Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.20.1
Property and Equipment
 3 Months Ended
Mar. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment

NOTE 8 – PROPERTY AND EQUIPMENT

 

At December 31, 2019 and 2018, property and equipment consisted of the following:

 

    March 31,
2020		     December 31,
2019		  
Land   $ 3,988,810     $ 3,887,710  
Buildings and building improvements     27,115,201       27,063,235  
Tenant improvements     8,084,071       7,762,991  
Furniture and fixtures     325,113       299,645  
Machinery and equipment     4,177,666       4,086,691  
Construction in progress     3,602,356       2,827,940  
      47,293,217       45,928,212  
Less: accumulated depreciation     (3,614,724 )     (3,135,843 )
Property and equipment, net   $ 43,678,493     $ 42,792,369  

 

During the quarters ended March 31, 2020 and December 31, 2019, additions to property and equipment were approximately $1.4 million and $2.9 million, respectively.

 

Additions during the quarter ended March 31, 2020 consisted primarily of (i) the purchase of land and building, and the commencement of building improvements in Mt. Vernon, IL, and (ii) improvements to the properties in Anna, IL and Harrisburg, IL.

 

Additions during the quarter ended December 31, 2019 consisted primarily of (i) the purchase of land and building and the commencement of building improvements in Annapolis, MD, and (ii) tenant improvements to the property in Milford, DE.

 

Depreciation expense for the quarters ended March 31, 2020 and December 31, 2019 approximated $484,000 and $301,000, respectively.