Quarterly report pursuant to Section 13 or 15(d)

Self Storage Facilities

v3.5.0.2
Self Storage Facilities
6 Months Ended
Jun. 30, 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

 

$

30,746,183

 

Capital expenditures for office remodeling and equipment

   acquisition

 

 

24,432

 

Ending balance

 

 

30,770,615

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

3,464,406

 

Ending balance

 

 

3,464,406

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

 

Depreciation expense

 

 

(358,975

)

Ending balance

 

 

(358,975

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

144,664

 

Current development

 

 

1,141,530

 

Ending balance

 

 

1,286,194

 

 

 

 

 

 

Total real estate facilities at June 30, 2016

 

$

35,162,240

 

 

The real estate assets as of June 30, 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 consists of the expansion project in Bolingbrook, IL which, when completed, will add approximately 44,260 leasable square feet of climate-controlled and traditional storage units, for an aggregate cost of approximately $2,400,000. As of June 30, 2016, development costs for this project totaled $1,286,194. These costs have been capitalized while the project is under development and are reflected in Self storage facilities, net on the Company’s consolidated balance sheet.