v3.19.3.a.u2

Mortgages and Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Mortgages and Notes Payable | 10. Mortgages and Notes Payable The Company’s mortgages and notes payable consist of the following:
|  |  | Origination |  | Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands, except interest rates) |  | Date |  | Date |  | Interest |  |  | December 31, |  |  |
Lender |  | (Month/Year) |  | (Month/Year) |  | Rate |  |  | 2019 |  |  | 2018 |  |  |
(1) | Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  |  | $ | 49,065 |  |  | $ | — |  |  | (a) (b) (c) (n)
(2) | Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  |  | 20,318 |  |  |  | 20,674 |  |  | (a) (b) (c) (m)
(3) | PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  |  | 17,885 |  |  |  | 18,260 |  |  | (b) (c)
(4) | Sun Life |  | Mar-12 |  | Oct-21 |  | 5.13% |  |  |  | 10,888 |  |  |  | 11,288 |  |  | (b) (g)
(5) | Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  |  | 7,788 |  |  |  | 8,496 |  |  | (b) (h)
(6) | M&T Bank |  | Oct-17 |  | Aug-21 |  | one - month LIBOR+3% |  |  |  | 4,913 |  |  |  | 5,051 |  |  | (b) (d) (i) (j)
(7) | Note holders |  | Dec-08 |  | Dec-23 |  | 6.25% |  |  |  | 750 |  |  |  | 750 |  |  | (d)
(8) | Standard Insurance Co. |  | Jul-10 |  | Aug-30 |  | 6.75% |  |  |  | 544 |  |  |  | 563 |  |  | (b) (c) (d) (f) (o)
(9) | Symetra Financial |  | Nov-17 |  | Oct-26 |  | 3.65% |  |  |  | — |  |  |  | 6,467 |  |  | (a) (b) (k) (l)
(10) | Columbian Mutual Life Insurance Company |  | Aug-10 |  | Sep-25 |  | 7.00% |  |  |  | — |  |  |  | 1,459 |  |  | (b) (c) (d)
(11) | Legg Mason Mortgage Capital Corporation |  | Aug-10 |  | Aug-22 |  | 7.06% |  |  |  | — |  |  |  | 4,692 |  |  | (b) (e)
(12) | Standard Insurance Co. |  | Apr-09 |  | May-34 |  | 6.88% |  |  |  | — |  |  |  | 1,751 |  |  | (b) (c)
|  |  |  |  |  |  |  |  |  |  |  | 112,151 |  |  |  | 79,451 |  |  |
| Debt issuance costs, net |  |  |  |  |  |  |  |  |  |  | (358 | ) |  |  | (499 | ) |  |
|  |  |  |  |  |  |  |  |  |  | $ | 111,793 |  |  | $ | 78,952 |  |  |
(a) | Non-recourse debt includes the indemnification/guaranty of the Corporation and/or OP pertaining to fraud, environmental claims, insolvency and other matters.
(b) | Debt secured by related rental property and lease rents.
(c) | Debt secured by guaranty of the OP.
(d) | Debt secured by guaranty of the Corporation.
(e) | Debt was guaranteed by a third party.
(f) | The interest rate represents the initial interest rate. The interest rate will be adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date, and the monthly installments will be adjusted accordingly. At the time Standard Insurance may adjust the interest rate for the note payable, the Company has the right to prepay the note without penalty.
(g) | Mortgage was assumed in March 2012 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption.
(h) | Mortgage was assumed in April 2012 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.
(i) | The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 11.
(j) | Mortgage was assumed in October 2017 as part of an UPREIT transaction. The debt was recorded at fair value at the time of the assumption.
(k) | Mortgage was assumed in November 2017 as part of the acquisition of the related property. The debt was recorded at fair value at the time of the assumption.
(l) | The interest rate was adjusted to the holder’s quoted five-year commercial mortgage rate for similar size and quality.
(m) | Mortgage was assumed in June 2018 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.
(n) | Mortgage was assumed in April 2019 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption.
(o) | Mortgage was paid in full on February 13, 2020.
At December 31, 2019, investment in rental property of $178,670 is pledged as collateral against the Company’s mortgages and notes payable. The following table summarizes the mortgages extinguished by the Company:
|  | For the years ended December 31, |
(in thousands, except number) |  | 2019 |  |  | 2018 |  |  | 2017 |
Number of mortgages |  |  | 4 |  |  |  | 2 |  |  |  | 7 |
Outstanding balance of mortgages |  | $ | 13,905 |  |  | $ | 6,666 |  |  | $ | 48,108 |
The following table summarizes the cost of mortgage extinguishment:
|  | For the years ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Cost of mortgage extinguishment |  | $ | 842 |  |  | $ | 101 |  |  | $ | 1,596 |
Estimated future principal payments to be made under the above mortgage and note payable agreements, and the Company’s unsecured credit agreements (see Note 9) at December 31, 2019, are as follows:
(in thousands) |  |  |  |
2020 |  | $ | 303,210 |
2021 |  |  | 18,028 |
2022 |  |  | 200,230 |
2023 |  |  | 273,356 |
2024 |  |  | 192,287 |
Thereafter |  |  | 1,002,340 |
|  | $ | 1,989,451 |
Certain of the Company’s mortgage and note payable agreements provide for prepayment fees and can be terminated under certain events of default as defined under the related agreements. These prepayment fees are not reflected as part of the table above.

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