Mortgages Payable (Tables) - Mortgages Payable

12 Months Ended

Dec. 31, 2017

Debt

Summary of Mortgages Payable

The following is a summary of all our mortgages payable as of December 31, 2017 and 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
12/31/17	62	5.0%	4.4%	4.0	$	320,283	$	5,658	$	325,941
12/31/16	127	4.9%	4.3%	4.0	$	460,008	$	6,037	$	466,045

(1) At December 31, 2017, there were 28 mortgages on 62 properties, while at 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 three mortgages on three properties with a principal balance totaling $29.9 million at December 31, 2017, and six mortgages on 15 properties with a principal balance totaling $76.3 million at December 31, 2016. 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 $22.4 million at December 31, 2017 and $38.2 million at December 31, 2016.

(2) Stated interest rates ranged from 3.4% to 6.9% at December 31, 2017, while stated interest rates ranged from 2.4% to 6.9% at December 31, 2016.

(3) Effective interest rates ranged from 2.6% to 5.5% at December 31, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.

Schedule of maturity of debt, net

The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.9 million and deferred financing costs of $236,000, as of December 31, 2017 (dollars in millions):

Year of Maturity	Principal
2018	$	21.9
2019	20.7
2020	82.4
2021	67.0
2022	109.7
Thereafter	18.6
Totals	$	320.3