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MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021
--- | --- | ---
Mortgage loans and Notes payable |  |
Principal amount of debt | $ 2,800,000 | $ 2,800,000
Total mortgage loans and notes payable | 166,489 | 167,676
Net book value of self-storage facilities | 6,102,102 | 6,097,670
Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | 155,772 |
Plus: Unamortized fair value adjustment | 12,299 |
Less: Loan procurement costs, net | (1,582) | (1,690)
Total mortgage loans and notes payable | 166,489 | 167,676
Net book value of self-storage facilities | $ 448,400 | 450,700
Revolver |  |
Mortgage loans and Notes payable |  |
Effective interest rate (as a percent) | 1.55% |
Nashville V, TN | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 2,191 | 2,206
Effective interest rate (as a percent) | 3.85% |
New York, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 29,170 | 29,340
Effective interest rate (as a percent) | 3.51% |
Annapolis I, MD | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 5,051 | 5,099
Effective interest rate (as a percent) | 3.78% |
Brooklyn XV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 15,339 | 15,423
Effective interest rate (as a percent) | 2.15% |
Long Island City IV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 12,502 | 12,580
Effective interest rate (as a percent) | 2.15% |
Long Island City II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 18,605 | 18,714
Effective interest rate (as a percent) | 2.25% |
Long Island City III, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Principal amount of debt | $ 155,772 | 156,385
Carrying value | $ 18,614 | 18,723
Effective interest rate (as a percent) | 2.25% |
Flushing II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 54,300 | 54,300
Plus: Unamortized fair value adjustment | $ 12,299 | $ 12,981
Effective interest rate (as a percent) | 2.15% |

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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b)(1) -URI http://asc.fasb.org/extlink&oid=123466204&loc=SL6031897-161870 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(16)) -URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 + Details
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