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DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s secured and unsecured debt at June 30, 2024 and December 31, 2023.
(in thousands)
June 30, 2024December 31, 2023
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted Average Maturity in Years at June 30, 2024
Lines of credit (1)
$48,0006.69 %$30,000 6.74 %1.25
Unsecured senior notes (2)(4)
300,0003.12 %300,000 3.12 %6.13
Unsecured debt348,000330,000 5.45
Mortgages payable - Fannie Mae credit facility (4)
198,8502.78 %198,850 2.78 %7.06
Mortgages payable - other (3)(4)
389,1494.05 %392,274 4.05 %5.27
Secured debt587,999591,124 5.88
Subtotal935,9993.62 %921,124 3.54 %5.72
Premiums and discounts, net(608)(1,134)
Deferred financing costs, net(3,708)(3,968)
Total debt$931,683$916,022 
(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 June 30, 2024 and December 31, 2023.
(4)Interest rate is fixed.
The following table shows the notes issued under both agreements as of June 30, 2024 and December 31, 2023.
(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 %
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 June 30, 2024, was as follows:
(in thousands)
2024 (remainder)$3,735 
202584,290 
2026102,809 
202748,666 
2028118,321 
Thereafter578,178 
Total payments
935,999 
Premiums and discounts, net(608)
Deferred financing costs, net(3,708)
Total
$931,683