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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Other assets are comprised of the following as of December 31, 2021 and 2020:


	December 31,
	2021		2020

	(in thousands)
Intangible assets, net of accumulated amortization of $12,760 and $2,123	$	108,794	$	57,820
Accounts receivable, net		8,145		5,829
Prepaid property taxes		6,938		6,334
Prepaid property and casualty insurance		3,352		2,626
Amounts due from affiliates (see note 14)		15,417		13,130
Assets related to deferred compensation arrangements		60,297		17,207
Right-of-use assets - operating leases (see note 13)		54,741		55,302
Equity investment recorded at cost ⁽¹⁾		—		5,000
Other		8,021		7,505
Total other assets, net	$	265,705	$	170,753

(1)

On September 5, 2018, the Company invested $5.0 million in exchange for 100% of the Class A preferred units of Capital Storage Partners, LLC (“Capital Storage”), a then newly formed venture that acquired 22 self-storage properties located in Florida (4), Oklahoma (5) and Texas (13). The Class A preferred units earned an 11% cumulative dividend prior to any other distributions. On August 24, 2021, the Class A preferred units and all accrued and unpaid dividends were redeemed and paid, respectively. Prior to this redemption, the Company’s investment in Capital Storage and the related dividends were included in Other assets, net on the Company’s consolidated balance sheets and in Other income on the Company’s consolidated statements of operations, respectively. The Company no longer has an ownership interest in Capital Storage.