Investment in Joint Ventures

6 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

We recorded approximately $1.7 million and $2.5 million (each net of approximately $0.5 million of depreciation expense) of equity in income from unconsolidated joint ventures for each of the six months ended June 30, 2015 and 2014, respectively. We received approximately $1.2 million and $1.7 million in distributions from these joint ventures for the six months ended June 30, 2015 and 2014, respectively. Approximately $1.1 million of the distributions made to us, using proceeds generated by a refinancing transaction, exceeded our basis in a joint venture and as such, were recorded as income from unconsolidated joint ventures for the six months ended June 30, 2014.

On February 12, 2015, we contributed approximately $4.0 million to the ECHO JV, which brought our total investment in the ECHO joint venture to approximately $10.0 million

The following table summarizes our investment in unconsolidated joint ventures as of June 30, 2015 and December 31, 2014 (investment amounts in thousands with the number of Properties shown parenthetically):



						Investment as of				JV Income for the Six Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			June 30, 2015		December 31, 2014		June 30, 2015		June 30, 2014
Meadows	Various (2,2)	1,077	50	%		$	178	$	—	$	742	$	600
Lakeshore	Florida (2,2)	342	65	%		73		9		177		1,213
Voyager	Arizona (1,1)	1,706	50	%	^(b)	7,345		7,201		740		700
ECHO JV	Various	—	50	%		10,367		6,302		65		18
		3,125				$	17,963	$	13,512	$	1,724	$	2,531

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(a)	The percentages shown approximate our economic interest as of June 30, 2015. 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.