Mortgages Payable (Tables) - Mortgages payable

12 Months Ended

Dec. 31, 2021

Debt

Summary of mortgages payable

The following summarizes our mortgages payable as of December 31, 2021 and 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 Finance Costs Balance, net		Mortgage Payable Balance
12/31/2021	267	4.8	%	3.5	%	1.8	$	1,114,129	$	27,866	$	1,141,995
12/31/2020	68	4.9	%	4.6	%	2.9	$	299,631	$	729	$	300,360

(1) At December 31, 2021, there were 22 mortgages on 267 properties. At December 31, 2020, there were 18 mortgages on 68 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At December 31, 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 December 31, 2021 and 2020, respectively.

(3) Effective interest rates ranged from 2.6% to 6.0% and 4.0% to 5.5% at each of December 31, 2021 and 2020, respectively.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $28.7 million and deferred financing costs of $790,000, as of December 31, 2021 (in millions):

Year of Maturity	Principal
2022	$	271.1
2023	62.1
2024	733.0
2025	42.0
2026	1.2
Thereafter	4.7
Totals	$	1,114.1