DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes our indebtedness, excluding deferred financing costs:

	(in thousands)
	December 31, 2022			December 31, 2021			Weighted Average Maturity in Years
Lines of credit	$	113,500		$	76,000		2.75
Term loans(1)	100,000			—			0.89
Unsecured senior notes(1)	300,000			300,000			8.26
Unsecured debt	513,500			376,000			6.15
Mortgages payable - Fannie Mae credit facility	198,850			198,850			8.34
Mortgages payable - other(2)	299,427			284,934			4.79
Total debt	$	1,011,777		$	859,784		5.76
Annual Weighted Average Interest Rates
Lines of credit (rate with swap)(3)	4.12		%	2.74		%
Term loan	5.57		%	—
Unsecured senior notes	3.12		%	3.12		%
Mortgages payable - Fannie Mae credit facility	2.78		%	2.78		%
Mortgages payable - other	3.85		%	3.81		%
Total debt	3.62		%	3.26		%

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

(2)Net of fair value adjustments on acquisition of mortgage.

(3)The interest rate swap was terminated in February 2022. Refer to Note 7 - Derivative Instruments for more information.

The following table shows the notes issued under both agreements.

	(in thousands)
	Amount		Maturity Date	Fixed 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	%

Aggregate Amount of Required Future Principal Payments on Mortgages Payable

The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2022 is as follows:

	(in thousands)
2023	$	145,988
2024	5,012
2025	147,350
2026	50,088
2027	47,088
Thereafter	616,251
Total payments	$	1,011,777