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Investment in Real Estate | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Investment in Real Estate | Investment in Real Estate 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 |
_____________________ (a)In-place leases are included in buildings and other depreciable property on the Consolidated Balance Sheets.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent + Details
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- References No definition available. + Details
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