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MORTGAGE LOANS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2022

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	2022		2021		Interest Rate		Date

	(in thousands)
Nashville V, TN	$	2,148	$	2,206	3.85	%	Jun-23
New York, NY		28,669		29,340	3.51	%	Jun-23
Annapolis I, MD		4,906		5,099	3.78	%	May-24
Brooklyn XV, NY		15,093		15,423	2.15	%	May-24
Long Island City IV, NY		12,270		12,580	2.15	%	May-24
Long Island City II, NY		18,283		18,714	2.25	%	Jul-26
Long Island City III, NY		18,290		18,723	2.25	%	Aug-26
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		153,959		156,385
Plus: Unamortized fair value adjustment		10,228		12,981
Less: Loan procurement costs, net		(1,269)		(1,690)
Total mortgage loans and notes payable, net	$	162,918	$	167,676

As of December 31, 2022 and 2021, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $442.9 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 December 31, 2022 (in thousands):


2023	$	32,591
2024		32,329
2025		979
2026		33,760
2027		—
2028 and thereafter		54,300
Total mortgage payments		153,959
Plus: Unamortized fair value adjustment		10,228
Less: Loan procurement costs, net		(1,269)
Total mortgage loans and notes payable, net	$	162,918