Investment in Joint Ventures

3 Months Ended

Mar. 31, 2013

We recorded approximately $0.6 million and $0.8 million (net of approximately $0.3 million of depreciation expense) of equity in income from unconsolidated joint ventures for each of the quarters ended March 31, 2013 and 2012, respectively. We received approximately $0.5 million from such joint ventures, which were classified as a return on capital and included in operating activities on the Consolidated Statements of Cash Flows for each of the quarters ended March 31, 2013 and 2012, respectively.

The following table summarizes our investment in unconsolidated joint ventures (with the number of Properties shown parenthetically as of March 31, 2013 and December 31, 2012):



						Investment as of				JV Income for the Quarters Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			March 31, 2013		December 31, 2012		March 31, 2013			March 31, 2012
Meadows	Various (2,2)	1,027	50	%		$	1,102	$	916	$	286		$	265
Lakeshore	Florida (2,2)	342	65	%		121		121		65			73
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,231		7,195		413			425
Other	Various (0,0)	—	20	%		—		188		(188		)	—
		3,075				$	8,454	$	8,420	$	576		$	763

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(a)	The percentages shown approximate our economic interest as of March 31, 2013. Our 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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