XML 54 R11.htm IDEA: XBRL DOCUMENT
v3.8.0.1

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.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-06(1)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e604059-122996 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)(d)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 235 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-24) -URI http://asc.fasb.org/extlink&oid=34714203&loc=d3e608456-123001 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration