Property and Equipment

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 8 – PROPERTY AND EQUIPMENT

At December 31, 2019 and 2018, property and equipment consisted of the following:

	March 31, 2020			December 31, 2019
Land	$	3,988,810		$	3,887,710
Buildings and building improvements		27,115,201			27,063,235
Tenant improvements		8,084,071			7,762,991
Furniture and fixtures		325,113			299,645
Machinery and equipment		4,177,666			4,086,691
Construction in progress		3,602,356			2,827,940
		47,293,217			45,928,212
Less: accumulated depreciation		(3,614,724	)		(3,135,843	)
Property and equipment, net	$	43,678,493		$	42,792,369

During the quarters ended March 31, 2020 and December 31, 2019, additions to property and equipment were approximately $1.4 million and $2.9 million, respectively.

Additions during the quarter ended March 31, 2020 consisted primarily of (i) the purchase of land and building, and the commencement of building improvements in Mt. Vernon, IL, and (ii) improvements to the properties in Anna, IL and Harrisburg, IL.

Additions during the quarter ended December 31, 2019 consisted primarily of (i) the purchase of land and building and the commencement of building improvements in Annapolis, MD, and (ii) tenant improvements to the property in Milford, DE.

Depreciation expense for the quarters ended March 31, 2020 and December 31, 2019 approximated $484,000 and $301,000, respectively.