (percent)				0.10%
Unsecured notes and term loans | 2023 Term Loan | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Short-term Debt [Line Items]
Basis spread on variable rate (percent)				0.95%
Unsecured notes and term loans | Green Bonds
Short-term Debt [Line Items]
Stated interest rate (percent)				3.44%
Effective interest rate (percent)				4.09%
Notes payable
Short-term Debt [Line Items]
Loss on extinguishment of debt			12,300,000
Prepayment penalty			11,900,000
Write-off of unamortized premium			$ 400,000
Notes payable | Green Bonds
Short-term Debt [Line Items]
Debt instrument face amount	$ 350,000,000
Debt instrument term (in years)	10 years
Stated interest rate (percent)	3.44%
Effective interest rate (percent)	4.09%
Debt issuance costs	$ 2,600,000

Notes Payable - Required Princi

Notes Payable - Required Principal Payments on Unsecured Notes and Term Loans (Details) - Unsecured notes and term loans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Required Principal Payments [Abstract]
2024	$ 0
2025	125,000
2026	0
2027	0
2028	50,000
Thereafter	350,000
Total principal	$ 525,000	$ 500,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) arrangement	Jul. 21, 2023	Mar. 31, 2023 USD ($) arrangement	Dec. 31, 2022 arrangement	Sep. 27, 2021 USD ($)
Interest Rate Swap
Derivative [Line Items]
Number of interest rate derivatives held | arrangement	2		2	1
Derivative notional amount	$ 100,000,000		$ 125,000,000
Derivative fixed interest rate (percent)		4.73%
Estimated amount to be reclassified within next twelve months as an increase to interest expense	(1,200,000)
Fair value of derivative assets	1,200,000
Fair value of derivative liabilities	0
Interest Rate Swap, Previously Held
Derivative [Line Items]
Estimated amount to be reclassified within next twelve months as an increase to interest expense	2,000,000
2018 Term Loan B | Interest Rate Swap
Derivative [Line Items]
Derivative notional amount					$ 100,000,000
2023 Term Loan | Unsecured notes and term loans
Derivative [Line Items]
Debt instrument face amount	$ 125,000,000		125,000,000
2023 Term Loan | Interest Rate Swap
Derivative [Line Items]
Derivative notional amount			$ 100,000,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Interest Rate Swap
Derivative [Line Items]
Aggregate Notional Amount	$ 100,000	$ 125,000
Derivative Assets (Liabilities)	1,234		$ 1,998
2018 Term Loan A | Interest Rate Swap
Derivative [Line Items]
Aggregate Notional Amount	100,000
2018 Term Loan A | Interest Rate Swap | Accounts payable and other liabilities
Derivative [Line Items]
Derivative Assets (Liabilities)	0		1,998
2023 Term Loan | Interest Rate Swap
Derivative [Line Items]
Aggregate Notional Amount		$ 100,000
2023 Term Loan | Interest Rate Swap One
Derivative [Line Items]
Aggregate Notional Amount	75,000
2023 Term Loan | Interest Rate Swap One | Accounts payable and other liabilities
Derivative [Line Items]
Derivative Assets (Liabilities)	740		0
2023 Term Loan | Interest Rate Swap Two
Derivative [Line Items]
Aggregate Notional Amount	50,000
2023 Term Loan | Interest Rate Swap Two | Accounts payable and other liabilities
Derivative [Line Items]
Derivative Assets (Liabilities)	$ 494		$ 0

Derivative Instruments - Unreal

Derivative Instruments - Unrealized Gains and Losses and Reclassification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized (loss) gain on interest rate derivatives	$ (764)	$ 2,819	$ 3,673
Loss reclassified from accumulated other comprehensive income (loss) into interest expense	$ 2,039	$ 2,039	$ 2,039

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest Rate Swap
Assets:
Interest rate swaps	$ 1,200
Recurring
Assets:
SERP	1,984	$ 2,142
Recurring | Interest Rate Swap
Assets:
Interest rate swaps	1,234	1,998
Recurring | Level 1
Assets:
SERP	0	0
Recurring | Level 1 | Interest Rate Swap
Assets:
Interest rate swaps	0	0
Recurring | Level 2
Assets:
SERP	1,984	2,142
Recurring | Level 2 | Interest Rate Swap
Assets:
Interest rate swaps	1,234	1,998
Recurring | Level 3
Assets:
SERP	0	0
Recurring | Level 3 | Interest Rate Swap
Assets:
Interest rate swaps	$ 0	$ 0

