Real Estate Assets, net

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate Assets, net

4. Real Estate Assets, net

The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2019 and December 31, 2018, excluding assets held for sale, are as follows:

	March 31,			December 31,
	2019			2018
Land and land improvements	$	4,075,733		$	4,075,733
Building and building improvements		38,700,052			38,700,052
Furniture, fixtures and equipment		1,923,587			1,872,959
Less: accumulated depreciation		(2,092,804	)		(1,679,564	)
Real estate investment properties, net	$	42,606,568		$	42,969,180

Depreciation expense on the Company’s real estate investment properties, net was approximately $0.4 million and $0.2 million for the three months ended March 31, 2019 and 2018, respectively.