Investment in Joint Ventures

12 Months Ended

Dec. 31, 2013

We received approximately $1.3 million in distributions from joint ventures for the year ended December 31, 2013 and approximately $1.8 million for each of the years ended December 31, 2012 and 2011 from joint ventures, which were classified as a return on capital and included in operating activities on the Consolidated Statements of Cash Flows.

On April 19, 2013, we entered into an agreement with an unaffiliated third party to create a new joint venture named ECHO Financing, LLC (the “ECHO JV”). We entered into the ECHO JV to buy and sell homes, as well as to offer another financing option to purchasers of homes at our Properties. Each party to the venture made an initial contribution of $1.0 million in exchange for a pro rata ownership interest in the joint venture, which resulted in us owning 50% of the ECHO JV. We account for our investment in the ECHO JV using the equity method of accounting, since we do not have a controlling direct or indirect voting interest, but we can exercise significant influence with respect to our operations and major decisions.

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2013 and 2012, respectively):



						Investment as of				Income for Years Ended ^(c)
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2013		December 31, 2012		December 31, 2013			December 31, 2012			December 31, 2011
Meadows	Various (2,2)	1,027	50	%		$	1,679	$	916	$	1,138		$	1,012		$	981
Lakeshore	Florida (2,2)	342	65	%		145		121		271			250			240
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,074		7,195		760			652			727
Other	Various (0,0)	—	20	%		—		188		(188		)	(15		)	—
Echo JV	Various (0,0)	—	50	%		2,685		—		58			—			—
		3,075				$	11,583	$	8,420	$	2,039		$	1,899		$	1,948

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(a)	The percentages shown approximate our economic interest as of December 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.


(c)	Net of approximately $1.0 million of depreciation expense for the year ended December 31, 2013 and approximately $1.2 million for each of the years ended December 31, 2012 and 2011.

- 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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