Real Estate Assets

3 Months Ended

Mar. 31, 2020

3. REAL ESTATE ASSETS

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

	March 31, 2020			December 31, 2019
Land	$	6,122,065		$	6,122,065
Buildings, improvements, and equipment		59,505,045			57,178,338
Construction in progress		5,658			1,532,235
Self storage properties		65,632,768			64,832,638
Less: Accumulated depreciation		(5,459,471	)		(5,080,485	)
Real estate assets, net	$	60,173,297		$	59,752,153

The Company completed the expansion at its Millbrook, NY property in February 2020, which added approximately 16,500 of gross square feet of all-climate-controlled units.

In the first quarter of 2020, the Company began reviewing plans to convert certain commercially-leased space to all-climate-controlled units at McCordsville, IN. In April 2020, the Company commenced such conversion. We currently anticipate that the conversion project will proceed accordingly, with construction completion expected sometime during the third quarter of 2020, resulting in a total of 544 units and 76,378 leasable square feet at McCordsville, IN. However, there is no guarantee that we will complete this project in this timeframe or at all.