Fair Value Disclosures - Carryi

Fair Value Disclosures - Carrying Values and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 5,984	$ 8,389
Restricted cash	2,554	1,463
Line of credit payable	157,000	55,000
Notes payable	522,345	497,359
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	5,984	8,389
Restricted cash	2,554	1,463
Line of credit payable	157,000	55,000
Notes payable	$ 466,668	$ 454,564

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) age shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.5	$ 8	$ 8.6
Capitalized stock-based compensation expense	0.1	0.2	0.3
Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share-based compensation for each trustee	$ 0.1	$ 0.1	$ 0.1
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One-time equity award granted (shares) | shares	410,928	408,606	238,134
Retirement age with 20 years employment | age	55
Years of employment for retirement age metric	20 years
Retirement age | age	65
Fair value of restricted share units vested	$ 7.3	$ 11.1	$ 7.6
Compensation costs not yet recognized	$ 4.2
Recognition period for compensation expense	25 months
Restricted share awards | Chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
One-time equity award granted (shares) | shares	100,000
Percentage of equity award that vests on fifth anniversary of grant date	100%
Washington Real Estate Investment Trust 2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) | shares	2,400,000
Incentive plan, period in effect (in years)	10 years
Options outstanding (in shares) | shares	0	0
Officer STIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Short-term incentive plan, aggregate weighting of performance measures and time-based measures	100%
Officer LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate weighting of performance and time-based measures (percent)	100%
Long-term incentive plan, percentage of performance-based award vested upon grant	100%
Officer LTIP | Time-based award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Vesting percentage per year over three-year vesting period (percent)	33.33%
Prior STIP | Non-executive officer and staff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive plan bonuses payable in cash (percent)	100%
Prior LTIP | Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years	3 years	3 years
Performance evaluated on relative TSR to FTSE Residential Index	60%		42.50%
Performance evaluated on relative TSR to defined population of peer companies	40%	100%	50%
Performance evaluated on relative TSR to FTSE Office Index			7.50%
Performance evaluated on relative TSR to FTSE Residential Index weighting	40%
Performance based on relative total shareholder return to peer companies, weighting, percentage		100%
Performance evaluated on relative TSR to FTSE NAREIT Diversified Index			50%
Prior LTIP | Executive officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value as a percentage of base salary for awards evaluated on relative TSR to defined population of peer companies	27%	32%	37%
Grant date fair value as a percentage of base salary for awards evaluated on on relative TSR to FTSE NAREIT Diversified Index	32%		38%
Prior LTIP | Executive officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value as a percentage of base salary for awards evaluated on relative TSR to defined population of peer companies	137%	248%
Grant date fair value as a percentage of base salary for awards evaluated on on relative TSR to FTSE NAREIT Diversified Index	159%
Grant date fair value as a percentage of base salary for awards evaluated on on relative TSR			78%
Grant date fair value as a percentage of base salary for awards evaluated on on absolute TSR			80%
LTIP for non-executive officers and staff
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance period (in years)	3 years

