v3.22.2.2

Mortgages | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt Disclosure [Abstract] |
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 |  | 2022 |  |  | 2021 |  |  |
Wilmington Trust National Association |  | Apr-19 |  | Feb-28 |  | 4.92% |  | $ | 45,834 |  |  | $ | 46,760 |  |  | (a) (b) (c) (d)
Wilmington Trust National Association |  | Jun-18 |  | Aug-25 |  | 4.36% |  |  | 19,254 |  |  |  | 19,557 |  |  | (a) (b) (c) (e)
PNC Bank |  | Oct-16 |  | Nov-26 |  | 3.62% |  |  | 16,782 |  |  |  | 17,094 |  |  | (b) (c)
T2 Durham I, LLC |  | Jul-21 |  | Jul-24 |  | Greater of Prime + 1.25% or 5.00% |  |  | 7,500 |  |  |  | 7,500 |  |  | (b) (f) (h)
Aegon |  | Apr-12 |  | Oct-23 |  | 6.38% |  |  | 5,626 |  |  |  | 6,249 |  |  | (b) (g)
Total mortgages |  |  |  |  |  |  |  |  | 94,996 |  |  |  | 97,160 |  |  |
Debt issuance costs, net |  |  |  |  |  |  |  |  | (243 | ) |  |  | (314 | ) |  |
Mortgages, net |  |  |  |  |  |  |  | $ | 94,753 |  |  | $ | 96,846 |  |  |
(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) 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. (e) 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. (f) 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, 2022 and December 31, 2021, the interest rate was 7.50% and 5.00%, respectively. (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) Mortgage was paid in full on October 6, 2022 (see Note 19). At September 30, 2022, investment in rental property of $158.5 million 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, 2022 are as follows:
(in thousands) |  |  |
Remainder of 2022 |  | $ | 743 |
2023 |  |  | 7,582 |
2024 |  |  | 9,760 |
2025 |  |  | 20,195 |
2026 |  |  | 636,380 |
Thereafter |  |  | 1,389,873 |
|  | $ | 2,064,533 |
Certain of the Company's mortgages 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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