Investment in Joint Ventures

12 Months Ended

Dec. 31, 2014

Investment in Joint Ventures

Investment in Unconsolidated Joint Ventures

We recorded approximately $4.6 million, $2.0 million, and $1.9 million (net of approximately $0.9 million, $1.0 million, and $1.2 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2014, 2013, and 2012, respectively. We received approximately $5.9 million, $1.3 million, and $1.8 million in distributions from joint ventures for the years ended December 31, 2014, 2013 and 2012, respectively. Approximately $2.4 million of the distributions received in the current year exceeded our basis in our joint venture and, as such, were recorded as income from unconsolidated joint ventures for the year ended December 31, 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 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 its operations and major decisions. On February 12, 2015, we contributed approximately $4.2 million for a total investment in the ECHO JV of approximately $10.5 million.

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, 2014 and 2013, respectively):

						Investment as of				Income for Years Ended
Investment	Location	Number of Sites	Economic Interest(a)			December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013			December 31, 2012
Meadows	Various (2,2)	1,077	50	%		$	—	$	1,679	$	2,294	$	1,138		$	1,012
Lakeshore	Florida (2,2)	342	65	%		9		145		1,350		271			250
Voyager	Arizona (1,1)	1,706	50	%	(b)	7,201		7,074		806		760			652
Other	Various (0,0)	—	20	%	(c)	—		—		25		(188		)	(15		)
Echo JV	Various (0,0)	—	50	%		6,302		2,685		103		58			—
		3,125				$	13,512	$	11,583	$	4,578	$	2,039		$	1,899

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(a) The percentages shown approximate our economic interest as of December 31, 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 plant servicing the Property.

(c) During the year ended December 31, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.