XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.24.3

Other Assets | 9 Months Ended
--- | ---
Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Other Assets | OTHER ASSETS The components of other assets are summarized as follows:
| September 30, 2024 |  | December 31, 2023
Goodwill | $ | 170,811 |  |  | $ | 170,811 |
Receivables, net | 112,748 |  |  | 134,716 |
Prepaid expenses and deposits | 97,521 |  |  | 85,153 |
Other intangible assets, net | 39,498 |  |  | 66,332 |
Trade name | — |  |  | 50,000 |
Fair value of interest rate swaps | 11,716 |  |  | 26,183 |
Equipment and fixtures, net | 50,065 |  |  | 48,697 |
Deferred line of credit financing costs, net | 8,108 |  |  | 9,787 |
Restricted cash | 5,394 |  |  | 6,021 |
| $ | 495,861 |  |  | $ | 597,700 |
During the three months ended September 30, 2024, the Company decided to operate all stores under a single brand. As a result of that decision, the Company deemed the Life Storage trade name intangible asset to be impaired and recognized a loss for the full value of the asset. A loss of $51,763 for the write-off of the asset and related costs has been recorded in impairment of Life Storage trade name on the Company's condensed consolidated statements of operations for the three months ended September 30, 2024. The trade name was originally recorded at fair value based on royalty payments avoided had the trade name been owned by a third party. This was determined using market royalty rates and a discounted cash flow analysis under the relief-from-royalty method. Intangible assets are included in the self-storage operations segment of the Company’s segment information.

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

X
- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
Name: | us-gaap_OtherAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration