Investment in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Our 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
Investment	March 31, 2026		December 31, 2025
RVC (a)	$	55,028	$	56,638
Other (b)	28,041		28,403
	$	83,069	$	85,041

					Income/(Loss) for the Quarters Ended (d)
Investment	Location	Number of Sites	Economic Interest (c)		March 31, 2026		March 31, 2025
RVC (a)	Various	1,490	80	%	$	(1,330)	$	(1,645)
Other (b)	Various	2,415	49% to 65%		453		6,546
		3,905			$	(877)	$	4,901

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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 March 31, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.

(d)Net of depreciation expense of $1.5 million and $1.3 million for the quarters ended March 31, 2026 and 2025, respectively.