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Investment in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
We recorded approximately $2.1 million and $3.6 million (each net of approximately $1.0 million and $0.8 million of depreciation expense, for the nine months ended September 30, 2016 and 2015, respectively) of equity in income from unconsolidated joint ventures for each of the nine months ended September 30, 2016 and 2015, respectively. We received approximately $5.5 million and $3.4 million in distributions from these joint ventures for the nine months ended September 30, 2016 and 2015, respectively. None of the distributions made to us exceeded our basis in joint ventures for the nine months ended September 30, 2016. Approximately $1.4 million of the distributions made to us, using proceeds generated by refinancing transactions, exceeded our basis in joint ventures and as such, were recorded as income from unconsolidated joint ventures for the nine months ended September 30, 2015.
On August 29, 2016, the Voyager joint venture obtained additional loan funding in the amount of $8.5 million, of which $4.1 million was distributed to us. This distribution decreased our investment in the joint venture to approximately $3.5 million as of September 30, 2016.
On January 4, 2016, we contributed approximately $5.0 million to the ECHO Financing, LLC joint venture (the "ECHO JV"). Our total investment at September 30, 2016 is approximately $15.3 million.

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, 2016 and December 31, 2015):
 
 
 
 
 
 
 
 
Investment as of
 
JV Income (loss) for the
Nine Months Ended
Investment
Location
 
 Number of 
Sites
 
Economic
Interest (a)
 
 
September 30,
2016
 
December 31,
2015
 
September 30,
2016
 
September 30,
2015
Meadows
Various (2,2)
 
1,077

 
50
%
 
 
$
288

 
$
162

 
$
1,026

 
$
1,176

Lakeshore
Florida (2,2)
 
342

 
65
%
 
 
64

 
46

 
250

 
1,694

Voyager
Arizona (1,1)
 
1,706

 
50
%
(b) 
 
3,515

 
7,166

 
902

 
764

ECHO JV
Various
 
—

 
50
%
 
 
15,331

 
10,367

 
(36
)
 
(28
)
 
 
 
3,125

 
 
 
 
$
19,198

 
$
17,741

 
$
2,142

 
$
3,606

_____________________
(a)
The percentages shown approximate our economic interest as of September 30, 2016. 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.