v3.20.2

Mortgages and Notes Payable | 6 Months Ended
--- | ---
Jun. 30, 2020
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 |  |  | June 30, |  |  | December 31, |  |  |
Lender |  | (Month/Year) |  | (Month/Year) |  | Rate |  |  | 2020 |  |  | 2019 |  |  |
(1) | Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  |  | $ | 48,512 |  |  | $ | 49,065 |  |  | (a) (b) (c) (k)
(2) | Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  |  | 20,134 |  |  |  | 20,318 |  |  | (a) (b) (c) (j)
(3) | PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  |  | 17,693 |  |  |  | 17,885 |  |  | (b) (c)
(4) | Sun Life |  | Mar-12 |  | Oct-21 |  | 5.13% |  |  |  | 10,681 |  |  |  | 10,888 |  |  | (b) (f)
(5) | Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  |  | 7,419 |  |  |  | 7,788 |  |  | (b) (g)
(6) | M&T Bank |  | Oct-17 |  | Aug-21 |  | one - month LIBOR+3% |  |  |  | 4,842 |  |  |  | 4,913 |  |  | (b) (d) (h) (i)
(7) | Note holders |  | Dec-08 |  | Dec-23 |  | 6.25% |  |  |  | 591 |  |  |  | 750 |  |  | (d)
(8) | Standard Insurance Co. |  | Jul-10 |  | Aug-30 |  | 6.75% |  |  |  | — |  |  |  | 544 |  |  | (b) (c) (d) (e)
|  |  |  |  |  |  |  |  |  |  |  | 109,872 |  |  |  | 112,151 |  |  |
| Debt issuance costs, net |  |  |  |  |  |  |  |  |  |  | (360 | ) |  |  | (358 | ) |  |
|  |  |  |  |  |  |  |  |  |  | $ | 109,512 |  |  | $ | 111,793 |  |  |
(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) | The interest rate represents the initial interest rate. The interest rate could have been adjusted at Standard Insurance’s discretion (based on prevailing rates) at 119 months from the first payment date.
(f) | 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.
(g) | 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.
(h) | The Company entered into an interest rate swap agreement in connection with the mortgage note, as further described in Note 11.
(i) | 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.
(j) | 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.
(k) | 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.
At June 30, 2020, investment in rental property of $175,714 was pledged as collateral against the Company’s mortgages and notes payable. The following table summarizes the mortgages extinguished by the Company:
(in thousands, except number of mortgages) |  | For the six months ended June 30, 2020 |  |  | For the year ended December 31, 2019 |
Number of mortgages |  | 1 |  |  | 4 |
Outstanding balance of mortgages |  | $ | 541 |  |  | $ | 13,905 |
The following table summarizes the cost of mortgage extinguishment:
|  | For the three months ended June 30, |  |  | For the six months ended June 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Cost of mortgage extinguishment |  | $ | — |  |  | $ | 8 |  |  | $ | 22 |  |  | $ | 506 |
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 June 30, 2020 are as follows:
(in thousands) |  |  |  |
Remainder of 2020 |  | $ | 1,614 |
2021 |  |  | 258,006 |
2022 |  |  | 311,207 |
2023 |  |  | 273,173 |
2024 |  |  | 192,260 |
Thereafter |  |  | 1,001,912 |
|  | $ | 2,038,172 |
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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