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Real Estate Assets | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Real Estate Assets | 3. REAL ESTATE ASSETS The carry value of the Company’s real estate assets is summarized as follows:
|  | December 31, 2019 |  |  | December 31, 2018 |
Land |  | $ | 6,122,065 |  |  | $ | 5,493,814 |
Buildings, improvements, and equipment |  |  | 57,178,338 |  |  |  | 51,879,327 |
Construction in progress |  |  | 1,532,235 |  |  |  | 94,816 |
Self storage properties |  |  | 64,832,638 |  |  |  | 57,467,957 |
Less: Accumulated depreciation |  |  | (5,080,485 | ) |  |  | (3,656,220 | )
Real estate assets, net |  | $ | 59,752,153 |  |  | $ | 53,811,737 |
In 2019, the Company broke ground on the Millbrook, NY expansion, which, upon completion in February 2020, added approximately 16,500 of gross square feet of all-climate-controlled units. There is no guarantee that we will experience demand for the newly added expansion or that we will be able to successfully lease-up the expansion to the occupancy level of our other properties. As of December 31, 2019, development costs for this project have been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheets. Construction of the expansion was completed in the first quarter of 2020.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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