Quarterly report pursuant to Section 13 or 15(d)

Self Storage Facilities

v3.5.0.1
Self Storage Facilities
 3 Months Ended
Mar. 31, 2016
Real Estate [Abstract]  
Self Storage Facilities

5. SELF STORAGE FACILITIES

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

 

Self storage facilities, at cost:

 

 

 

 

Beginning balance

 

$

23,668,445

 

Capital expenditures for office remodeling and equipment acquisition

 

 

8,622

 

Ending balance

 

 

23,677,067

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

2,661,000

 

Ending balance

 

 

2,661,000

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

-

 

Depreciation expense

 

 

(201,369

)

Ending balance

 

 

(201,369

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

111,116

 

Current development

 

 

229,793

 

Ending balance

 

 

340,909

 

 

 

 

 

 

Fair value adjustment due to the change in status

 

 

7,967,086

 

Total real estate facilities at March 31, 2016

 

$

34,444,693

 

 

The real estate assets as of March 31, 2016, have been adjusted to reflect the appreciated fair value of the self storage facilities as of the date of the change in status from an investment company.  

 

Construction in progress as of March 31, 2016 consists of the expansion project in Bolingbrook, IL which, when completed, will add approximately 45,000 leasable square feet of climate-controlled and traditional storage units, for an aggregate cost of approximately $2,400,000.