2024 Q1 Form 10-K Financial Statement

#000010489424000019 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $59.51M $58.85M $227.9M
YoY Change 6.64% 5.86% 8.85%
Cost Of Revenue $21.72M $22.48M $79.83M
YoY Change 11.26% 8.7% 7.88%
Gross Profit $37.79M $36.37M $148.1M
YoY Change 4.15% 4.16% 9.38%
Gross Profit Margin 63.51% 61.8% 64.97%
Selling, General & Admin $6.196M $5.996M $25.89M
YoY Change -9.42% -17.41% -8.53%
% of Gross Profit 16.39% 16.49% 17.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.94M $24.10M $88.95M
YoY Change 15.82% 10.53% -3.02%
% of Gross Profit 66.0% 66.25% 60.07%
Operating Expenses $31.14M $30.09M $114.8M
YoY Change 9.72% 3.37% -4.3%
Operating Profit $4.437M $6.281M -$23.06M
YoY Change 36.86% 8.11% 1238.54%
Interest Expense $9.494M -$9.386M $30.43M
YoY Change 38.98% 43.3% 22.01%
% of Operating Profit 213.97% -149.43%
Other Income/Expense, Net -$8.084M $0.00 -$29.91M
YoY Change 17.41% -100.0% 2.64%
Pretax Income -$3.647M -$3.105M -$52.98M
YoY Change 0.19% -12.04% 71.45%
Income Tax
% Of Pretax Income
Net Earnings -$3.647M -$3.105M -$52.98M
YoY Change 0.11% -12.06% 71.62%
Net Earnings / Revenue -6.13% -5.28% -23.24%
Basic Earnings Per Share -$0.04 -$0.04 -$0.61
Diluted Earnings Per Share -$0.04 -$0.04 -$0.61
COMMON SHARES
Basic Shares Outstanding 87.87M shares 87.83M shares 87.74M shares
Diluted Shares Outstanding 87.89M shares 87.74M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.199M $5.984M $5.984M
YoY Change -40.01% -28.76% -28.76%
Cash & Equivalents $4.199M $5.984M $5.984M
Short-Term Investments
Other Short-Term Assets $25.97M $26.78M $23.26M
YoY Change 6.44% 4.18% 6.23%
Inventory
Prepaid Expenses
Receivables $12.89M $17.64M $17.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.06M $50.40M $46.89M
YoY Change -9.36% 0.0% 0.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.831B $1.847B $1.847B
YoY Change 1.37% 1.45% 1.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.704M $2.554M $6.065M
YoY Change 80.27% 70.27% 14.43%
Total Long-Term Assets $1.833B $1.850B $1.853B
YoY Change 1.44% 1.5% 1.49%
TOTAL ASSETS
Total Short-Term Assets $43.06M $50.40M $46.89M
Total Long-Term Assets $1.833B $1.850B $1.853B
Total Assets $1.877B $1.900B $1.900B
YoY Change 1.16% 1.46% 1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.11M $39.00M $39.00M
YoY Change 8.78% 13.36% 13.36%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $53.24M $61.09M $61.09M
YoY Change 6.26% 11.27% 11.27%
LONG-TERM LIABILITIES
Long-Term Debt $682.5M $679.3M $679.3M
YoY Change 22.58% 22.98% 22.98%
Other Long-Term Liabilities $4.361M $5.248M $5.248M
YoY Change 142.28% 228.0% 228.0%
Total Long-Term Liabilities $686.9M $684.6M $684.6M
YoY Change 22.97% 23.57% 23.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.24M $61.09M $61.09M
Total Long-Term Liabilities $686.9M $684.6M $684.6M
Total Liabilities $740.1M $745.7M $746.0M
YoY Change 21.6% 22.48% 22.47%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $880.0K $879.0K
YoY Change 0.34% 0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.136B $1.154B $1.154B
YoY Change
Total Liabilities & Shareholders Equity $1.877B $1.900B $1.900B
YoY Change 1.16% 1.46% 1.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.647M -$3.105M -$52.98M
YoY Change 0.11% -12.06% 71.62%
Depreciation, Depletion And Amortization $24.94M $24.10M $88.95M
YoY Change 15.82% 10.53% -3.02%
Cash From Operating Activities $21.22M $22.85M $84.67M
YoY Change 30.25% 5.31% 15.65%
INVESTING ACTIVITIES
Capital Expenditures $13.62M $15.94M $146.2M
YoY Change 134.86% -10.96% -39.75%
Acquisitions
YoY Change
