Annual report pursuant to Section 13 and 15(d)

Real Estate Assets

v3.20.2
Real Estate Assets
12 Months Ended
Dec. 31, 2019
Real Estate [Abstract]  
Real Estate Assets

3. REAL ESTATE ASSETS

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

 

 

 

December 31,

2019

 

 

December 31,

2018

 

Land

 

$

6,122,065

 

 

$

5,493,814

 

Buildings, improvements, and equipment

 

 

57,178,338

 

 

 

51,879,327

 

Construction in progress

 

 

1,532,235

 

 

 

94,816

 

Self storage properties

 

 

64,832,638

 

 

 

57,467,957

 

Less: Accumulated depreciation

 

 

(5,080,485

)

 

 

(3,656,220

)

Real estate assets, net

 

$

59,752,153

 

 

$

53,811,737

 

 

In 2019, the Company broke ground on the Millbrook, NY expansion, which, upon completion in February 2020, added approximately 16,500 of gross square feet of all-climate-controlled units. There is no guarantee that we will experience demand for the newly added expansion or that we will be able to successfully lease-up the expansion to the occupancy level of our other properties. As of December 31, 2019, development costs for this project have been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheets.  Construction of the expansion was completed in the first quarter of 2020.