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MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 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 | 130,070 | 162,918
Net book value of self-storage facilities | 5,989,731 | 6,048,003
Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | 122,261 |
Plus: Unamortized fair value adjustment | 8,871 |
Less: Loan procurement costs, net | (1,062) | (1,269)
Total mortgage loans and notes payable | 130,070 | 162,918
Net book value of self-storage facilities | $ 359,600 | 442,900
Revolver |  |
Mortgage loans and Notes payable |  |
Effective interest rate (as a percent) | 6.12% |
Nashville V, TN | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value |  | 2,148
Effective interest rate (as a percent) | 3.85% |
New York, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value |  | 28,669
Effective interest rate (as a percent) | 3.51% |
Annapolis I, MD | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 4,806 | 4,906
Effective interest rate (as a percent) | 3.78% |
Brooklyn XV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 14,920 | 15,093
Effective interest rate (as a percent) | 2.15% |
Long Island City IV, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 12,109 | 12,270
Effective interest rate (as a percent) | 2.15% |
Long Island City II, NY | Mortgage Loans |  |
Mortgage loans and Notes payable |  |
Carrying value | $ 18,060 | 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 | $ 122,261 | 153,959
Carrying value | $ 18,066 | 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 | $ 8,871 | $ 10,228
Effective interest rate (as a percent) | 2.15% |

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