Mortgages

3 Months Ended

Mar. 31, 2023

The Company’s mortgages consist of the following:


	Origination	Maturity
(in thousands, except interest rates)	Date	Date	Interest	March 31,			December 31,
Lender	(Month/Year)	(Month/Year)	Rate	2023			2022
Wilmington Trust National Association	Apr-19	Feb-28	4.92%	$	45,187		$	45,516		(a) (b) (c) (d)
Wilmington Trust National Association	Jun-18	Aug-25	4.36%		19,043			19,150		(a) (b) (c) (e)
PNC Bank	Oct-16	Nov-26	3.62%		16,566			16,675		(b) (c)
Aegon	Apr-12	Oct-23	6.38%		5,197			5,413		(b) (f)
Total mortgages					85,993			86,754
Debt issuance costs, net					(140	)		(152	)
Mortgages, net				$	85,853		$	86,602

(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 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.

At March 31, 2023, investment in rental property of $142.4 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 March 31, 2023 are as follows:


(in thousands)
Remainder of 2023	$	6,820
2024		2,260
2025		20,195
2026		525,173
2027		351,597
Thereafter		1,038,278
	$	1,944,323

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.