Mortgages (Tables)

6 Months Ended

Jun. 30, 2022

Debt Instrument [Line Items]

Schedule of Estimated Future Principal Payments

Estimated future principal payments to be made under the above mortgages and the Company's unsecured credit agreements (see Note 9) at June 30, 2022 are as follows:

(in thousands)
Remainder of 2022	$	1,466
2023		7,582
2024		199,760
2025		20,195
2026		737,500
Thereafter		889,874
	$	1,856,377

Secured Debt

Debt Instrument [Line Items]

Summary of Unsecured Credit Agreements

The Company's mortgages consist of the following:

	Origination	Maturity
(in thousands, except interest rates)	Date	Date	Interest	June 30,			December 31,
Lender	(Month/Year)	(Month/Year)	Rate	2022			2021
Wilmington Trust National Association	Apr-19	Feb-28	4.92%	$	46,142		$	46,760		(a) (b) (c) (d)
Wilmington Trust National Association	Jun-18	Aug-25	4.36%		19,355			19,557		(a) (b) (c) (e)
PNC Bank	Oct-16	Nov-26	3.62%		16,886			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)
Aegon	Apr-12	Oct-23	6.38%		5,837			6,249		(b) (g)
Total mortgages					95,720			97,160
Debt issuance costs, net					(267	)		(314	)
Mortgages, net				$	95,453		$	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 June 30, 2022 and December 31, 2021, the interest rate was 6.00% and 5.00%, respectively.

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.