Real Estate Assets

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate Assets

3. REAL ESTATE ASSETS

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

	December 31, 2021			December 31, 2020
Land	$	6,122,065		$	6,122,065
Buildings, improvements, and equipment		60,571,060			60,317,918
Self storage properties		66,693,125			66,439,983
Less: accumulated depreciation		(8,303,059	)		(6,671,450	)
Real estate assets, net	$	58,390,066		$	59,768,533

During 2020, the Company completed the following conversion and expansions:

•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;

•completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property; and

•completed the expansion at West Henrietta, NY, which added approximately 7,300 leasable square feet of drive-up storage units to the property.

There were no expansion or conversion activities during 2021.