Investment in Real Estate

12 Months Ended

Dec. 31, 2024

Acquisitions

During the year ended December 31, 2024, we acquired rental cabins at one of our properties for $1.3 million.

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, 2024 and 2023, 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)	2024		2023
Assets acquired
Land	$	25	$	2,715
Buildings and other depreciable property	1,309		6,759

In-place leases (a)	—		583


Net investment in real estate	$	1,334	$	10,057
Other assets	—		—
Total assets acquired	$	1,334	$	10,057
Liabilities assumed


Other liabilities	—		731
Total liabilities assumed	$	—	$	731
Net assets acquired	$	1,334	$	9,326

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