Notes And Other Receivables

9 Months Ended

Sep. 30, 2017

Long-term Notes and Loans, by Type, Current and Noncurrent [Abstract]

Notes And Other Receivables

Notes and Other Receivables

The following table sets forth certain information regarding notes and other receivables (in thousands):

	September 30, 2017		December 31, 2016
Installment notes receivable on manufactured homes, net	$	97,990	$	59,320
Other receivables, net	47,770		21,859
Total notes and other receivables, net	$	145,760	$	81,179

Installment Notes Receivable on Manufactured Homes

The installment notes of $98.0 million (net of allowance of $0.2 million) and $59.3 million (net of allowance of $0.2 million) as of September 30, 2017 and December 31, 2016, respectively, are collateralized by manufactured homes. The notes represent financing provided by us to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate (net of servicing costs) and maturity of 8.2 percent and 17.0 years as of September 30, 2017, and 8.3 percent and 16.0 years as of December 31, 2016.

The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):

	Nine Months Ended
	September 30, 2017
Beginning balance	$	59,525
Financed sales of manufactured homes	44,711
Acquired notes	23
Principal payments and payoffs from our customers	(4,465		)
Principal reduction from repossessed homes	(1,593		)
Total activity	38,676
Ending balance	$	98,201

Allowance for Losses for Installment Notes Receivable

The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):

	Nine Months Ended
	September 30, 2017
Beginning balance	$	(205	)
Lower of cost or market write-downs	97
Increase to reserve balance	(103		)
Total activity	(6		)
Ending balance	$	(211	)

Other Receivables

As of September 30, 2017, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $7.2 million (net of allowance of $1.4 million); home sale proceeds of $13.1 million; insurance receivables of $19.1 million; $5.0 million due from the sellers of Pismo Dunes (refer to Note 2, “Real Estate Acquisitions” for additional information); and other receivables of $3.4 million. As of December 31, 2016, other receivables were comprised of amounts due from: residents for rent, and water and sewer usage of $6.0 million (net of allowance of $1.5 million); home sale proceeds of $11.6 million; insurance receivables of $2.3 million; and other receivables of $2.0 million.