Investment in Joint Ventures

6 Months Ended

Jun. 30, 2011

Note 5 – Investment in Joint Ventures

The Company recorded approximately $1.3 million and $1.4 million of equity in income from unconsolidated joint ventures, net of approximately $0.6 million of depreciation expense for each of the six months ended June 30, 2011 and 2010. The Company received approximately $1.3 million and $0.8 million in distributions from such joint ventures and which were classified as a return on capital and were included in operating activities on the Consolidated Statements of Cash Flows for the six months ended June 30, 2011 and 2010, respectively. Approximately $0.1 million and $0.2 million of the distributions received in the six months ended June 30, 2011 and 2010, respectively, exceeded the Company’s basis in its joint venture and as such were recorded in equity in income from unconsolidated joint ventures.

The following table summarizes the Company’s investments in unconsolidated joint ventures (with the number of Properties shown parenthetically as of June 30, 2011 and December 31, 2010, respectively with dollar amounts in thousands):


									Investment as of				JV Income for the Six Months Ended
Investment	Location			Number of Sites		Economic Interest ₍₁₎			June 30, 2011		December 31, 2010		June 30, 2011		June 30, 2010
Meadows		Various	(2,2)		1,027		50	%	$	235	$	276	$	486	$	521
Lakeshore		Florida	(2,2)		342		65	%		125		115		127		129
Voyager		Arizona	(1,1)		1,706		50	%₍₂₎		7,962		8,055		712		750

					3,075				$	8,322	$	8,446	$	1,325	$	1,400

⁽¹⁾	The percentages shown approximate the Company’s economic interest as of June 30, 2011. The Company’s legal ownership interest may differ.

⁽²⁾	Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and a 25% interest in the utility plant servicing the Property.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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