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Mortgages Payable | 12 Months Ended
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Dec. 31, 2015
Mortgages Payable |
Debt instrument |
Debt | 6. Mortgages Payable During 2015, we made $198.4 million in principal payments, including the repayment of 13 mortgages in full for $191.0 million. No mortgages were assumed during 2015. 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. 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. Amortization of our 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, 2015, we remain in compliance with these covenants. We did not incur any deferred financing costs on our mortgages assumed in 2014. The balance of our deferred financing costs, which are classified as part of other assets, net, on our consolidated balance sheets, was $553,000 at December 31, 2015 and $827,000 at December 31, 2014. These costs are being amortized over the remaining term of each mortgage. The following is a summary of all our mortgages payable as of December 31, 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
12/31/15 | 183 | 4.9% | 4.1% | 3.6 |  | $ | 637,658 |  | $ | 9,082 |  | $ | 646,740
12/31/14 | 241 | 5.0% | 4.0% | 3.7 |  | $ | 836,011 |  | $ | 16,564 |  | $ | 852,575
(1) At December 31, 2015, there were 44 mortgages on 183 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 $51.1 million at December 31, 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 December 31, 2015, and three mortgages totaling $39.1 million at December 31, 2014. (2) Stated interest rates ranged from 2.0% to 6.9% at December 31, 2015 and December 31, 2014. (3) Effective interest rates ranged from 2.2% to 8.9% at December 31, 2015, while effective interest rates ranged from 2.2% to 9.0% at December 31, 2014. The following table summarizes the maturity of mortgages payable, excluding net premiums of $9.1 million, as of December 31, 2015 (dollars in millions):
Year of |  |  |
Maturity |  |  |
2016 |  | $ | 170.1 |
2017 |  | 142.9 |
2018 |  | 15.5 |
2019 |  | 26.3 |
2020 |  | 82.4 |
Thereafter |  | 200.5 |
Totals |  | $ | 637.7 |

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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 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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