Investments in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint Ventures

The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically as of March 31, 2022 and December 31, 2021, respectively):

						Investment as of				Income/(Loss) for the quarters ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2022		December 31, 2021		March 31, 2022		March 31, 2021
Meadows	Various (2,2)	1,077	50	%		$	60	$	—	$	260	$	550
Lakeshore	Florida (3,3)	721	(b)			2,599		2,638		135		152
Voyager	Arizona (1,1)	—	33	%	(c)	160		141		20		30
ECHO JV	Various	—	50	%		18,313		18,136		177		136
RVC	Various	1,019	80	%		53,085		49,397		(421)		—
Mulberry Farms	Various	—	50	%	(d)	5,471		—		—		—
		2,817				$	79,688	$	70,312	$	171	$	868

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(a)The percentages shown approximate our economic interest as of March 31, 2022. 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)Consists of a 33% interest in the utility plant servicing Voyager RV Resort. On October 14, 2021, we completed the acquisition of the remaining 50% interest in Voyager RV Resort.

(d)On January 18, 2022, we acquired a 50% equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona.

We received approximately $0.4 million and $0.7 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2022 and 2021, respectively. Approximately $0.3 million and $0.7 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2022 and 2021, respectively, and as such, were recorded as income from unconsolidated joint ventures.