Investment In Affiliates

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investment In Affiliates

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in FASB ASC Topic 323, “Investments - Equity Method and Joint Ventures.” Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

RezPlot Systems LLC (“Rezplot”)

At March 31, 2020 and December 31, 2019, we had a 50 percent ownership interest in RezPlot, a RV reservation software technology company, acquired in January 2019.

Sungenia JV

At March 31, 2020 and December 31, 2019, we had a 50 percent interest in Sungenia JV, a joint venture (“JV”) formed between the Company and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia.

GTSC LLC (“GTSC”)

At March 31, 2020 and December 31, 2019, we had a 40 percent ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

Origen Financial Services, LLC (“OFS LLC”)

At March 31, 2020 and December 31, 2019, we had a 22.9 percent ownership interest in OFS LLC, an end-to-end online resident screening and document management suite.

SV Lift, LLC (“SV Lift”)

In November 2019, we and HG GIV, LLC formed SV Lift, a Michigan limited liability company with the purpose to own, operate and lease an aircraft. At March 31, 2020 and December 31, 2019, we had a 50 percent ownership interest in SV Lift.

The investment balance in each nonconsolidated affiliate is as follows (in thousands):

Investment	March 31, 2020		December 31, 2019
Investment in RezPlot	$	3,684	$	4,184
Investment in Sungenia JV	11,576		11,995
Investment in GTSC	19,028		18,488
Investment in OFS LLC	186		148
Investment in SV Lift	3,470		2,961
Total	$	37,944	$	37,776

The income / (loss) from each nonconsolidated affiliate is as follows (in thousands):

	Three Months Ended
Income / (Loss) from Nonconsolidated Affiliates	March 31, 2020			March 31, 2019
RezPlot equity loss	$	(500	)	$	(189	)
Sungenia JV equity loss	(115		)	(40		)
GTSC equity income	760			575
OFS LLC equity income	38			42
SV Lift equity loss	(131		)	—
Total Income / (Loss) from Nonconsolidated Affiliates	$	52		$	388

The change in the GTSC investment balance is as follows (in thousands):

	March 31, 2020			December 31, 2019
Beginning balance	$	18,488		$	29,780
Adjustment of allowance for losses	—			144
Initial fair value option adjustment (see Note 17)	317			—
Cash contributions	3,689			33,143
Distributions	(2,035		)	(47,382		)
Equity earnings	760			2,803
Fair value adjustment	(2,191		)	—
Ending Balance	$	19,028		$	18,488