Mortgages Payable (Tables) - Mortgages payable

12 Months Ended

Dec. 31, 2020

Debt

Summary of mortgages payable

The following summarizes our mortgages payable as of December 31, 2020 and 2019, respectively (dollars in thousands):

As Of	Number of Properties(1)	Weighted Average Stated Interest Rate(2)		Weighted Average Effective Interest Rate(3)		Weighted Average Remaining Years Until Maturity	Remaining Principal Balance		Unamortized Premium and Deferred Finance Costs Balance, net		Mortgage Payable Balance
12/31/2020	68	4.9	%	4.6	%	2.9	$	299,631	$	729	$	300,360
12/31/2019	92	4.9	%	4.6	%	3.1	$	408,419	$	1,700	$	410,119

(1) At December 31, 2020, there were 18 mortgages on 68 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2020, all mortgages were at fixed interest rates. At December 31, 2019, we had one variable rate mortgage with a principal balance of $7.1 million that was swapped to a fixed interest rate.

(2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2020 and 2019, respectively.

(3) Effective interest rates ranged from 4.0% to 5.5% at December 31, 2020, while effective interest rates ranged from 3.8% to 7.6% at December 31, 2019.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.7 million and deferred financing costs of $973,000, as of December 31, 2020 (dollars in millions):

Year of Maturity	Principal
2021	$	44.2
2022	111.8
2023	20.6
2024	112.2
2025	0.7
Thereafter	10.1
Totals	$	299.6