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Mortgages Payable (Tables) - Mortgages Payable | 12 Months Ended
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Dec. 31, 2016
Credit facility |
Summary of Mortgages payable | The following is a summary of all our mortgages payable as of December 31, 2016 and 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 |
12/31/16 |  | 127 |  | 4.9% |  | 4.3% |  | 4.0 |  | $ | 460,008 |  | $ | 6,037 |  | $ | 466,045 |
12/31/15 |  | 183 |  | 4.9% |  | 4.1% |  | 3.6 |  | $ | 637,658 |  | $ | 8,529 |  | $ | 646,187 |
(1) At December 31, 2016, there were 36 mortgages on 127 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 six mortgages on 15 properties totaling $74.0 million at December 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 four mortgages totaling $38.2 million at December 31, 2016, and two mortgages totaling $15.5 million at December 31, 2015. (2) Stated interest rates ranged from 2.4% to 6.9% at December 31, 2016, while stated interest rates ranged from 2.0% to 6.9% at December 31, 2015. (3) Effective interest rates ranged from 2.5% to 8.8% at December 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 $6.4 million and deferred finance costs of $324,000, as of December 31, 2016 (dollars in millions):
Year of Maturity |  | Principal
2017 |  | $ | 103.2
2018 |  | 21.9
2019 |  | 42.3
2020 |  | 82.4
2021 |  | 66.9
Thereafter |  | 143.3
Totals |  | $ | 460.0

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