The Company’s initial carrying value of the net assets of the self storage properties is the fair value on the effective date of the change in status determined as follows:
Fair value of self storage properties on the effective date of the
change in status
|
|
|
|
|
|
$
|
34,624,573
|
|
Total net assets of combined self storage properties
|
|
|
|
|
|
|
|
|
Property plant and equipment - self storage
|
|
$
|
26,388,167
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
464,585
|
|
|
|
|
|
Accounts receivable
|
|
|
87,103
|
|
|
|
|
|
Prepaid expenses and other assets
|
|
|
206,146
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
(488,514
|
)
|
|
|
26,657,487
|
|
Increase to the initial carrying value of the net assets of self storage properties on the effective date of the change in status
|
|
|
|
|
|
$
|
7,967,086
|
|
|