Mortgages Payable (Tables) - Mortgages Payable

9 Months Ended

Sep. 30, 2017

Debt

Summary of debt

The following is a summary of all our mortgages payable as of September 30, 2017 and December 31, 2016, respectively (dollars in thousands):

		Weighted	Weighted	Weighted			Unamortized
		Average	Average	Average			Premium
		Stated	Effective	Remaining	Remaining		and Deferred		Mortgage
	Number of	Interest	Interest	Years Until	Principal		Finance Costs		Payable
As Of	Properties(1)	Rate(2)	Rate(3)	Maturity	Balance		Balance, net		Balance
9/30/17	63	4.9%	4.5%	4.3	$	336,484	$	4,531	$	341,015
12/31/16	127	4.9%	4.3%	4.0	$	460,008	$	6,037	$	466,045

(1)  At September 30, 2017, there were 29 mortgages on 63 properties, while at December 31, 2016, there were 36 mortgages on 127 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on four properties with a principal balance totaling $44.9 million at September 30, 2017, and six mortgages on 15 properties with a principal balance totaling $76.3 million at December 31, 2016. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our mortgage debt subject to variable rates totals $22.5 million at September 30, 2017 and $38.2 million at December 31, 2016.

(2)  Stated interest rates ranged from 3.2% to 6.9% at September 30, 2017, while stated interest rates ranged from 2.4% to 6.9% at December 31, 2016.

(3)  Effective interest rates ranged from 3.0% to 5.5% at September 30, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $4.8 million and deferred finance costs of $249,000, as of September 30, 2017 (dollars in millions):

Year of Maturity	Principal
2017	$	1.3
2018	21.9
2019	20.7
2020	82.4
2021	66.9
Thereafter	143.3
Totals	$	336.5