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MORTGAGE LOANS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2023

MORTGAGE LOANS AND NOTES PAYABLE

MORTGAGE LOANS AND NOTES PAYABLE

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8.  MORTGAGE LOANS AND NOTES PAYABLE

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The Company’s mortgage loans and notes payable are summarized as follows:

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Carrying Value as of					​	​	​	​	​
​		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	​	​	4,703	​	​	4,906	​	3.78	%	​	May-24
Brooklyn XV, NY	​	​	14,746	​	​	15,093	​	2.15	%	​	May-24
Long Island City IV, NY	​	​	11,946	​	​	12,270	​	2.15	%	​	May-24
Long Island City II, NY	​	​	17,834	​	​	18,283	​	2.25	%	​	Jul-26
Long Island City III, NY	​	​	17,839	​	​	18,290	​	2.25	%	​	Aug-26
Flushing II, NY	​	​	54,300	​	​	54,300	​	2.15	%	​	Jul-29
Principal balance outstanding	​	​	121,368	​	​	153,959	​	​	​	​	​
Plus: Unamortized fair value adjustment	​	​	7,689	​		10,228	​	​	​	​	​
Less: Loan procurement costs, net	​	​	(871)	​	​	(1,269)	​	​	​	​	​
Total mortgage loans and notes payable, net	​	$	128,186	​	$	162,918	​	​	​	​	​

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(1) These mortgage loans were repaid in full in June 2023.

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As of December 31, 2023 and 2022, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $356.1 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 December 31, 2023 (in thousands):

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​	​	​	​
2024		$	32,329
2025	​		979
2026	​		33,760
2027	​		—
2028	​		—
2029	​		54,300
Total principal payments	​	$	121,368

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

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