Investment in Unconsolidated Joint Ventures

During the year ended December 31, 2017, we entered joint venture agreements to acquire 49% interest in Florida Atlantic Holding, LLC ("Loggerhead") and Crosswinds Mobile Home Park ("Crosswinds") for approximately $30.0 million and $18.8 million, respectively. As part of the Crosswinds transaction, we issued a short term loan of $13.8 million to the joint venture. The loan was subsequently repaid during 2018. During the year ended December 31, 2018, we contributed an additional $4.4 million and $0.1 million to the Loggerhead and Crosswind joint ventures, respectively.

We recorded $4.9 million, $3.8 million, and $2.6 million (net of $1.8 million, $1.5 million and $1.3 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2018, 2017 and 2016, respectively. We received approximately $4.5 million, $3.8 million and $5.9 million in distributions from joint ventures for the years ended December 31, 2018, 2017 and 2016, respectively. Approximately $0.2 million and $0.8 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 years ended December 31, 2018 and 2017, respectively. None of the distributions made to us exceeded our basis in joint ventures for the year ended December 31, 2016.

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, 2018 and 2017, respectively):



						Investment as of December 31,				Income/(Loss) for Years Ended December 31,
Investment	Location	Number of Sites^(a)	Economic Interest^(b)			2018		2017		2018		2017		2016
Meadows	Various (2,2)	1,077	50	%		$	346	$	307	$	1,839	$	2,197	$	1,348
Lakeshore	Florida (3,3)	720	^(c)			2,263		2,530		22		115		318
Voyager	Arizona (1,1)	1,801	50	%	^(d)	3,135		3,205		995		891		1,014
Loggerhead	Various	2,343	49	%		35,789		31,414		1,486		230		—
Echo JV	Various	—	50	%		16,222		15,624		597		332		(75		)
		5,941				$	57,755	$	53,080	$	4,939	$	3,765	$	2,605

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(a)	Loggerhead sites represents marina slip counts.


(b)	The percentages shown approximate our economic interest as of December 31, 2018. Our legal ownership interest may differ.


(c)	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.


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