Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.19.1
Real Estate Assets
3 Months Ended
Mar. 31, 2019
Real Estate [Abstract]  
Real Estate Assets

4. REAL ESTATE ASSETS

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

 

Self storage properties, at cost:

 

 

 

 

Beginning balance

 

$

51,879,327

 

Improvements and equipment additions

 

 

7,390

 

Ending balance

 

 

51,886,717

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

5,493,814

 

Ending balance

 

 

5,493,814

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

(3,656,220

)

Depreciation expense

 

 

(351,644

)

Ending balance

 

 

(4,007,864

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

94,816

 

Current development

 

 

22,401

 

Ending balance

 

 

117,217

 

 

 

 

 

 

Total real estate assets at March 31, 2019

 

$

53,489,884

 

 

The Company expects to break ground and begin construction on the Millbrook, NY expansion in the second quarter of 2019, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. As of March 31, 2019, development costs for this project has been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheet.