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Investment in Unconsolidated Joint Ventures | 12 Months Ended
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Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Ventures | During the year ended December 31, 2022, we acquired an 80% interest in two joint ventures with RVC Outdoor Destinations (“RVC”) for $3.5 million. The joint ventures own RV properties under development in Gulf Shores, Alabama and Sandusky, Ohio. We use the equity method of accounting as we have the ability to exercise significant influence over the operating and financial policies of the joint ventures but do not have the ability to control major decisions of the entity. During the year ended December 31, 2022, we acquired a 50% interest in a joint venture with Kampgrounds of America for a total purchase price of $5.1 million. The joint venture owns and operates, through its wholly owned subsidiary, Bald Mountain RV, LLC, a 283-site RV community located in Hiawassee, Georgia. We also acquired a 50% equity interest in an entity developing an age-restricted community in Prescott Valley, Arizona for $3.1 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, 2022 and 2021, respectively):
|  |  |  |  |  |  |  |  |  | Investment as of December 31, |  | Income/(Loss) for Years Ended December 31,
Investment |  | Location |  | Number of Sites |  | Economic Interest (a) |  |  |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020
Meadows |  | Various (2,2) |  | 1,077 |  |  | 50 | % |  |  |  | $ | 158 |  |  | $ | — |  |  | $ | 2,458 |  |  | $ | 2,010 |  |  | $ | 1,879 |
Lakeshore |  | Florida (3,3) |  | 721 |  |  | (b) |  |  |  | 2,625 |  |  | 2,638 |  |  | 683 |  |  | 568 |  |  | 1,405 |
Voyager |  | Arizona (1,1) |  | — |  |  | 33 | % |  | (c) |  | 139 |  |  | 141 |  |  | 43 |  |  | 556 |  |  | 1,616 |
ECHO JV |  | Various |  | — |  |  | 50 | % |  | (d) |  | 2,963 |  |  | 18,136 |  |  | 958 |  |  | 773 |  |  | 499 |
RVC |  | Various |  | 1,282 |  |  | 80 | % |  | (e) |  | 60,323 |  |  | 49,397 |  |  | (587) |  |  | (26) |  |  | — |
Mulberry Farms |  | Arizona |  | 200 |  |  | 50 | % |  |  |  | 9,902 |  |  | — |  |  | (169) |  |  | — |  |  | — |
Hiawassee KOA JV |  | Georgia |  | 283 |  |  | 50 | % |  |  |  | 5,294 |  |  | — |  |  | (23) |  |  | — |  |  | — |
|  |  |  | 3,563 |  |  |  |  |  |  | $ | 81,404 |  |  | $ | 70,312 |  |  | $ | 3,363 |  |  | $ | 3,881 |  |  | $ | 5,399 |
_____________________ (a)The percentages shown approximate our economic interest as of December 31, 2022. Our legal ownership interest may differ. (b)Includes two joint ventures in which we own a 65% interest in each and the Crosswinds joint venture in which we own a 49% interest. (c)Voyager joint venture represents a 33% interest in the utility plant servicing this Property. (d)On December 22, 2022, we completed the acquisition of all manufactured homes held by the ECHO joint venture for a purchase price of $10.0 million. (e)Includes three joint ventures of which one joint venture owns a portfolio of seven operating RV communities and two joint ventures each own an RV property under development. We recognized $3.4 million, $3.9 million and $5.4 million (net of $3.9 million, $1.1 million and $0.7 million of depreciation expense, respectively) of equity in income from unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively. We received approximately $21.6 million, $3.2 million and $5.7 million in distributions from joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively. Approximately $2.2 million, $2.9 million and $4.8 million of the distributions made to us exceeded our investment basis in joint ventures, and as such, were recorded as income from unconsolidated joint ventures for the years ended December 31, 2022, 2021 and 2020, respectively.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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