Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.21.1
Real Estate Assets
3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Real Estate Assets

3. REAL ESTATE ASSETS

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

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Land

 

$

6,122,065

 

 

$

6,122,065

 

Buildings, improvements, and equipment

 

 

60,359,953

 

 

 

60,317,918

 

Self storage properties

 

 

66,482,018

 

 

 

66,439,983

 

Less: Accumulated depreciation

 

 

(7,077,065

)

 

 

(6,671,450

)

Real estate assets, net

 

$

59,404,953

 

 

$

59,768,533

 

 

During 2020, the Company:

 

 

completed the conversion of certain commercially-leased space to all-climate-controlled units at McCordsville, IN which added approximately 13,713 leasable square feet to the property;

 

 

completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property; and

 

 

completed the expansion at West Henrietta, NY, which added approximately 7,300 leasable square feet of drive-up storage units to the property.