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Acquisitions and Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Acquisitions and Intangible Assets, Net | Acquisitions and Intangible Assets, Net The Company did not execute any real estate asset acquisitions during the year ended December 31, 2020. Acquisitions in 2019 During the year ended December 31, 2019, the Company acquired five commercial real estate assets for $218.4 million that were accounted for as asset acquisitions. Such acquisitions were structured as like-kind exchanges in accordance with Code §1031, using cash proceeds from the Agricultural Land Sale. The allocation of purchase price to the aggregate assets acquired and liabilities assumed in connection with the five commercial real estate acquisitions in 2019 was as follows (in millions):
Fair value of assets acquired and liabilities assumed |  |
Assets acquired: |  |
Land |  | $ | 106.9 |
Property and improvements |  | 91.3 |
In-place leases |  | 23.2 |
Favorable leases |  | 4.3 |
Total assets acquired |  | $ | 225.7 |
Liabilities assumed: |  |
Unfavorable leases |  | $ | 7.3 |
Total liabilities assumed |  | $ | 7.3 |
Net assets acquired |  | $ | 218.4 |
As of the acquisition date, the weighted-average amortization periods of the in-place and favorable leases were approximately 8.2 years and 4.7 years, respectively. The weighted-average amortization period of the unfavorable leases was approximately 18.6 years. Acquisitions in 2018 During the year ended December 31, 2018, the Company acquired five commercial real estate assets for an aggregate purchase price of $303.7 million that were accounted for as asset acquisitions. The acquisitions were largely funded through cash using §1031 proceeds from the sale of the Company's last seven mainland properties and also from the Agricultural Land Sale. The aggregate purchase price also included a mortgage loan with a contractual principal amount of $62.0 million that is secured by one of the properties and $2.7 million of capitalized and acquisition-related costs paid to third parties. The allocation of purchase price to assets acquired and liabilities assumed were as follows (in millions):
Fair value of assets acquired and liabilities assumed |  |
Assets acquired: |  |
Land |  | $ | 92.8 |
Property and improvements |  | 173.9 |
In-place leases |  | 32.0 |
Favorable leases |  | 6.7 |
Total assets acquired |  | $ | 305.4 |
Liabilities assumed: |  |
Unfavorable leases |  | $ | 2.7 |
Notes payable and other debt 1 |  | 61.0 |
Total liabilities assumed |  | $ | 63.7 |
Net assets acquired |  | $ | 241.7 |
1 Includes a fair value adjustment of $1.0 million. As of the acquisition date, the weighted-average amortization periods of the in-place and favorable leases were approximately 12.4 years and 11.7 years, respectively. The weighted-average amortization period of the unfavorable leases was approximately 11.5 years. Intangible assets, net Real estate intangible assets, net and other intangible assets included in Prepaid expenses and other assets as of December 31, 2020 and 2019 were as follows (in millions):
| 2020 |  | 2019
In-place leases | $ | 125.0 |  |  | $ | 125.2 |
Favorable leases | 29.0 |  |  | 29.0 |
Accumulated amortization of in-place leases | (73.8) |  |  | (63.4) |
Accumulated amortization of favorable leases | (18.3) |  |  | (15.9) |
Real estate intangible assets, net | $ | 61.9 |  |  | $ | 74.9 |
Other intangible assets | $ | 20.4 |  |  | $ | 20.2 |
Accumulated amortization of other intangible assets | (10.2) |  |  | (7.9) |
Other intangible assets, net | $ | 10.2 |  |  | $ | 12.3 |
Total intangible asset amortization expense was $14.5 million, $12.5 million, and $8.7 million for 2020, 2019 and 2018, respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions):
| Estimated Amortization
2021 | $ | 11.5 |
2022 | 9.1 |
2023 | 8.1 |
2024 | 5.8 |
2025 | 5.4 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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