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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2018
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate Acquisitions We acquired all of the following Properties from unaffiliated third parties: During the year ended December 31, 2018, we acquired four RV communities, including Sunseekers, located in North Fort Myers, Florida, Holiday Travel Park, located in Holiday, Florida, Timber Creek, located in Waverly, Rhode Island, and King Nummy, located in Cape May Court House, New Jersey and four manufactured home communities, including Everglades Lakes, located in Fort Lauderdale, Florida, Serendipity, located in Clearwater, Florida, Kingswood, located in Riverview, Florida, and Palm Lake, located in Riviera Beach, Florida for a combined purchase price of $251.7 million, including $5.8 million of transaction costs. These properties contain 3,712 Sites. As a result of these acquisitions, we assumed approximately $9.2 million of mortgage debt and entered into new mortgage debt of $8.8 million. The remaining purchase price was funded with available cash, proceeds from our prior ATM equity offering program and the LOC. We also acquired two vacant land parcels adjacent to our other Properties for a combined purchase price of $2.8 million. Each of these acquisitions were accounted for as asset acquisitions. During the year ended December 31, 2017, we acquired Bethpage Camp Resort and Grey's Point Camp, two RV communities 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 the line of credit. We accounted for our 2017 acquisitions under the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”). During the year ended December 31, 2016, we acquired four RV communities, including Riverside RV, located in Arcadia, Florida, Portland Fairview, located in Fairview Oregon, Forest Lakes Estate, located in Zephyrhills, 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. We accounted for our 2016 acquisitions under the acquisition method in accordance with ASC 805. We engaged a third-party 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, 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 |
_________________________ (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. 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 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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