Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.19.2
Real Estate Assets
6 Months Ended
Jun. 30, 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

 

 

21,877

 

Ending balance

 

 

51,901,204

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

5,493,814

 

Ending balance

 

 

5,493,814

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

(3,656,220

)

Depreciation expense

 

 

(704,376

)

Ending balance

 

 

(4,360,596

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

94,816

 

Current development

 

 

244,674

 

Ending balance

 

 

339,490

 

 

 

 

 

 

Total real estate assets at June 30, 2019

 

$

53,373,912

 

 

The Company began 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 June 30, 2019, development costs for this project has been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheet.