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MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans

9 Months Ended

Sep. 30, 2024

Summary of debt

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	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.

Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable

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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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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