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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s secured and unsecured debt at December 31, 2024 and December 31, 2023:
|  | (in thousands) |
|  | December 31, 2024 |  | December 31, 2023 |  |
|  | Carrying Amount | Interest Rate |  | Carrying Amount | Interest Rate |  | Weighted Average Maturity in Years at December 31, 2024
Lines of credit (1) |  | $ | 47,359 |  | 5.86 | % |  | $ | 30,000 |  | 6.74 | % |  | 3.37
Unsecured senior notes(2)(4) |  | 300,000 |  | 3.12 | % |  | 300,000 |  | 3.12 | % |  | 5.62
Unsecured debt |  | 347,359 |  |  |  | 330,000 |  |  |  | 5.31
Mortgages payable - Fannie Mae credit facility(4) |  | 198,850 |  | 2.78 | % |  | 198,850 |  | 2.78 | % |  | 6.56
Mortgages payable - other(3)(4) |  | 420,414 |  | 4.02 | % |  | 392,274 |  | 4.05 | % |  | 5.39
Secured debt |  | $ | 619,264 |  |  |  | $ | 591,124 |  |  |  | 5.76
Subtotal |  | $ | 966,623 |  | 3.58 | % |  | $ | 921,124 |  | 3.54 | % |  | 5.60
Premiums and discounts, net |  | $ | (7,496) |  |  |  | $ | (1,134) |  |  |  |
Deferred financing costs, net |  | $ | (3,742) |  |  |  | $ | (3,968) |  |  |  |
Total debt |  | $ | 955,385 |  |  |  | $ | 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 Consolidated Balance Sheets. (3)Represents apartment communities encumbered by mortgages; 15 at December 31, 2024 and 14 at December 31, 2023. (4)Interest rate is fixed. The following table shows the notes issued under both agreements as of December 31, 2024 and 2023.
| (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 | %
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 December 31, 2024 is as follows:
|  | (in thousands)
2025 |  | $ | 39,649 |
2026 |  | 102,809 |
2027 |  | 48,666 |
2028 |  | 162,321 |
2029 |  | 102,477 |
Thereafter |  | 510,701 |
Total payments |  | $ | 966,623 |
Premiums and discounts, net |  | (7,496) |
Deferred financing costs, net |  | (3,742) |
Total |  | 955,385 |

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