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MORTGAGE LOANS AND NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2024
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 | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31, |  | Effective | ​ | Maturity
Mortgage Loans and Notes Payable |  | 2024 |  | 2023 |  | Interest Rate | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Annapolis I, MD | ​ | $ | 4,651 | ​ | $ | 4,703 | ​ | 3.78 | % | ​ | May-24
Brooklyn XV, NY | ​ | ​ | 14,657 | ​ | ​ | 14,746 | ​ | 2.15 | % | ​ | May-24
Long Island City IV, NY | ​ | ​ | 11,862 | ​ | ​ | 11,946 | ​ | 2.15 | % | ​ | May-24
Long Island City II, NY | ​ | ​ | 17,719 | ​ | ​ | 17,834 | ​ | 2.25 | % | ​ | Jul-26
Long Island City III, NY | ​ | ​ | 17,723 | ​ | ​ | 17,839 | ​ | 2.25 | % | ​ | Aug-26
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29
Principal balance outstanding | ​ | ​ | 120,912 | ​ | ​ | 121,368 | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 7,103 | ​ |  | 7,689 | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (776) | ​ | ​ | (871) | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 127,239 | ​ | $ | 128,186 | ​ | ​ | ​ | ​ | ​
​ ​ As of March 31, 2024 and December 31, 2023, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $354.6 million and $356.1 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2024 (in thousands): ​
​ | ​ | ​ | ​
2024 |  | $ | 31,873
2025 | ​ |  | 979
2026 | ​ |  | 33,760
2027 | ​ |  | —
2028 | ​ |  | —
2029 | ​ |  | 54,300
Total principal payments | ​ | $ | 120,912
​

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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 + Details
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