MORTGAGE LOANS AND NOTES PAYABLE

9 Months Ended

Sep. 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:
	September 30,		December 31,		Effective		Maturity
Mortgage Loans and Notes Payable	2020		2019		Interest Rate		Date
	(in thousands)
YSI 26 (1)	$	7,635	$	7,805	4.56	%	Nov-20
YSI 57 (1)		2,680		2,740	4.61	%	Nov-20
YSI 55		21,163		21,547	4.85	%	Jun-21
YSI 24		23,378		24,042	4.64	%	Jun-21
YSI 65		2,275		2,313	3.85	%	Jun-23
YSI 66		30,137		30,588	3.51	%	Jun-23
YSI 68		5,328		5,459	3.78	%	May-24
Principal balance outstanding		92,596		94,494
Plus: Unamortized fair value adjustment		1,303		1,833
Less: Loan procurement costs, net		(192)		(287)
Total mortgage loans and notes payable, net	$	93,707	$	96,040

(1) These mortgage loans were repaid in full on November 2, 2020.

As of September 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 $202.3 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 September 30, 2020 (in thousands):

2020	$	10,893
2021		45,057
2022		923
2023		31,019
2024		4,704
2025 and thereafter		—
Total mortgage payments		92,596
Plus: Unamortized fair value adjustment		1,303
Less: Loan procurement costs, net		(192)
Total mortgage loans and notes payable, net	$	93,707