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Self Storage Facilities (Tables)
 3 Months Ended
Mar. 31, 2016
Real Estate [Abstract]  
Summary of Carrying Value of Real Estate Assets

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

 

Self storage facilities, at cost:

 

 

 

 

Beginning balance

 

$

23,668,445

 

Capital expenditures for office remodeling and equipment acquisition

 

 

8,622

 

Ending balance

 

 

23,677,067

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

2,661,000

 

Ending balance

 

 

2,661,000

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

-

 

Depreciation expense

 

 

(201,369

)

Ending balance

 

 

(201,369

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

111,116

 

Current development

 

 

229,793

 

Ending balance

 

 

340,909

 

 

 

 

 

 

Fair value adjustment due to the change in status

 

 

7,967,086

 

Total real estate facilities at March 31, 2016

 

$

34,444,693