Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017, which we determined using Level-3 inputs for land and buildings and other depreciable property and Level-2 inputs for the others:

	Years Ended December 31,
(amounts in thousands)	2019		2018		2017(a)
Assets acquired
Land	$	116,575	$	171,111	$	82,539
Buildings and other depreciable property	125,721		84,019		55,903
Manufactured homes (b)	1,382		140		840
In-place leases (b)	5,519		9,859		2,973
Net investment in real estate	$	249,197	$	265,129	$	142,255
Other assets	1,646		59		229
Total assets acquired	$	250,843	$	265,188	$	142,484
Liabilities assumed
Mortgage notes payable	$	19,212	$	9,200	$	5,900
Below-market lease liability (c)	—		10,645		—
Other liabilities	10,431		2,449		32
Total liabilities assumed	$	29,643	$	22,294	$	5,932
Net assets acquired	$	221,200	$	242,894	$	136,552

_____________________

(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 accounts payable and other liabilities on the Consolidated Balance Sheets.