XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.21.1

Real Estate Assets | 12 Months Ended
--- | ---
Dec. 31, 2020
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, 2020 |  |  | December 31, 2019 |
Land |  | $ | 6,122,065 |  |  | $ | 6,122,065 |
Buildings, improvements, and equipment |  |  | 60,317,918 |  |  |  | 57,178,338 |
Construction in progress |  | — |  |  |  | 1,532,235 |
Self storage properties |  |  | 66,439,983 |  |  |  | 64,832,638 |
Less: Accumulated depreciation |  |  | (6,671,450 | ) |  |  | (5,080,485 | )
Real estate assets, net |  | $ | 59,768,533 |  |  | $ | 59,752,153 |
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. As of December 31, 2020 and 2019, development costs for this project have been capitalized and are reflected in real estate assets, net on the Company’s consolidated balance sheets. 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 $398,795 and $14,643 for the years ended December 31, 2020 and 2019, respectively. During the year ended December 31, 2020, the Company did not make any acquisitions.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration