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MORTGAGE LOANS AND NOTES PAYABLE

12 Months Ended

Dec. 31, 2024

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		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	​	​	17,368	​	​	17,834	​	2.25	%	​	Jul-26
Long Island City III, NY	​	​	17,371	​	​	17,839	​	2.25	%	​	Aug-26
Allen, TX (2)	​	​	7,432	​	​	—	​	6.29	%	​	Aug-26
Dallas-Fort Worth, TX (2)	​	​	108,000	​	​	—	​	6.23	%	​	May-29
Flushing II, NY	​	​	54,300	​	​	54,300	​	2.15	%	​	Jul-29
Principal balance outstanding	​	​	204,471	​	​	121,368	​	​	​	​	​
Plus: Unamortized fair value adjustment	​	​	6,137	​		7,689	​	​	​	​	​
Less: Loan procurement costs, net	​	​	(4,693)	​	​	(871)	​	​	​	​	​
Total mortgage loans and notes payable, net	​	$	205,915	​	$	128,186	​	​	​	​	​

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(1) These mortgage loans were repaid in full in May 2024.

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(2) The Company owns an 85% interest in consolidated joint ventures that are the borrowers on these mortgage loans.

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As of December 31, 2024 and 2023, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $403.9 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 December 31, 2024 (in thousands):

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​	​	​	​
2025		$	1,185
2026	​		40,986
2027	​		—
2028	​		—
2029	​		162,300
2030 and thereafter	​		—
Total principal payments	​	$	204,471

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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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