v3.21.2

Mortgages | 9 Months Ended
--- | ---
Sep. 30, 2021
Debt Disclosure [Abstract] |
Mortgages | 10. Mortgages The Company’s mortgages consist of the following:
|  | Origination |  | Maturity |  |  |  |  |  |  |  |  |  |
(in thousands, except interest rates) |  | Date |  | Date |  | Interest |  | September 30, |  |  | December 31, |  |  |
Lender |  | (Month/Year) |  | (Month/Year) |  | Rate |  | 2021 |  |  | 2020 |  |  |
Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  | $ | 47,064 |  |  | $ | 47,945 |  |  | (a) (b) (c) (j)
Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  | 19,657 |  |  |  | 19,947 |  |  | (a) (b) (c) (i)
PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  | 17,196 |  |  |  | 17,498 |  |  | (b) (c)
T2 Durham I, LLC |  | Jul-21 |  | Jul-24 |  | Greater of Prime + 1.25% or 5.00% |  |  | 7,500 |  |  |  | — |  |  | (b) (k)
Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  | 6,451 |  |  |  | 7,039 |  |  | (b) (f)
Sun Life |  | Mar-12 |  | Oct-21 |  | 5.13% |  |  | — |  |  |  | 10,469 |  |  | (b) (e)
M&T Bank |  | Oct-17 |  | Aug-21 |  | one - month LIBOR+3% |  |  | — |  |  |  | 4,769 |  |  | (b) (d) (g) (h)
Total mortgages |  |  |  |  |  |  |  |  | 97,868 |  |  |  | 107,667 |  |  |
Debt issuance costs, net |  |  |  |  |  |  |  |  | (338 | ) |  |  | (285 | ) |  |
Mortgages, net |  |  |  |  |  |  |  | $ | 97,530 |  |  | $ | 107,382 |  |  |
(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) 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. (f) 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. (g) The Company entered into an interest rate swap agreement in connection with the mortgage, as further described in Note 11. (h) 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. (i) 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. (j) 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. (k) Mortgage is subject to interest at a daily floating annual rate equal to the Prime Rate plus 1.25%, but no less than 5.00% per annum. At September 30, 2021, the interest rate was 5.00% At September 30, 2021, investment in rental property of $162,642 was pledged as collateral against the Company’s mortgages. Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 9) at September 30, 2021 are as follows:
(in thousands) |  |  |
Remainder of 2021 |  | $ | 707 |
2022 |  |  | 62,907 |
2023 |  |  | 7,582 |
2024 |  |  | 199,760 |
2025 |  |  | 20,195 |
Thereafter |  |  | 1,306,717 |
|  | $ | 1,597,868 |
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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for mortgage notes payable. + References No definition available. + Details
Name: | us-gaap_MortgageNotesPayableDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration