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 323, "Investments - Equity Method and Joint Ventures." The total investment balance for our nonconsolidated affiliates was $118.5 million and $129.0 million as of June 30, 2026 and December 31, 2025, respectively, which was recorded within Other assets, net on the Condensed Consolidated Balance Sheets.

At June 30, 2026 and December 31, 2025, we had a 50.0% ownership interest in the Sungenia JV, a joint venture formed between us and Ingenia Communities Group (ASX: INA) to establish and operate a MH community development program in Australia.

At June 30, 2026 and December 31, 2025, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Sungenia JV equity income	$	5.6	$	3.7	$	11.1	$	6.3
GTSC equity income	0.5		0.5		1.1		1.3
Equity loss from other nonconsolidated affiliates	—		(0.4)		—		(0.8)
Total Income from Nonconsolidated Affiliates	$	6.1	$	3.8	$	12.2	$	6.8

During the six months ended June 30, 2026 and 2025, we received distributions of $15.5 million and $10.1 million, respectively, and made contributions of zero and $0.6 million, respectively, with our nonconsolidated affiliates.