MORTGAGE LOANS AND NOTES PAYABLE

3 Months Ended

Mar. 31, 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
	March 31,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	2024		2023		Interest Rate		Date
	(in thousands)
Annapolis I, MD	$	4,651	$	4,703	3.78	%	May-24
Brooklyn XV, NY		14,657		14,746	2.15	%	May-24
Long Island City IV, NY		11,862		11,946	2.15	%	May-24
Long Island City II, NY		17,719		17,834	2.25	%	Jul-26
Long Island City III, NY		17,723		17,839	2.25	%	Aug-26
Flushing II, NY		54,300		54,300	2.15	%	Jul-29
Principal balance outstanding		120,912		121,368
Plus: Unamortized fair value adjustment		7,103		7,689
Less: Loan procurement costs, net		(776)		(871)
Total mortgage loans and notes payable, net	$	127,239	$	128,186

As of March 31, 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 $354.6 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 March 31, 2024 (in thousands):

2024	$	31,873
2025		979
2026		33,760
2027		—
2028		—
2029		54,300
Total principal payments	$	120,912