v3.24.3

Mortgages | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Mortgages | 8. Mortgages The Company’s mortgages consist of the following:
(in thousands, except interest rates) |  | Origination |  | Maturity |  | Interest |  | September 30, |  |  | December 31, |  |  |
Lender |  | Date |  | Date |  | Rate |  | 2024 |  |  | 2023 |  |  |
Wilmington Trust National Association |  | Apr. 2019 |  | Feb. 2028 |  | 4.92% |  | $ | 43,189 |  |  | $ | 44,207 |  |  | (a) (b) (c) (d)
Wilmington Trust National Association |  | Jun. 2018 |  | Aug. 2025 |  | 4.36% |  |  | 18,396 |  |  |  | 18,725 |  |  | (a) (b) (c) (d)
PNC Bank |  | Oct. 2016 |  | Nov. 2026 |  | 3.62% |  |  | 15,907 |  |  |  | 16,241 |  |  | (b) (c)
Total mortgages |  |  |  |  |  |  |  |  | 77,492 |  |  |  | 79,173 |  |  |
Debt issuance costs, net |  |  |  |  |  |  |  |  | (76 | ) |  |  | (105 | ) |  |
Mortgages, net |  |  |  |  |  |  |  | $ | 77,416 |  |  | $ | 79,068 |  |  |
(a) Non-recourse debt includes the indemnification/guaranty of the Company 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 as part of the acquisition of the related property. The debt was recorded at fair value at the time of assumption. At September 30, 2024, investment in rental property of $118.4 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 7) at September 30, 2024 are as follows:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 580 |
2025 |  |  | 20,195 |
2026 |  |  | 542,325 |
2027 |  |  | 351,596 |
2028 |  |  | 263,278 |
Thereafter |  |  | 775,000 |
|  | $ | 1,952,974 |
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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