Share-Based Compensation - Offi

Share-Based Compensation - Officer STIP and LTIP Performance Metrics (Details) - Performance award	Dec. 31, 2023
Officer STIP | President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	63%
Award as percentage of base salary, target performance goal (percent)	125%
Award as percentage of base salary, high performance goal (percent)	188%
Officer STIP | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	41%
Award as percentage of base salary, target performance goal (percent)	75%
Award as percentage of base salary, high performance goal (percent)	133%
Officer STIP | Chief Operating Officer (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	23%
Award as percentage of base salary, target performance goal (percent)	45%
Award as percentage of base salary, high performance goal (percent)	76%
Officer STIP | Chief Information Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	35%
Award as percentage of base salary, target performance goal (percent)	65%
Award as percentage of base salary, high performance goal (percent)	115%
Officer STIP | Chief Administrative Officer (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	28%
Award as percentage of base salary, target performance goal (percent)	54%
Award as percentage of base salary, high performance goal (percent)	96%
Officer LTIP | President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	198%
Award as percentage of base salary, target performance goal (percent)	275%
Award as percentage of base salary, high performance goal (percent)	440%
Officer LTIP | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	95%
Award as percentage of base salary, target performance goal (percent)	135%
Award as percentage of base salary, high performance goal (percent)	196%
Officer LTIP | Chief Operating Officer (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	110%
Award as percentage of base salary, target performance goal (percent)	157%
Award as percentage of base salary, high performance goal (percent)	231%
Officer LTIP | Chief Information Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	100%
Award as percentage of base salary, target performance goal (percent)	143%
Award as percentage of base salary, high performance goal (percent)	207%
Officer LTIP | Chief Administrative Officer (1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	65%
Award as percentage of base salary, target performance goal (percent)	92%
Award as percentage of base salary, high performance goal (percent)	134%

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions for LTIP Awards (Details) - Officer LTIP - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (percent)	32.30%	35.20%	35.50%
Risk-free interest rate (percent)	4.20%	1.70%	0.30%
Expected term (in years)	3 years	3 years	3 years
Share price at grant date (in dollars per share)	$ 19.04	$ 24.54	$ 23.2

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Share Awards with Performance and Service Conditions (Details) - Restricted share awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Unvested, beginning (in shares)	242,369	259,695	306,995
Granted (in shares)	410,928	408,606	238,134
Vested during year (in shares)	(367,109)	(408,118)	(277,967)
Forfeited (in shares)	(28,453)	(17,814)	(7,467)
Unvested, ending (in shares)	257,735	242,369	259,695
Weighted Average Grant Fair Value
Unvested, beginning (in dollars per share)	$ 21.35	$ 29.16	$ 30.96
Granted (in dollars per share)	18.40	22.33	23.53
Vested during year (in dollars per share)	19.79	27.13	26.39
Forfeited (in dollars per share)	20.85	25.31	26.73
Unvested, ending (in dollars per share)	$ 18.89	$ 21.35	$ 29.16

Share-Based Compensation - Unre

Share-Based Compensation - Unrestricted Shares with Market Conditions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrestricted Relative Peer TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 831	$ 1,480	$ 951
Unrestricted Relative Peer TSR | 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested value	592
Unrestricted Relative Peer TSR | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested value	385
Unrestricted Relative Peer TSR | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested value	0
Unrestricted Absolute/Index TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	1,048		$ 971
Unrestricted Absolute/Index TSR | 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested value	$ 743
Performance period (in years)		3 years
Unrestricted Absolute/Index TSR | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Unrestricted Absolute/Index TSR | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested value	$ 0
Performance period (in years)			3 years
Absolute/Index TSR | 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance evaluated on relative TSR to FTSE Residential Index weighting	40%
Performance evaluated on relative TSR to FTSE Residential Index	60%
Absolute/Index TSR | 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance evaluated on relative TSR to defined population of peer companies		100%
Absolute/Index TSR | 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance evaluated on relative TSR to defined population of peer companies			50%
Performance evaluated on relative TSR to FTSE Multifamily and Office indexes			50%

Other Benefit Plans (Details)

Other Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
401I(k) plan contributions by employer	$ 0.6	$ 0.3	$ 0.4
Liability, Other Postretirement Defined Benefit Plan, Noncurrent	0.1	0.2
Pension and Other Postretirement Benefits Cost (Reversal of Cost)	0.3	0.2	$ 0.2
Officer
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Accrued benefit liability	$ 2	$ 2.1

