| 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 | | | | | | | | December 31, | | Effective | | Maturity | Mortgage Loans and Notes Payable | | 2023 | | 2022 | | Interest Rate | | Date | | | | (in thousands) | | | | | | Nashville V, TN (1) | | $ | — | | $ | 2,148 | | 3.85 | % | | Jun-23 | New York, NY (1) | | | — | | | 28,669 | | 3.51 | % | | Jun-23 | Annapolis I, MD | | | 4,703 | | | 4,906 | | 3.78 | % | | May-24 | Brooklyn XV, NY | | | 14,746 | | | 15,093 | | 2.15 | % | | May-24 | Long Island City IV, NY | | | 11,946 | | | 12,270 | | 2.15 | % | | May-24 | Long Island City II, NY | | | 17,834 | | | 18,283 | | 2.25 | % | | Jul-26 | Long Island City III, NY | | | 17,839 | | | 18,290 | | 2.25 | % | | Aug-26 | Flushing II, NY | | | 54,300 | | | 54,300 | | 2.15 | % | | Jul-29 | Principal balance outstanding | | | 121,368 | | | 153,959 | | | | | | Plus: Unamortized fair value adjustment | | | 7,689 | | | 10,228 | | | | | | Less: Loan procurement costs, net | | | (871) | | | (1,269) | | | | | | Total mortgage loans and notes payable, net | | $ | 128,186 | | $ | 162,918 | | | | | |
| (1) | These mortgage loans were repaid in full in June 2023. |
As of December 31, 2023 and 2022, the Company’s mortgage loans and notes payable were secured by certain of its self-storage properties with net book values of approximately $356.1 million and $442.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of December 31, 2023 (in thousands): | | | | 2024 | | $ | 32,329 | 2025 | | | 979 | 2026 | | | 33,760 | 2027 | | | — | 2028 | | | — | 2029 | | | 54,300 | Total principal payments | | $ | 121,368 |
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