Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.20.1
Real Estate Assets
3 Months Ended
Mar. 31, 2020
Real Estate [Abstract]  
Real Estate Assets

3. REAL ESTATE ASSETS

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

Land

 

$

6,122,065

 

 

$

6,122,065

 

Buildings, improvements, and equipment

 

 

59,505,045

 

 

 

57,178,338

 

Construction in progress

 

 

5,658

 

 

 

1,532,235

 

Self storage properties

 

 

65,632,768

 

 

 

64,832,638

 

Less: Accumulated depreciation

 

 

(5,459,471

)

 

 

(5,080,485

)

Real estate assets, net

 

$

60,173,297

 

 

$

59,752,153

 

 

The Company completed the expansion at its Millbrook, NY property in February 2020, which added approximately 16,500 of gross square feet of all-climate-controlled units.

In the first quarter of 2020, the Company began reviewing plans to convert certain commercially-leased space to all-climate-controlled units at McCordsville, IN. In April 2020, the Company commenced such conversion. We currently anticipate that the conversion project will proceed accordingly, with construction completion expected sometime during the third quarter of 2020, resulting in a total of 544 units and 76,378 leasable square feet at McCordsville, IN. However, there is no guarantee that we will complete this project in this timeframe or at all.