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Self Storage Facilities (Tables)
 9 Months Ended
Sep. 30, 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

 

$

30,746,183

 

Acquisition of self storage facilities

 

 

11,440,000

 

Improvements and equipment additions

 

 

124,024

 

Ending balance

 

 

42,310,207

 

 

 

 

 

 

Land

 

 

 

 

Beginning balance

 

 

3,464,406

 

Acquisition of self storage facilities

 

 

1,300,000

 

Ending balance

 

 

4,764,406

 

 

 

 

 

 

Accumulated depreciation:

 

 

 

 

Beginning balance

 

 

—

 

Depreciation expense

 

 

(583,785

)

Ending balance

 

 

(583,785

)

 

 

 

 

 

Construction in progress:

 

 

 

 

Beginning balance

 

 

144,664

 

Current development

 

 

2,314,073

 

Ending balance

 

 

2,458,737

 

 

 

 

 

 

Total real estate facilities at September 30, 2016

 

$

48,949,565