Other Investing Activities $3.862M $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$9.760M -$15.94M -$146.2M
YoY Change 68.54% -11.46% -39.37%
FINANCING ACTIVITIES
Cash Dividend Paid $15.91M $64.34M
YoY Change 6.66% 8.38%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$13.09M -8.560M $60.24M
YoY Change 10.76% 125.26% -206.77%
NET CHANGE
Cash From Operating Activities $21.22M 22.85M $84.67M
Cash From Investing Activities -$9.760M -15.94M -$146.2M
Cash From Financing Activities -$13.09M -8.560M $60.24M
Net Change In Cash -$1.635M -1.645M -$1.314M
YoY Change 23.77% 1545.0% -99.41%
FREE CASH FLOW
Cash From Operating Activities $21.22M $22.85M $84.67M
Capital Expenditures $13.62M $15.94M $146.2M
Free Cash Flow $7.594M $6.915M -$61.55M
YoY Change -27.6% 81.97% -63.68%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">NOTE 1: NATURE OF BUSINESS</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">U.S. Federal Income Taxes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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):</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:53.298%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.562%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.709%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ordinary income/Section 199A dividends</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Return of capital</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Qualified dividends</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Unrecaptured Section 1250 gain</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Capital gain</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr></table></div>
CY2023 elme Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2022 elme Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2023 elme Percentage Of Dividends Paid On Ordinary Income
PercentageOfDividendsPaidOnOrdinaryIncome
0.33
CY2022 elme Percentage Of Dividends Paid On Ordinary Income
PercentageOfDividendsPaidOnOrdinaryIncome
0.20
CY2021 elme Percentage Of Dividends Paid On Ordinary Income
PercentageOfDividendsPaidOnOrdinaryIncome
0
CY2023 elme Percentage Of Dividends Paid On Return Of Capital
PercentageOfDividendsPaidOnReturnOfCapital
0.67
CY2022 elme Percentage Of Dividends Paid On Return Of Capital
PercentageOfDividendsPaidOnReturnOfCapital
0.80
CY2021 elme Percentage Of Dividends Paid On Return Of Capital
PercentageOfDividendsPaidOnReturnOfCapital
1
CY2023 elme Percentage Of Dividends Paid Qualified Dividends
PercentageOfDividendsPaidQualifiedDividends
0
CY2022 elme Percentage Of Dividends Paid Qualified Dividends
PercentageOfDividendsPaidQualifiedDividends
0
CY2021 elme Percentage Of Dividends Paid Qualified Dividends
PercentageOfDividendsPaidQualifiedDividends
0
CY2023 elme Percentage Of Dividends Paid On Unrecaptured Section1250 Gain
PercentageOfDividendsPaidOnUnrecapturedSection1250Gain
0
CY2022 elme Percentage Of Dividends Paid On Unrecaptured Section1250 Gain
PercentageOfDividendsPaidOnUnrecapturedSection1250Gain
0
CY2021 elme Percentage Of Dividends Paid On Unrecaptured Section1250 Gain
PercentageOfDividendsPaidOnUnrecapturedSection1250Gain
0
CY2023 elme Percentage Of Dividends Paid On Capital Gain
PercentageOfDividendsPaidOnCapitalGain
0
CY2022 elme Percentage Of Dividends Paid On Capital Gain
PercentageOfDividendsPaidOnCapitalGain
0
CY2021 elme Percentage Of Dividends Paid On Capital Gain
PercentageOfDividendsPaidOnCapitalGain
0
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates in the Financial Statements</span></div>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.
