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MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans

12 Months Ended

Dec. 31, 2021

Summary of debt



		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.

Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable


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