Borrowing Arrangements

Mortgage Notes Payable

During the quarter ended March 31, 2019, we defeased mortgage debt of $11.2 million in conjunction with the disposition of the five MH Properties as disclosed in Note 6. Investment in Real Estate. These loans had a weighted average interest rate of 5.03% per annum. We also assumed mortgage debt of $10.8 million, excluding mortgage note premium of $0.4 million, as a result of acquisitions that closed during the quarter ended March 31, 2019. The loan carries an interest rate of 5.49% per annum and matures in 2024.

Our mortgage notes payable is classified as Level 2 in the fair value hierarchy as of March 31, 2019 and December 31, 2018. The following table presents the fair value of our mortgage notes payable:



	As of March 31, 2019				As of December 31, 2018
(amounts in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
Mortgage notes payable, excluding deferred financing costs	$	2,236,125	$	2,172,139	$	2,164,563	$	2,174,715

The weighted average interest rate on our outstanding mortgage indebtedness, including the impact of premium/discount amortization and loan cost amortization on mortgage indebtedness, for the quarter ended March 31, 2019 was approximately 4.5% 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 2020 to 2041. The debt encumbered a total of 119 and 118 of our Properties as of March 31, 2019 and December 31, 2018, respectively, and the carrying value of such Properties was approximately $2,522.2 million and $2,489.8 million, as of March 31, 2019 and December 31, 2018, respectively.

Unsecured Line of Credit

During the quarter ended March 31, 2019, we did not borrow or pay off amounts on our unsecured Line of Credit ("LOC"). The full capacity on our LOC remained available.

As of March 31, 2019, we were in compliance in all material respects with the covenants in our borrowing arrangements.