The following is a summary of the Company's mortgage notes payable, net (in thousands):

	Outstanding borrowings		Premium, net		Deferred Finance Costs, net			Carrying Value		Outstanding borrowings		Premium, net		Deferred Finance Costs, net			Carrying Value
Collateral	September 30, 2020									December 31, 2019
Uptown Buckhead	$	18,973	$	-	$	(153	)	$	18,820	$	19,264	$	-	$	(178	)	$	19,086
Crosstown at Chapel Hill		42,650		—		(279	)		42,371		42,650		—		(325	)		42,325
The Brookwood - Key Bank		16,743		109		(51	)		16,801		17,063		186		(88	)		17,161
The Brookwood - Capital One		2,530		8		(9	)		2,529		2,566		14		(15	)		2,565
Adair off Addison and Adair off Addison Apartment Homes		33,210		—		(333	)		32,877		33,210		—		(380	)		32,830
1000 Spalding Crossing		23,381		—		(70	)		23,311		23,737		—		(113	)		23,624
Montclair Terrace		19,612		—		(141	)		19,471		19,958		—		(182	)		19,776
Grand Reserve		47,845		—		(489	)		47,356		47,845		—		(539	)		47,306
Verdant Apartment Homes		36,402		—		(137	)		36,265		36,913		—		(178	)		36,735
Arcadia Apartment Homes		39,232		—		(150	)		39,082		39,782		—		(195	)		39,587
Ravina Apartment Homes		25,694		—		(111	)		25,583		26,241		—		(165	)		26,076
81 Fifty at West Hills Apartment Homes		51,022		—		(287	)		50,735		51,833		—		(368	)		51,465
The Palmer at Las Colinas		45,700		—		(387	)		45,313		45,700		—		(437	)		45,263
Windbrooke Crossing		36,657		—		(220	)		36,437		37,222		—		(272	)		36,950
Woods of Burnsville		37,148		—		(287	)		36,861		37,744		—		(355	)		37,389
Indigo Creek		39,750		—		(262	)		39,488		40,402		—		(320	)		40,082
Martin's Point		29,467		—		(242	)		29,225		29,944		—		(289	)		29,655
	$	546,016	$	117	$	(3,608	)	$	542,525	$	552,074	$	200	$	(4,399	)	$	547,875

The following table presents additional information about the Company's mortgage notes payable, net at September 30, 2020 (in thousands, except percentages):

	Maturity Date	Margin over LIBOR			Annual Interest Rate			Average Monthly Debt Service		Average Monthly Escrow
Uptown Buckhead	7/1/2025		2.22	%		2.37	%	$	70	$	52	(1) (3) (5)
Crosstown at Chapel Hill	7/1/2025		1.77	%		1.92	%		84		75	(1) (3) (4)
The Brookwood - Key Bank	11/1/2021		—			4.73	%		104		65	(2) (6)
The Brookwood - Capital One	11/1/2021		—			5.40	%		16		—	(2) (6)
Adair off Addison and Adair off Addison Apartment Homes	5/1/2026		1.64	%		1.79	%		73		74	(1) (3) (4)
1000 Spalding Crossing	1/1/2022		—			3.88	%		116		51	(2) (6)
Montclair Terrace	6/1/2023		2.45	%		2.60	%		80		27	(1) (3) (6)
Grand Reserve	5/1/2028		1.72	%		1.87	%		76		90	(1) (3) (4)
Verdant Apartment Homes	5/1/2023		-			3.89	%		176		35	(2) (6)
Arcadia Apartment Homes	5/1/2023		-			3.89	%		189		38	(2) (6)
Ravina Apartment Homes	5/1/2022		-			3.76	%		144		151	(2) (6)
81 Fifty at West Hills Apartment Homes	7/1/2023		2.36	%		2.51	%		205		58	(1) (3) (6)
The Palmer at Las Colinas	9/1/2026		2.11	%		2.26	%		85		156	(1) (3) (4)
Windbrooke Crossing	1/1/2024		2.69	%		2.84	%		154		65	(1) (3) (6)
Woods of Burnsville	2/1/2024		2.13	%		2.28	%		145		173	(1) (3) (6)
Indigo Creek	5/1/2024		1.93	%		2.08	%		127		74	(1) (3) (6)
Martin's Point	11/1/2024		1.86	%		2.01	%		111		76	(1) (3) (6)

(1)	Variable rate based on one-month LIBOR of 0.1483% (as of September 30, 2020) plus a fixed margin

(2)	Fixed rate

(3)	Variable rate hedged with interest rate cap cash flow hedge

(4)	Monthly interest-only payment currently required

(5)	Monthly fixed principal plus interest payment required

(6)	Fixed monthly payment of principal and interest payment required

On August 21, 2015, the Company recorded a premium, which represented the fair value of the debt assumed over its principal amount in connection with The Brookwood Apartment Homes acquisition. The premium is being amortized to interest expense over the term of the related mortgage loans using the effective interest method. As of September 30, 2020, the net unamortized premium of $116,731 was included as a component of mortgage loans payable in the accompanying consolidated balance sheets.

At September 30, 2020, the weighted average interest rate of all the Company's outstanding indebtedness was 2.68%.

All mortgage notes are collateralized by first mortgage liens on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of the mortgages held.

Annual principal payments on the mortgage notes payable, excluding amortization of the mortgage premium and deferred financing costs, for each of the next five 12-month periods ending September 30, and thereafter, are as follows (in thousands):

The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the mortgage notes by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary.

Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. As of September 30, 2020 and December 31, 2019, accumulated amortization of deferred financing costs was $4.2 million and $3.4 million, respectively. Amortization of deferred financing costs for the next five 12-month periods ending September 30, and thereafter, is as follows (in thousands):