Mortgages Payable (Tables) - Mortgages Payable

6 Months Ended

Jun. 30, 2019

Debt

Summary of mortgages payable

The following is a summary of all our mortgages payable as of June 30, 2019 and December 31, 2018, respectively (dollars in thousands):

As Of	Number of Properties (1)	Weighted Average Stated Interest Rate (2)		Weighted Average Effective Interest Rate (3)		Weighted Average Remaining Years Until Maturity	Remaining Principal Balance		Unamortized Premium and Deferred Financing Costs Balance, net		Mortgage Payable Balance
6/30/2019	60	5.1	%	4.6	%	2.7	$	295,886	$	3,511	$	299,397
12/31/2018	60	5.1	%	4.6	%	3.2	$	298,377	$	4,192	$	302,569

⁽¹⁾   At June 30, 2019 and December 31, 2018, there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for two mortgages on two properties totaling $23.0 million and $23.3 million at June 30, 2019 and December 31, 2018, respectively. 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 $15.8 million at June 30, 2019 and $16.0 million at December 31, 2018.

⁽²⁾ Stated interest rates ranged from 3.8% to 6.9% at June 30, 2019 and December 31, 2018.

⁽³⁾ Effective interest rates ranged from 3.8% to 7.7% at June 30, 2019, while effective interest rates ranged from 1.1% to 7.7% at December 31, 2018.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $3.7 million and deferred financing costs of $156,000, as of June 30, 2019 (dollars in millions):

Year of Maturity	Principal
2019	$	18.2
2020	82.4
2021	67.0
2022	109.7
2023	6.7
Thereafter	11.9
Totals	$	295.9