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Mortgages Payable | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Mortgages Payable | Mortgages Payable During the nine months ended September 30, 2024, we made $626.3 million in principal payments, including the full repayment of three mortgages for $622.7 million. No mortgages were assumed during the nine months ended September 30, 2024. 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 September 30, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of September 30, 2024 and December 31, 2023 (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 (Discount) and Deferred Financing Costs Balance, net |  | Mortgage Payable Balance
September 30, 2024 | 48 |  | 4.3 | % |  | 4.6 | % |  | 0.8 |  | $ | 198.1 |  |  | $ | (0.6) |  |  | $ | 197.5 |
December 31, 2023 | 131 |  | 4.8 | % |  | 3.3 | % |  | 0.4 |  | $ | 822.4 |  |  | $ | (0.8) |  |  | $ | 821.6 |
(1)At September 30, 2024, there were 13 mortgages on 48 properties and at December 31, 2023, there were 16 mortgages on 131 properties. With the exception of one GBP-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2024 and December 31, 2023, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at September 30, 2024 and December 31, 2023, respectively. (3) Effective interest rates ranged from 2.8% to 6.8% and 0.5% to 6.6% at September 30, 2024 and December 31, 2023, respectively. The following table summarizes the maturity of mortgages payable as of September 30, 2024, excluding $0.6 million related to unamortized net discounts and deferred financing costs (dollars in millions):
Year of Maturity |  | Principal
2024 |  | $ | 114.2
2025 |  | 46.0
2026 |  | 12.0
2027 |  | 22.3
2028 |  | 1.3
Thereafter |  | 2.3
Totals |  | $ | 198.1

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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