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Mortgages Payable (Tables) - Mortgages Payable | 9 Months Ended
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Sep. 30, 2015
Credit facility |
Summary of Mortgages payable | The following is a summary of all our mortgages payable as of September 30, 2015 and December 31, 2014, 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 |
9/30/15 |  | 192 |  | 4.9% |  | 4.0% |  | 3.6 |  | $ | 695,186 |  | $ | 10,955 |  | $ | 706,141 |
12/31/14 |  | 241 |  | 5.0% |  | 4.0% |  | 3.7 |  | $ | 836,011 |  | $ | 16,564 |  | $ | 852,575 |
(1) | At September 30, 2015, there were 47 mortgages on 192 properties, while at December 31, 2014, there were 57 mortgages on 241 properties. The mortgages require monthly payments, with principal payments due at maturity. The mortgages are at fixed interest rates, except for four mortgages on 13 properties totaling $51.0 million at September 30, 2015, including net unamortized discounts. At December 31, 2014, five mortgages on 14 properties totaling $74.5 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 two mortgages totaling $15.5 million at September 30, 2015, and three mortgages totaling $39.1 million at December 31, 2014.
(2) | Stated interest rates ranged from 2.0% to 6.9% at September 30, 2015 and December 31, 2014.
(3) | Effective interest rates ranged from 2.2% to 8.9% at September 30, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014.
Schedule of maturity mortgages payable, excluding net premiums | The following table summarizes the maturity of mortgages payable, excluding net premiums of $11.0 million, as of September 30, 2015 (dollars in millions):
Year of |  |  |
Maturity |  |  |
2015 |  | $ | 1.9 |
2016 |  | 225.6 |
2017 |  | 142.7 |
2018 |  | 15.3 |
2019 |  | 26.2 |
Thereafter |  | 283.5 |
Totals |  | $ | 695.2 |

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