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.