Investment in Real Estate

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions

All acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with FASB ASC 805 and, accordingly, the results of operations of acquired assets are included in the Consolidated Statements of Income and Comprehensive Income from the dates of acquisition. Certain purchase price adjustments may be made within one year following the acquisition and applied retroactively to the date of acquisition.

On February 9, 2015, we completed the acquisition of two properties, Bogue Pines, a 150-Site manufactured home property, and Whispering Pines, a 278-Site RV Resort, located in coastal North Carolina. The total purchase price of approximately $12.3 million was funded with available cash.

During the year ended December 31, 2014, we acquired seven RV resorts collectively containing 3,868 Sites for a combined purchase price of approximately $85.7 million. As a result of these acquisitions, we assumed approximately $32.3 million of mortgage debt, excluding note premiums of approximately $2.3 million. The remaining purchase price was funded with available cash. We also exercised a purchase option and purchased land comprising a portion of our Colony Cove Property which was part of the portfolio of Properties acquired in 2011. The total purchase price of $35.9 million was funded with available cash. In connection with the acquisition of the land, we terminated the ground lease related to the Property. During the quarter ended March 31, 2014, we received the final distribution of 51,290 shares of our common stock from the escrow funded by the seller.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter ended ended March 31, 2015 and year ended December 31, 2014, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands):

	Quarter Ended March 31, 2015		Year Ended December 31, 2014
Assets acquired
Land	$	3,623	$	66,390
Buildings and other depreciable property	8,002		52,329
Manufactured homes	53		1,086
In-place leases	622		2,561
Net investment in real estate	12,300		122,366
Other assets	4		1,197
Total Assets acquired	$	12,304	$	123,563
Liabilities assumed
Mortgage notes payable	$	—	$	34,559
Other liabilities	109		6,712
Total Liabilities assumed	$	109	$	41,271
Net assets acquired	$	12,195	$	82,292

Dispositions and real estate held for disposition

As of March 31, 2015, we have no properties designated as held for disposition pursuant to FASB ASC 360-10-35.