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Mortgages Payable | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Mortgages Payable | Mortgages Payable During the year ended December 31, 2024, we made $740.5 million in principal payments, including the full repayment of five mortgages for $735.9 million. No mortgages were assumed during the year ended December 31, 2024. 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, 2024, we were in compliance with these covenants. The following table summarizes our mortgages payable as of December 31, 2024 and December 31, 2023 (dollars in millions):
As Of | Number of Properties (1) |  | Weighted Average Stated Interest Rate |  | Weighted Average Effective Interest Rate |  | Weighted Average Remaining Years Until Maturity |  | Remaining Principal Balance |  | Unamortized Discount and Deferred Financing Costs Balance, net |  | Mortgage Payable Balance
December 31, 2024 | 17 |  | 4.0 | % |  | 4.5 | % |  | 1.4 |  | $ | 81.3 |  |  | $ | (0.5) |  |  | $ | 80.8 |
December 31, 2023 | 131 |  | 4.8 | % |  | 3.3 | % |  | 0.4 |  | $ | 822.4 |  |  | $ | (0.8) |  |  | $ | 821.6 |
(1)At December 31, 2024, there were 11 mortgages on 17 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 December 31, 2024 and December 31, 2023, all mortgages were at fixed interest rates. The following table summarizes the maturity of mortgages payable as of December 31, 2024, excluding $0.5 million related to unamortized net premiums and discounts and deferred financing costs (dollars in millions):
Year of Maturity |  | Principal
2025 |  | $ | 43.4
2026 |  | 12.0
2027 |  | 22.3
2028 |  | 1.3
2029 |  | 1.3
Thereafter |  | 1.0
Total |  | $ | 81.3

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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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