XML 35 R24.htm IDEA: XBRL DOCUMENT v3.25.3
DEBT (Tables)
 9 Months Ended
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, 2025December 31, 2024
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted Average Maturity in Years at September 30, 2025
Lines of credit (1)
$222,5005.51 %$47,359 5.86 %2.82
Unsecured senior notes (2)(4)
300,0003.12 %300,000 3.12 %4.87
Unsecured debt522,500347,359 4.00
Mortgages payable - Fannie Mae credit facility (4)
198,8502.78 %198,850 2.78 %5.81
Mortgages payable - other (3)(4)(5)(6)
455,9343.87 %420,414 4.02 %10.05
Secured debt654,784619,264 8.77
Subtotal1,177,2843.80 %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)
AmountMaturity DateFixed Interest 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 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 
202697,956 
202749,980 
2028342,175 
2029103,872 
Thereafter581,338 
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.