Investment in Real Estate

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions at Fair Value

During the years ended December 31, 2017, 2016 and 2015 we acquired all of the following Properties from unaffiliated third parties:

During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two RV Resorts in Urbanna and Topping,Virginia, respectively and Paradise Park Largo, a manufactured home community in Largo, Florida for a combined purchase price of $142.4 million. These Properties include 1,870 sites. As a result of these acquisitions, we assumed approximately $5.9 million of mortgage debt. The remaining purchase price was funded with available cash, proceeds from our ATM equity offering program and proceeds from the line of credit.

During the year ended December 31, 2016, we acquired four RV Resort Properties, including Riverside RV, located in Arcadia, Florida, Portland Fairview, located in Fairview Oregon, Forest Lakes Estate, located in Zephyryhills, Florida, and Rose Bay, located in Port Orange, Florida for a combined purchase price of $120.5 million. These Properties include 2,377 Sites. As a result of these acquisitions, we assumed approximately $22.6 million of mortgage debt. The remaining purchase price was funded with available cash and proceeds from our ATM equity offering program.

During the year ended December 31, 2015, we acquired Miami Everglades, a RV Resort located in Miami, Florida, and two coastal North Carolina Properties - Bogue Pines, a manufactured home community and Whispering Pines, a RV Resort - for a combined purchase price of $23.9 million. These Properties contain 731 Sites. The purchase price was funded with available cash.

Note 5—Investment in Real Estate (continued)

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, 2017, 2016, and 2015 which we determined using Level-2 inputs for mortgage notes payable and other liabilities and Level-3 inputs for assets (amounts in thousands):

	December 31,
	2017		2016		2015
Assets acquired
Land	$	57,278	$	60,489	$	8,985
Buildings and other depreciable property	85,096		55,445		13,948
Manufactured homes	—		67		345
In-place leases	—		4,447		622
Net investment in real estate	$	142,374	$	120,448	$	23,900
Other assets	—		20		53
Total assets acquired	$	142,374	$	120,468	$	23,953
Liabilities assumed
Mortgage notes payable	$	5,900	$	22,010	$	—
Other liabilities	32		2,214		266
Total liabilities assumed	$	5,932	$	24,224	$	266
Net assets acquired	$	136,442	$	96,244	$	23,687

In accordance with our policy, the measurement period for the purchase price of the 2017 acquisitions is open as of December 31, 2017; however, we do not anticipate further material purchase price adjustments related to these acquisitions.