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Real Estate Assets | 9 Months Ended
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Sep. 30, 2020
Real Estate [Abstract] |
Real Estate Assets | 3. REAL ESTATE ASSETS The carrying value of the Company’s real estate assets is summarized as follows
|  | September 30, 2020 |  |  | December 31, 2019 |
Land |  | $ | 6,122,065 |  |  | $ | 6,122,065 |
Buildings, improvements, and equipment |  |  | 60,307,933 |  |  |  | 57,178,338 |
Construction in progress |  | — |  |  |  | 1,532,235 |
Self storage properties |  |  | 66,429,998 |  |  |  | 64,832,638 |
Less: Accumulated depreciation |  |  | (6,264,716 | ) |  |  | (5,080,485 | )
Real estate assets, net |  | $ | 60,165,282 |  |  | $ | 59,752,153 |
In June 2020, the Company completed the conversion of certain commercially-leased space to all-climate-controlled units at McCordsville, IN which added approximately 13,713 leasable square feet to the property. In February 2020, the Company completed the expansion at Millbrook, NY which added approximately 11,800 of leasable square feet of all-climate-controlled units to the property. During the second quarter of 2020, the Company began construction on an expansion at its West Henrietta, NY property. The expansion was subsequently completed in August 2020, which added approximately 7,300 leasable square feet of drive-up storage units to the property.

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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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