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Numerator:
Loss from continuing operations	$ (3,105)	$ (43,618)	$ (2,611)	$ (3,643)	$ (3,531)	$ (10,739)	$ (8,874)	$ (7,724)	$ (52,977)		$ (30,868)		$ (53,140)
Allocation of earnings to unvested restricted share awards									(255)		(232)		(393)
Adjusted loss from continuing operations									(53,232)		(31,100)		(53,533)
Income from discontinued operations, including gain on sale of real estate									0		0		69,524
Adjusted net (loss) income									$ (53,232)		$ (31,100)		$ 15,991
Denominator:
Weighted average shares outstanding – basic (in shares)									87,735		87,388		84,544
Weighted average shares outstanding – diluted (in shares)									87,735		87,388		84,544
Earnings per common share, basic:
Continuing operations (in dollars per share)	$ (0.04)	$ (0.50)	$ (0.03)	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.10)	$ (0.09)	$ (0.61)		$ (0.36)		$ (0.63)
Discontinued operations, basic (in dollars per share)									0		0		0.82
Basic net (loss) income per common share (in dollars per share)	(0.04)	(0.50)	(0.03)	(0.04)	(0.04)	(0.12)	(0.10)	(0.09)	(0.61)	[1]	(0.36)	[1]	0.19	[1]
Earnings per common share, diluted:
Continuing operations (in dollars per share)	(0.04)	(0.50)	(0.03)	(0.04)	(0.04)	(0.12)	(0.10)	(0.09)	(0.61)		(0.36)		(0.63)
Discontinued operations, diluted (in dollars per share)									0		0		0.82
Diluted net (loss) income per common share (in dollars per share)	$ (0.04)	$ (0.50)	$ (0.03)	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.10)	$ (0.09)	(0.61)	[1]	(0.36)	[1]	0.19	[1]
Dividends declared per common share (in dollars per share)									$ 0.72		$ 0.68		$ 0.94
[1]Earnings per share may not sum due to rounding

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021 segment	Dec. 31, 2023 property segment community
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2	1
Outside Of Washington, DC Metro Region
Segment Reporting Information [Line Items]
Number of properties | community		6
Riverside Apartments | Rental Revenue | Property Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage (more than)		10%
Office Buildings
Segment Reporting Information [Line Items]
Number of properties that do not meet criteria for reportable segment | property		1

Segment Information - Schedule

Segment Information - Schedule of Real Estate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Multifamily
Segment Reporting Information [Line Items]
Real estate rental revenue as a percentage of total	0.92	0.91	0.89
Percentage of total income producing real estate assets	0.96	0.92
Other
Segment Reporting Information [Line Items]
Real estate rental revenue as a percentage of total	0.08	0.09	0.11
Percentage of total income producing real estate assets	0.04	0.08

Segment Information - Financial

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Sep. 30, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Real estate rental revenue		$ 58,852	$ 56,651	$ 56,599	$ 55,809	$ 55,593	$ 54,603	$ 51,380	$ 47,804	$ 227,911	$ 209,380	$ 169,151
Real estate expenses										79,830	74,001	60,782
Net operating income										148,081	135,379	108,369
Property management expenses										(8,108)	(7,436)	(6,133)
General and administrative expenses										(25,887)	(28,258)	(27,538)
Transformation costs										(6,339)	(9,686)	(6,635)
Depreciation and amortization										(88,950)	(91,722)	(72,656)
Interest expense										(30,429)	(24,940)	(34,063)
Loss on interest rate derivatives										0	0	(5,866)
Loss on extinguishment of debt	$ 4,900									(54)	(4,917)	(12,727)
Other income										569	712	4,109
Real estate impairment										(41,860)	0	0
Discontinued operations:
Income from operations of properties sold or held for sale										0	0	23,083
Gain on sale of real estate, net										0	0	46,441
Net (loss) income		(3,105)	$ (43,618)	$ (2,611)	$ (3,643)	(3,531)	$ (10,739)	$ (8,874)	$ (7,724)	(52,977)	(30,868)	16,384
Capital expenditures										38,626	38,256	32,459
Total assets		1,900,028				1,872,606				1,900,028	1,872,606	1,875,994
Residential
Segment Reporting Information [Line Items]
Real estate rental revenue										209,311	190,500	150,965
Real estate expenses										74,535	68,735	55,527
Net operating income										134,776	121,765	95,438
Discontinued operations:
Capital expenditures										37,782	35,081	27,953
Total assets		1,768,426				1,691,176				1,768,426	1,691,176	1,455,328
Other
Segment Reporting Information [Line Items]
Real estate rental revenue										18,600	18,880	18,186
Real estate expenses										5,295	5,266	5,255
Net operating income										13,305	13,614	12,931
Discontinued operations:
Capital expenditures										844	3,175	4,506
Total assets		$ 131,602				$ 181,430				$ 131,602	$ 181,430	$ 420,666

