Mortgages Payable (Tables) (Mortgages)

6 Months Ended

Jun. 30, 2014

Mortgages

Debt instrument

Summary of Mortgages payable

The following is a summary of all our mortgages payable as of June 30, 2014 and December 31, 2013, respectively (dollars in thousands):

		Weighted		Weighted		Weighted
		Average		Average		Average
		Stated		Effective		Remaining	Remaining	Unamortized	Mortgage
	Number of	Interest		Interest		Years Until	Principal	Premium	Payable
As Of	Properties(1)	Rate(2)		Rate(3)		Maturity	Balance	Balance	Balance
6/30/14	266	5.1	%	3.9	%	4.1	$     892,279	$        24,175	$     916,454
12/31/13	227	5.3	%	3.9	%	4.3	$     754,508	$        28,852	$     783,360

(1) At June 30, 2014, there were 60 mortgages on the 266 properties, while at December 31, 2013, there were 47 mortgages on the 227 properties.  The mortgages require monthly payments, with principal payments due at maturity.  The mortgages are at fixed interest rates, except for five mortgages on 14 properties totaling $74.3 million at June 30, 2014, including net unamortized discounts.  All of these variable rate mortgages were acquired with arrangements which limit our exposure to interest rate risk.

(2) Stated interest rates ranged from 2.0% through 6.9% at June 30, 2014, while stated interest rates ranged from 2.5% to 6.9% at December 31, 2013.

(3) Effective interest rates range from 2.2% through 9.1% at June 30, 2014, while effective interest rates ranged from 2.4% to 9.2% at December 31, 2013.

Schedule of maturity mortgages payable, excluding net premiums

The following table summarizes the maturity of mortgages payable, excluding net premiums of $24.2 million, as of June 30, 2014 (dollars in millions):

Year of
Maturity
2014	$	57.4
2015	125.3
2016	248.4
2017	142.3
2018	15.0
Thereafter	303.9
Totals	$	892.3