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Mortgages Payable | 12 Months Ended
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Dec. 31, 2020
Mortgages payable |
Debt |
Debt | Mortgages Payable During 2020, we made $108.8 million in principal payments, including the repayment of nine mortgages in full for $103.4 million. During 2019, we made $20.7 million in principal payments, including the repayment of one mortgage in full for $15.8 million. No mortgages were assumed during 2020. During 2019, we assumed two mortgages totaling $130.8 million on 33 properties. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions for items such as solvency, bankruptcy, misrepresentation, fraud, misapplication of payments, environmental liabilities, failure to pay taxes, insurance premiums, liens on the property, violations of the single purpose entity requirements, and uninsured losses. 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 December 31, 2020, 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, at December 31, 2020 and 2019 was $973,000 and $1.3 million, respectively. These costs are being amortized over the remaining term of each mortgage. The following summarizes our mortgages payable as of December 31, 2020 and 2019, 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 Finance Costs Balance, net |  | Mortgage Payable Balance
12/31/2020 |  | 68 |  |  | 4.9 | % |  | 4.6 | % |  | 2.9 |  | $ | 299,631 |  |  | $ | 729 |  |  | $ | 300,360 |
12/31/2019 |  | 92 |  |  | 4.9 | % |  | 4.6 | % |  | 3.1 |  | $ | 408,419 |  |  | $ | 1,700 |  |  | $ | 410,119 |
(1) At December 31, 2020, there were 18 mortgages on 68 properties. At December 31, 2019, there were 27 mortgages on 92 properties. The mortgages require monthly payments with principal payments due at maturity. At December 31, 2020, all mortgages were at fixed interest rates. At December 31, 2019, we had one variable rate mortgage with a principal balance of $7.1 million that was swapped to a fixed interest rate. (2) Stated interest rates ranged from 3.8% to 6.9% at each of December 31, 2020 and 2019, respectively. (3) Effective interest rates ranged from 4.0% to 5.5% at December 31, 2020, while effective interest rates ranged from 3.8% to 7.6% at December 31, 2019. The following table summarizes the maturity of mortgages payable, excluding net premiums of $1.7 million and deferred financing costs of $973,000, as of December 31, 2020 (dollars in millions):
Year of Maturity | Principal
2021 | $ | 44.2 |
2022 | 111.8 |
2023 | 20.6 |
2024 | 112.2 |
2025 | 0.7 |
Thereafter | 10.1 |
Totals | $ | 299.6 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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