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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following is a summary of our secured and unsecured debt at September 30, 2023 and December 31, 2022.
| (in thousands) |
| September 30, 2023 |  | December 31, 2022 |
| Carrying Amount | Weighted Average Interest Rate |  | Carrying Amount | Weighted Average Interest Rate | Weighted Average Maturity in Years at September 30, 2023
Lines of credit (1) | $ | — | — |  |  | $ | 113,500 |  | 4.12 | % | — |
Term loans | — | — |  |  | 100,000 |  | 5.57 | % | — |
Unsecured senior notes (2)(5) | 300,000 | 3.12 | % |  | 300,000 |  | 3.12 | % | 6.88
Unsecured debt | 300,000 |  |  | 513,500 |  |  | 6.88
Mortgages payable - Fannie Mae credit facility (5) | 198,850 | 2.78 | % |  | 198,850 |  | 2.78 | % | 7.81
Mortgages payable - other (3)(5) | 343,709 | 4.14 | % |  | 299,427 |  | 3.85 | % | 6.53
Total debt (4) | $ | 842,559 | 3.46 | % |  | $ | 1,011,777 |  | 3.62 | % | 6.96
(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 September 30, 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) |  |  |  |
| 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 all debt as of September 30, 2023, was as follows:
| (in thousands)
2023 (remainder) | $ | 1,486 |
2024 | 6,369 |
2025 | 35,277 |
2026 | 51,590 |
2027 | 48,666 |
Thereafter | 699,171 |
Total payments | $ | 842,559 |

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