Real Estate Assets (Tables)

12 Months Ended

Dec. 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:

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