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MORTGAGE LOANS AND NOTES PAYABLE

9 Months Ended

Sep. 30, 2023

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