XML 30 R17.htm IDEA: XBRL DOCUMENT

MORTGAGE LOANS AND NOTES PAYABLE

6 Months Ended

Jun. 30, 2021

9. MORTGAGE LOANS AND NOTES PAYABLE

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


	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.

As of June 30, 2021 and December 31, 2020, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $455.0 million and $539.2 million, respectively. 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