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Mortgages Payable | 6 Months Ended
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Jun. 30, 2017
Mortgages Payable |
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Debt | 7. Mortgages Payable During the first six months of 2017, we made $86.5 million in principal payments, including the repayment of five mortgages in full for $82.9 million. No mortgages were assumed during the first six months of 2017. During the first six months of 2016, we made $181.3 million in principal payments, including the repayment of eight mortgages in full for $161.5 million. Additionally, we assumed mortgages totaling $32.5 million, excluding net premiums. During the first six months of 2016, aggregate net premiums totaling $692,000 were recorded upon the assumption of a mortgage with an above-market interest rate. 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. Our 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 June 30, 2017, we were in compliance with these covenants. The balance of our deferred financing costs, which are classified as part of mortgages payable, net, on our consolidated balance sheets, was $262,000 at June 30, 2017 and $324,000 at December 31, 2016. These costs are being amortized over the remaining term of each mortgage. The following is a summary of all our mortgages payable as of June 30, 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 |
6/30/17 |  | 72 |  | 5.1% |  | 4.5% |  | 4.1 |  | $ | 373,493 |  | $ | 4,859 |  | $ | 378,352 |
12/31/16 |  | 127 |  | 4.9% |  | 4.3% |  | 4.0 |  | $ | 460,008 |  | $ | 6,037 |  | $ | 466,045 |
| (1) |  | At June 30, 2017, there were 31 mortgages on 72 properties, while at 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 four mortgages on four properties with a principal balance totaling $45.1 million at June 30, 2017, and six mortgages on 15 properties with a principal balance totaling $76.3 million at December 31, 2016. 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 $22.6 million at June 30, 2017 and $38.2 million at December 31, 2016.
| (2) |  | Stated interest rates ranged from 3.0% to 6.9% at June 30, 2017, while stated interest rates ranged from 2.4% to 6.9% at December 31, 2016.
| (3) |  | Effective interest rates ranged from 3.0% to 8.7% at June 30, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.
The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.1 million and deferred finance costs of $262,000, as of June 30, 2017 (dollars in millions):
Year of Maturity |  | Principal |
2017 |  | $ | 38.3 |
2018 |  | 21.9 |
2019 |  | 20.7 |
2020 |  | 82.4 |
2021 |  | 66.9 |
Thereafter |  | 143.3 |
Totals |  | $ | 373.5 |

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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