Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.19.3
Real Estate Assets
9 Months Ended
Sep. 30, 2019
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, 2019

 

 

December 31, 2018

 

Land

 

$

5,493,814

 

 

$

5,493,814

 

Buildings, improvements, and equipment

 

 

51,933,037

 

 

 

51,879,327

 

Construction in progress

 

 

519,198

 

 

 

94,816

 

Self storage properties

 

 

57,946,049

 

 

 

57,467,957

 

Less: Accumulated depreciation

 

 

(4,712,307

)

 

 

(3,656,220

)

Real estate assets, net

 

$

53,233,742

 

 

$

53,811,737

 

 

The Company began construction on the Millbrook, NY expansion in the second quarter of 2019, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. As of September 30, 2019, development costs for this project has been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheet. We currently anticipate that the construction project will proceed accordingly, with construction completion approximately nine to twelve months from project commencement. However, there is no guarantee that we will complete this project in this timeframe or at all.