Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.8.0.1
Real Estate Assets
3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Real Estate Assets

5. REAL ESTATE ASSETS

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

 

Self storage properties, at cost:

 

 

 

 

Beginning balance

 

$

51,415,779

 

Newly developed properties opened for operation

 

 

369,719

 

Improvements and equipment additions

 

 

24,171

 

Ending balance

 

 

51,809,669

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

5,493,814

 

Ending balance

 

 

5,493,814

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

(2,257,862

)

Depreciation expense

 

 

(348,873

)

Ending balance

 

 

(2,606,735

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

393,832

 

Current development

 

 

28,008

 

Newly developed properties opened for operation

 

 

(369,719

)

Ending balance

 

 

52,121

 

 

 

 

 

 

Total real estate assets at March 31, 2018

 

$

54,748,869

 

 

The Merrillville, IN expansion was completed in January 2018 and added 13,300 leasable square feet of traditional drive-up storage units. In 2018 the Company expects to break ground on the Millbrook, NY expansion, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. The planning for the Millbrook, NY expansion is under development and the Company is actively evaluating proposals for its construction. As of March 31, 2018, development costs for these projects have been capitalized while the projects that are under construction and are reflected in real estate assets, net on the Company’s consolidated balance sheet.