Mortgages Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Mortgages Payable

During the six months ended June 30, 2022, we made $226.0 million in principal payments, including the full repayment of seven mortgages for $223.9 million. During the six months ended June 30, 2021, we made $42.6 million in principal payments, including the full repayment of five mortgages in for $40.9 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the six months ended June 30, 2022, as compared to the assumption of one Sterling-denominated mortgage on one property totaling £31.0 million for the six months ended June 30, 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 June 30, 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 $1.0 million at June 30, 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 June 30, 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
6/30/2022	158	4.8	%	3.3	%	1.8	$	928,943	$	18,169	$	947,112
12/31/2021	267	4.8	%	3.5	%	1.8	$	1,114,129	$	27,866	$	1,141,995

(1)At June 30, 2022, there were 23 mortgages on 158 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 June 30, 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 June 30, 2022, and December 31, 2021.

(3) Effective interest rates ranged from 2.6% to 6.6% and 2.6% to 6.0% at each of June 30, 2022, and December 31, 2021, respectively.

The following table summarizes the maturity of mortgages payable, excluding net premiums of $19.2 million and deferred financing costs of $1.0 million, as of June 30, 2022 (dollars in millions):

Year of Maturity	Principal
2022	$	45.5
2023	62.8
2024	740.5
2025	42.3
2026	11.9
Thereafter	26.0
Totals	$	929.0