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MORTGAGE LOANS AND NOTES PAYABLE | 6 Months Ended
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Jun. 30, 2022
MORTGAGE LOANS AND NOTES PAYABLE |
MORTGAGE LOANS AND NOTES PAYABLE | 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 |  | 2022 |  | 2021 |  | Interest Rate | ​ | Date |
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​ |
Nashville V, TN | ​ | $ | 2,177 | ​ | $ | 2,206 | ​ | 3.85 | % | ​ | Jun-23 | ​
New York, NY | ​ | ​ | 29,007 | ​ | ​ | 29,340 | ​ | 3.51 | % | ​ | Jun-23 | ​
Annapolis I, MD | ​ | ​ | 5,003 | ​ | ​ | 5,099 | ​ | 3.78 | % | ​ | May-24 | ​
Brooklyn XV, NY | ​ | ​ | 15,259 | ​ | ​ | 15,423 | ​ | 2.15 | % | ​ | May-24 | ​
Long Island City IV, NY | ​ | ​ | 12,426 | ​ | ​ | 12,580 | ​ | 2.15 | % | ​ | May-24 | ​
Long Island City II, NY | ​ | ​ | 18,500 | ​ | ​ | 18,714 | ​ | 2.25 | % | ​ | Jul-26 | ​
Long Island City III, NY | ​ | ​ | 18,508 | ​ | ​ | 18,723 | ​ | 2.25 | % | ​ | Aug-26 | ​
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29 | ​
Principal balance outstanding | ​ | ​ | 155,180 | ​ | ​ | 156,385 | ​ | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 11,603 | ​ |  | 12,981 | ​ | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (1,478) | ​ | ​ | (1,690) | ​ | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 165,305 | ​ | $ | 167,676 | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ As of June 30, 2022 and December 31, 2021, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $446.4 million and $450.7 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2022 (in thousands): ​
​ | ​ | ​ | ​
2022 |  | $ | 1,221
2023 | ​ |  | 32,591
2024 | ​ |  | 32,329
2025 | ​ |  | 979
2026 | ​ |  | 33,760
2027 and thereafter | ​ |  | 54,300
Total mortgage payments | ​ |  | 155,180
Plus: Unamortized fair value adjustment | ​ |  | 11,603
Less: Loan procurement costs, net | ​ | ​ | (1,478)
Total mortgage loans and notes payable, net | ​ | $ | 165,305
​

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