Mortgages Payable

9 Months Ended

Sep. 30, 2021

Mortgages payable

Debt

Debt

Mortgages Payable

During the nine months ended September 30, 2021, we made $56.0 million in principal payments, including the repayment of six mortgages in full for $53.3 million. During the nine months ended September 30, 2020, we made $73.7 million in principal payments, including the repayment of five mortgages in full for $69.2 million. During the nine months ended September 30, 2021, we assumed a Sterling-denominated mortgage on one property totaling £31.0 million. No mortgages were assumed during the nine months ended September 30, 2020. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan.

In September 2021, we completed the early redemption on $12.5 million in principal of a mortgage due June 2032, plus accrued and unpaid interest. As a result of the early redemption, we recognized a $4.0 million loss on extinguishment of debt for the nine months ended September 30, 2021.

Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At September 30, 2021, we were in compliance with these covenants.

The balance of our deferred financing costs, which are classified as part of mortgages payable, net, on our consolidated balance sheets, was $865,000 at September 30, 2021 and $973,000 at December 31, 2020. These costs are being amortized over the remaining term of each mortgage.

The following table summarizes our mortgages payable as of September 30, 2021 and December 31, 2020, 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 Financing Costs Balance, net		Mortgage Payable Balance
9/30/2021	61	4.4	%	4.3	%	2.2	$	285,549	$	68	$	285,617
12/31/2020	68	4.9	%	4.6	%	2.9	$	299,631	$	729	$	300,360

(1)At September 30, 2021, there were 13 mortgages on 61 properties. At December 31, 2020, there were 18 mortgages on 68 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2021 and December 31, 2020, all mortgages were at fixed interest rates.

(2) Stated interest rates ranged from 3.0% to 6.9% and 3.8% to 6.9% at each of September 30, 2021 and December 31, 2020, respectively.

(3) Effective interest rates ranged from 2.8% to 4.9% and 4.0% to 5.5% at each of September 30, 2021 and December 31, 2020, respectively.

The following table summarizes the maturity of mortgages payable, excluding net premiums of $933,000 and deferred financing costs of $865,000, as of September 30, 2021 (dollars in millions):

Year of Maturity	Principal
2021	$	0.9
2022	111.6
2023	20.4
2024	111.9
2025	40.8
Totals	$	285.6