Investment in Unconsolidated Joint Ventures

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

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 Quarters Ended
Investment	Location	Number of Sites	Economic Interest (a)			March 31, 2025		December 31, 2024		March 31, 2025		March 31, 2024
RVC	Various	1,489	80	%	(b)	59,921		61,505		(1,645)		(414)
Other (c)	Various	2,417	49% to 65%			29,632		22,267		6,546		697
		3,906				$	89,553	$	83,772	$	4,901	$	283

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(a)The percentages shown approximate our economic interest as of March 31, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.

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

(c)Includes various other joint ventures.

We received approximately $7.5 million and $1.8 million in distributions from our unconsolidated joint ventures for the quarters ended March 31, 2025 and 2024, respectively. Approximately $6.8 million and $0.6 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended March 31, 2025 and 2024, respectively, and as such, were recorded as income from unconsolidated joint ventures.