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MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgages | 6 Months Ended
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Jun. 30, 2021
Summary of debt | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value as of | ​ | ​ | ​ | ​ | ​ |
​ |  | June 30, | ​ | December 31, |  | Effective | ​ | Maturity |
Mortgage Loans and Notes Payable |  | 2021 |  | 2020 |  | Interest Rate | ​ | Date |
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​ |
Bronx IX, NY (1) | ​ | $ | — | ​ | $ | 21,030 |  | 4.85 | % | ​ | Jun-21 | ​
Bronx X, NY (1) | ​ |  | — | ​ |  | 23,148 |  | 4.64 | % | ​ | Jun-21 | ​
Nashville V, TN | ​ | ​ | 2,234 | ​ | ​ | 2,261 | ​ | 3.85 | % | ​ | Jun-23 | ​
New York, NY | ​ | ​ | 29,663 | ​ | ​ | 29,981 | ​ | 3.51 | % | ​ | Jun-23 | ​
Annapolis I, MD | ​ | ​ | 5,192 | ​ | ​ | 5,283 | ​ | 3.78 | % | ​ | May-24 | ​
Brooklyn XV, NY | ​ | ​ | 15,581 | ​ | ​ | 15,713 | ​ | 2.15 | % | ​ | May-24 | ​
Long Island City IV, NY | ​ | ​ | 12,728 | ​ | ​ | 12,852 | ​ | 2.15 | % | ​ | May-24 | ​
Long Island City II, NY | ​ | ​ | 18,932 | ​ | ​ | 19,094 | ​ | 2.25 | % | ​ | Jul-26 | ​
Long Island City III, NY | ​ | ​ | 18,921 | ​ | ​ | 19,106 | ​ | 2.25 | % | ​ | Aug-26 | ​
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29 | ​
Principal balance outstanding | ​ | ​ | 157,551 | ​ | ​ | 202,768 | ​ | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 14,375 | ​ |  | 15,879 | ​ | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (1,901) | ​ | ​ | (2,143) | ​ | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 170,025 | ​ | $ | 216,504 | ​ | ​ | ​ | ​ | ​ | ​
​
| (1) | These mortgage loans were repaid in full on March 1, 2021.
​
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable | The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2021 (in thousands): ​
​ | ​ | ​ | ​
2021 |  | $ | 1,165
2022 | ​ |  | 2,426
2023 | ​ |  | 32,591
2024 | ​ |  | 32,329
2025 | ​ |  | 979
2026 and thereafter | ​ |  | 88,061
Total mortgage payments | ​ |  | 157,551
Plus: Unamortized fair value adjustment | ​ |  | 14,375
Less: Loan procurement costs, net | ​ | ​ | (1,901)
Total mortgage loans and notes payable, net | ​ | $ | 170,025

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