Mortgages Payable (Tables) - Mortgages Payable

12 Months Ended

Dec. 31, 2019

The following is a summary of all our mortgages payable as of December 31, 2019 and 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 Finance Costs Balance, net		Mortgage Payable Balance
12/31/2019	92	4.9	%	4.6	%	3.1	$	408,419	$	1,700	$	410,119
12/31/2018	60	5.1	%	4.6	%	3.2	$	298,377	$	4,192	$	302,569

⁽¹⁾ At December 31, 2019, there were 27 mortgages on 92 properties. At December 31, 2018, there were 26 mortgages on 60 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2019, the mortgages were at fixed interest rates, except for one variable rate mortgage on one property totaling $7.1 million, which has been swapped to a fixed interest rate. At December 31, 2018, the mortgages were at fixed rates, except for two mortgages on two properties totaling $23.3 million. 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 totaled $16.0 million at December 31, 2018.

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

⁽³⁾ Effective interest rates ranged from 3.8% to 7.6% at December 31, 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 $3.0 million and deferred financing costs of $1.3 million, as of December 31, 2019 (dollars in millions):



Year of Maturity	Principal
2020	$	84.2
2021	68.8
2022	111.8
2023	20.6
2024	112.2
Thereafter	10.8
Totals	$	408.4