Mortgages Payable (Tables) (Mortgages)

9 Months Ended

Sep. 30, 2014

Mortgages

Debt instrument

Summary of Mortgages payable

The following is a summary of all our mortgages payable as of September 30, 2014 and December 31, 2013, respectively (dollars in thousands):

		Weighted	Weighted	Weighted
		Average	Average	Average
		Stated	Effective	Remaining	Remaining	Unamortized	Mortgage
	Number of	Interest	Interest	Years Until	Principal	Premium	Payable
As Of	Properties(1)	Rate(2)	Rate(3)	Maturity	Balance	Balance, net	Balance
9/30/14	243	5.0%	4.0%	4.0	$     843,600	$        18,612	$     862,212
12/31/13	227	5.3%	3.9%	4.3	$     754,508	$        28,852	$     783,360

(1) At September 30, 2014, there were 58 mortgages on the 243 properties, while at December 31, 2013, there were 47 mortgages on the 227 properties.  The mortgages require monthly payments, with principal payments due at maturity.  The mortgages are at fixed interest rates, except for five mortgages on 14 properties totaling $74.4 million at September 30, 2014, including net unamortized discounts.  At December 31, 2013, two mortgages totaling $31.1 million, including net unamortized discounts, were at variable interest rates.  All of these variable rate mortgages were acquired with arrangements which limit our exposure to interest rate risk.

(2) Stated interest rates ranged from 2.0% to 6.9% at September 30, 2014, while stated interest rates ranged from 2.5% to 6.9% at December 31, 2013.

(3) Effective interest rates range from 2.2% to 9.1% at September 30, 2014, while effective interest rates ranged from 2.4% to 9.2% at December 31, 2013.

Schedule of maturity mortgages payable, excluding net premiums

The following table summarizes the maturity of mortgages payable, excluding net premiums of $18.6 million, as of September 30, 2014 (dollars in millions):

Year of
Maturity
2014	$	7.6
2015	119.7
2016	248.4
2017	142.5
2018	15.1
Thereafter	310.3
Totals	$	843.6