The Company’s initial carrying value of the net assets of the self storage properties is the fair value on the effective date of the change in status determined as follows:
|
Fair value of self storage properties on the effective date of the
change in status |
|
|
|
|
|
$ |
34,624,573 |
|
|
Total net assets of combined self storage properties |
|
|
|
|
|
|
|
|
|
Property plant and equipment - self storage |
|
$ |
26,388,167 |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
464,585 |
|
|
|
|
|
|
Accounts receivable |
|
|
87,103 |
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
206,146 |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
(488,514 |
) |
|
|
26,657,487 |
|
|
Increase to the initial carrying value of the net assets of self storage properties on the
effective date of the change in status |
|
|
|
|
|
$ |
7,967,086 |
|
|