Investment in Real Estate

Acquisitions

During the years ended December 31, 2015, 2014 and 2013 we acquired all of the following Properties from unaffiliated third parties (dollars in millions):

1) During the year ended December 31, 2015, we acquired the following Properties:

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

(b) In June 2015, we completed the acquisition of Miami Everglades, a 303-Site RV resort, located in Miami, Florida. The total purchase price of $11.6 million was funded with available cash.

2) 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 a 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.

3) During the year ended December 31, 2013, we acquired Fiesta Key, a 324-Site RV Resort located in the Florida Keys, for a purchase price of approximately $24.6 million funded with available cash. We also acquired three manufactured home communities, referred to as the Riverside acquisition, located in the Chicago metropolitan area collectively containing approximately 1,207 Sites for a purchase price of $102.0 million. The purchase price was funded by approximately $9.7 million of limited partnership interests in our Operating Partnership, equivalent to 240,969 OP Units, and the remainder was funded with available cash.

We engaged a third-party to assist with our purchase price allocation for the acquisitions. The allocation of the fair values of the assets acquired and liabilities assumed is subject to further adjustment within one year of purchase due primarily to information not readily available at the acquisition date and final purchase price settlement with the sellers in accordance with the terms of the purchase agreement. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the years ended December 31, 2015, 2014, and 2013 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):



	2015		2014		2013
Assets acquired
Land	$	8,985	$	66,390	$	41,022
Buildings and other depreciable property	13,948		52,329		87,306
Manufactured homes	345		1,086		1,155
In-place leases	622		2,561		3,910
Net investment in real estate	$	23,900	$	122,366	$	133,393
Other assets	53		1,197		1,025
Total assets acquired	$	23,953	$	123,563	$	134,418
Liabilities assumed
Mortgage notes payable	$	—	$	34,559	$	5,382
Other liabilities	266		6,712		1,777
Total liabilities assumed	$	266	$	41,271	$	7,159
Net assets acquired	$	23,687	$	82,292	$	127,259

In January 2016, we completed the acquisition of Rose Bay, a 306-site RV resort, located in Port Orange, Florida. The total purchase price of $7.4 million was funded with available cash.

In accordance with our policy, the measurement period for the purchase price of the 2015 acquisitions is open as of December 31, 2015, however, we do not anticipate any further material purchase price adjustments related to these acquisitions.

Dispositions and real estate held for disposition

During the three years ended December 31, 2015, 2014, and 2013 we disposed of the following Properties:

1) On July 11, 2014, we received payment of approximately $2.1 million from the Arizona Department of Transportation related to the value of certain property taken for state highway purposes at our Seyenna Vista property in Maricopa County, Arizona, of which approximately $1.5 million was in excess of our basis and recognized as a gain on sale of property within continuing operations in our Consolidated Statement of Income and Comprehensive Income following the adoption of ASU 2014-08.

2) On May 8, 2013, we entered into a purchase and sale agreement to sell 11 manufactured home communities located in Michigan (the "Michigan Properties") collectively containing approximately 5,344 Sites for a net sale price of approximately $165.0 million. We closed on the sale of ten of the Michigan Properties on July 23, 2013, and closed on the sale of the eleventh Michigan Property on September 25, 2013. In accordance with FASB Codification Sub-Topic "Property, Plant and Equipment - Real Estate Sales - Derecognition" ("FASB ASC 360-20-40-5"), we recognized a gain on sale of real estate assets of approximately $40.6 million.

During the year ended December 31, 2013, we recognized approximately $1.0 million of gain on the sale as a result of a new U.S. Federal tax law that eliminated a previously accrued built-in-gain tax liability related to the 2012 disposition of Cascade.

Results of operations for the Michigan Properties have been presented separately as discontinued operations for the year ended December 31, 2013 in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the year ended December 31, 2013 (amounts in thousands):



	Year Ended
	December 31, 2013
Community base rental home income	$	11,565
Rental income	1,948
Utility and other income	1,384
Discontinued property operating revenues	14,897
Property operating expenses	6,126
Income from discontinued property operations	8,771
Loss from home sales operations	(78		)
Other income and expenses	332
Interest and amortization	(355		)
Depreciation and in place lease amortization	(1,537		)
Discontinued operations, net	$	7,133

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

During the year ended December 31, 2013, we recorded an additional $3.5 million in depreciation expense and accumulated depreciation to correct immaterial amounts recorded in prior periods related to land improvements.