CY2023 us-gaap Depreciation
Depreciation
82700000 usd
CY2022 us-gaap Depreciation
Depreciation
77200000 usd
CY2021 us-gaap Depreciation
Depreciation
66200000 usd
CY2023 us-gaap Interest Costs Incurred
InterestCostsIncurred
30429000 usd
CY2022 us-gaap Interest Costs Incurred
InterestCostsIncurred
25223000 usd
CY2021 us-gaap Interest Costs Incurred
InterestCostsIncurred
34813000 usd
CY2023 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
0 usd
CY2022 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
283000 usd
CY2021 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
750000 usd
CY2023 us-gaap Interest Expense
InterestExpense
30429000 usd
CY2022 us-gaap Interest Expense
InterestExpense
24940000 usd
CY2021 us-gaap Interest Expense
InterestExpense
34063000 usd
CY2023Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2344117000 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2271006000 usd
CY2023Q4 elme Absorption Costs Weighted Average Useful Life
AbsorptionCostsWeightedAverageUsefulLife
P4M
CY2023 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
108200000 usd
CY2023 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
107600000 usd
CY2023 elme Asset Acquisition Credit For Operating Expenditures And Closing Costs
AssetAcquisitionCreditForOperatingExpendituresAndClosingCosts
600000 usd
CY2022 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
283700000 usd
CY2022 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
204400000 usd
CY2022Q3 elme Number Of Mortgage Notes
NumberOfMortgageNotes
2 note
CY2022 elme Asset Acquisition Mortgages Assumed
AssetAcquisitionMortgagesAssumed
76600000 usd
CY2022 elme Asset Acquisition Credit For Operating Expenditures And Closing Costs
AssetAcquisitionCreditForOperatingExpendituresAndClosingCosts
2800000 usd
CY2022Q3 elme Number Of Mortgage Notes
NumberOfMortgageNotes
2 note
CY2021 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
154200000 usd
CY2021 us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
153700000 usd
CY2021 elme Asset Acquisition Credit For Operating Expenditures And Closing Costs
AssetAcquisitionCreditForOperatingExpendituresAndClosingCosts
500000 usd
CY2023 elme Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2022 elme Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2023 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
41900000 usd
CY2021 us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
70519000 usd
CY2021 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
11201000 usd
CY2021 elme Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
11136000 usd
CY2021 elme Disposal Group Including Discontinued Operation Property Management
DisposalGroupIncludingDiscontinuedOperationPropertyManagement
2195000 usd
CY2021 us-gaap Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
22904000 usd
CY2021 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
46441000 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
69524000 usd
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.82
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.82
CY2021 us-gaap Capital Expenditure Discontinued Operations
CapitalExpenditureDiscontinuedOperations
3316000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
16351000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
15151000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
15084000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
13340000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
6134000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
42636000 usd
CY2023Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
108696000 usd
CY2022Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
4900000 usd
CY2021Q3 elme Number Of Derivative Instruments Terminated
NumberOfDerivativeInstrumentsTerminated
5 arrangement
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
4419000 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
912000 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
390000 usd
CY2023 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
1454000 usd
CY2022 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
1454000 usd
CY2021 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
1419000 usd
CY2023Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
700000000 usd
CY2022Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
700000000 usd
CY2021Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
700000000 usd
CY2023Q4 us-gaap Line Of Credit
LineOfCredit
157000000 usd
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
55000000 usd
CY2021Q4 us-gaap Line Of Credit
LineOfCredit
0 usd
CY2023 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
70578000 usd
CY2022 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
21636000 usd
CY2021 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
34803000 usd
CY2023 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
164000000 usd
CY2022 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
67000000 usd
CY2021 us-gaap Line Of Credit Facility Maximum Amount Outstanding During Period
LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
79000000 usd
CY2023 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0617
