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Investment in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investment 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
InvestmentSeptember 30, 2025December 31, 2024
RVC (a)
$58,054 $61,505 
Other (b)
28,957 22,267 
$87,011 $83,772 

Income/(Loss) for the Quarters Ended
Income/(Loss) for the Nine Months Ended
InvestmentLocationNumber of Sites
Economic
Interest (c)
September 30, 2025September 30, 2024September 30, 2025September 30, 2024
RVC (a)
Various1,489 80 %

$(252)$(255)$(2,061)$(801)
Other (b)
Various2,417 
49% to 65%
1,960 6,129 8,623 7,537 
3,906 $1,708 $5,874 $6,562 $6,736 
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(a)Includes three joint ventures which include eight operating RV communities and one RV property under development.
(b)Includes various other joint ventures.
(c)The percentages shown approximate our economic interest as of September 30, 2025. Our legal ownership interest may differ. We do not exercise control over these entities.
During the quarter ended June 30, 2025, we made a $56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan to RVC has an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus 1.25% to 1.65%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. As of September 30, 2025, the note receivable from RVC is $56.1 million.
We received approximately $3.7 million and $12.3 million in distributions from our unconsolidated joint ventures for the quarters ended September 30, 2025 and 2024, respectively. Approximately $2.3 million and $5.9 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended September 30, 2025 and 2024, respectively, and as such, were recorded as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.
We received approximately $12.2 million and $15.4 million in distributions from our unconsolidated joint ventures for the nine months ended September 30, 2025 and 2024, respectively. Approximately $9.7 million and $7.0 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the nine months ended September 30, 2025 and 2024, respectively, and as such, were recorded as Equity in income/(loss) of unconsolidated joint ventures in the Consolidated Statements of Income and Comprehensive Income.