Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.7.0.1
Real Estate Assets
3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Real Estate Assets

5. REAL ESTATE ASSETS

The carrying value of the Company’s real estate assets is summarized as follows:

 

Self storage facilities, at cost:

 

 

 

 

Beginning balance

 

$

51,156,701

 

Improvements and equipment additions

 

 

121,890

 

Ending balance

 

 

51,278,591

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

5,493,814

 

Ending balance

 

 

5,493,814

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

(875,447

)

Depreciation expense

 

 

(350,684

)

Ending balance

 

 

(1,226,131

)

 

 

 

 

 

Total real estate assets at March 31, 2017

 

$

55,546,274