Investment in Joint Ventures

9 Months Ended

Sep. 30, 2012

The Company recorded approximately $1.5 million and $1.6 million (net of approximately $0.9 million of depreciation expense) of equity in income from unconsolidated joint ventures for each of the nine months ended September 30, 2012 and 2011, respectively. The Company received approximately $1.4 million and $1.6 million from such joint ventures, which were classified as a return on capital and were included in operating activities on the Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011, respectively.

The following table summarizes the Company’s investment in unconsolidated joint ventures (with the number of Properties shown parenthetically as of September 30, 2012 and December 31, 2011):



						Investment as of				JV Income for the Nine Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			September 30, 2012		December 31, 2011		September 30, 2012			September 30, 2011
Meadows	Various (2)	1,027	50	%		$	1,009	$	580	$	730		$	685
Lakeshore	Florida (2)	342	65	%		124		124		188			196
Voyager	Arizona (1)	1,706	50	%	^(b)	7,201		7,647		612			701
Other	Various (0)	—	20	%		197		206		(6		)	—
		3,075				$	8,531	$	8,557	$	1,524		$	1,582

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(a)	The percentages shown approximate the Company’s economic interest as of September 30, 2012. The Company’s legal ownership interest may differ.


(b)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 25% interest in the utility plant servicing the Property.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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