Mortgages Payable (Tables) (Mortgages Payable)

3 Months Ended

Mar. 31, 2015

Mortgages Payable

Credit facility

Summary of Mortgages payable

The following is a summary of all our mortgages payable as of March 31, 2015 and December 31, 2014, 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, net	Balance
3/31/15	238	5.0%	4.0%	3.7	$     784,715	$         14,603	$       799,318
12/31/14	241	5.0%	4.0%	3.7	$     836,011	$         16,564	$       852,575

(1) At March 31, 2015, there were 54 mortgages on the 238 properties, while at December 31, 2014, there were 57 mortgages on the 241 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $50.9 million at March 31, 2015, including net unamortized discounts. At December 31, 2014, five mortgages on 14 properties totaling $74.5 million, including net unamortized discounts, were at variable interest rates. 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% to 6.9% at March 31, 2015 and December 31, 2014.

(3) Effective interest rates ranged from 2.2% to 9.0% at March 31, 2015 and December 31, 2014.

Schedule of maturity mortgages payable, excluding net premiums

The following table summarizes the maturity of mortgages payable, excluding net premiums of $14.6 million, as of March 31, 2015 (dollars in millions):

Year of
Maturity
2015	$	68.4
2016	248.4
2017	142.5
2018	15.1
2019	26.0
Thereafter	284.3
Totals	$	784.7