Real Estate Property, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Real estate property, net as of December 31, 2023 and 2022, includes the following (in millions):


	2023		2022
Land	$	781.1	$	780.0
Buildings	736.6		719.6
Other property improvements	91.3		99.3
Subtotal	1,609.0		1,598.9
Accumulated depreciation	(227.3)		(202.3)
Real estate property, net	$	1,381.7	$	1,396.6

As noted in Note 2 – Significant Accounting Policies, the Company may capitalize a portion of interest costs incurred to long-lived assets for developments, major redevelopments and other projects that meet certain criteria. Total interest costs incurred were $23.5 million, $22.5 million, and $26.5 million in 2023, 2022, and 2021, respectively. Capitalized interest costs related to development activities were $0.5 million, $0.5 million, and $0.3 million in 2023, 2022, and 2021, respectively.

Depreciation expense for the years ended December 31, 2023, 2022, and 2021, was $29.2 million, $29.4 million, and $29.2 million, respectively.