Commitment and Contingencies
|9 Months Ended|
Sep. 30, 2018
|Commitments And Contingencies Disclosure [Abstract]|
|Commitment and Contingencies||
16. COMMITMENT AND CONTINGENCIES
At September 30, 2018, the Company was under contract to acquire three self-storage facilities for an aggregate purchase price of $29.3 million. Two of these three self-storage facilities were acquired by the Company subsequent to September 30, 2018 for an aggregate purchase price of $22.1 million. The purchase of the remaining facility is subject to customary conditions to closing, and there is no assurance that this facility will be acquired.
On or about August 25, 2014, a putative class action was filed against the Company in the Superior Court of New Jersey Law Division Burlington County. The action sought to obtain declaratory, injunctive and monetary relief for a class of consumers based upon alleged violations by the Company of various statutory laws. On October 17, 2014, the action was removed from the Superior Court of New Jersey Law Division Burlington County to the United States District Court for the District of New Jersey. The parties subsequently reached a settlement of all claims for an aggregate amount of $8.0 million, and the settlement was approved by the court on June 12, 2018. The Company is in the process of making payments under the settlement to the members of the class and has made most of the required payments as of September 30, 2018. The aggregate remaining settlement amount of $0.2 million has been recorded as a liability in the Company’s consolidated balance sheet.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef