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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s secured and unsecured debt at September 30, 2024 and December 31, 2023.
| (in thousands) |
| September 30, 2024 |  | December 31, 2023 |
| Carrying Amount | Weighted Average Interest Rate |  | Carrying Amount | Weighted Average Interest Rate | Weighted Average Maturity in Years at September 30, 2024
Lines of credit (1) | $ | 39,000 | 6.70 | % |  | $ | 30,000 |  | 6.74 | % | 3.82
Unsecured senior notes (2)(4) | 300,000 | 3.12 | % |  | 300,000 |  | 3.12 | % | 5.87
Unsecured debt | 339,000 |  |  | 330,000 |  |  | 5.64
Mortgages payable - Fannie Mae credit facility (4) | 198,850 | 2.78 | % |  | 198,850 |  | 2.78 | % | 6.81
Mortgages payable - other (3)(4) | 387,294 | 4.05 | % |  | 392,274 |  | 4.05 | % | 5.03
Secured debt | 586,144 |  |  | 591,124 |  |  | 5.63
Subtotal | 925,144 | 3.59 | % |  | 921,124 |  | 3.54 | % | 5.63
Premiums and discounts, net | (345) |  |  | (1,134) |  |  |
Deferred financing costs, net | (3,533) |  |  | (3,968) |  |  |
Total debt | $ | 921,266 |  |  | $ | 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 September 30, 2024 and December 31, 2023. (4)Interest rate is fixed. The following table shows the notes issued under both agreements as of September 30, 2024 and December 31, 2023.
| (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 lines of credit, notes payable, and mortgages payable as of September 30, 2024, was as follows:
| (in thousands)
2024 (remainder) | $ | 1,880 |
2025 | 36,290 |
2026 | 102,809 |
2027 | 48,666 |
2028 | 157,321 |
Thereafter | 578,178 |
Total payments | 925,144 |
Premiums and discounts, net | (345) |
Deferred financing costs, net | (3,533) |
Total | $ | 921,266 |

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