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DEBT (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our secured and unsecured debt at June 30, 2023 and December 31, 2022.
(in thousands)
June 30, 2023December 31, 2022
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted Average Maturity in Years at June 30, 2023
Lines of credit (1)
$18,989 6.70 %$113,500 4.12 %1.75
Term loans— — 100,000 5.57 %— 
Unsecured senior notes (2)(5)
300,000 3.12 %300,000 3.12 %7.76
Unsecured debt318,989 513,500 6.48
Mortgages payable - Fannie Mae credit facility (5)
198,850 2.78 %198,850 2.78 %7.85
Mortgages payable - other (3)(5)
367,679 4.14 %299,427 3.85 %6.39
Total debt (4)
$885,518 3.54 %$1,011,777 3.62 %6.93
(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; 14 at June 30, 2023 and 15 at December 31, 2022.
(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)
AmountMaturity DateInterest 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 Mortgages Payable
The aggregate amount of required future principal payments on all debt as of June 30, 2023, was as follows:
(in thousands)
2023 (remainder)$25,340 
20247,358 
202553,277 
202651,590 
202748,666 
Thereafter699,287 
Total payments$885,518