v3.25.2
Mortgages
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Mortgages Mortgages
The Company’s mortgages consist of the following:
(in thousands, except interest rates)Origination
Date		Maturity
Date		Interest
Rate		June 30,
2025		December 31,
2024
Lender
Wilmington Trust National AssociationApr. 2019Feb. 20284.92%$42,121 $42,838 
(a) (b) (c) (d)
Wilmington Trust National AssociationJun. 2018Aug. 20254.36%18,052 18,283 
(a) (b) (c) (d)
PNC BankOct. 2016Nov. 20263.62%15,559 15,792 
(b) (c)
Total mortgages75,732 76,913 
Debt issuance costs, net(47)(67)
Mortgages, net$75,685 $76,846 
(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 June 30, 2025, investment in rental property with a net book value of $116.4 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 June 30, 2025 are as follows:
(in thousands)
Remainder of 2025$19,016 
202616,843 
2027351,596 
2028763,277 
2029497,880 
Thereafter475,000 
$2,123,612 
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.