MORTGAGE LOANS AND NOTES PAYABLE

6 Months Ended

Jun. 30, 2020

MORTGAGE LOANS AND NOTES PAYABLE

MORTGAGE LOANS AND NOTES PAYABLE

8. MORTGAGE LOANS AND NOTES PAYABLE

The Company’s mortgage loans and notes payable are summarized as follows:

	Carrying Value as of:
	June 30,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	2020		2019		Interest Rate		Date
	(in thousands)
YSI 26	$	7,692	$	7,805	4.56	%	Nov-20
YSI 57		2,700		2,740	4.61	%	Nov-20
YSI 55		21,292		21,547	4.85	%	Jun-21
YSI 24		23,601		24,042	4.64	%	Jun-21
YSI 65		2,287		2,313	3.85	%	Jun-23
YSI 66		30,288		30,588	3.51	%	Jun-23
YSI 68		5,372		5,459	3.78	%	May-24
Principal balance outstanding		93,232		94,494
Plus: Unamortized fair value adjustment		1,479		1,833
Less: Loan procurement costs, net		(223)		(287)
Total mortgage loans and notes payable, net	$	94,488	$	96,040

As of June 30, 2020 and December 31, 2019, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $203.6 million and $206.3 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2020 (in thousands):

2020	$	11,529
2021		45,057
2022		923
2023		31,019
2024		4,704
2025 and thereafter		—
Total mortgage payments		93,232
Plus: Unamortized fair value adjustment		1,479
Less: Loan procurement costs, net		(223)
Total mortgage loans and notes payable, net	$	94,488