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Investment in Unconsolidated Joint Ventures | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The following table summarizes our investments in unconsolidated joint ventures (investment and income/(loss) amounts in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Investment as of
Investment |  |  | June 30, 2025 |  | December 31, 2024
RVC (a) |  | $ | 59,462 |  |  | $ | 61,505 |
Other (b) |  | 28,910 |  |  | 22,267 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 88,372 |  |  | $ | 83,772 |
|  |  |  |  |  |  |  | Income/(Loss) for the Quarters Ended |  | Income/(Loss) for the Six Months Ended
Investment |  | Location |  | Number of Sites |  | Economic Interest (c) |  | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
RVC (a) |  | Various |  | 1,489 |  |  | 80 | % |  | $ | (163) |  |  | $ | (133) |  |  | $ | (1,809) |  |  | $ | (547) |
Other (b) |  | Various |  | 2,417 |  |  | 49% to 65% |  | 116 |  |  | 712 |  |  | 6,663 |  |  | 1,409 |
|  |  |  | 3,906 |  |  |  |  | $ | (47) |  |  | $ | 579 |  |  | $ | 4,854 |  |  | $ | 862 |
_____________________ (a)Includes three joint ventures which include eight operating RV communities and one RV property under development. (b)Includes various other joint ventures. (c)The percentages shown approximate our economic interest as of June 30, 2025. Our legal ownership interest may differ. We do not exercise control over these entities. During the quarter ended June 30, 2025, we made a $56.1 million term loan to RVC, which is presented within Notes receivable, net on the Consolidated Balance Sheets. The joint venture used the proceeds to repay its senior secured loan at maturity on June 17, 2025. The term loan to RVC has an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus 1.25% to 1.65%, matures on June 17, 2026 and has an option to extend the maturity date by one year subject to our approval. We received approximately $1.1 million and $1.3 million in distributions from our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively. Approximately $0.5 million and $0.6 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the quarters ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures. We received approximately $8.5 million and $3.1 million in distributions from our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively. Approximately $7.3 million and $1.1 million of the distributions made to us exceeded our basis in our unconsolidated joint ventures for the six months ended June 30, 2025 and 2024, respectively, and as such, were recorded as equity in income/(loss) of unconsolidated joint ventures.

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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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