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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s secured and unsecured debt at September 30, 2025 and December 31, 2024.
| (in thousands) |
| September 30, 2025 |  | December 31, 2024 |
| Carrying Amount | Weighted Average Interest Rate |  | Carrying Amount | Weighted Average Interest Rate | Weighted Average Maturity in Years at September 30, 2025
Lines of credit (1) | $ | 222,500 | 5.51 | % |  | $ | 47,359 |  | 5.86 | % | 2.82
Unsecured senior notes (2)(4) | 300,000 | 3.12 | % |  | 300,000 |  | 3.12 | % | 4.87
Unsecured debt | 522,500 |  |  | 347,359 |  |  | 4.00
Mortgages payable - Fannie Mae credit facility (4) | 198,850 | 2.78 | % |  | 198,850 |  | 2.78 | % | 5.81
Mortgages payable - other (3)(4)(5)(6) | 455,934 | 3.87 | % |  | 420,414 |  | 4.02 | % | 10.05
Secured debt | 654,784 |  |  | 619,264 |  |  | 8.77
Subtotal | 1,177,284 | 3.80 | % |  | 966,623 |  | 3.58 | % | 6.65
Deferred financing costs, premiums, and discounts on mortgages payable, net | (32,710) |  |  | (10,758) |  |  |
Deferred financing costs on notes payable, net | (436) |  |  | (480) |  |  |
Total debt | $ | 1,144,138 |  |  | $ | 955,385 |  |  |
(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; 13 at September 30, 2025 and 15 at December 31, 2024. (4)Interest rate is fixed. (5)Includes mortgages payable of $12.7 million as of September 30, 2025, associated with apartment communities classified as held for sale (6)Includes mortgages payable of $76.5 million assumed as part of an acquisition discussed in Note 8 of the Notes to the Condensed Consolidated Financial Statements. The following table shows the notes issued under both agreements as of September 30, 2025 and December 31, 2024.
| (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 Outstanding Debt | The aggregate amount of required future principal payments on outstanding debt as of September 30, 2025, was as follows:
| (in thousands)
2025 (remainder) | $ | 1,963 |
2026 | 97,956 |
2027 | 49,980 |
2028 | 342,175 |
2029 | 103,872 |
Thereafter | 581,338 |
Total payments | 1,177,284 |
Deferred financing costs, premiums, and discounts on mortgages payable, net | (32,710) |
Deferred financing costs on notes payable, net | (436) |
Total(1) | $ | 1,144,138 |
(1)Includes mortgages payable associated with apartment communities classified as held for sale.

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