The carrying value of the Company’s real estate assets is summarized as follows:
|
Self storage properties, at cost: |
|
|
|
|
|
Beginning balance |
|
$ |
51,156,701 |
|
|
Improvements and equipment additions |
|
|
212,973 |
|
|
Ending balance |
|
|
51,369,674 |
|
|
|
|
|
|
|
|
Land |
|
|
|
|
|
Beginning balance |
|
|
5,493,814 |
|
|
Ending balance |
|
|
5,493,814 |
|
|
|
|
|
|
|
|
Accumulated depreciation: |
|
|
|
|
|
Beginning balance |
|
|
(875,447 |
) |
|
Depreciation expense |
|
|
(1,057,305 |
) |
|
Ending balance |
|
|
(1,932,752 |
) |
|
|
|
|
|
|
|
Construction in progress: |
|
|
|
|
|
Beginning balance |
|
— |
|
|
Current development |
|
|
100,389 |
|
|
Ending balance |
|
|
100,389 |
|
|
|
|
|
|
|
|
Total real estate assets at September 30, 2017 |
|
$ |
55,031,125 |
|
|