MORTGAGE LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 2022

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	2022		2021		Interest Rate		Date
	(in thousands)
Nashville V, TN	$	2,191	$	2,206	3.85	%	Jun-23
New York, NY		29,170		29,340	3.51	%	Jun-23
Annapolis I, MD		5,051		5,099	3.78	%	May-24
Brooklyn XV, NY		15,339		15,423	2.15	%	May-24
Long Island City IV, NY		12,502		12,580	2.15	%	May-24
Long Island City II, NY		18,605		18,714	2.25	%	Jul-26
Long Island City III, NY		18,614		18,723	2.25	%	Aug-26
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		155,772		156,385
Plus: Unamortized fair value adjustment		12,299		12,981
Less: Loan procurement costs, net		(1,582)		(1,690)
Total mortgage loans and notes payable, net	$	166,489	$	167,676

As of March 31, 2022 and December 31, 2021, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $448.4 million and $450.7 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of March 31, 2022 (in thousands):

2022	$	1,813
2023		32,591
2024		32,329
2025		979
2026		33,760
2027 and thereafter		54,300
Total mortgage payments		155,772
Plus: Unamortized fair value adjustment		12,299
Less: Loan procurement costs, net		(1,582)
Total mortgage loans and notes payable, net	$	166,489