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Other Assets
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets OTHER ASSETS
The components of other assets are summarized as follows:
December 31, 2024December 31, 2023
Goodwill$170,811 $170,811 
Receivables, net129,748 134,716 
Prepaid expenses and deposits137,494 85,153 
Other intangible assets, net32,206 66,332 
Trade name— 50,000 
Fair value of interest rate swaps15,733 26,183 
Equipment and fixtures, net50,365 48,697 
Deferred line of credit financing costs, net7,548 9,787 
Restricted cash5,081 6,021 
$548,986 $597,700 
During the year ended December 31, 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 consolidated statements of operations for the year ended December 31, 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.
Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. The Company capitalizes certain costs during the application development stage when developing software for internal use. As of December 31, 2024 and 2023, unamortized software costs were $16,254 and $18,844. During the year ended December 31, 2024 and 2023, the Company recorded amortization expense of $5,307 and $5,377, respectively, relating to capitalized software costs.