Investments in Unconsolidated Joint Ventures

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investment in Unconsolidated Joint Ventures

The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):

						Investment as of				Income/(Loss) for the Six Months Ended
Investment	Location	Number of Sites	Economic Interest (a)			June 30, 2024		December 31, 2023		June 30, 2024		June 30, 2023
Meadows	Various	1,077	50	%		$	705	$	534	$	1,370	$	1,272
Lakeshore	Florida	721			(b)	3,708		3,387		424		324
Voyager	Arizona	—	—	%	(c)	—		—		—		694
ECHO JV	Various	—	50	%		2,801		2,773		27		(206)
RVC	Various	1,489	80	%	(d)	63,531		62,441		(547)		(373)
Mulberry Farms	Arizona	200	50	%		10,174		10,546		(507)		15
Hiawassee KOA JV	Georgia	283	50	%		5,520		5,623		95		(229)
		3,770				$	86,439	$	85,304	$	862	$	1,497

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(a)The percentages shown approximate our economic interest as of June 30, 2024. 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)In March 2023, we sold our 33% interest in the utility plant servicing Voyager RV Resort.

(d)Includes three joint ventures which include eight operating RV communities and one RV property under development.

We received approximately $3.1 million and $3.6 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2024 and 2023, respectively. Approximately $1.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for both the six months ended June 30, 2024 and 2023, and as such, were recorded as income from unconsolidated joint ventures.