Investment in Joint Ventures

12 Months Ended

Dec. 31, 2012

Investment in Joint Ventures

Investment in Joint Ventures

The Company received approximately $1.8 million for each of the years ended December 31, 2012 and 2011 and approximately $2.8 million for the year ended December 31, 2010 from joint ventures, which were classified as a return on capital and were included in operating activities on the Consolidated Statements of Cash Flows. Approximately $0.1 million of the distributions received in the year ended December 31, 2011 exceeded the Company’s basis in its joint venture and as such were recorded in income from unconsolidated joint ventures.

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

						Investment as of				JV Income for Years Ended (c)
Investment	Location	Number of Sites	Economic Interest(a)			December 31, 2012		December 31, 2011		December 31, 2012			December 31, 2011		December 31, 2010
Meadows	Various (2,2)	1,027	50	%		$	916	$	580	$	1,012		$	981	$	1,081
Lakeshore	Florida (2,2)	342	65	%		121		124		250			240		238
Voyager	Arizona (1,1)	1,706	50	%	(b)	7,195		7,647		652			727		642
Other	Various (0,0)	—	20	%		188		206		(15		)	—		66
		3,075				$	8,420	$	8,557	$	1,899		$	1,948	$	2,027

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(a) The percentages shown approximate the Company’s economic interest as of December 31, 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.

(c) Net of approximately $1.2 million of depreciation expense for each of the years ended December 31, 2012, 2011 and 2010.