Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.21.2
Real Estate Assets
9 Months Ended
Sep. 30, 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

 

 

 

September 30, 2021

 

 

December 31, 2020

 

Land

 

$

6,122,065

 

 

$

6,122,065

 

Buildings, improvements, and equipment

 

 

60,561,544

 

 

 

60,317,918

 

Self storage properties

 

 

66,683,609

 

 

 

66,439,983

 

Less: Accumulated depreciation

 

 

(7,893,388

)

 

 

(6,671,450

)

Real estate assets, net

 

$

58,790,221

 

 

$

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.