Investment In Affiliates

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment In Affiliates

Investments in Nonconsolidated Affiliates

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in FASB ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from nonconsolidated affiliates line item on the Consolidated Statements of Operations.

RezPlot Systems LLC ("Rezplot")

At December 31, 2021 and December 31, 2020, we had a 49.2 percent and 50 percent ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019.

Sungenia joint venture ("Sungenia JV")

At December 31, 2021 and December 31, 2020, we had a 50 percent ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia.

GTSC LLC ("GTSC")

At December 31, 2021 and December 31, 2020, we had a 40 percent ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

Origen Financial Services, LLC ("OFS")

At December 31, 2021 and December 31, 2020, we had a 22.9 percent ownership interest in OFS, an end-to-end online resident screening and document management suite.

SV Lift, LLC ("SV Lift")

At December 31, 2021 and December 31, 2020, we had a 50 percent ownership interest in SV Lift, which owns, operates and leases an aircraft.

The investment balance in each nonconsolidated affiliate is as follows (in thousands):

	Year Ended
Investment	December 31, 2021		December 31, 2020
Investment in RezPlot	$	115	$	3,047
Investment in Sungenia JV	36,221		26,890
Investment in GTSC	35,719		25,495
Investment in OFS	239		152
Investment in SV Lift	2,840		3,490
Total	$	75,134	$	59,074

The income / (loss) from each nonconsolidated affiliate is as follows (in thousands):

	Year Ended
Equity income	December 31, 2021		December 31, 2020		December 31, 2019
RezPlot equity loss	$	(2,932)	$	(1,887)	$	(1,344)
Sungenia JV equity income / (loss)	1,832		338		(290)
GTSC equity income	6,153		3,944		2,803
OFS equity income	180		148		205
SV Lift equity loss	(1,241)		(803)		—
Total equity income	$	3,992	$	1,740	$	1,374

The change in the GTSC investment balance is as follows (in thousands):

	Year Ended
	December 31, 2021		December 31, 2020
Beginning balance	$	25,495	$	18,488
Initial fair value option adjustment	—		317
Contributions	27,254		19,030
Distributions	(23,023)		(14,676)
Equity earnings	6,153		3,944
Fair value adjustment	(160)		(1,608)
Ending Balance	$	35,719	$	25,495

The change in the Sungenia JV investment balance is as follows (in thousands):

	Year Ended
	December 31, 2021		December 31, 2020
Beginning balance	$	26,890	$	11,995
Cumulative translation adjustment	(1,545)		2,180
Contributions	9,044		12,377
Equity earnings	1,832		338
Ending Balance	$	36,221	$	26,890