Real Estate Assets

12 Months Ended

Dec. 31, 2019

3. REAL ESTATE ASSETS

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

	December 31, 2019			December 31, 2018
Land	$	6,122,065		$	5,493,814
Buildings, improvements, and equipment		57,178,338			51,879,327
Construction in progress		1,532,235			94,816
Self storage properties		64,832,638			57,467,957
Less: Accumulated depreciation		(5,080,485	)		(3,656,220	)
Real estate assets, net	$	59,752,153		$	53,811,737

In 2019, the Company broke ground on the Millbrook, NY expansion, which, upon completion in February 2020, added approximately 16,500 of gross square feet of all-climate-controlled units. There is no guarantee that we will experience demand for the newly added expansion or that we will be able to successfully lease-up the expansion to the occupancy level of our other properties. As of December 31, 2019, development costs for this project have been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheets. Construction of the expansion was completed in the first quarter of 2020.