DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s indebtedness, excluding deferred financing costs and premiums or discounts:

	(in thousands)
	December 31, 2023				December 31, 2022
	Carrying Amount		Interest Rate		Carrying Amount		Interest Rate		Weighted Average Maturity in Years at December 31, 2023
Lines of credit (1)	$	30,000	6.74	%	$	113,500	5.61	%	1.75
Term loans(2)	—		—		100,000		5.57	%	—
Unsecured senior notes(2)(5)	300,000		3.12	%	300,000		3.12	%	6.63
Unsecured debt	330,000				513,500				6.19
Mortgages payable - Fannie Mae credit facility(5)	198,850		2.78	%	198,850		2.78	%	7.56
Mortgages payable - other(3)(5)	391,140		4.05	%	299,427		3.85	%	5.80
Total debt(4)	$	919,990	3.54	%	$	1,011,777	3.62	%	6.30

(1)Interest rates on lines of credit are variable and exclude any unused facility fees and amounts reclassified from accumulated other comprehensive income into interest expense from terminated interest rate swaps.

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

(3)Represents apartment communities encumbered by mortgages; 14 at December 31, 2023 and 15 at December 31, 2022.

(4)Excludes deferred financing costs and premiums or discounts.

(5)Interest rate is fixed.

	(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, 2023 is as follows:

	(in thousands)
2024	$	6,860
2025	66,290
2026	99,120
2027	48,666
2028	118,365
Thereafter	580,689
Total payments	$	919,990