Investment in Nonconsolidated Affiliates

6 Months Ended

Jun. 30, 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 Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

RezPlot Systems LLC ("Rezplot")

At June 30, 2023 and December 31, 2022, we had a 49.0% and 48.9% ownership interest, respectively, in Rezplot, a RV reservation software technology company, which we acquired in January 2019. Our investment balance in Rezplot was zero as of June 30, 2023 and December 31, 2022, respectively, with subsequent equity losses being applied as a reduction to our notes receivable from Rezplot. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable.

Sungenia Joint Venture ("Sungenia JV")

At June 30, 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 June 30, 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.

Origen Financial Services, LLC ("OFS")

At June 30, 2023 and December 31, 2022, we had no ownership interest, in OFS, an end-to-end online resident screening and document management suite. During the three months ended June 30, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded in Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

SV Lift, LLC ("SV Lift")

At June 30, 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	June 30, 2023		December 31, 2022
Investment in Sungenia JV	$	43.5	$	44.5
Investment in GTSC	47.9		54.5
Investment in SV Lift	2.2		2.3
Total	$	93.6	$	101.3

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

	Three Months Ended				Six Months Ended
Income / (Loss) from Nonconsolidated Affiliates	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
RezPlot equity loss	$	(0.8)	$	(1.3)	$	(2.3)	$	(2.1)
Sungenia JV equity income	—		0.5		0.6		1.1
GTSC equity income	0.6		1.7		1.6		2.9
OFS equity income	—		0.3		—		0.3
SV Lift equity loss	(0.5)		(0.3)		(0.8)		(0.4)
Total Income / (Loss) from Nonconsolidated Affiliates	$	(0.7)	$	0.9	$	(0.9)	$	1.8

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

	Six Months Ended		Year Ended
	June 30, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7
Contributions	10.7		37.4
Distributions	(14.4)		(22.5)
Equity earnings	1.6		5.9
Fair value adjustment	(4.5)		(2.0)
Ending Balance	$	47.9	$	54.5

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

	Six Months Ended		Year Ended
	June 30, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	(1.6)		(3.0)
Contributions	—		9.1
Equity earnings	0.6		2.2
Ending Balance	$	43.5	$	44.5