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Mortgages Payable (Table) (Mortgages Payable) | 12 Months Ended
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Dec. 31, 2014
Mortgages Payable |
Credit facility |
Summary of Mortgages payable | The following is a summary of all our mortgages payable as of December 31, 2014 and 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, net |  | Balance |
12/31/14 |  | 241 |  | 5.0% |  | 4.0% |  | 3.7 |  | $ | 836,011 |  | $ | 16,564 |  | $ | 852,575 |
12/31/13 |  | 227 |  | 5.3% |  | 3.9% |  | 4.3 |  | $ | 754,508 |  | $ | 28,852 |  | $ | 783,360 |
(1) At December 31, 2014, there were 57 mortgages on the 241 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 $74.5 million at December 31, 2014, including net unamortized discounts. At December 31, 2013, two mortgages totaling $31.1 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 December 31, 2014, while stated interest rates ranged from 2.5% to 6.9% at December 31, 2013. (3) Effective interest rates range from 2.2% to 9.0% at December 31, 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 $16.6 million, as of December 31, 2014 (dollars in millions):
Year of |  |  |
Maturity |  |  |
2015 |  | $ | 119.7 |
2016 |  | 248.4 |
2017 |  | 142.5 |
2018 |  | 15.1 |
2019 |  | 26.0 |
Thereafter |  | 284.3 |
Totals |  | $ | 836.0 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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