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023		Dec. 31, 2022		Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Real estate rental revenue	$ 58,852	$ 56,651	$ 56,599	$ 55,809	$ 55,593	$ 54,603	$ 51,380	$ 47,804	$ 227,911		$ 209,380		$ 169,151
Loss from continuing operations	(3,105)	(43,618)	(2,611)	(3,643)	(3,531)	(10,739)	(8,874)	(7,724)	(52,977)		(30,868)		(53,140)
Net loss	$ (3,105)	$ (43,618)	$ (2,611)	$ (3,643)	$ (3,531)	$ (10,739)	$ (8,874)	$ (7,724)	$ (52,977)		$ (30,868)		$ 16,384
Loss from continuing operations per share
Income (loss) from continuing operations - Basic (in dollars per share)	$ (0.04)	$ (0.50)	$ (0.03)	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.10)	$ (0.09)	$ (0.61)		$ (0.36)		$ (0.63)
Income (loss) from continuing operations - Diluted (in dollars per share)	(0.04)	(0.50)	(0.03)	(0.04)	(0.04)	(0.12)	(0.10)	(0.09)	(0.61)		(0.36)		(0.63)
Net loss per share
Basic net income (loss) per share (in dollars per share)	(0.04)	(0.50)	(0.03)	(0.04)	(0.04)	(0.12)	(0.10)	(0.09)	(0.61)	[1]	(0.36)	[1]	0.19	[1]
Net income (loss) per share - Diluted (in dollars per share)	$ (0.04)	$ (0.50)	$ (0.03)	$ (0.04)	$ (0.04)	$ (0.12)	$ (0.10)	$ (0.09)	$ (0.61)	[1]	$ (0.36)	[1]	$ 0.19	[1]
[1]Earnings per share may not sum due to rounding

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	Dec. 31, 2023	Oct. 26, 2023	Dec. 31, 2022
Equity [Abstract]
Stock repurchase program, authorized amount		$ 50,000,000
Common shares reserved for future issuance	$ 550,000,000
Shares of beneficial interest, par value (in dollars per share)	$ 0.01		$ 0.01

Shareholders' Equity - Issuance

Shareholders' Equity - Issuances and Net Proceeds on Equity Distribution Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Distribution Agreement [Abstract]
Weighted average price per share (in dollars per share)	$ 0	$ 26.27	$ 25.44
Net proceeds	$ 0	$ 26,849	$ 40,462
Common Stock
Equity Distribution Agreement [Abstract]
Issuance of common shares (in shares)	0	1,032	1,636

Shareholders' Equity - Dividend

Shareholders' Equity - Dividend Reinvestment Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividend Reinvestment Program
Issuance of common shares (in shares)	28	47	75
Weighted average price per share (in dollars per share)	$ 17.64	$ 22.40	$ 23.37
Net proceeds	$ 497	$ 1,030	$ 1,744

Deferred Costs - Deferred Lease

Deferred Costs - Deferred Lease Costs and Incentives in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs, gross	$ 9,048	$ 8,992
Deferred leasing costs, accumulated amortization	5,537	5,132
Deferred leasing costs, net	$ 3,511	$ 3,860

Deferred Costs - Amortization a

Deferred Costs - Amortization and Write-Offs of Deferred Leasing Costs and Incentives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing costs amortization	$ 351	$ 406	$ 535

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - Valuation allowance for deferred tax assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 1,399	$ 1,392	$ 1,402
Additions Charged to Expenses	0	7	0
Net Recoveries	0	0	(10)
Balance at End of Year	$ 1,399	$ 1,399	$ 1,392

Schedule III (Details)

