Mortgages Payable

6 Months Ended

Jun. 30, 2021

Mortgages payable

Debt

Debt

Mortgages Payable

During the six months ended June 30, 2021, we made $42.6 million in principal payments, including the repayment of five mortgages in full for $40.9 million. During the six months ended June 30, 2020, we made $14.7 million in principal payments, including the repayment of one mortgage in full for $11.4 million. During the six months ended June 30, 2021, we assumed a Sterling-denominated mortgage on one property totaling £31.0 million. No mortgages were assumed during the six months ended June 30, 2020. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan.

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 June 30, 2021, 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 $942,000 at June 30, 2021 and $973,000 at December 31, 2020. These costs are being amortized over the remaining term of each mortgage.

The following table summarizes our mortgages payable as of June 30, 2021 and December 31, 2020, 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
6/30/2021	62	4.5	%	4.3	%	2.9	$	299,901	$	673	$	300,574
12/31/2020	68	4.9	%	4.6	%	2.9	$	299,631	$	729	$	300,360

(1)At June 30, 2021, there were 14 mortgages on 62 properties. At December 31, 2020, there were 18 mortgages on 68 properties. The mortgages require monthly payments with principal payments due at maturity. At June 30, 2021 and December 31, 2020, all mortgages were at fixed interest rates.

(2) Stated interest rates ranged from 3.0% to 6.9% and 3.8% to 6.9% at each of June 30, 2021 and December 31, 2020, respectively.

(3) Effective interest rates ranged from 2.8% to 5.1% and 4.0% to 5.5% at each of June 30, 2021 and December 31, 2020, respectively.

The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.6 million and deferred financing costs of $942,000, as of June 30, 2021 (dollars in millions):

Year of Maturity	Principal
2021	$	1.9
2022	112.1
2023	20.9
2024	112.5
2025	42.4
Thereafter	10.1
Totals	$	299.9