Mortgages Payable

12 Months Ended

Dec. 31, 2021

Mortgages payable

Debt

Debt

Mortgages Payable

During 2021, we made $66.6 million in principal payments, including the repayment of seven mortgages in full for $63.0 million. During 2020, we made $108.8 million in principal payments, including the repayment of nine mortgages in full for $103.4 million. During 2021, we assumed 11 mortgages totaling $881.1 million in principal, including ten mortgages from our merger with VEREIT totaling $839.1 million and a Sterling-denominated mortgage on one property totaling £31.0 million. No mortgages were assumed during 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 loss of $4.0 million on extinguishment of debt for 2021.

In October 2021, we completed the early redemption on $9.6 million in principal of a mortgage due June 2022, plus accrued and unpaid interest. As a result of the early redemption, we recognized a loss of $315,000 on extinguishment of debt for 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 December 31, 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, at December 31, 2021 and 2020 was $790,000 and $973,000, respectively. These costs are being amortized over the remaining term of each mortgage.

The following summarizes our mortgages payable as of December 31, 2021 and 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 Finance Costs Balance, net		Mortgage Payable Balance
12/31/2021	267	4.8	%	3.5	%	1.8	$	1,114,129	$	27,866	$	1,141,995
12/31/2020	68	4.9	%	4.6	%	2.9	$	299,631	$	729	$	300,360

(1) At December 31, 2021, there were 22 mortgages on 267 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 December 31, 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 December 31, 2021 and 2020, respectively.

(3) Effective interest rates ranged from 2.6% to 6.0% and 4.0% to 5.5% at each of December 31, 2021 and 2020, respectively.

The following table summarizes the maturity of mortgages payable, excluding net premiums of $28.7 million and deferred financing costs of $790,000, as of December 31, 2021 (in millions):

Year of Maturity	Principal
2022	$	271.1
2023	62.1
2024	733.0
2025	42.0
2026	1.2
Thereafter	4.7
Totals	$	1,114.1