Borrowing Arrangements

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Borrowing Arrangements

Borrowing Arrangements

Mortgage Notes Payable

As of June 30, 2017 and December 31, 2016, we had outstanding mortgage indebtedness of approximately $1,855.0 million and $1,891.9 million, respectively, net of deferred financing costs.In connection with the Paradise Park Largo acquisition during the quarter ended June 30, 2017, we assumed approximately $5.9 million of mortgage debt secured by the manufactured home community with an interest rate of 4.6% that matures in 2040. 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 mortgage indebtedness, for the six months ended June 30, 2017 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 126 of our Properties as of both June 30, 2017 and December 31, 2016, and the carrying value of such Properties was approximately $2,282.1 million and $2,296.6 million, as of June 30, 2017 and December 31, 2016, respectively.

As of June 30, 2017, we are in compliance in all material respects with the covenants in our borrowing arrangements.