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Real Estate Acquisitions and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Acquisitions and Intangible Assets, Net

Real Estate Acquisitions and Intangible Assets, Net

Acquisitions

The following table summarizes our real estate acquisition activity for the year ended December 31, 2023, which were accounted for as asset acquisitions (dollars in millions). There were no acquisitions for the year ended December 31, 2022.

						2023
Number of properties acquired1						1
Contract price						$	9.5
Total price of acquisitions2						$	9.5
1 The 2023 acquisition was structured partially with funds acquired from voluntary and involuntary conversions in accordance with Code §1031 and §1033 from the sale of land on Maui in 2021 and 2022.
2 Total price of acquisition includes closing costs and credits.

The aggregate purchase price of the assets acquired during the year ended December 31, 2023, was allocated as follows (in millions):

Fair value of assets acquired
Assets acquired:
Land						$	3.0
Property and improvements						6.1
In-place leases						0.4
Total assets acquired						$	9.5

As of the acquisition date, the weighted-average amortization periods of the in-place leases was approximately 10.0 years.

Intangible assets, net

Real estate intangible assets, net and other intangible assets included in Prepaid expenses and other assets as of December 31, 2023 and 2022 were as follows (in millions):

			2023						2022
In-place leases			$	73.8					$	75.0
Favorable leases			15.0						15.2
Accumulated amortization of in-place leases			(43.6)						(38.8)
Accumulated amortization of favorable leases			(8.9)						(7.8)
Real estate intangible assets, net			$	36.3					$	43.6
Other intangible assets			$	0.6					$	0.6
Accumulated amortization of other intangible assets			(0.6)						(0.6)
Other intangible assets, net			$	—					$	—

Total intangible asset amortization expense was $7.1 million, $8.1 million, and $10.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization expenses related to intangible assets over the next five years are as follows (in millions):

			Estimated Amortization
2024			$	5.7
2025			5.3
2026			3.8
2027			3.6
2028			2.7

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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.

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