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.

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 ("Crosswinds"), 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 March 12, 2018.

We recorded approximately $3.8 million, $2.6 million, and $4.1 million (each net of approximately $1.5 million, $1.3 million and $1.1 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2017, 2016 and 2015, respectively. We received approximately $3.8 million, $5.9 million and $3.7 million in distributions from joint ventures for the years ended December 31, 2017, 2016 and 2015, respectively. Approximately $0.8 million and $1.4 million of the distributions made to us exceeded our basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the year ended December 31, 2017 and 2015. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016.

Note 6—Investment in Unconsolidated Joint Ventures (continued)

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, 2017, 2016 and 2015 respectively):



						Investment as of				Income/(Loss) for Years Ended
Investment	Location	Number of Sites^(d)	Economic Interest^(a)			December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016			December 31, 2015
Meadows	Various (2,2)	1,077	50	%		$	307	$	510	$	2,197	$	1,348		$	1,401
Lakeshore	Florida (3,2)	720	^(b)			2,530		56		115		318			1,777
Voyager	Arizona (1,1)	1,801	50	%	^(c)	3,205		3,376		891		1,014			846
Loggerhead	Various	2,343	49	%		31,414		—		230		—			—
Echo JV	Various	—	50	%		15,624		15,427		332		(75		)	65
		5,941				$	53,080	$	19,369	$	3,765	$	2,605		$	4,089

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(a)	The percentages shown approximate our economic interest as of December 31, 2017. Our legal ownership interest may differ.


(b)	Includes two joint ventures in which we own a 65% interest in each and the 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 represents marina slip counts.