Investment in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Joint Ventures

On June 15, 2017, we entered into a joint venture agreement to purchase Crosswinds Mobile Home Park, a 376-site manufactured home community located in St. Petersburg, Florida. The purchase price of the Property was $18.4 million. We contributed $2.2 million for a 49% equity interest in the joint venture. The joint venture is accounted for under the equity method of accounting. As part of the transaction, we issued a short term loan of $13.8 million to the joint venture. The loan bears interest at 5% per annum, can be repaid with no penalty prior to maturity and matures on December 12, 2017.

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of June 30, 2017 and December 31, 2016):



						Investment as of				Joint Venture Income/(Loss) for the Six Months Ended
Investment	Location	Number of Sites	Economic Interest ^(a)			June 30, 2017		December 31, 2016		June 30, 2017		June 30, 2016
Meadows	Various (2,2)	1,077	50	%		$	240	$	510	$	1,130	$	577
Lakeshore	Florida (3,2)	720	(b)			2,321		56		147		160
Voyager	Arizona (1,1)	1,801	50	%	^(c)	3,799		3,376		800		917
ECHO JV	Various	—	50	%		15,406		15,427		113		(8		)
		3,598				$	21,766	$	19,369	$	2,190	$	1,646

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(a)	The percentages shown approximate our economic interest as of June 30, 2017. Our legal ownership interest may differ.


(b)	Includes two joint ventures in which we own a 65% interest and Crosswinds joint venture in which we own a 49% interest.


(c)	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.

We received approximately $1.8 million and $1.0 million in distributions from these joint ventures for the six months ended June 30, 2017 and 2016, respectively. Approximately $0.3 million and $0.5 million of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2017, and as such were recorded as income from unconsolidated joint ventures. None of the distributions made to us exceeded our basis in joint ventures for the quarter and six months ended June 30, 2016.