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DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our secured and unsecured debt at March 31, 2023 and December 31, 2022.
(in thousands)
March 31, 2023December 31, 2022
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted Average Maturity in Years at March 31, 2023
Lines of credit (1)
$143,469 6.39 %$113,500 4.12 %2.00
Term loans— — 100,000 5.57 %— 
Unsecured senior notes (2)(5)
300,000 3.12 %300,000 3.12 %8.01
Unsecured debt443,469 513,500 6.51
Mortgages payable - Fannie Mae credit facility (5)
198,850 2.78 %198,850 2.78 %7.99
Mortgages payable - other (3)(5)
279,340 3.85 %299,427 3.85 %5.09
Total debt (4)
$921,659 3.71 %$1,011,777 3.62 %6.06
(1)The interest rate swap was terminated in February 2022. Refer to Note 6 - Derivative Instruments for additional information. Interest rates on lines of credit are variable.
(2)Included within notes payable on the Condensed Consolidated Balance Sheets.
(3)Represents apartment communities encumbered by mortgages; 13 at March 31, 2023 and 15 at December 31, 2022.
(4)Excludes deferred financing costs and premiums or discounts.
(5)Interest rate is fixed.
The following table shows the notes issued under both private shelf agreements.
(in thousands)
AmountMaturity DateInterest Rate
Series A$75,000 September 13, 20293.84 %
Series B$50,000 September 30, 20283.69 %
Series C$50,000 June 6, 20302.70 %
Series 2021-A$35,000 September 17, 20302.50 %
Series 2021-B$50,000 September 17, 20312.62 %
Series 2021-C$25,000 September 17, 20322.68 %
Series 2021-D$15,000 September 17, 20342.78 %
Aggregate Amount of Required Future Principal Payments on Mortgages Payable
The aggregate amount of required future principal payments on all debt as of March 31, 2023, was as follows:
(in thousands)
2023 (remainder)$25,995 
20248,981 
2025173,350 
202650,088 
202747,088 
Thereafter616,157 
Total payments$921,659