v3.22.2.2
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, 2022December 31, 2021
Carrying AmountWeighted Average Interest RateCarrying AmountWeighted Average Interest RateWeighted 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 debt471,500 376,000 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)
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 %
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 
202345,988 
20245,012 
2025205,350 
202650,088 
Thereafter663,455 
Total payments$971,306