Annual report pursuant to Section 13 and 15(d)

Real Estate Assets

v3.19.1
Real Estate Assets
12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Real Estate Assets

4. REAL ESTATE ASSETS

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

 

 

 

December 31,

2018

 

 

December 31,

2017

 

Buildings, improvements, and equipment, at cost:

 

 

 

 

 

 

 

 

Beginning balance

 

$

51,415,779

 

 

$

51,156,701

 

Improvements and equipment additions

 

 

93,829

 

 

 

259,078

 

Newly developed facilities opened for operation

 

 

369,719

 

 

 

 

Ending balance

 

 

51,879,327

 

 

 

51,415,779

 

Land:

 

 

 

 

 

 

 

 

Beginning balance

 

 

5,493,814

 

 

 

5,493,814

 

Ending balance

 

 

5,493,814

 

 

 

5,493,814

 

Accumulated depreciation:

 

 

 

 

 

 

 

 

Beginning balance

 

 

(2,257,862

)

 

 

(875,447

)

Depreciation expense

 

 

(1,398,358

)

 

 

(1,382,415

)

Ending balance

 

 

(3,656,220

)

 

 

(2,257,862

)

Construction in progress:

 

 

 

 

 

 

 

 

Beginning balance

 

 

393,832

 

 

 

 

Current development

 

 

70,703

 

 

 

393,832

 

Newly developed facilities opened for operation

 

 

(369,719

)

 

 

 

Ending balance

 

 

94,816

 

 

 

393,832

 

Total real estate assets

 

$

53,811,737

 

 

$

55,045,563

 

 

The Merrillville, IN expansion was completed in January 2018 and added 13,300 leasable square feet of traditional drive-up storage units. In 2019 the Company expects to break ground on the Millbrook, NY expansion, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. The planning for the Millbrook, NY expansion is underway and the Company is actively evaluating proposals for its construction. As of December 31, 2018, development costs for these projects have been capitalized while the projects that are under construction and are reflected in real estate assets, net on the Company’s consolidated balance sheet.