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Investment in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Investment in Unconsolidated Joint Ventures
Investment in Unconsolidated Joint Ventures
On August 8, 2017, we contributed approximately $30.0 million to acquire a 49% interest in Florida Atlantic Holding, LLC ("Loggerhead"). Loggerhead owns a portfolio of 11 marinas located in Florida. The contribution was funded by net proceeds from sales of common stock under our ATM equity offering program. Our ownership interest in Loggerhead is accounted for under the equity method of accounting.
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 September 30, 2017 and December 31, 2016):
 
 
 
 
 
 
 
 
 
Investment as of
 
Joint Venture Income/(Loss) for the
Nine Months Ended
Investment
 
Location
 
 Number of 
Sites (d)
 
Economic
Interest (a)
 
 
September 30,
2017
 
December 31,
2016
 
September 30,
2017
 
September 30,
2016
Meadows
 
Various (2,2)
 
1,077

 
50
%
 
 
$
170

 
$
510

 
$
1,610

 
$
1,026

Lakeshore
 
Florida (3,2)
 
720

 
(b)

 
 
2,170

 
56

 
10

 
250

Voyager
 
Arizona (1,1)
 
1,801

 
50
%
(c) 
 
3,455

 
3,376

 
795

 
902

Loggerhead
 
Florida
 
2,343

 
49
%
 
 
31,646

 
—

 
230

 
—

ECHO JV
 
Various
 
—

 
50
%
 
 
15,525

 
15,427

 
231

 
(36
)
 
 
 
 
5,941

 
 
 
 
$
52,966

 
$
19,369

 
$
2,876

 
$
2,142

_____________________
(a)
The percentages shown approximate our economic interest as of September 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.
(d)
Loggerhead sites represent slip count.
We received approximately $2.7 million and $5.5 million in distributions from these joint ventures for the nine months ended September 30, 2017 and 2016, respectively. Approximately $0.1 million and $0.6 million of the distributions made to us exceeded our basis in joint ventures for the quarter and nine months ended September 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 nine months ended September 30, 2016.