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MORTGAGE LOANS AND NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2025
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 |  | 2025 |  | 2024 |  | Interest Rate | ​ | Date
​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Long Island City II, NY | ​ | $ | 17,246 | ​ | $ | 17,368 | ​ | 2.25 | % | ​ | Jul-26
Long Island City III, NY | ​ | ​ | 17,247 | ​ | ​ | 17,371 | ​ | 2.25 | % | ​ | Aug-26
Allen, TX (1) | ​ | ​ | 7,377 | ​ | ​ | 7,432 | ​ | 6.29 | % | ​ | Aug-26
Dallas-Fort Worth, TX (1) | ​ | ​ | 108,000 | ​ | ​ | 108,000 | ​ | 6.23 | % | ​ | May-29
Flushing II, NY | ​ | ​ | 54,300 | ​ | ​ | 54,300 | ​ | 2.15 | % | ​ | Jul-29
Principal balance outstanding | ​ | ​ | 204,170 | ​ | ​ | 204,471 | ​ | ​ | ​ | ​ | ​
Plus: Unamortized fair value adjustment | ​ | ​ | 5,736 | ​ |  | 6,137 | ​ | ​ | ​ | ​ | ​
Less: Loan procurement costs, net | ​ | ​ | (4,406) | ​ | ​ | (4,693) | ​ | ​ | ​ | ​ | ​
Total mortgage loans and notes payable, net | ​ | $ | 205,500 | ​ | $ | 205,915 | ​ | ​ | ​ | ​ | ​
​
| (1) | The Company owns an 85% interest in consolidated joint ventures that are the borrowers on these mortgage loans.
​ As of March 31, 2025 and December 31, 2024, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $401.9 million and $403.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​
2025 |  | $ | 884
2026 | ​ |  | 40,986
2027 | ​ |  | —
2028 | ​ |  | —
2029 | ​ |  | 162,300
2030 and thereafter | ​ |  | —
Total principal payments | ​ | $ | 204,170
​

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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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