Investment in Unconsolidated Joint Ventures

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

Investments in joint ventures in which we do not have a controlling direct or indirect voting interest, but can exercise significant influence over the entity with respect to our operations and major decisions, are accounted for using the equity method of accounting whereby the cost of an investment is adjusted for our share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss of each entity is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interests held by each investor.

We recorded approximately $2.6 million, $4.1 million, and $4.6 million (each net of approximately $1.3 million, $1.1 million, and $0.9 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2016, 2015 and 2014, respectively. We received approximately $5.9 million, $3.7 million, and $5.9 million in distributions from joint ventures for the years ended December 31, 2016, 2015 and 2014, respectively. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 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 year ended December 31, 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.

During the years ended December 31, 2016 and 2015, we contributed $5.0 million and $4.0 million, respectively, to our joint venture, Echo Financing, LLC ("ECHO JV").

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, 2016 and 2015, respectively):



						Investment as of				Income for Years Ended
Investment	Location	Number of Sites	Economic Interest^(a)			December 31, 2016		December 31, 2015		December 31, 2016			December 31, 2015		December 31, 2014
Meadows	Various (2,2)	1,077	50	%		$	510	$	162	$	1,348		$	1,401	$	2,294
Lakeshore	Florida (2,2)	344	65	%		56		46		318			1,777		1,350
Voyager	Arizona (1,1)	1,801	50	%	^(b)	3,376		7,166		1,014			846		806
Other	Various (0,0)	—	20	%	^(c)	—		—		—			—		25
Echo JV	Various (0,0)	—	50	%		15,427		10,367		(75		)	65		103
		3,222				$	19,369	$	17,741	$	2,605		$	4,089	$	4,578

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


(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.