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Investment in Nonconsolidated Affiliates | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Nonconsolidated Affiliates | 7. 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. Sungenia Joint Venture ("Sungenia JV") At June 30, 2024 and December 31, 2023, we had a 50.0% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX:INA) ("Ingenia") in November 2018, to establish and grow a manufactured housing community development program in Australia. GTSC LLC ("GTSC") At June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, 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, 2024 |  | December 31, 2023
Investment in Sungenia JV |  | $ | 64.3 |  |  | $ | 56.8 |
Investment in GTSC |  | 55.4 |  |  | 60.4 |
Investment in SV Lift |  | 1.4 |  |  | 1.7 |
Total |  | $ | 121.1 |  |  | $ | 118.9 |
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, 2024 |  | June 30, 2023 |  | June 30, 2024 |  | June 30, 2023
RezPlot Systems LLC equity loss(1) |  | $ | — |  |  | $ | (0.8) |  |  | $ | — |  |  | $ | (2.3) |
Sungenia JV equity income |  | 2.3 |  |  | — |  |  | 3.2 |  |  | 0.6 |
GTSC equity income |  | 0.9 |  |  | 0.6 |  |  | 1.8 |  |  | 1.6 |
SV Lift equity loss |  | (0.2) |  |  | (0.5) |  |  | (0.6) |  |  | (0.8) |
Total Income / (Loss) from Nonconsolidated Affiliates |  | $ | 3.0 |  |  | $ | (0.7) |  |  | $ | 4.4 |  |  | $ | (0.9) |
(1) Represents an RV reservation software technology company, operating under the Campspot brand, which we invested into in January 2019 and disposed of our ownership interest in December 2023. The change in the Sungenia JV investment balance is as follows (in millions):
|  | Six Months Ended |  | Year Ended
|  | June 30, 2024 |  | December 31, 2023
Beginning balance |  | $ | 56.8 |  |  | $ | 44.5 |
Cumulative translation adjustment |  | 0.4 |  |  | (0.5) |
Contributions |  | 3.9 |  |  | 9.6 |
Equity earnings |  | 3.2 |  |  | 3.2 |
Ending Balance |  | $ | 64.3 |  |  | $ | 56.8 |
The change in the GTSC investment balance is as follows (in millions):
|  | Six Months Ended |  | Year Ended
|  | June 30, 2024 |  | December 31, 2023
Beginning balance |  | $ | 60.4 |  |  | $ | 54.5 |
Contributions |  | 1.4 |  |  | 27.5 |
Distributions |  | (13.5) |  |  | (20.7) |
Equity earnings |  | 1.8 |  |  | 3.3 |
Fair value adjustment |  | 5.3 |  |  | (4.2) |
Ending Balance |  | $ | 55.4 |  |  | $ | 60.4 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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