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Mortgages Payable (Tables) - Mortgages Payable
3 Months Ended
Mar. 31, 2017
Notes Payable  
Summary of Mortgages payable

 

The following is a summary of all our mortgages payable as of March 31, 2017 and December 31, 2016, 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

 

3/31/17

 

127

 

4.9%

 

4.3%

 

3.7

 

$

457,888

 

$

5,444

 

$

463,332

 

12/31/16

 

127

 

4.9%

 

4.3%

 

4.0

 

$

460,008

 

$

6,037

 

$

466,045

 

 

(1)

At March 31, 2017 and December 31, 2016, there were 36 mortgages on 127 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 March 31, 2017 and December 31, 2016, including net unamortized discounts. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our mortgage debt subject to variable rates totals $38.2 million at March 31, 2017 and December 31, 2016.

(2)

Stated interest rates ranged from 2.6% to 6.9% at March 31, 2017, while stated interest rates ranged from 2.4% to 6.9% at December 31, 2016.

(3)

Effective interest rates ranged from 2.8% to 8.7% at March 31, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.

 

Schedule of maturity mortgages payable, excluding net premiums

 

The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.7 million and deferred finance costs of $286,000, as of March 31, 2017 (dollars in millions):

Year of Maturity

 

Principal

 

2017

 

$

101.1

 

2018

 

21.9

 

2019

 

42.3

 

2020

 

82.4

 

2021

 

66.9

 

Thereafter

 

143.3

 

 

 

 

 

Totals

 

$

457.9