XML 86 R12.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Investment in Joint Ventures | 12 Months Ended
--- | ---
Dec. 31, 2014
Investment in Joint Ventures | Investment in Unconsolidated Joint Ventures We recorded approximately $4.6 million, $2.0 million, and $1.9 million (net of approximately $0.9 million, $1.0 million, and $1.2 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for each of the years ended December 31, 2014, 2013, and 2012, respectively. We received approximately $5.9 million, $1.3 million, and $1.8 million in distributions from joint ventures for the years ended December 31, 2014, 2013 and 2012, respectively. Approximately $2.4 million of the distributions received in the current year exceeded our basis in our joint venture and, as such, were recorded as income from unconsolidated joint ventures for the year ended December 31, 2014. In 2013, we entered into an agreement with an unaffiliated third party to create a new joint venture named ECHO Financing, LLC (the “ECHO JV”). We entered into the ECHO JV to buy and sell homes, as well as to offer another financing option to purchasers of homes at our Properties. Each party to the venture made an initial contribution of $1.0 million in exchange for a pro rata ownership interest in the joint venture, which resulted in us owning 50% of the ECHO JV. We account for our investment in the ECHO JV using the equity method of accounting, since we do not have a controlling direct or indirect voting interest, but we can exercise significant influence with respect to its operations and major decisions. On February 12, 2015, we contributed approximately $4.2 million for a total investment in the ECHO JV of approximately $10.5 million. The following table summarizes our investment in unconsolidated joint ventures (investment amounts in thousands with the number of Properties shown parenthetically for the years ended December 31, 2014 and 2013, respectively):
|  |  |  |  |  |  |  |  | Investment as of |  | Income for Years Ended
Investment | Location |  | Number of Sites |  | Economic Interest(a) |  |  |  | December 31, 2014 |  | December 31, 2013 |  | December 31, 2014 |  | December 31, 2013 |  | December 31, 2012
Meadows | Various (2,2) |  | 1,077 |  |  | 50 | % |  |  |  | $ | — |  |  | $ | 1,679 |  |  | $ | 2,294 |  |  | $ | 1,138 |  |  | $ | 1,012 |
Lakeshore | Florida (2,2) |  | 342 |  |  | 65 | % |  |  |  | 9 |  |  | 145 |  |  | 1,350 |  |  | 271 |  |  | 250 |
Voyager | Arizona (1,1) |  | 1,706 |  |  | 50 | % |  | (b) |  | 7,201 |  |  | 7,074 |  |  | 806 |  |  | 760 |  |  | 652 |
Other | Various (0,0) |  | — |  |  | 20 | % |  | (c) |  | — |  |  | — |  |  | 25 |  |  | (188 | ) |  | (15 | )
Echo JV | Various (0,0) |  | — |  |  | 50 | % |  |  |  | 6,302 |  |  | 2,685 |  |  | 103 |  |  | 58 |  |  | — |
|  |  | 3,125 |  |  |  |  |  |  | $ | 13,512 |  |  | $ | 11,583 |  |  | $ | 4,578 |  |  | $ | 2,039 |  |  | $ | 1,899 |
_________________________
(a) | The percentages shown approximate our economic interest as of December 31, 2014. Our legal ownership interest may differ.
(b) | Voyager joint venture primarily consists of a 50% interest in Voyager RV Resort and 33% interest in the utility plant servicing the Property.
(c) | During the year ended December 31, 2014, we received payment of $0.1 million for the sale of our remaining 20% interest in the Time Shares Only joint venture.

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration