Annual report pursuant to Section 13 and 15(d)

OTHER ASSETS

v3.24.0.1
OTHER ASSETS
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS OTHER ASSETS
Other assets consist of the following (dollars in thousands):
December 31,
2023 2022
Customer in-place leases, net of accumulated amortization of $3,263 and $5,004, respectively
$ 1,609  $ 5,090 
Receivables:
Trade, net 9,842  13,120 
PROs and other affiliates 7,784  4,175 
Receivable from unconsolidated real estate ventures 4,446  5,375 
Interest rate swaps 29,610  51,466 
Prepaid expenses and other 14,743  26,156 
Corporate furniture, equipment and other, net 2,659  1,534 
Trade name 8,851  7,442 
Management contracts, net of accumulated amortization of $6,777 and $5,398, respectively
 14,049  12,113 
Tenant reinsurance intangible assets, net of accumulated amortization of $3,839 and $2,466, respectively
 32,227  21,575 
Goodwill 8,182  8,182 
Total $ 134,002  $ 156,228 
Amortization expense related to customer in-place leases amounted to $8.3 million, $34.4 million and $20.7 million for the years ended December 31, 2023, 2022 and 2021, 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 assets and tenant reinsurance intangible assets are charged to amortization expense on a straight-line basis over 15 years and 25 years, respectively, which represent the time periods over which the majority of value was attributed in the Company’s discounted cash flow models. Amortization expense related to the management contracts amounted to $1.4 million, $1.2 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021 respectively. Amortization expense related to the tenant reinsurance intangible assets amounted to $1.4 million, $1.0 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021 respectively.
Future Intangible Asset Amortization
As of December 31, 2023, the estimated aggregate amortization expense for the Company's customer in-place leases, management contracts and tenant reinsurance intangible assets for the succeeding five years are as follows (in thousands):
Year Ending December 31, Total Aggregate Estimated Amortization Expense
2024 $ 4,389 
2025 2,779 
2026 2,779 
2027 2,779 
2028 2,779 
Thereafter 32,380 
Total $ 47,885