Mortgages Payable

3 Months Ended

Mar. 31, 2020

Mortgages Payable

During the first three months of 2020, we made $1.7 million in principal payments. During the first three months of 2019, we made $1.2 million in principal payments. No mortgages were assumed during the first three months of 2020 or 2019. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses.

Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At March 31, 2020, we were in compliance with these covenants.

The balance of our deferred financing costs, which are classified as part of mortgages payable, net, on our consolidated balance sheets, was $1.2 million at March 31, 2020 and $1.3 million at December 31, 2019. These costs are being amortized over the remaining term of each mortgage.

The following table summarizes our mortgages payable as of March 31, 2020 and December 31, 2019, 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
3/31/2020	92	4.9	%	4.7	%	2.9	$	406,746	$	1,412	$	408,158
12/31/2019	92	4.9	%	4.6	%	3.1	$	408,419	$	1,700	$	410,119

⁽¹⁾

At March 31, 2020 and December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages were at fixed interest rates, except for one variable rate mortgage on one property, which has been swapped to a fixed interest rate, with a principal balance at March 31, 2020 and December 31, 2019 of $7.0 million and $7.1 million, respectively.

⁽²⁾Stated interest rates ranged from 3.8% to 6.9% at each of March 31, 2020 and December 31, 2019.

⁽³⁾Effective interest rates ranged from 3.8% to 7.6% at each of March 31, 2020 and December 31, 2019.

The following table summarizes the maturity of mortgages payable, excluding net premiums of $2.6 million and deferred financing costs of $1.2 million, as of March 31, 2020 (dollars in millions):



Year of Maturity	Principal
2020	$	82.6
2021	68.8
2022	111.8
2023	20.6
2024	112.1
Thereafter	10.8
Totals	$	406.7