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Investment in Joint Ventures
 9 Months Ended
Sep. 30, 2014
Investment in Joint Ventures
Investment in Unconsolidated Joint Ventures

We recorded approximately $3.8 million and $1.6 million (net of approximately $0.7 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the nine months ended September 30, 2014 and 2013, respectively. We received approximately $3.3 million and $1.3 million in distributions from such joint ventures for each of the nine months ended September 30, 2014 and 2013, respectively. Approximately $2.0 million of the distributions received exceeded our basis in our joint venture and as such were recorded as income from unconsolidated joint ventures for the nine months ended September 30, 2014.
In 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 in order to buy and sell homes, as well as to offer financing to purchasers of homes at our Properties. Under certain circumstances, the ECHO JV may also rent homes in our communities. 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 its 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 as of September 30, 2014 and December 31, 2013):
 
 
 
 
 
 
 
 
Investment as of
 
JV Income for the
Nine Months Ended
Investment
Location
 
 Number of 
Sites
 
Economic
Interest (a)
 
 
September 30,
2014
 
December 31,
2013
 
September 30,
2014
 
September 30,
2013
Meadows
Various (2,2)
 
1,077

 
50
%
 
 
$
1,999

 
$
1,679

 
$
1,703

 
$
856

Lakeshore
Florida (2,2)
 
342

 
65
%
 
 
21

 
145

 
1,288

 
203

Voyager
Arizona (1,1)
 
1,706

 
50
%
(b) 
 
7,166

 
7,074

 
724

 
720

Other
Various (0,0)
 
—

 
20
%
(c) 
 
—

 
—

 
25

 
(188
)
ECHO JV
Various (0,0)
 
—

 
50
%
 
 
6,228

 
2,685

 
28

 
33

 
 
 
3,125

 
 
 
 
$
15,414

 
$
11,583

 
$
3,768

 
$
1,624

_____________________
(a)
The percentages shown approximate our economic interest as of September 30, 2014. Our legal ownership interest may differ.
(b)
Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility providing water to the Property.
(c)
During the quarter ended September 30, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.