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DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the Company’s secured and unsecured debt at March 31, 2026 and December 31, 2025.
(in thousands)
March 31, 2026December 31, 2025
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted Average Maturity in Years at March 31, 2026
Lines of credit (1)
$150,4294.88 %$154,925 5.12 %2.32
Unsecured senior notes (2)(4)
300,0003.12 %300,000 3.12 %4.38
Unsecured debt450,429454,925 3.69
Mortgages payable - Fannie Mae credit facility (4)
198,8502.78 %198,850 2.78 %5.31
Mortgages payable - other (3)(4)
398,5673.88 %400,134 3.88 %10.79
Secured debt597,417598,984 8.97
Subtotal1,047,8463.60 %1,053,909 3.64 %6.70
Deferred financing costs, premiums, and discounts on mortgages payable, net(31,806)(32,324)
Deferred financing costs on notes payable, net(406)(421)
Total debt$1,015,634$1,021,164 
(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; 10 at March 31, 2026 and December 31, 2025.
(4)Interest rate is fixed.
The following table shows the notes issued under both agreements as of March 31, 2026 and December 31, 2025.
(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 March 31, 2026, was as follows:
(in thousands)
2026 (remainder)$55,369 
202749,679 
2028264,224 
202997,237 
203089,159 
Thereafter492,178 
Total payments
1,047,846 
Deferred financing costs, premiums, and discounts on mortgages payable, net(31,806)
Deferred financing costs on notes payable, net(406)
Total
$1,015,634