DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s secured and unsecured debt at March 31, 2024 and December 31, 2023.

	(in thousands)
	March 31, 2024				December 31, 2023
	Carrying Amount		Weighted Average Interest Rate		Carrying Amount		Weighted Average Interest Rate		Weighted Average Maturity in Years at March 31, 2024
Lines of credit (1)	$	40,357	6.68	%	$	30,000	6.74	%	1.49
Unsecured senior notes (2)(5)	300,000		3.12	%	300,000		3.12	%	6.38
Unsecured debt	340,357				330,000				5.80
Mortgages payable - Fannie Mae credit facility (5)	198,850		2.78	%	198,850		2.78	%	7.31
Mortgages payable - other (3)(5)	389,874		4.05	%	391,140		4.05	%	5.55
Total debt (4)	$	929,081	3.59	%	$	919,990	3.54	%	6.01

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

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

(3)Represents apartment communities encumbered by mortgages; 14 at March 31, 2024 and December 31, 2023.

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

(5)Interest rate is fixed.

The following table shows the notes issued under both agreements as of March 31, 2024 and December 31, 2023.

	(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	%

Schedule of 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 March 31, 2024, was as follows:

	(in thousands)
2024 (remainder)	$	5,688
2025	76,290
2026	99,499
2027	48,666
2028	118,363
Thereafter	580,575
Total payments	$	929,081