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Mortgages Payable (Tables) - Mortgages Payable | 6 Months Ended
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Jun. 30, 2018
Debt |
Summary of Mortgages Payable | The following is a summary of all our mortgages payable as of June 30, 2018 and December 31, 2017, respectively (dollars in thousands):
As Of |  | Number of Properties (1) |  |  | Weighted Average Stated Interest Rate (2) |  |  | Weighted Average Effective Interest Rate (3) |  |  | Weighted Average Remaining Years Until Maturity |  | Remaining Principal Balance |  |  | Unamortized Premium and Deferred Financing Costs Balance, net |  |  | Mortgage Payable Balance |
6/30/2018 |  | 61 |  |  | 5.1 | % |  | 4.5 | % |  | 3.6 |  | $ | 306,836 |  |  | $ | 4,872 |  |  | $ | 311,708 |
12/31/2017 |  | 62 |  |  | 5.0 | % |  | 4.4 | % |  | 4.0 |  | $ | 320,283 |  |  | $ | 5,658 |  |  | $ | 325,941 |
(1) At June 30, 2018, there were 27 mortgages on 61 properties. At December 31, 2017, there were 28 mortgages on 62 properties. The mortgages require monthly payments with principal payments due at maturity. The mortgages are at fixed interest rates, except for three mortgages on three properties totaling $29.6 million and $29.9 million at June 30, 2018 and December 31, 2017, respectively. 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 $22.2 million at June 30, 2018 and $22.4 million at December 31, 2017. (2) Stated interest rates ranged from 3.8% to 6.9% at June 30, 2018, while stated interest rates ranged from 3.4% to 6.9% at December 31, 2017. (3) Effective interest rates ranged from 2.0% to 6.0% at June 30, 2018, while effective interest rates ranged from 2.6% to 5.5% at December 31, 2017.
Schedule of maturity of mortgages payable | The following table summarizes the maturity of mortgages payable, excluding net premiums of $5.1 million and deferred financing costs of $209,000, as of June 30, 2018 (dollars in millions):
Year of Maturity | Principal |
2018 | $ | 8.5 |
2019 | 20.7 |
2020 | 82.4 |
2021 | 66.9 |
2022 | 109.7 |
Thereafter | 18.6 |
Totals | $ | 306.8 |

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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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