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v3.23.1

DEBT - Narrative (Details) | 3 Months Ended |  |  |
--- | --- | --- | --- | ---
Mar. 31, 2023 USD ($) apartmentCommunity loan | Dec. 31, 2022 USD ($) apartmentCommunity | Sep. 30, 2021 USD ($) | Jan. 31, 2021 USD ($)
Line of Credit Facility [Line Items] |  |  |  |
Number of real estate properties, unencumbered by mortgages | apartmentCommunity | 50 |  |  |
Revolving lines of credit | $ 143,469,000 | $ 113,500,000 |  |
Outstanding debt | $ 921,659,000 | $ 1,011,777,000 |  |
Weighted average interest rate | 3.71% | 3.62% |  |
Line of Credit | Base Rate | Minimum |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Basis spread on variable rate | 0.25% |  |  |
Line of Credit | Base Rate | Maximum |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Basis spread on variable rate | 0.80% |  |  |
Line of Credit | London Interbank Offered Rate (LIBOR) | Minimum |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Basis spread on variable rate | 1.25% |  |  |
Line of Credit | London Interbank Offered Rate (LIBOR) | Maximum |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Basis spread on variable rate | 1.80% |  |  |
Operating Line of Credit |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Maximum borrowing capacity | $ 6,000,000 |  |  |
Revolving lines of credit | 4,000,000 |  |  |
BMO Line of Credit | Line of Credit |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Maximum borrowing capacity | 250,000,000 |  |  |
Remaining borrowing capacity | 110,500,000 |  |  |
Revolving lines of credit | 139,500,000 |  |  |
Accordion option |  |  | $ 400,000,000 |
Unsecured Senior Notes | Private Shelf Agreement |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Debt available for issuance | 25,000,000 |  |  | $ 225,000,000
Amount |  |  | 25,000,000 |
Outstanding debt | $ 200,000,000 |  |  |
Unsecured Senior Notes | Note Purchase Agreement |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Amount |  |  | 125,000,000 |
Mortgages |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Number of real estate properties, serving as collateral for mortgage loans | apartmentCommunity | 13 | 15 |  |
Number of material defaults or instances of noncompliance | loan | 0 |  |  |
Mortgages | Mortgages payable - Fannie Mae |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Amount |  |  | $ 198,900,000 |
Outstanding debt | $ 198,850,000 | $ 198,850,000 |  |
Weighted average interest rate | 2.78% | 2.78% |  |
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date One |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Term | 7 years |  |  |
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date Two |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Term | 10 years |  |  |
Mortgages | Mortgages payable - Fannie Mae | Interest Only Payment Date Three |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Term | 12 years |  |  |
Mortgages | Mortgages payable - Fannie Mae | 2021 Acquisitions |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |
Number of apartment units | apartmentCommunity | 12 |  |  |

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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(1) -URI https://asc.fasb.org/extlink&oid=123466204&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 + Details
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 + Details
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