v3.20.2
Mortgages and Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2020
Summary of Extinguished Mortgages

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

 

 
Summary of Cost Extinguished Mortgages

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

 
Schedule of Estimated Future Principal Payments

 

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

 
Secured Debt  
Summary of Unsecured Credit Agreements

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.