Real Estate Assets

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Assets

5. REAL ESTATE ASSETS

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

Buildings, improvements, and equipment, at cost:
Beginning balance	$	30,795,900
Acquisition of self storage facilities		17,612,576
Newly developed facilities opened for operation		2,567,424
Improvements and equipment additions		180,801
Ending balance		51,156,701
Land
Beginning balance		3,413,814
Acquisition of self storage facilities		2,080,000
Ending balance		5,493,814
Accumulated depreciation:
Beginning balance		—
Depreciation expense		(875,447	)
Ending balance		(875,447	)
Construction in progress:
Beginning balance		145,539
Current development		2,470,685
Newly developed facilities opened for operation		(2,567,424	)
Transfer to prepaid expenses and other assets		(48,800	)
Ending balance		—
Total real estate facilities at December 31, 2016	$	55,775,068

The real estate assets as of December 31, 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.

During 2016, the Company completed the construction to expand its Bolingbrook, IL store. The new development adds approximately 44,260 leasable square feet of climate-controlled and traditional storage units, for an aggregate cost of approximately $2,600,000.