National Storage Affiliates Trust Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

OTHER ASSETS

OTHER ASSETS

12 Months Ended

Dec. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other assets consist of the following (dollars in thousands):


	December 31,
	2019		2018
Customer in-place leases, net of accumulated amortization of $7,267 and $5,090, respectively	$	3,704	$	4,063
Receivables:
Trade, net	2,809		3,402
PROs and other affiliates	2,773		2,027
Receivable from unconsolidated real estate ventures	4,765		4,573
Property acquisition deposits	4,438		20,977
Interest rate swaps	980		16,164
Equity securities	7,703		—
Prepaid expenses and other	4,762		4,266
Corporate furniture, equipment and other, net	1,925		1,574
Trade name	3,200		3,200
Management contract, net of accumulated amortization of $2,272 and $1,564, respectively	8,349		9,057
Tenant reinsurance intangible, net of accumulated amortization of $317	14,283		—
Goodwill	5,750		5,750
Total	$	65,441	$	75,053

Amortization expense related to customer in-place leases amounted to $11.3 million, $11.6 million and $13.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.

The Company measured the fair value of the trade name, which has an indefinite life and is not amortized, using the relief from royalty method at acquisition.

The management contract asset is charged to amortization expense on a straight-line basis over 15 years, which represents the time period over which the majority of value was attributed in the Company’s discounted cash flow model. Amortization expense related to the management contract amounted to $0.7 million, $0.7 million and $0.7 million for the years ended December 31, 2019, 2018 and 2017 respectively.

Amortization expense related to the tenant reinsurance intangible amounted to $0.3 million for the year ended December 31, 2019. See Note 11 for additional details about the Company's tenant reinsurance intangible asset.