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Mortgages Payable
 3 Months Ended
Mar. 31, 2022
Mortgages payable  
Debt  
Debt Mortgages Payable
During the three months ended March 31, 2022, we made $43.6 million in principal payments, including the repayment of one mortgage in full for $42.5 million. During the three months ended March 31, 2021, we made $18.1 million in principal payments, including the repayment of three mortgages in full for $17.2 million. No mortgages were assumed during the three months ended March 31, 2022, or the three months ended March 31, 2021. 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 March 31, 2022, 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 $713,000 at March 31, 2022, and $790,000 at December 31, 2021. These costs are being amortized over the remaining term of each mortgage.
The following table summarizes our mortgages payable as of March 31, 2022, and December 31, 2021, 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
3/31/20222214.8 %3.4 %1.6$1,069,311 $24,288 $1,093,599 
12/31/20212674.8 %3.5 %1.8$1,114,129 $27,866 $1,141,995 
(1)At March 31, 2022, there were 21 mortgages on 221 properties. At December 31, 2021, there were 22 mortgages on 267 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 March 31, 2022, and December 31, 2021, all mortgages were at fixed interest rates.
(2) Stated interest rates ranged from 3.0% to 6.9% at each of March 31, 2022, and December 31, 2021.
(3) Effective interest rates ranged from 2.6% to 6.0% at each of March 31, 2022, and December 31, 2021.
The following table summarizes the maturity of mortgages payable, excluding net premiums of $25.0 million and deferred financing costs of $713,000, as of March 31, 2022 (dollars in millions):
Year of Maturity
Principal
2022$227.5
202362.1
2024733.0
202540.8
20261.2
Thereafter4.7
Totals
$1,069.3