DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table shows the notes issued under both agreements.

	(in thousands)
	Amount		Maturity Date	Interest Rate
Series A	$	75,000	September 13, 2029	3.84	%
Series B	$	50,000	September 30, 2028	3.69	%
Series C	$	50,000	June 6, 2030	2.70	%
Series 2021-A	$	35,000	September 17, 2030	2.50	%
Series 2021-B	$	50,000	September 17, 2031	2.62	%
Series 2021-C	$	25,000	September 17, 2032	2.68	%
Series 2021-D	$	15,000	September 17, 2034	2.78	%

The following table summarizes indebtedness:

	(in thousands)
	March 31, 2022			December 31, 2021			Weighted Average Maturity in Years at March 31, 2022
Lines of credit	$	46,000		$	76,000		3.75
Unsecured senior notes (1)	300,000			300,000			8.63
Unsecured debt	346,000			376,000			7.98
Mortgages payable - Fannie Mae credit facility	198,850			198,850			9.56
Mortgages payable - other	326,113			284,934			6.71
Total debt	$	870,963		$	859,784		7.14
Weighted average interest rate on lines of credit (rate with swap)(2)	2.56		%	2.74		%
Weighted average interest rate on unsecured senior notes	3.12		%	3.12		%
Weighted average interest rate on mortgages payable - Fannie Mae credit facility	2.78		%	2.78		%
Weighted average interest rate on mortgages payable - other	3.85		%	3.81		%
Weighted average interest rate on total debt	3.29		%	3.26		%

(1)Included within notes payable on the Condensed Consolidated Balance Sheets.

(2)The interest rate swap was terminated during the three months ended March 31, 2022.

Aggregate Amount of Required Future Principal Payments on Mortgages Payable

The aggregate amount of required future principal payments on unsecured senior notes and mortgages payable as of March 31, 2022, was as follows:

	(in thousands)
2022 (remainder)	$	26,443
2023	45,988
2024	5,012
2025	79,850
2026	50,088
Thereafter	663,582
Total payments	$	870,963