Mortgages Payable (Tables) - Mortgages Payable

9 Months Ended

Sep. 30, 2020

Debt

Summary of mortgages payable

The following table summarizes our mortgages payable as of September 30, 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
9/30/2020	72	4.9	%	4.6	%	2.9	$	334,709	$	885	$	335,594
12/31/2019	92	4.9	%	4.6	%	3.1	$	408,419	$	1,700	$	410,119

(1)At September 30, 2020, there were 22 mortgages on 72 properties. At 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 September 30, 2020 and December 31, 2019 of $6.9 million and $7.1 million, respectively.

(2) Stated interest rates ranged from 3.8% to 6.9% at each of September 30, 2020 and December 31, 2019.

(3) Effective interest rates ranged from 3.8% to 7.6% at each of September 30, 2020 and December 31, 2019.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.9 million and deferred financing costs of $1.1 million, as of September 30, 2020 (dollars in millions):

Year of Maturity	Principal
2020	$	10.5
2021	68.8
2022	111.8
2023	20.6
2024	112.2
Thereafter	10.8
Totals	$	334.7