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Mortgages Payable (Mortgages Payable) | 12 Months Ended
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Dec. 31, 2014
Mortgages Payable |
Debt instrument |
Mortgages Payable | 6. Mortgages Payable During 2014, we made $85.2 million in principal payments, including the repayment of six mortgages in full for $77.8 million. Additionally, during 2014 we assumed mortgages totaling $166.7 million, excluding net premiums. The mortgages are secured by the properties on which the debt was placed. Approximately $152.0 million is considered non-recourse with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses. The remaining $14.7 million, representing two mortgages, has partial recourse to us in the aggregate amount of $3.2 million; the remaining balance of $11.5 million is non-recourse and includes the same customary exceptions described in the preceding sentence. We expect to pay off the mortgages as soon as prepayment penalties make it economically feasible to do so. During 2014, aggregate net premiums totaling $604,000 were recorded upon assumption of the mortgages for above-market interest rates, as compared to net premiums totaling $28.4 million recorded in 2013. Amortization of these net premiums is recorded as a reduction to interest expense over the remaining term of the respective mortgages, using a method that approximates the effective-interest method. These mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage, without the prior consent of the lender. At December 31, 2014, we remain in compliance with these covenants. We did not incur any deferred financing costs on our mortgages assumed in 2014, incurred $211,000 of deferred financing costs in 2013, and incurred $1.1 million in 2012. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $827,000 at December 31, 2014 and $1.2 million at December 31, 2013, which is being amortized over the remaining term of each mortgage. 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. 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 The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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