Mortgages Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Mortgages Payable

Mortgages Payable

During the nine months ended September 30, 2023, we made $20.8 million in principal payments, including the full repayment of two mortgages for $17.4 million. No mortgages were assumed during the nine months ended September 30, 2023. 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.

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, 2023, 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 $0.6 million at September 30, 2023 and $0.8 million at December 31, 2022. These costs are being amortized over the remaining term of each mortgage.

The following table summarizes our mortgages payable as of September 30, 2023 and December 31, 2022 (dollars in millions):

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
September 30, 2023	131	4.8	%	3.3	%	0.7	$	822.0	$	2.3	$	824.2
December 31, 2022	136	4.8	%	3.3	%	1.4	$	842.3	$	11.6	$	853.9

(1)At September 30, 2023, there were 16 mortgages on 131 properties and at December 31, 2022, there were 18 mortgages on 136 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, 2023 and December 31, 2022, all mortgages were at fixed interest rates.

(2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2023 and December 31, 2022, respectively.

(3) Effective interest rates ranged from 1.3% to 6.6% and 2.7% to 6.6% at September 30, 2023 and December 31, 2022, respectively.

The following table summarizes the maturity of mortgages payable as of September 30, 2023, excluding $2.3 million related to unamortized net premiums and deferred financing costs (dollars in millions):

Year of Maturity	Principal
2023	$	1.3
2024	740.5
2025	42.4
2026	12.0
2027	22.3
Thereafter	3.5
Totals	$	822.0