Real Estate Assets

6 Months Ended

Jun. 30, 2020

3. REAL ESTATE ASSETS

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

	June 30, 2020			December 31, 2019
Land	$	6,122,065		$	6,122,065
Buildings, improvements, and equipment		59,808,351			57,178,338
Construction in progress		46,187			1,532,235
Self storage properties		65,976,603			64,832,638
Less: Accumulated depreciation		(5,858,856	)		(5,080,485	)
Real estate assets, net	$	60,117,747		$	59,752,153

In June 2020, the Company completed the conversion of certain commercially-leased space to all-climate-controlled units at McCordsville, IN which added approximately 13,713 leasable square feet to the property.

In February 2020, the Company completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property.

During the second quarter of 2020, the Company began construction on an expansion at its West Henrietta, NY property. The expansion was subsequently completed in August 2020, which added approximately 7,300 leasable square feet of drive-up storage units to the property.