MORTGAGE LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2023

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	2023		2022		Interest Rate		Date
	(in thousands)
Nashville V, TN	$	2,133	$	2,148	3.85	%	Jun-23
New York, NY		28,492		28,669	3.51	%	Jun-23
Annapolis I, MD		4,856		4,906	3.78	%	May-24
Brooklyn XV, NY		15,005		15,093	2.15	%	May-24
Long Island City IV, NY		12,188		12,270	2.15	%	May-24
Long Island City II, NY		18,170		18,283	2.25	%	Jul-26
Long Island City III, NY		18,177		18,290	2.25	%	Aug-26
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		153,321		153,959
Plus: Unamortized fair value adjustment		9,556		10,228
Less: Loan procurement costs, net		(1,166)		(1,269)
Total mortgage loans and notes payable, net	$	161,711	$	162,918

As of March 31, 2023 and December 31, 2022, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $440.8 million and $442.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2023 (in thousands):

2023	$	31,953
2024		32,329
2025		979
2026		33,760
2027		—
2028 and thereafter		54,300
Total mortgage payments		153,321
Plus: Unamortized fair value adjustment		9,556
Less: Loan procurement costs, net		(1,166)
Total mortgage loans and notes payable, net	$	161,711