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Mortgages Payable (Tables) - Mortgages Payable | 3 Months Ended
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Mar. 31, 2017
Notes Payable |
Summary of Mortgages payable | The following is a summary of all our mortgages payable as of March 31, 2017 and December 31, 2016, 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 |
3/31/17 |  | 127 |  | 4.9% |  | 4.3% |  | 3.7 |  | $ | 457,888 |  | $ | 5,444 |  | $ | 463,332 |
12/31/16 |  | 127 |  | 4.9% |  | 4.3% |  | 4.0 |  | $ | 460,008 |  | $ | 6,037 |  | $ | 466,045 |
| (1) |  | At March 31, 2017 and December 31, 2016, there were 36 mortgages on 127 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 March 31, 2017 and December 31, 2016, including net unamortized discounts. After factoring in arrangements which limit our exposure to interest rate risk and effectively fix our per annum interest rates, our mortgage debt subject to variable rates totals $38.2 million at March 31, 2017 and December 31, 2016.
| (2) |  | Stated interest rates ranged from 2.6% to 6.9% at March 31, 2017, while stated interest rates ranged from 2.4% to 6.9% at December 31, 2016.
| (3) |  | Effective interest rates ranged from 2.8% to 8.7% at March 31, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.
Schedule of maturity mortgages payable, excluding net premiums | The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.7 million and deferred finance costs of $286,000, as of March 31, 2017 (dollars in millions):
Year of Maturity |  | Principal |
2017 |  | $ | 101.1 |
2018 |  | 21.9 |
2019 |  | 42.3 |
2020 |  | 82.4 |
2021 |  | 66.9 |
Thereafter |  | 143.3 |
Totals |  | $ | 457.9 |

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