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MORTGAGE LOANS AND NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2020
MORTGAGE LOANS AND NOTES PAYABLE |
MORTGAGE LOANS AND NOTES PAYABLE | 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 |  | 2020 |  | 2019 |  | Interest Rate | ​ | Date |
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​ |
YSI 26 | ​ | $ | 7,748 | ​ | $ | 7,805 |  | 4.56 | % | ​ | Nov-20 | ​
YSI 57 | ​ |  | 2,720 | ​ |  | 2,740 |  | 4.61 | % | ​ | Nov-20 | ​
YSI 55 | ​ |  | 21,419 | ​ |  | 21,547 |  | 4.85 | % | ​ | Jun-21 | ​
YSI 24 | ​ |  | 23,822 | ​ |  | 24,042 |  | 4.64 | % | ​ | Jun-21 | ​
YSI 65 | ​ | ​ | 2,300 | ​ | ​ | 2,313 | ​ | 3.85 | % | ​ | Jun-23 | ​
YSI 66 | ​ | ​ | 30,437 | ​ | ​ | 30,588 | ​ | 3.51 | % | ​ | Jun-23 | ​
YSI 68 | ​ | ​ | 5,415 | ​ | ​ | 5,459 | ​ | 3.78 | % | ​ | May-24 | ​
Principal balance outstanding | ​ | ​ | 93,861 | ​ | ​ | 94,494 | ​ | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 1,657 | ​ |  | 1,833 | ​ | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (255) | ​ | ​ | (287) | ​ | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 95,263 | ​ | $ | 96,040 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of March 31, 2020 and December 31, 2019, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $204.9 million and $206.3 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2020 (in thousands): ​
​ | ​ | ​ | ​
2020 |  | $ | 12,158
2021 | ​ |  | 45,057
2022 | ​ |  | 923
2023 | ​ |  | 31,019
2024 | ​ |  | 4,704
2025 and thereafter | ​ |  | —
Total mortgage payments | ​ |  | 93,861
Plus: Unamortized fair value adjustment | ​ |  | 1,657
Less: Loan procurement costs, net | ​ | ​ | (255)
Total mortgage loans and notes payable, net | ​ | $ | 95,263
​

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- Definition The entire disclosure for long-term debt. + 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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