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Borrowing Arrangements
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Borrowing Arrangements
Borrowing Arrangements
Mortgage Notes Payable
As of March 31, 2017 and December 31, 2016, we had outstanding mortgage indebtedness of approximately $1,859.9 million and $1,891.9 million, respectively, excluding deferred financing costs. During the quarter ended March 31, 2017 we paid off one maturing mortgage loan of approximately $21.1 million, with a weighted average interest rate of 5.76%per annum, secured by one manufactured home Property.
The weighted average interest rate, including the impact of premium/discount amortization and loan cost amortization on on mortgage indebtedness, for the quarters ended March 31, 2017 and December 31, 2016 was approximately 4.9% per annum. The debt bears interest at stated rates ranging from 3.5% to 8.9% per annum and matures on various dates ranging from 2017 to 2041. The debt encumbered a total of 125 and 126 of our Properties as of March 31, 2017 and December 31, 2016, respectively, and the carrying value of such Properties was approximately $2,267.0 million and $2,296.6 million, as of such dates.
As of March 31, 2017, we are in compliance in all material respects with the covenants in our borrowing arrangements.