Investment in Joint Ventures

6 Months Ended

Jun. 30, 2012

Investment in Joint Ventures

Note 5 – Investment in Joint Ventures

The Company recorded approximately $1.3 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, 2012 and 2011. The Company received approximately $1.1 million and $1.3 million in distributions from such joint ventures, 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, 2012 and 2011, respectively. Distributions include amounts received from the sale or liquidation of equity in joint venture investments.

The following table summarizes the Company’s investment in unconsolidated joint ventures (with the number of Properties shown parenthetically as of June 30, 2012 and December 31, 2011):

							Investment as of				JV Income for  the Six Months Ended
Investment	Location	Number of  Sites		Economic Interest  (a)			June 30, 2012		December 31, 2011		June 30, 2012			June 30, 2011
Meadows	Various (2)		1,027		50	%	$	841	$	580	$	511		$	486
Lakeshore	Florida (2)		342		65	%		125		124		118			127
Voyager	Arizona (1)		1,706		50	%(b)		7,430		7,647		632			712
Other	Various (0)		—		20	%		200		206		(6	)		—
			3,075				$	8,596	$	8,557	$	1,255		$	1,325

_(a) The percentages shown approximate the Company’s economic interest as of June 30, 2012. The Company’s legal ownership interest may differ.

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