Self Storage Facilities

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Self Storage Facilities

5. SELF STORAGE FACILITIES

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

Self storage facilities, at cost:
Beginning balance	$	30,746,183
Capital expenditures for office remodeling and equipment    acquisition		24,432
Ending balance		30,770,615
Land
Beginning balance		3,464,406
Ending balance		3,464,406
Accumulated depreciation:
Beginning balance		—
Depreciation expense		(358,975	)
Ending balance		(358,975	)
Construction in progress:
Beginning balance		144,664
Current development		1,141,530
Ending balance		1,286,194
Total real estate facilities at June 30, 2016	$	35,162,240

The real estate assets as of June 30, 2016, have been adjusted to reflect the appreciated fair value of the self storage facilities as of the date of the change in status from an investment company.  

Construction in progress consists of the expansion project in Bolingbrook, IL which, when completed, will add approximately 44,260 leasable square feet of climate-controlled and traditional storage units, for an aggregate cost of approximately $2,400,000. As of June 30, 2016, development costs for this project totaled $1,286,194. These costs have been capitalized while the project is under development and are reflected in Self storage facilities, net on the Company’s consolidated balance sheet.