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.