Real Estate Assets

9 Months Ended

Sep. 30, 2019

3. REAL ESTATE ASSETS

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

	September 30, 2019			December 31, 2018
Land	$	5,493,814		$	5,493,814
Buildings, improvements, and equipment		51,933,037			51,879,327
Construction in progress		519,198			94,816
Self storage properties		57,946,049			57,467,957
Less: Accumulated depreciation		(4,712,307	)		(3,656,220	)
Real estate assets, net	$	53,233,742		$	53,811,737

The Company began 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 September 30, 2019, development costs for this project has been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheet. We currently anticipate that the construction project will proceed accordingly, with construction completion approximately nine to twelve months from project commencement. However, there is no guarantee that we will complete this project in this timeframe or at all.