Schedule III (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Initial Cost
Land	$ 412,214,000
Buildings and Improvements	1,404,592,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	558,291,000
Gross Amounts at Which Carried
Land	384,097,000
Buildings and Improvements	1,991,000,000
Total	2,375,097,000	$ 2,299,712,000	$ 1,990,810,000	$ 3,021,232,000
Accumulated Depreciation	528,024,000	479,846,000	401,926,000	$ 749,014,000
Real estate impairment	41,860,000	0	$ 0
Carrying value for federal income tax purposes	1,500,000,000
Properties under development or held for future development	$ 30,980,000	31,260,000
Building | Minimum
Gross Amounts at Which Carried
Useful life (in years)	3 years
Building | Maximum
Gross Amounts at Which Carried
Useful life (in years)	40 years
Various development projects
Gross Amounts at Which Carried
Properties under development or held for future development	$ 600,000
Residential
Initial Cost
Land	366,233,000
Buildings and Improvements	1,326,267,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	588,313,000
Gross Amounts at Which Carried
Land	352,611,000
Buildings and Improvements	1,928,202,000
Total	2,280,813,000
Accumulated Depreciation	$ 526,321,000
Number of residential properties under development | property	1
Properties under development or held for future development	$ 31,000,000	$ 31,300,000
Residential | 3801 Connecticut Avenue | Washington, D.C.
Initial Cost
Land	420,000
Buildings and Improvements	2,678,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	23,494,000
Gross Amounts at Which Carried
Land	420,000
Buildings and Improvements	26,172,000
Total	26,592,000
Accumulated Depreciation	$ 18,112,000
Depreciation Life	30 years
Residential | Roosevelt Towers | Virginia
Initial Cost
Land	$ 336,000
Buildings and Improvements	1,996,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	14,761,000
Gross Amounts at Which Carried
Land	336,000
Buildings and Improvements	16,757,000
Total	17,093,000
Accumulated Depreciation	$ 13,970,000
Depreciation Life	40 years
Residential | Park Adams | Virginia
Initial Cost
Land	$ 287,000
Buildings and Improvements	1,654,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	17,029,000
Gross Amounts at Which Carried
Land	287,000
Buildings and Improvements	18,683,000
Total	18,970,000
Accumulated Depreciation	$ 13,563,000
Depreciation Life	35 years
Residential | The Ashby at McLean | Virginia
Initial Cost
Land	$ 4,356,000
Buildings and Improvements	17,102,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	35,968,000
Gross Amounts at Which Carried
Land	4,356,000
Buildings and Improvements	53,070,000
Total	57,426,000
Accumulated Depreciation	$ 37,011,000
Depreciation Life	30 years
Residential | Bethesda Hill Apartments | Maryland
Initial Cost
Land	$ 3,900,000
Buildings and Improvements	13,412,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	18,064,000
Gross Amounts at Which Carried
Land	3,900,000
Buildings and Improvements	31,476,000
Total	35,376,000
Accumulated Depreciation	$ 24,995,000
Depreciation Life	30 years
Residential | Bennett Park | Virginia
Initial Cost
Land	$ 2,861,000
Buildings and Improvements	917,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	83,551,000
Gross Amounts at Which Carried
Land	4,774,000
Buildings and Improvements	82,555,000
Total	87,329,000
Accumulated Depreciation	$ 52,189,000
Depreciation Life	28 years
Residential | The Clayborne | Virginia
Initial Cost
Land	$ 269,000
Buildings and Improvements	0
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	32,103,000
Gross Amounts at Which Carried
Land	699,000
Buildings and Improvements	31,673,000
Total	32,372,000
Accumulated Depreciation	$ 20,797,000
Depreciation Life	26 years
Residential | The Kenmore | Washington, D.C.
Initial Cost
Land	$ 28,222,000
Buildings and Improvements	33,955,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	22,258,000
Gross Amounts at Which Carried
Land	28,222,000
Buildings and Improvements	56,213,000
Total	84,435,000
Accumulated Depreciation	$ 26,795,000
Depreciation Life	30 years
Residential | The Maxwell | Virginia
Initial Cost
Land	$ 12,787,000
Buildings and Improvements	0