CY2022 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0422
CY2021 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0112
CY2023Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0626
CY2022Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0520
CY2021Q4 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0
CY2023Q4 elme Us Covered Terrorism Losses Percent
USCoveredTerrorismLossesPercent
0.85
CY2023Q4 elme Insurance Provider Covered Terrorism Losses Percent
InsuranceProviderCoveredTerrorismLossesPercent
0.10
CY2023 elme Aggregate Insurance Limit For Terrorism Losses
AggregateInsuranceLimitForTerrorismLosses
100000000000 usd
CY2023 elme Aggregate Insurance Limit For Terrorism Losses
AggregateInsuranceLimitForTerrorismLosses
100000000000 usd
CY2023 elme Aggregate Insurance Limit For Terrorism Losses
AggregateInsuranceLimitForTerrorismLosses
100000000000 usd
CY2021Q3 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
300000000 usd
CY2023 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-764000 usd
CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2819000 usd
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
3673000 usd
CY2023 elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-2039000 usd
CY2022 elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-2039000 usd
CY2021 elme Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-2039000 usd
CY2023 elme Distributed Continuing Operation Earnings Loss Allocation To Participating Securities
DistributedContinuingOperationEarningsLossAllocationToParticipatingSecurities
255000 usd
CY2022 elme Distributed Continuing Operation Earnings Loss Allocation To Participating Securities
DistributedContinuingOperationEarningsLossAllocationToParticipatingSecurities
232000 usd
CY2021 elme Distributed Continuing Operation Earnings Loss Allocation To Participating Securities
DistributedContinuingOperationEarningsLossAllocationToParticipatingSecurities
393000 usd
CY2023 elme Adjusted Income Loss From Continuing Operations Attributable To The Controlling Interests
AdjustedIncomeLossFromContinuingOperationsAttributableToTheControllingInterests
-53232000 usd
CY2022 elme Adjusted Income Loss From Continuing Operations Attributable To The Controlling Interests
AdjustedIncomeLossFromContinuingOperationsAttributableToTheControllingInterests
-31100000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5500000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8600000 usd
CY2023 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
100000 usd
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CY2021 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2022 elme Stock Issued During Period Weighted Average Price Per Share Dividend Reinvestment Plan
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CY2021 elme Stock Issued During Period Weighted Average Price Per Share Dividend Reinvestment Plan
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558291000 usd
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77220000 usd
CY2022 elme Impairment Gross Asset
ImpairmentGrossAsset
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CY2021 elme Impairment Gross Asset
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CY2023 elme Write Down Of Real Estate Disposed Of
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CY2022 elme Write Down Of Real Estate Disposed Of
WriteDownOfRealEstateDisposedOf
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CY2021 elme Write Down Of Real Estate Disposed Of
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1213395000 usd
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2375097000 usd
CY2022Q4 us-gaap Real Estate Gross At Carrying Value
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83538000 usd
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86399000 usd
CY2023 us-gaap Real Estate Accumulated Depreciation Other Deductions
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35360000 usd
CY2022 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
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CY2021 us-gaap Real Estate Accumulated Depreciation Other Deductions
RealEstateAccumulatedDepreciationOtherDeductions
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CY2023 elme Real Estate Accumulated Depreciation Write Off Of Disposed Assets
RealEstateAccumulatedDepreciationWriteOffOfDisposedAssets
0 usd
CY2022 elme Real Estate Accumulated Depreciation Write Off Of Disposed Assets
RealEstateAccumulatedDepreciationWriteOffOfDisposedAssets
347000 usd
CY2021 elme Real Estate Accumulated Depreciation Write Off Of Disposed Assets
RealEstateAccumulatedDepreciationWriteOffOfDisposedAssets
27000 usd
CY2023 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0 usd
CY2022 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
0 usd
CY2021 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
433460000 usd
CY2023Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
528024000 usd
CY2022Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
479846000 usd
CY2021Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
401926000 usd

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