Investment in Nonconsolidated Affiliates

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates

6. 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 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 March 31, 2023 and December 31, 2022, we had a 49.1% and 48.9% ownership interest, respectively, in RezPlot, a RV reservation software technology company, which interest we acquired in January 2019.

Sungenia Joint Venture ("Sungenia JV")

At March 31, 2023 and December 31, 2022, we had a 50.0% 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 March 31, 2023 and December 31, 2022, we had a 40.0% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

SV Lift, LLC ("SV Lift")

At March 31, 2023 and December 31, 2022, we had a 50.0% ownership interest in SV Lift, which owns, operates and leases an aircraft.

The investment balance in each nonconsolidated affiliate was as follows (in millions):

Investment	March 31, 2023		December 31, 2022
Investment in RezPlot	$	—	$	—
Investment in Sungenia JV	45.1		44.5
Investment in GTSC	40.8		54.5
Investment in SV Lift	2.2		2.3
Total	$	88.1	$	101.3

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

	Three Months Ended
Income / (Loss) from Nonconsolidated Affiliates	March 31, 2023		March 31, 2022
RezPlot equity loss	$	(1.5)	$	(0.7)
Sungenia JV equity income	0.6		0.6
GTSC equity income	1.0		1.2
SV Lift equity loss	(0.3)		(0.2)
Total Income / (Loss) from Nonconsolidated Affiliates	$	(0.2)	$	0.9

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

	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7
Contributions	2.2		37.4
Distributions	(12.4)		(22.5)
Equity earnings	1.0		5.9
Fair value adjustment	(4.5)		(2.0)
Ending Balance	$	40.8	$	54.5

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

	Three Months Ended		Year Ended
	March 31, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	—		(3.0)
Contributions	—		9.1
Equity earnings	0.6		2.2
Ending Balance	$	45.1	$	44.5