v3.26.3
Investment in Unconsolidated Joint Ventures
 9 Months Ended
Sep. 30, 2026
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
InvestmentSeptember 30, 2026December 31, 2025
RVC (a)
$12,903 $56,638 
Other (b)
27,299 28,403 
$40,202 $85,041 
Income/(Loss) for the Quarters Ended (d)
Income/(Loss) for the Nine Months Ended (d)
InvestmentLocationNumber of Sites
Economic
Interest (c)
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
RVC (a)
Various203 80 %

$30 $(252)$(888)$(2,061)
Other (b)
Various2,415 
49% to 65%
624 1,960 1,333 8,623 
2,618 $654 $1,708 $445 $6,562 
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(a)As of September 30, 2026, our investment in RVC includes one joint venture that owns one RV community.
(b)Includes various other joint ventures.
(c)The percentages shown approximate our economic interest as of September 30, 2026. Our legal ownership interest may differ. We do not exercise control over these entities.
(d)Net of depreciation expense of $0.6 million and $1.5 million for the quarters ended September 30, 2026 and 2025, respectively, and $3.0 million and $4.3 million for the nine months ended September 30, 2026 and 2025, respectively.
Approximately $0.8 million and $2.3 million of the distributions made to us exceeded our investment basis in joint ventures for the quarters ended September 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures.
Approximately $2.0 million and $9.7 million of the distributions made to us exceeded our investment basis in joint venture for the nine months ended September 30, 2026 and 2025, respectively, and as such, were recorded as income from unconsolidated joint ventures.