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	38,993,000
Gross Amounts at Which Carried
Land	12,850,000
Buildings and Improvements	38,930,000
Total	51,780,000
Accumulated Depreciation	$ 17,137,000
Depreciation Life	30 years
Residential | Yale West | Washington, D.C.
Initial Cost
Land	$ 14,684,000
Buildings and Improvements	62,069,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	2,530,000
Gross Amounts at Which Carried
Land	14,684,000
Buildings and Improvements	64,599,000
Total	79,283,000
Accumulated Depreciation	$ 22,468,000
Depreciation Life	30 years
Residential | The Paramount | Virginia
Initial Cost
Land	$ 8,568,000
Buildings and Improvements	38,716,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	4,554,000
Gross Amounts at Which Carried
Land	8,568,000
Buildings and Improvements	43,270,000
Total	51,838,000
Accumulated Depreciation	$ 17,598,000
Depreciation Life	30 years
Residential | The Wellington | Virginia
Initial Cost
Land	$ 30,548,000
Buildings and Improvements	116,563,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	25,251,000
Gross Amounts at Which Carried
Land	30,548,000
Buildings and Improvements	141,814,000
Total	172,362,000
Accumulated Depreciation	$ 44,342,000
Depreciation Life	30 years
Residential | The Trove | Virginia
Initial Cost
Land	$ 15,000,000
Buildings and Improvements	0
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	118,826,000
Gross Amounts at Which Carried
Land	15,000,000
Buildings and Improvements	118,826,000
Total	133,826,000
Accumulated Depreciation	$ 23,393,000
Depreciation Life	30 years
Residential | Riverside Apartments | Virginia
Initial Cost
Land	$ 38,924,000
Buildings and Improvements	184,854,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	54,251,000
Gross Amounts at Which Carried
Land	38,864,000
Buildings and Improvements	239,165,000
Total	278,029,000
Accumulated Depreciation	$ 72,196,000
Depreciation Life	30 years
Residential | Riverside Apartments land parcel | Virginia
Initial Cost
Land	$ 15,968,000
Buildings and Improvements	0
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	14,419,000
Gross Amounts at Which Carried
Land	0
Buildings and Improvements	30,387,000
Total	30,387,000
Accumulated Depreciation	0
Properties under development or held for future development	30,400,000
Residential | Elme Alexandria | Virginia
Initial Cost
Land	23,942,000
Buildings and Improvements	93,672,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	19,263,000
Gross Amounts at Which Carried
Land	23,942,000
Buildings and Improvements	112,935,000
Total	136,877,000
Accumulated Depreciation	$ 19,611,000
Depreciation Life	30 years
Residential | Elme Manassas | Virginia
Initial Cost
Land	$ 13,586,000
Buildings and Improvements	68,802,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	8,468,000
Gross Amounts at Which Carried
Land	13,586,000
Buildings and Improvements	77,270,000
Total	90,856,000
Accumulated Depreciation	$ 14,293,000
Depreciation Life	30 years
Residential | Elme Dulles | Virginia
Initial Cost
Land	$ 12,476,000
Buildings and Improvements	66,852,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	10,415,000
Gross Amounts at Which Carried
Land	12,476,000
Buildings and Improvements	77,267,000
Total	89,743,000
Accumulated Depreciation	$ 14,082,000
Depreciation Life	30 years
Residential | Elme Leesburg | Virginia
Initial Cost
Land	$ 4,113,000
Buildings and Improvements	21,286,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	1,832,000
Gross Amounts at Which Carried
Land	4,113,000
Buildings and Improvements	23,118,000
Total	27,231,000
Accumulated Depreciation	$ 4,937,000
Depreciation Life	30 years
Residential | Elme Herndon | Virginia
Initial Cost
Land	$ 11,225,000
Buildings and Improvements	51,534,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	8,295,000
Gross Amounts at Which Carried
Land	11,225,000
Buildings and Improvements	59,829,000
Total	71,054,000
Accumulated Depreciation	$ 11,369,000
Depreciation Life	30 years
Residential | Elme Germantown | Maryland
Initial Cost
Land	$ 7,609,000
Buildings and Improvements	34,431,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	4,838,000
