Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

4. ACQUISITIONS

In November 2019 the Company acquired a self storage property. The acquisition of the property was accounted for as an asset acquisition. The cost of the property, including closing costs, was assigned to land, buildings, equipment, and in-place customer leases based on their relative fair values.

The purchase price of the property acquired in 2019 has been assigned as follows:

					Consideration Paid					Acquisition Date Fair Value
							Net Other
							Liabilities
							Assumed							In-Place		Closing
	Number of	Date of	Purchase				(Assets					Building and		Customer		Costs
State	Properties	Acquisition	Price		Cash Paid		Acquired)			Land		Equipment		Leases		Expensed
NY	1	11/19/2019	$	6,282,514	$	6,287,082	$	(4,568	)	$	628,251	$	5,240,825	$	413,438	$	—
Total			$	6,282,514	$	6,287,082	$	(4,568	)	$	628,251	$	5,240,825	$	413,438	$	—

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the estimated cost to replace the in-place leases. The Company amortizes in-place customer leases on a straight-line basis over 12 months (the estimated future benefit period). Amortization expense related to in-place customer leases was $14,643 and $0 for the years ended December 31, 2019 and 2018, respectively.

The following table summarizes the Company’s revenue and earnings associated with the 2019 acquisition from the acquisition date, that are included in the consolidated statements of operations for the year ended December 31, 2019:

	Year Ended
	December 31, 2019
Total revenue	$	60,244
Net loss		(7,484	)