The following summarizes our activity in storage facilities during the nine months ended September 30, 2019:

The Company acquired 28 self-storage facilities during the nine months ended September 30, 2019. The acquisitions of these facilities were accounted for as asset acquisitions. The costs of the facilities, including closing costs, were allocated to land, building, equipment and improvements, and in-place customer leases based upon their relative fair values.

The purchase prices of the facilities acquired in 2019 have been assigned as follows:

(dollars in thousands)						Consideration paid									Acquisition Date Fair Value
States	Number of Properties		Date of Acquisition	Purchase Price		Cash Paid		Carrying Value of Noncontrolling Interest in Joint Venture		Mortgage Assumed		Net Other Liabilities (Assets) Assumed			Land		Building, Equipment, and Improvements		In-Place Customers Leases		Closing Costs Expensed
NY		1	1/16/2019	$	57,169	$	46,402	$	10,715	$	—	$	52		$	30,029	$	26,863	$	277	$	—
FL		1	3/8/2019		9,302		9,222		—		—		80			1,817		7,377		108		—
OH		3	4/30/2019		33,256		32,976		—		—		280			2,105		30,656		495		—
FL		1	6/11/2019		9,955		9,926		—		—		29			662		9,208		85		—
FL, GA, NC, SC, TN, VA		12	7/12/2019		135,330		134,650		—		—		680			20,700		113,368		1,262		—
NV		1	8/29/2019		12,700		12,656		—		—		44			4,586		7,853		261		—
TX		1	9/20/2019		14,202		14,202		—		—		—			1,340		12,862		—		—
WA		3	9/24/2019		56,582		33,959		—		23,007		(384	)		20,886		34,878		818		—
MD		5	9/26/2019		62,837		62,960		—		—		(123	)		23,651		38,244		942		—
Total acquired in 2019		28		$	391,333	$	356,953	$	10,715	$	23,007	$	658		$	105,776	$	281,309	$	4,248	$	—

The facility purchased in New York was acquired as the result of the Company’s acquisition of the remaining 60% ownership interest in Review Avenue Partners, LLC (“RAP”). Prior to this acquisition, RAP was a joint venture between the Company and an otherwise unrelated third-party which had been accounted for by the Company using the equity method of accounting (see Note 10 for additional information on RAP). The purchase price for this acquisition includes the carrying value of the Company’s equity investment in RAP of $10.7 million at the time of the acquisition. The facility acquired in Texas was previously leased by the Company from an otherwise unrelated third-party. During 2019, the Company exercised an option to purchase the property for $14.1 million, inclusive of a $0.8 million deposit which was made by the Company prior to 2019. The remaining 26 facilities were all acquired from unrelated third-parties.

In addition to the $0.8 million deposit on the Texas property, the $357.0 million of cash paid for the facilities acquired in 2019 includes $0.2 million of deposits that were paid in 2018, when one of these facilities was originally under contract, and $0.6 million of cash to be paid later in 2019. Non-cash investing activities during the nine months ended September 30, 2019 include the Company’s equity investment in RAP at carrying value, the assumption of mortgages with acquisition date fair values totaling $23.0 million and the assumption of net other liabilities totaling $0.7 million.

The Company measures the fair value of in-place customer lease intangible assets based on the Company’s experience with customer turnover and the 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). The Company measures the value of trade names, which have an indefinite life and are not amortized, by calculating discounted cash flows utilizing the relief from royalty method.

In-place customer leases are included in other assets on the Company’s consolidated balance sheets as follows:

Amortization expense related to in-place customer leases was $0.8 million and $1.7 million for the three and nine months ended September 30, 2019, respectively, and $9,000 for each of the three and nine months ended September 30, 2018.

On July 2, 2019, the Company sold 32 non-strategic self-storage facilities to an unrelated third-party in exchange for cash consideration of $207.6 million, which is net of related costs. The sale resulted in a gain of $100.2 million, which is reflected within gain on sale of storage facilities in the consolidated statements of operations for the three and nine months ended September 30, 2019.

As part of the Company’s capital improvement efforts during 2017, 2018 and 2019, buildings at certain self-storage facilities were identified for replacement. As a result of the decision to replace these buildings, the Company reassessed the estimated useful lives of the then existing buildings. This useful life reassessment resulted in an increase in depreciation expense of approximately $0.3 million and $1.1 million during the three and nine months ended September 30, 2019, respectively, and $2.4 million and $2.8 million during the three and nine months ended September 30, 2018, respectively. The Company estimates that the change in estimated useful lives of buildings identified for replacement as of September 30, 2019 will have minimal additional impact on depreciation expense during the remainder of 2019.

The accelerated depreciation resulting from the events discussed above reduced both basic and diluted earnings per share/unit by less than $0.01 and by approximately $0.02 for the three and nine months ended September 30, 2019, respectively, and by $0.04 and $0.05 for the three and nine months ended September 30, 2018, respectively.