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Term Loans | 3 Months Ended
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Mar. 31, 2023
Debt |
Debt | Mortgages Payable During the three months ended March 31, 2023, we mad e $1.2 million in principal payments. During the three months ended March 31, 2022, we made $43.6 million in princi pal payments, including the full repayment of one mortgage for $42.5 million. No mortgages were assumed during the three months ended March 31, 2023, or 2022. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan. 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 March 31, 2023, 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 $0.7 million at March 31, 2023 and $0.8 million at December 31, 2022. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of March 31, 2023 and December 31, 2022 (dollars in millions):
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
March 31, 2023 | 136 |  | 4.8 | % |  | 3.4 | % |  | 1.1 |  | $ | 842.1 |  |  | $ | 8.5 |  |  | $ | 850.6 |
December 31, 2022 | 136 |  | 4.8 | % |  | 3.3 | % |  | 1.4 |  | $ | 842.3 |  |  | $ | 11.6 |  |  | $ | 853.9 |
(1)At March 31, 2023 and at December 31, 2022, there were 18 mortgages on 136 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At March 31, 2023 and December 31, 2022, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% March 31, 2023 and December 31, 2022, respectively. (3) Effective interest rates ranged from 2.5% to 6.6% and 2.7% to 6.6% at March 31, 2023 and December 31, 2022, respectively. The following table summarizes the maturity of mortgages payable as of March 31, 2023, excluding net premiums of $9.2 million and deferred financing costs of $0.7 million (dollars in millions):
Year of Maturity |  | Principal
2023 |  | $ | 20.9
2024 |  | 740.5
2025 |  | 42.9
2026 |  | 12.0
2027 |  | 22.3
Thereafter |  | 3.5
Totals |  | $ | 842.1
Senior Unsecured Term Loans |
Debt |
Debt | Term Loans In January 2023, we entered into a term loan agreement, permitting us to incur multicurrency term loans, up to an aggregate of $1.5 billion in total borrowings. As of March 31, 2023, we had $1.1 billion in multicurrency borrowings, including $90.0 million, £705.0 million and €85.0 million in outstanding borrowings. The 2023 term loans initially mature in January 2024 and include two 12-month maturity extensions that can be exercised at our option. Our A3/A- credit ratings provide for a borrowing rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated loans, adjusted SONIA for Sterling-denominated loans, and EURIBOR for Euro-denominated loans. In conjunction with our 2023 term loans, we entered into interest rate swaps which fix our per annum interest rate. As of March 31, 2023, the effective interest rate, after giving effect to the interest rate swaps, was 5.0%. We also have a $250.0 million senior unsecured term loan, which matures in March 2024. In conjunction with this term loan, we also entered into an interest rate swap. As of March 31, 2023, the effective interest rate on this term loan, after giving effect to the interest rate swap, was 3.8%. At March 31, 2023, deferred financing costs of $6.5 million are included net of the term loans principal balance, as compared to $0.2 million related to our $250.0 million term loan at December 31, 2022, on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loans. As of March 31, 2023, we were in compliance with the covenants contained in the term loans.

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