Mortgages Payable (Tables) - Mortgages Payable

12 Months Ended

Dec. 31, 2016

Credit facility

Summary of Mortgages payable

The following is a summary of all our mortgages payable as of December 31, 2016 and 2015, respectively (dollars in thousands):

		Weighted	Weighted	Weighted			Unamortized
		Average	Average	Average			Premium
		Stated	Effective	Remaining	Remaining		and Deferred		Mortgage
	Number of	Interest	Interest	Years Until	Principal		Finance Costs		Payable
As Of	Properties(1)	Rate(2)	Rate(3)	Maturity	Balance		Balance, net		Balance
12/31/16	127	4.9%	4.3%	4.0	$	460,008	$	6,037	$	466,045
12/31/15	183	4.9%	4.1%	3.6	$	637,658	$	8,529	$	646,187

⁽¹⁾ At December 31, 2016, there were 36 mortgages on 127 properties, while at December 31, 2015, there were 44 mortgages on 183 properties.  The mortgages require monthly payments, with principal payments due at maturity.  The mortgages are at fixed interest rates, except for six mortgages on 15 properties totaling $74.0 million at December 31, 2016, including net unamortized discounts.  At December 31, 2015, four mortgages on 13 properties totaling $51.1 million, including net unamortized discounts, were at variable interest rates.  After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our variable rate mortgage debt includes four mortgages totaling $38.2 million at December 31, 2016, and two mortgages totaling $15.5 million at December 31, 2015.

⁽²⁾ Stated interest rates ranged from 2.4% to 6.9% at December 31, 2016, while stated interest rates ranged from 2.0% to 6.9% at  December 31, 2015.

⁽³⁾ Effective interest rates ranged from 2.5% to 8.8% at December 31, 2016, while effective interest rates ranged from 2.2% to 8.9% at December 31, 2015.

Schedule of maturity mortgages payable, excluding net premiums

The following table summarizes the maturity of mortgages payable, excluding net premiums of $6.4 million and deferred finance costs of $324,000, as of December 31, 2016 (dollars in millions):

Year of Maturity	Principal
2017	$	103.2
2018	21.9
2019	42.3
2020	82.4
2021	66.9
Thereafter	143.3
Totals	$	460.0