MORTGAGE LOANS AND NOTES PAYABLE

9 Months Ended

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