Notes Receivable

6 Months Ended

Jun. 30, 2011

Notes Receivable

Note 6 – Notes Receivable

As of June 30, 2011 and December 31, 2010, the Company had approximately $28.1 million and $25.7 million in notes receivable, respectively. As of June 30, 2011 and December 31, 2010, the Company had approximately $8.2 million and $8.9 million, respectively, in Chattel Loans receivable, which yield interest at a per annum average rate of approximately 8.8%, have an average term remaining of approximately 12 years, require monthly principal and interest payments and are collateralized by homes at certain of the Properties. These notes are recorded net of allowances of approximately $0.4 million as of both June 30, 2011 and December 31, 2010. During the six months ended June 30, 2011 and year ended December 31, 2010, approximately $0.3 million and $0.8 million, respectively, was repaid and an additional $0.1 million and $0.4 million, respectively, was loaned to customers.

As of June 30, 2011 and December 31, 2010, the Company had approximately $16.0 million and $16.7 million, respectively, of Contracts Receivable, including allowances of approximately $0.9 million and $1.4 million, respectively. These Contracts Receivable represent loans to customers who have entered right-to-use contracts. The Contracts Receivable yield interest at a stated per annum average rate of 16.2%, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest. During the six months ended June 30, 2011 and year ended December 31, 2010, approximately $3.9 million and $8.6 million, respectively, was repaid and an additional $3.1 million and $7.9 million, respectively, was loaned to customers.

On April 6, 2011, the Company closed on a $3.8 million note receivable with a stated interest rate of 15.0% per annum to the owner of Lakeland RV. Lakeland RV is a 700-site RV property located in Milton, Wisconsin. The note requires interest only payments of 9.0% and matures on May 1, 2016. The Company also holds a right of first refusal to match any offer received on Lakeland RV during the time the note is outstanding.