Real Estate Assets, net

9 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Real Estate Assets, net

5. Real Estate Assets, net

The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of September 30, 2018 and December 31, 2017 are as follows:

	September 30,			December 31,
	2018			2017
Land and land improvements	$	4,446,358		$	2,683,051
Building and building improvements		49,197,217			28,109,037
Furniture, fixtures and equipment		1,764,570			879,288
Less: accumulated depreciation		(1,466,628	)		(585,437	)
Real estate assets, net	$	53,941,517		$	31,085,939

Depreciation expense on the Company’s real estate assets, net was approximately $0.3 million and $0.9 million for the quarter and nine months ended September 30, 2018, respectively, and approximately $0.2 million and $0.4 million for the quarter and nine months ended September 30, 2017, respectively.