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MORTGAGE LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2020

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