Investment in Real Estate

12 Months Ended

Dec. 31, 2012

Investment in Real Estate

Investment in Real Estate

Acquisitions

The Company acquired all of these Properties from unaffiliated third parties. During the years ended December 31, 2012, 2011 and 2010 the Company acquired the following Properties (dollars in millions):

1) During the year ended December 31, 2012, the Company acquired two resort Properties with 1,765 sites for a purchase price of $25.0 million. (See Note 19 in the Notes to the Consolidated Financial Statements contained in this Form 10-K for further discussion on the Company’s acquisitions.)

2) During the year ended December 31, 2011, the Company acquired 75 Properties with 30,129 sites for a purchase price of approximately $1.5 billion.

3) On April 21, 2010, the Company acquired four resort Properties containing 573 sites for a purchase price of approximately $2.5 million. The resort properties were acquired pursuant to the exercise of an option.

Dispositions

During the three years ended December 31, 2012, the Company disposed of the following Properties.

1) On December 7, 2012, the Company sold Cascade, a 163-site resort Property located in Snoqualmie, Washington. (See Note 18 in the Notes to the Consolidated Financial Statements contained in this Form 10-K for further discussion on the disposition.) In accordance with FASB ASC 470-60, the Company recorded a gain on disposition of approximately $4.6 million, net of tax. Cash proceeds from the disposition, net of closing costs, were approximately $7.6 million.

2) On January 10, 2010, the Company defaulted on the $3.6 million mortgage of Creekside, a 165-site all-age manufactured home community located in Wyoming, Michigan. In accordance with FASB ASC 470-60, the Company recorded a loss on disposition of approximately $0.2 million.

As of December 31, 2012, the Company has no properties designated as held for disposition pursuant to FASB ASC 360-10-35.