| 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 | | | | | | | | June 30, | | December 31, | | Effective | | Maturity | Mortgage Loans and Notes Payable | | 2025 | | 2024 | | Interest Rate | | Date | | | | (in thousands) | | | | | | Long Island City II, NY | | $ | 17,126 | | $ | 17,368 | | 2.25 | % | | Jul-26 | Long Island City III, NY | | | 17,127 | | | 17,371 | | 2.25 | % | | Aug-26 | Allen, TX (1) | | | 7,328 | | | 7,432 | | 6.29 | % | | Aug-26 | Dallas-Fort Worth, TX (1) | | | 108,000 | | | 108,000 | | 6.23 | % | | May-29 | Flushing II, NY | | | 54,300 | | | 54,300 | | 2.15 | % | | Jul-29 | Principal balance outstanding | | | 203,881 | | | 204,471 | | | | | | Plus: Unamortized fair value adjustment | | | 5,331 | | | 6,137 | | | | | | Less: Loan procurement costs, net | | | (4,120) | | | (4,693) | | | | | | Total mortgage loans and notes payable, net | | $ | 205,092 | | $ | 205,915 | | | | | |
| (1) | The Company owns an 85% interest in consolidated joint ventures that are the borrowers on these mortgage loans. |
As of June 30, 2025 and December 31, 2024, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $399.7 million and $403.9 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of June 30, 2025 (in thousands): | | | | 2025 | | $ | 595 | 2026 | | | 40,986 | 2027 | | | — | 2028 | | | — | 2029 | | | 162,300 | 2030 and thereafter | | | — | Total principal payments | | $ | 203,881 |
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