v3.26.3
Mortgages
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Mortgages Mortgages
The Company’s mortgages consist of the following:
(in thousands, except interest rates)Origination
Date		Maturity
Date		Interest
Rate		September 30,
2026		December 31, 2025
Lender
Wilmington Trust National AssociationApr. 2019Feb. 20284.92%$40,262 $41,393 
(a) (b) (c) (d)
PNC BankOct. 2016Nov. 20263.62%— 15,324 
(b) (c) (e)
Total mortgages40,262 56,717 
Debt issuance costs, net— (28)
Mortgages, net$40,262 $56,689 
(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.
(e)Mortgage was paid in full in June 2026.
At September 30, 2026, investment in rental property with a net book value of $55.2 million was pledged as collateral against the Company’s mortgage.
Estimated future principal payments to be made under the above mortgages and the Company’s unsecured credit agreements (see Note 7) at September 30, 2026 are as follows:
(in thousands)
Remainder of 2026$388 
2027351,596 
2028763,278 
2029855,438 
2030200,000 
Thereafter725,000 
$2,895,700 
The Company’s mortgage provides for prepayment fees and can be terminated under certain events of default as defined under the related agreement. These prepayment fees are not reflected as part of the table above.