TIMBERLAND ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

During 2023, we acquired approximately 4,000 acres of U.S. timberland located in Florida, Georgia, Texas and Washington through six transactions for an aggregate value of $13.2 million, which were funded with cash on hand and like-kind exchange proceeds. We also incurred approximately $0.9 million of additional costs associated with acquisitions completed in the prior year. Additionally, during 2023, we acquired approximately 1,000 acres of leased timberland in New Zealand.

In December 2022, we completed the acquisitions of approximately 138,000 acres of high-quality commercial timberlands located in Texas, Georgia, Alabama, and Louisiana from Manulife Investment Management for approximately $454.5 million in the aggregate. We funded the acquisitions with incremental borrowings, cash on hand, and like-kind exchange proceeds. Additionally, in five transactions during 2022, we acquired approximately 2,000 acres of U.S. timberland located in Alabama, Florida, Georgia and Washington for an aggregate value of $3.3 million, which were primarily funded from operating cash flow.

During 2022, we also acquired approximately 1,000 acres of timberland (including approximately 400 acres of leased land) in New Zealand for approximately $0.7 million. These acquisitions were funded from operating cash flow.

The following table summarizes the timberland acquisitions for the years ended December 31, 2023 and 2022:


	2023		2022
	Cost	Acres	Cost	Acres
Alabama (a)	231	—	$124,020	35,995
Florida	4,809	2,194	1,053	741
Georgia (a)	333	16	130,124	28,514


Louisiana (a)	74	—	24,373	9,110
Texas (a)	5,024	1,317	178,200	65,226
Washington	3,591	353	26	20
New Zealand	—	1,156	734	1,409
Total Acquisitions	$14,062	5,036	$458,530	141,015

(a)Includes costs incurred in 2023 associated with acquisitions completed in the fourth quarter of 2022.