Gross Amounts at Which Carried
Land	7,609,000
Buildings and Improvements	39,269,000
Total	46,878,000
Accumulated Depreciation	$ 7,569,000
Depreciation Life	30 years
Residential | Elme Watkins Mill | Maryland
Initial Cost
Land	$ 7,151,000
Buildings and Improvements	30,851,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	2,548,000
Gross Amounts at Which Carried
Land	7,151,000
Buildings and Improvements	33,399,000
Total	40,550,000
Accumulated Depreciation	$ 6,900,000
Depreciation Life	30 years
Residential | Cascade at Landmark | Virginia
Initial Cost
Land	$ 12,289,000
Buildings and Improvements	56,235,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	5,115,000
Gross Amounts at Which Carried
Land	12,289,000
Buildings and Improvements	61,350,000
Total	73,639,000
Accumulated Depreciation	$ 10,979,000
Depreciation Life	30 years
Residential | Elme Conyers | Georgia
Initial Cost
Land	$ 4,798,000
Buildings and Improvements	42,122,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	4,001,000
Gross Amounts at Which Carried
Land	4,798,000
Buildings and Improvements	46,123,000
Total	50,921,000
Accumulated Depreciation	$ 4,843,000
Depreciation Life	30 years
Residential | Elme Eagles Landing | Georgia
Initial Cost
Land	$ 16,117,000
Buildings and Improvements	86,460,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	5,345,000
Gross Amounts at Which Carried
Land	16,117,000
Buildings and Improvements	91,805,000
Total	107,922,000
Accumulated Depreciation	$ 8,688,000
Depreciation Life	30 years
Residential | Elme Sandy Springs | Georgia
Initial Cost
Land	$ 17,423,000
Buildings and Improvements	85,817,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	5,558,000
Gross Amounts at Which Carried
Land	17,423,000
Buildings and Improvements	91,375,000
Total	108,798,000
Accumulated Depreciation	$ 7,226,000
Depreciation Life	30 years
Residential | Elme Marietta | Georgia
Initial Cost
Land	$ 19,019,000
Buildings and Improvements	83,319,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	2,737,000
Gross Amounts at Which Carried
Land	19,019,000
Buildings and Improvements	86,056,000
Total	105,075,000
Accumulated Depreciation	$ 5,945,000
Depreciation Life	30 years
Residential | Elme Cumberland | Georgia
Initial Cost
Land	$ 14,106,000
Buildings and Improvements	51,689,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	3,705,000
Gross Amounts at Which Carried
Land	14,106,000
Buildings and Improvements	55,394,000
Total	69,500,000
Accumulated Depreciation	$ 4,098,000
Depreciation Life	30 years
Residential | Elme Druid Hills | Georgia
Initial Cost
Land	$ 25,249,000
Buildings and Improvements	79,281,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	141,000
Gross Amounts at Which Carried
Land	25,249,000
Buildings and Improvements	79,422,000
Total	104,671,000
Accumulated Depreciation	$ 1,215,000
Depreciation Life	30 years
Office Buildings | Watergate 600 | Washington, D.C.
Initial Cost
Land	$ 45,981,000
Buildings and Improvements	78,325,000
Net Improvements (Retirement) since Acquisition
Net Improvements (Retirement) since Acquisition	(30,022,000)
Gross Amounts at Which Carried
Land	31,486,000
Buildings and Improvements	62,798,000
Total	94,284,000
Accumulated Depreciation	$ 1,703,000
Depreciation Life	30 years

Schedule III - Reconciliation o

Schedule III - Reconciliation of Real Estate Assets and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate assets
Balance, beginning of period	$ 2,299,712,000	$ 1,990,810,000	$ 3,021,232,000
Property acquisitions	104,530,000	271,373,000	149,497,000
Improvements	48,075,000	37,539,000	34,095,000
Impairment write-down	(77,220,000)	0	0
Write-off of disposed assets	0	(10,000)	(619,000)
Property sales	0	0	(1,213,395,000)
Balance, end of period	2,375,097,000	2,299,712,000	1,990,810,000
Accumulated depreciation
Balance, beginning of period	479,846,000	401,926,000	749,014,000
Depreciation	83,538,000	78,267,000	86,399,000
Impairment write-down	(35,360,000)	0	0
Write-off of disposed assets	0	(347,000)	(27,000)
Property sales	0	0	(433,460,000)
Balance, end of period	$ 528,024,000	$ 479,846,000	$ 401,926,000