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Mortgages Payable (Tables) - Mortgages Payable | 3 Months Ended
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Mar. 31, 2016
Credit facility |
Summary of Mortgages payable | The following is a summary of all our mortgages payable as of March 31, 2016 and December 31, 2015, 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 |
3/31/16 |  | 135 |  | 5.0% |  | 4.3% |  | 4.3 |  | $ | 505,864 |  | $ | 8,177 |  | $ | 514,041 |
12/31/15 |  | 183 |  | 4.9% |  | 4.1% |  | 3.6 |  | $ | 637,658 |  | $ | 8,529 |  | $ | 646,187 |
(1) At March 31, 2016, there were 39 mortgages on 135 properties, while at December 31, 2015, there were 44 mortgages on 183 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 $58.4 million at March 31, 2016, including net unamortized discounts. At December 31, 2015, four mortgages on 13 properties totaling $51.1 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 three mortgages totaling $22.8 million at March 31, 2016, and two mortgages totaling $15.5 million at December 31, 2015. (2) Stated interest rates ranged from 2.3% to 6.9% at March 31, 2016, while stated interest rates ranged from 2.0% to 6.9% at December 31, 2015. (3) Effective interest rates ranged from 2.3% to 8.9% at March 31, 2016, while effective interest rates ranged from 2.2% to 8.9% at December 31, 2015.
Schedule of maturity mortgages payable, excluding net premiums | The following table summarizes the maturity of mortgages payable, excluding net premiums of $8.7 million and deferred finance costs of $498,000, as of March 31, 2016 (dollars in millions):
Year of Maturity |  |  |
2016 |  | $ | 21.7 |
2017 |  | 149.8 |
2018 |  | 15.5 |
2019 |  | 26.3 |
2020 |  | 82.4 |
Thereafter |  | 210.2 |
Totals |  | $ | 505.9 |

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