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Acquisitions | 12 Months Ended
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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 | )

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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Period Type: | duration