XML 33 R16.htm IDEA: XBRL DOCUMENT

MORTGAGE LOANS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2021

8. MORTGAGE LOANS AND NOTES PAYABLE

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



	Carrying Value as of 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		2,206		2,261	3.85	%	Jun-23
New York, NY		29,340		29,981	3.51	%	Jun-23
Annapolis I, MD		5,099		5,283	3.78	%	May-24
Brooklyn XV, NY		15,423		15,713	2.15	%	May-24
Long Island City IV, NY		12,580		12,852	2.15	%	May-24
Long Island City II, NY		18,714		19,094	2.25	%	Jul-26
Long Island City III, NY		18,723		19,106	2.25	%	Aug-26
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		156,385		202,768
Plus: Unamortized fair value adjustment		12,981		15,879
Less: Loan procurement costs, net		(1,690)		(2,143)
Total mortgage loans and notes payable, net	$	167,676	$	216,504

(1)

These mortgage loans were repaid in full on March 1, 2021.

As of December 31, 2021 and 2020, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $450.7 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 December 31, 2021 (in thousands):


2022	$	2,426
2023		32,591
2024		32,329
2025		979
2026		33,760
2027 and thereafter		54,300
Total mortgage payments		156,385
Plus: Unamortized fair value adjustment		12,981
Less: Loan procurement costs, net		(1,690)
Total mortgage loans and notes payable, net	$	167,676