DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s secured and unsecured debt at December 31, 2024 and December 31, 2023:

	(in thousands)
	December 31, 2024				December 31, 2023
	Carrying Amount		Interest Rate		Carrying Amount		Interest Rate		Weighted Average Maturity in Years at December 31, 2024
Lines of credit (1)	$	47,359	5.86	%	$	30,000	6.74	%	3.37
Unsecured senior notes(2)(4)	300,000		3.12	%	300,000		3.12	%	5.62
Unsecured debt	347,359				330,000				5.31
Mortgages payable - Fannie Mae credit facility(4)	198,850		2.78	%	198,850		2.78	%	6.56
Mortgages payable - other(3)(4)	420,414		4.02	%	392,274		4.05	%	5.39
Secured debt	$	619,264			$	591,124			5.76
Subtotal	$	966,623	3.58	%	$	921,124	3.54	%	5.60
Premiums and discounts, net	$	(7,496)			$	(1,134)
Deferred financing costs, net	$	(3,742)			$	(3,968)
Total debt	$	955,385			$	916,022

(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 Consolidated Balance Sheets.

(3)Represents apartment communities encumbered by mortgages; 15 at December 31, 2024 and 14 at December 31, 2023.

(4)Interest rate is fixed.

The following table shows the notes issued under both agreements as of December 31, 2024 and 2023.

	(in thousands)
	Amount		Maturity Date	Fixed 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	%

Schedule of Aggregate Amount of Required Future Principal Payments on Mortgages Payable

The aggregate amount of required future principal payments on lines of credit, notes payable, and mortgages payable, as of December 31, 2024 is as follows:

	(in thousands)
2025	$	39,649
2026	102,809
2027	48,666
2028	162,321
2029	102,477
Thereafter	510,701
Total payments	$	966,623
Premiums and discounts, net	(7,496)
Deferred financing costs, net	(3,742)
Total	955,385