Investment in Real Estate

3 Months Ended

Mar. 31, 2016

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 prospectively in accordance with ASU 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.

On January 27, 2016, we completed the acquisition of Rose Bay, a 303-site RV resort, located in Port Orange, Florida. The total purchase price of approximately $7.4 million was funded with available cash.

During the year ended December 31, 2015, we acquired two RV resorts, Whispering Pines and Miami Everglades, collectively containing 581 Sites and one manufactured home community, Bogue Pines, containing 150 Sites. The combined purchase price of approximately $23.9 million was funded with available cash.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisitions for the quarter endedMarch 31, 2016 and the year ended December 31, 2015, which we determined using Level-2, for mortgage notes payable and other liabilities, and Level-3 inputs (amounts in thousands):

	Quarter Ended		Year Ended
	March 31, 2016		December 31, 2015
Assets acquired
Land	$	3,866	$	8,985
Buildings and other depreciable property	3,012		13,948
Manufactured homes	22		345
In-place leases	475		622
Net investment in real estate	7,375		23,900
Other assets	20		53
Total Assets acquired	$	7,395	$	23,953
Liabilities assumed
Other liabilities	$	8	$	266
Total Liabilities assumed	$	8	$	266
Net assets acquired	$	7,387	$	23,687

Dispositions and real estate held for disposition

As of March 31, 2016, we have no properties designated as held for disposition pursuant to FASB ASC 360-10-35.