DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s secured and unsecured debt at March 31, 2025 and December 31, 2024.

	(in thousands)
	March 31, 2025				December 31, 2024
	Carrying Amount		Weighted Average Interest Rate		Carrying Amount		Weighted Average Interest Rate		Weighted Average Maturity in Years at March 31, 2025
Lines of credit (1)	$	48,734	5.76	%	$	47,359	5.86	%	3.16
Unsecured senior notes (2)(4)	300,000		3.12	%	300,000		3.12	%	5.38
Unsecured debt	348,734				347,359				5.07
Mortgages payable - Fannie Mae credit facility (4)	198,850		2.78	%	198,850		2.78	%	6.31
Mortgages payable - other (3)(4)	418,508		4.02	%	420,414		4.02	%	5.15
Secured debt	617,358				619,264				5.52
Subtotal	966,092		3.57	%	966,623		3.58	%	5.36
Deferred financing costs, premiums, and discounts on mortgages payable, net	(10,174)				(10,758)
Deferred financing costs on notes payable, net	(465)				(480)
Total debt	$	955,453			$	955,385

(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; 15 at March 31, 2025 and December 31, 2024.

(4)Interest rate is fixed.

The following table shows the notes issued under both agreements as of March 31, 2025 and December 31, 2024.

	(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 outstanding debt as of March 31, 2025, was as follows:

	(in thousands)
2025 (remainder)	$	37,117
2026	102,810
2027	48,666
2028	164,321
2029	102,477
Thereafter	510,701
Total payments	966,092
Deferred financing costs, premiums, and discounts on mortgages payable, net	(10,174)
Deferred financing costs on notes payable, net	(465)
Total	$	955,453