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QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS (UNAUDITED)
NOTE 13 — QUARTERLY RESULTS (UNAUDITED)
Presented below is a summary of the unaudited quarterly financial information for the years ended December 31, 2019 and 2018. In the opinion of management, the information for the interim periods presented includes all adjustments, which are of a normal and recurring nature, necessary to present a fair presentation of the results for each period.
 
 
December 31, 2019
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
1,135,875

 
$
1,104,195

 
$
1,113,311

 
$
1,114,002

Net (loss) income
 
$
(209,262
)
 
$
(140,946
)
 
$
(157,856
)
 
$
20,382

Basic and diluted net (loss) income per share - Class A common stock (1)
 
$
(0.06
)
 
$
(0.04
)
 
$
(0.04
)
 
$
0.03

Basic and diluted net loss per share - Class T common stock (1)
 
$
(0.08
)
 
$
(0.06
)
 
$
(0.06
)
 
$
(0.07
)
____________________________________
(1)
The Company calculates net loss per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.
 
 
December 31, 2018
 
 
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Revenues
 
$
1,101,694

 
$
1,101,667

 
$
1,101,666

 
$
1,101,348

Net loss
 
$
(192,338
)
 
$
(206,504
)
 
$
(183,344
)
 
$
(189,526
)
Basic and diluted net loss per share - Class A common stock (1)
 
$
(0.08
)
 
$
(0.08
)
 
$
(0.06
)
 
$
(0.06
)
Basic and diluted net loss per share - Class T common stock (1)
 
$
(0.10
)
 
$
(0.10
)
 
$
(0.08
)
 
$
(0.08
)
____________________________________
(1) The Company calculates net loss per share based on the weighted-average number of outstanding shares of common stock during the reporting period. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.