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Mortgages Payable (Tables) - Mortgages Payable | 9 Months Ended
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Sep. 30, 2017
Debt |
Summary of debt | The following is a summary of all our mortgages payable as of September 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 |
9/30/17 |  | 63 |  | 4.9% |  | 4.5% |  | 4.3 |  | $ | 336,484 |  | $ | 4,531 |  | $ | 341,015 |
12/31/16 |  | 127 |  | 4.9% |  | 4.3% |  | 4.0 |  | $ | 460,008 |  | $ | 6,037 |  | $ | 466,045 |
(1) At September 30, 2017, there were 29 mortgages on 63 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 $44.9 million at September 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 $22.5 million at September 30, 2017 and $38.2 million at December 31, 2016. (2) Stated interest rates ranged from 3.2% to 6.9% at September 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 5.5% at September 30, 2017, while effective interest rates ranged from 2.5% to 8.8% at December 31, 2016.
Schedule of maturity of debt, net | The following table summarizes the maturity of mortgages payable, excluding net premiums of $4.8 million and deferred finance costs of $249,000, as of September 30, 2017 (dollars in millions):
Year of Maturity |  | Principal
2017 |  | $ | 1.3
2018 |  | 21.9
2019 |  | 20.7
2020 |  | 82.4
2021 |  | 66.9
Thereafter |  | 143.3
Totals |  | $ | 336.5

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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