Real Estate Assets

3 Months Ended

Mar. 31, 2019

4. REAL ESTATE ASSETS

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

Self storage properties, at cost:
Beginning balance	$	51,879,327
Improvements and equipment additions		7,390
Ending balance		51,886,717

Land
Beginning balance		5,493,814
Ending balance		5,493,814

Accumulated depreciation:
Beginning balance		(3,656,220	)
Depreciation expense		(351,644	)
Ending balance		(4,007,864	)

Construction in progress:
Beginning balance		94,816
Current development		22,401
Ending balance		117,217

Total real estate assets at March 31, 2019	$	53,489,884

The Company expects to break ground and begin construction on the Millbrook, NY expansion in the second quarter of 2019, which, when completed, will add approximately 16,500 of gross square feet of all-climate-controlled units. As of March 31, 2019, development costs for this project has been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheet.