Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2018, 2017 and 2016, which we determined using Level-2 inputs for mortgage notes payable, other liabilities and other assets and Level-3 inputs for the others:

	Years Ended December 31,
(amounts in thousands)	2018		2017 (a)		2016
Assets acquired
Land	$	171,111	$	82,539	$	62,489
Buildings and other depreciable property	84,019		55,903		55,445
Manufactured homes (b)	140		840		67
In-place leases (b)	9,859		2,973		4,447
Net investment in real estate	$	265,129	$	142,255	$	122,448
Other assets	—		229		20
Total assets acquired	$	265,129	$	142,484	$	122,468
Liabilities assumed
Mortgage notes payable	$	9,200	$	5,900	$	22,010
Below-market lease liability (c)	10,645		—		—
Other liabilities	—		32		2,214
Total liabilities assumed	$	19,845	$	5,932	$	24,224
Net assets acquired	$	245,284	$	136,552	$	98,244

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(a)During the year ended December 31, 2018 we finalized the purchase price allocation on the 2017 acquisitions accounted for as business combinations.

(b)Manufactured homes and in-place leases are included in Buildings and other depreciable property on the Consolidated Balance Sheets.

(c)Below-market lease liability is included in Accrued expenses and accounts payable on the Consolidated Balance Sheets.

Schedule of Assets and Liabilities Associted with Properties Classified as Held for Sale

The following table presents the assets and liabilities associated with the five Properties classified as held for sale as of December 31, 2018:

	As of December 31,
(amounts in thousands)	2018
Assets
Land, building and other improvements	$	49,973
Less accumulated depreciation	(14,547		)
Net investment in real estate	35,426
Other assets	488
Assets held for sale, net	$	35,914
Liabilities
Mortgage notes payable	$	11,175
Other liabilities	1,175
Liabilities related to assets held for sale	$	12,350