Quarterly report pursuant to Section 13 or 15(d)

Real Estate Assets

v3.20.2
Real Estate Assets
6 Months Ended
Jun. 30, 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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Land

 

$

6,122,065

 

 

$

6,122,065

 

Buildings, improvements, and equipment

 

 

59,808,351

 

 

 

57,178,338

 

Construction in progress

 

 

46,187

 

 

 

1,532,235

 

Self storage properties

 

 

65,976,603

 

 

 

64,832,638

 

Less: Accumulated depreciation

 

 

(5,858,856

)

 

 

(5,080,485

)

Real estate assets, net

 

$

60,117,747

 

 

$

59,752,153

 

 

In June 2020, the Company completed the conversion of certain commercially-leased space to all-climate-controlled units at McCordsville, IN which added approximately 13,713 leasable square feet to the property.

 

In February 2020, the Company completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property.

 

During the second quarter of 2020, the Company began construction on an expansion at its West Henrietta, NY property. The expansion was subsequently completed in August 2020, which added approximately 7,300 leasable square feet of drive-up storage units to the property.