Real Estate Assets

3 Months Ended

Mar. 31, 2021

3. REAL ESTATE ASSETS

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

	March 31, 2021			December 31, 2020
Land	$	6,122,065		$	6,122,065
Buildings, improvements, and equipment		60,359,953			60,317,918
Self storage properties		66,482,018			66,439,983
Less: Accumulated depreciation		(7,077,065	)		(6,671,450	)
Real estate assets, net	$	59,404,953		$	59,768,533

During 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;

•

completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property; and

•

completed the expansion at West Henrietta, NY, which added approximately 7,300 leasable square feet of drive-up storage units to the property.