Mortgages Payable (Tables) - Mortgages Payable

9 Months Ended

Sep. 30, 2016

The following is a summary of all our mortgages payable as of September 30, 2016 and December 31, 2015, respectively (dollars in thousands):

Weighted

Unamortized

Average

Premium

Stated

Effective

Remaining

and Deferred

Mortgage

Number of

Interest

Years Until

Principal

Finance Costs

Payable

As Of

Properties(1)

Rate(2)

Rate(3)

Maturity

Balance

Balance, net

Balance

9/30/16

129

4.9%

4.3%

3.9

496,470

6,731

503,201

12/31/15

183

4.9%

4.1%

3.6

637,658

8,529

646,187

(1)

At September 30, 2016, there were 38 mortgages on 129 properties, while at December 31, 2015, there were 44 mortgages on 183 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 $68.1 million at September 30, 2016, including net unamortized discounts. At December 31, 2015, four mortgages on 13 properties totaling $51.1 million, including net unamortized discounts, were at variable interest rates. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes three mortgages totaling $32.4 million at September 30, 2016, and two mortgages totaling $15.5 million at December 31, 2015.

(2)

Stated interest rates ranged from 2.3% to 6.9% at September 30, 2016, while stated interest rates ranged from 2.0% to 6.9% at December 31, 2015.

(3)

Effective interest rates ranged from 2.5% to 8.8% at September 30, 2016, while effective interest rates ranged from 2.2% to 8.9% at December 31, 2015.

Schedule of maturity mortgages payable, excluding net premiums

The following table summarizes the maturity of mortgages payable, excluding net premiums of $7.1 million and deferred finance costs of $374,000, as of September 30, 2016 (dollars in millions):

Year of Maturity	Principal
2016	$	36.3
2017	109.4
2018	15.9
2019	42.3
2020	82.4
Thereafter	210.2

Totals	$	496.5