MORTGAGE LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2017

8. MORTGAGE LOANS AND NOTES PAYABLE

The Company’s mortgage loans and notes payable are summarized as follows:


	Carrying Value as of:
	March 31,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	2017		2016		Interest Rate		Date
	(in thousands)
YSI 67	$	—	$	6,216	2.55	%	Mar-17
YSI 33		9,784		9,860	6.42	%	Jul-19
YSI 26		8,374		8,423	4.56	%	Nov-20
YSI 57		2,940		2,957	4.61	%	Nov-20
YSI 55		22,839		22,952	4.85	%	Jun-21
YSI 24		26,273		26,464	4.64	%	Jun-21
YSI 65		2,445		2,457	3.85	%	Jun-23
YSI 66		32,121		32,257	3.51	%	Jun-23
Principal balance outstanding		104,776		111,586
Plus: Unamortized fair value adjustment		3,521		3,742
Less: Loan procurement costs, net		(650)		(710)
Total mortgage loans and notes payable, net	$	107,647	$	114,618

As of March 31, 2017 and December 31, 2016, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $221.4 million and $233.1 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2017 (in thousands):


2017	$	1,765
2018		2,490
2019		11,485
2020		12,616
2021		44,873
2022 and thereafter		31,547
Total mortgage payments		104,776
Plus: Unamortized fair value adjustment		3,521
Less: Loan procurement costs, net		(650)
Total mortgage loans and notes payable, net	$	107,647