Self Storage Facilities

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Self Storage Facilities

5. SELF STORAGE FACILITIES

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

Self storage facilities, at cost:
Beginning balance	$	30,746,183
Acquisition of self storage facilities		11,440,000
Improvements and equipment additions		124,024
Ending balance		42,310,207
Land
Beginning balance		3,464,406
Acquisition of self storage facilities		1,300,000
Ending balance		4,764,406
Accumulated depreciation:
Beginning balance		—
Depreciation expense		(583,785	)
Ending balance		(583,785	)
Construction in progress:
Beginning balance		144,664
Current development		2,314,073
Ending balance		2,458,737
Total real estate facilities at September 30, 2016	$	48,949,565

The real estate assets as of September 30, 2016, have been adjusted to reflect the appreciated fair value of the self storage facilities as of the date of the change in status from an investment company.  

Construction in progress consists of the expansion project in Bolingbrook, IL which, when completed, will add approximately 44,260 leasable square feet of climate-controlled and traditional storage units, for an aggregate cost of approximately $2,400,000. As of September 30, 2016, development costs for this project totaled $2,426,065. These costs have been capitalized while the project is under development and are reflected in self storage facilities, net on the Company’s consolidated balance sheet.