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MORTGAGE LOANS AND NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2023
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 | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31, |  | Effective | ​ | Maturity
Mortgage Loans and Notes Payable |  | 2023 |  | 2022 |  | Interest Rate | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Nashville V, TN (1) | ​ | $ | — | ​ | $ | 2,148 | ​ | 3.85 | % | ​ | Jun-23
New York, NY (1) | ​ | ​ | — | ​ | ​ | 28,669 | ​ | 3.51 | % | ​ | Jun-23
Annapolis I, MD | ​ | ​ | 4,755 | ​ | ​ | 4,906 | ​ | 3.78 | % | ​ | May-24
Brooklyn XV, NY | ​ | ​ | 14,834 | ​ | ​ | 15,093 | ​ | 2.15 | % | ​ | May-24
Long Island City IV, NY | ​ | ​ | 12,028 | ​ | ​ | 12,270 | ​ | 2.15 | % | ​ | May-24
Long Island City II, NY | ​ | ​ | 17,949 | ​ | ​ | 18,283 | ​ | 2.25 | % | ​ | Jul-26
Long Island City III, NY | ​ | ​ | 17,954 | ​ | ​ | 18,290 | ​ | 2.25 | % | ​ | Aug-26
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29
Principal balance outstanding | ​ | ​ | 121,820 | ​ | ​ | 153,959 | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 8,277 | ​ |  | 10,228 | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (967) | ​ | ​ | (1,269) | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 129,130 | ​ | $ | 162,918 | ​ | ​ | ​ | ​ | ​
​ ​
| (1) | These mortgage loans were repaid in full in June 2023.
​ As of September 30, 2023 and December 31, 2022, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $357.9 million and $442.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2023 (in thousands): ​
​ | ​ | ​ | ​
2023 |  | $ | 452
2024 | ​ |  | 32,329
2025 | ​ |  | 979
2026 | ​ |  | 33,760
2027 | ​ |  | —
2028 and thereafter | ​ |  | 54,300
Total principal payments | ​ | $ | 121,820
​

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