Investment in Real Estate

12 Months Ended

Dec. 31, 2023

Acquisitions

During the year ended December 31, 2023, we completed the acquisition of Red Oak Shores Campground, a 223-site RV community located in Ocean View, New Jersey for a purchase price of $9.5 million. We also acquired two land parcels adjacent to two of our properties, containing approximately two acres for a combined purchase price of $0.5 million. All acquisitions were accounted for as asset acquisitions under ASC 805, Business Combinations and were funded from our unsecured line of credit.

Fair Value

We engaged third-party valuation firms to assist with our purchase price allocation when necessary. The following table summarizes the fair value of the assets acquired and liabilities assumed for the years ended December 31, 2023 and 2022, 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)	2023		2022
Assets acquired
Land	$	2,715	$	64,514
Buildings and other depreciable property	6,759		71,498

In-place leases (a)	583		5,576


Net investment in real estate	$	10,057	$	141,588
Other assets	—		772
Total assets acquired	$	10,057	$	142,360
Liabilities assumed


Other liabilities	731		2,347
Total liabilities assumed	$	731	$	2,347
Net assets acquired	$	9,326	$	140,013

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(a)In-place leases are included in buildings and other depreciable property on the Consolidated Balance Sheets.