DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table shows the notes issued under both agreements.

	(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	%

The following table summarizes our indebtedness:

	(in thousands)
	December 31, 2021			December 31, 2020			Weighted Average Maturity in Years
Lines of credit	$	76,000		$	152,871		3.75
Term loans(1)	—			145,000
Unsecured senior notes(1)	300,000			125,000			8.63
Unsecured debt	376,000			422,871			7.84
Mortgages payable - Fannie Mae credit facility	198,850			—			9.56
Mortgages payable - other	284,934			298,445			4.93
Total debt	$	859,784		$	721,316		7.19
Annual Weighted Average Interest Rates
Lines of credit (rate with swap) (2)	2.74		%	2.85		%
Term loans (rate with swaps)	—			4.15		%
Unsecured senior notes	3.12		%	3.78		%
Mortgages payable - Fannie Mae credit facility	2.78		%	—
Mortgages payable - other	3.81		%	3.93		%
Total debt	3.26		%	3.62		%

(1)Included within notes payable on our consolidated balance sheets.

(2)The current rate on our line of credit is LIBOR plus 150 basis points. The LIBOR exposure on the line of credit as of December 31, 2021 was hedged using an interest rate swap with a notional of $75.0 million and a fixed rate of 2.81%. The interest rate swap was terminated in February 2022.

Aggregate Amount of Required Future Principal Payments on Mortgages Payable

The aggregate amount of required future principal payments on mortgages payable, notes payable, and lines of credit as of December 31, 2021 is as follows:

	(in thousands)
2022	$	27,113
2023	45,067
2024	4,054
2025	108,850
2026	49,047
Thereafter	625,653
Total payments	$	859,784