REVOLVING CREDIT FACILITY AND TERM LOANS (Details)
$ in Thousands |
|
6 Months Ended |
|
|
|
Jul. 25, 2023
USD ($)
lender
multi-familyResidentialUnit
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
May 06, 2021
USD ($)
lender
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Loan balance |
|
$ 1,800,000
|
|
$ 1,900,000
|
|
| Borrowings from revolving credit facility |
|
16,000
|
$ 43,000
|
|
|
| Payment for borrowings |
|
16,000
|
$ 115,000
|
|
|
| 2021 Credit Facility | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Number of lenders | lender |
|
|
|
|
7
|
| Secured debt |
|
|
|
|
$ 250,000
|
| 2021 Term Loan | Term Loan | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Secured debt |
|
|
|
|
$ 150,000
|
| 2021 Credit Agreement | Revolving Credit Facility and Term Loan |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Written off unamortized deferred financing costs |
|
$ 2,700
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Number of lenders | lender |
2
|
|
|
|
|
| Secured debt |
$ 60,000
|
|
|
|
|
| Loan period |
1 year
|
|
|
|
|
| Extension option period |
6 months
|
|
|
|
|
| Number of units in unencumbered properties | multi-familyResidentialUnit |
240
|
|
|
|
|
| Borrowing capacity under the credit facility |
$ 60,000
|
|
|
|
|
| Facility fee basis points |
0.35%
|
|
|
|
|
| Total leverage ratio |
65.00%
|
|
|
|
|
| Debt service coverage ratio |
125.00%
|
|
|
|
|
| Tangible net worth ratio |
80.00%
|
|
|
|
|
| Percentage of net cash proceeds of equity issuances |
80.00%
|
|
|
|
|
| Percentage of maximum unhedged variable rate debt ratio |
30.00%
|
|
|
|
|
| Cash sweep threshold |
$ 25,000
|
|
|
|
|
| Loan balance |
$ 52,000
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | SOFR |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
0.10%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Daily Effective SOFR |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
0.00%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Term SOFR |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
0.10%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Term SOFR Subject to Floor |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
0.00%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Adjusted Term SOFR |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
1.00%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | NYFRB Rate |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
0.50%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit | Alternative Base Rate |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
1.00%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Term Loan | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Secured debt |
$ 115,000
|
|
|
|
|
| Loan period |
1 year
|
|
|
|
|
| Extension option period |
6 months
|
|
|
|
|
| Borrowing capacity under the credit facility |
$ 115,000
|
|
|
|
|
| Loan balance |
115,000
|
|
|
|
|
| Borrowings from revolving credit facility |
52,000
|
|
|
|
|
| Payment for borrowings |
$ 27,000
|
|
|
|
|
| Credit Agreement | Subsequent Event | Minimum | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
2.50%
|
|
|
|
|
| Credit Agreement | Subsequent Event | Maximum | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Variable interest rate |
3.50%
|
|
|
|
|