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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 |

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