DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following is a summary of our secured and unsecured debt at September 30, 2022 and December 31, 2021.

	(in thousands)
	September 30, 2022				December 31, 2021
	Carrying Amount		Weighted Average Interest Rate		Carrying Amount		Weighted Average Interest Rate		Weighted Average Maturity in Years at September 30, 2022
Lines of credit (1)	$	171,500	3.28	%	$	76,000	2.74	%	3.00
Unsecured senior notes (2)(5)	300,000		3.12	%	300,000		3.12	%	7.88
Unsecured debt	471,500				376,000				6.11
Mortgages payable - Fannie Mae credit facility (5)	198,850		2.78	%	198,850		2.78	%	8.82
Mortgages payable - other (3)(5)	300,956		3.85	%	284,934		3.81	%	5.03
Total debt (4)	$	971,306	3.45	%	$	859,784	3.26	%	6.33

(1)The interest rate swap was terminated in February 2022. Refer to Note 6 - Derivative Instruments for additional information. Interest rates on lines of credit are variable.

(2)Included within notes payable on the Condensed Consolidated Balance Sheets.

(3)Represents apartment communities encumbered by mortgages; 15 at September 30, 2022 and 14 at December 31, 2021.

(4)Excludes deferred financing costs and premiums or discounts.

(5)Interest rate is fixed.

The following table shows the notes issued under both private shelf 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	%

Aggregate Amount of Required Future Principal Payments on Mortgages Payable

The aggregate amount of required future principal payments as of September 30, 2022, was as follows:

	(in thousands)
2022 (remainder)	$	1,413
2023	45,988
2024	5,012
2025	205,350
2026	50,088
Thereafter	663,455
Total payments	$	971,306