Real Estate (Tables)

3 Months Ended

Mar. 31, 2020


	Amount
Property Type	(in millions) ⁽¹⁾
Westin ⁽²⁾	$	305.2
Land parcel ⁽³⁾		6.4
	$	311.6

(1)

Purchase price in U.S. dollars and excludes capitalized closing costs.

(2)

On February 25, 2020, we closed on the acquisition of a 49% ownership interest in the Westin Building Exchange in Seattle for a purchase price of approximately $305 million plus the assumption of debt. The acquisition of the interest held by seller increases our ownership interest to 99% of the property. Prior to the acquisition, our existing 50% ownership interest was accounted for under the equity method of accounting and classified within "Investment in unconsolidated joint ventures". The carrying value of our investment in Westin was zero as of the date of this acquisition and as of December 31, 2019.

(3)

Represents one currently vacant land parcel located in Europe which is not included in our operating property count.

Purchase Price Allocation For Real Estate Acquired

The table below reflects the purchase price allocation for the above real estate acquired during the three months ended March 31, 2020 (in thousands):


															Noncontrolling
					Customer						Below-				Interests in		Acquisition
			Buildings and		Relationship		In-Place		Working		Market		Secured		Consolidated		Date Fair
Description	Land		Improvements		Value		Leases		Capital, net		Leases		Debt		Joint Ventures		Value

Westin	$	43,110	$	329,406	$	49,441	$	18,965	$	7,545	$	(2,540)	$	(135,000)	$	(5,715)	$	305,212
Land parcel		6,400		—		—		—		—		—		—		—		6,400
Total	$	49,510	$	329,406	$	49,441	$	18,965	$	7,545	$	(2,540)	$	(135,000)	$	(5,715)	$	311,612

Weighted average remaining intangible amortization life (in years)						15		15				15