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MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022
--- | --- | ---
Mortgage loans and Notes payable |  |
Principal amount of debt | $ 2,800,000 | $ 2,800,000
Total mortgage loans and notes payable | 161,711 | 162,918
Net book value of self-storage facilities | 6,013,813 | 6,048,003
Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | 153,321 |
Plus: Unamortized fair value adjustment | 9,556 |
Less: Loan procurement costs, net | (1,166) | (1,269)
Total mortgage loans and notes payable | 161,711 | 162,918
Net book value of self-storage facilities | $ 440,800 | 442,900
Revolver |  |
Mortgage loans and Notes payable |  |
Effective interest rate (as a percent) | 5.90% |
Nashville V, TN | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 2,133 | 2,148
Effective interest rate (as a percent) | 3.85% |
New York, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 28,492 | 28,669
Effective interest rate (as a percent) | 3.51% |
Annapolis I, MD | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 4,856 | 4,906
Effective interest rate (as a percent) | 3.78% |
Brooklyn XV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 15,005 | 15,093
Effective interest rate (as a percent) | 2.15% |
Long Island City IV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 12,188 | 12,270
Effective interest rate (as a percent) | 2.15% |
Long Island City II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 18,170 | 18,283
Effective interest rate (as a percent) | 2.25% |
Long Island City III, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Principal amount of debt | $ 153,321 | 153,959
Carrying value | $ 18,177 | 18,290
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 | $ 9,556 | $ 10,228
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 https://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 https://asc.fasb.org/extlink&oid=126734703&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 https://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 https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 + Details
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