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MORTGAGE LOANS AND NOTES PAYABLE | 9 Months Ended
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Sep. 30, 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 | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31, |  | Effective | ​ | Maturity
Mortgage Loans and Notes Payable |  | 2024 |  | 2023 |  | Interest Rate | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Annapolis I, MD (1) | ​ | $ | — | ​ | $ | 4,703 | ​ | 3.78 | % | ​ | May-24
Brooklyn XV, NY (1) | ​ | ​ | — | ​ | ​ | 14,746 | ​ | 2.15 | % | ​ | May-24
Long Island City IV, NY (1) | ​ | ​ | — | ​ | ​ | 11,946 | ​ | 2.15 | % | ​ | May-24
Long Island City II, NY | ​ | ​ | 17,488 | ​ | ​ | 17,834 | ​ | 2.25 | % | ​ | Jul-26
Long Island City III, NY | ​ | ​ | 17,491 | ​ | ​ | 17,839 | ​ | 2.25 | % | ​ | Aug-26
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29
Principal balance outstanding | ​ | ​ | 89,279 | ​ | ​ | 121,368 | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 6,154 | ​ |  | 7,689 | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (645) | ​ | ​ | (871) | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 94,788 | ​ | $ | 128,186 | ​ | ​ | ​ | ​ | ​
​
| (1) | These mortgage loans were repaid in full in May 2024.
​ As of September 30, 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 $234.0 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 September 30, 2024 (in thousands): ​
​ | ​ | ​ | ​
2024 |  | $ | 240
2025 | ​ |  | 979
2026 | ​ |  | 33,760
2027 | ​ |  | —
2028 | ​ |  | —
2029 | ​ |  | 54,300
Total principal payments | ​ | $ | 89,279
​

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