Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

The table below sets forth our financial assets and liabilities that required disclosure of fair value on a recurring basis as of September 30, 2017. The table presents the carrying values and fair values of our financial instruments as of September 30, 2017 and December 31, 2016, that were measured using the valuation techniques described above (in thousands). The table excludes other financial instruments such as cash and cash equivalents, accounts receivable, and accounts payable as the carrying values associated with these instruments approximate fair value since their maturities are less than one year.



	September 30, 2017				December 31, 2016
Financial assets	Carrying Value		Fair Value		Carrying Value		Fair Value
Installment notes receivable on manufactured homes, net	$	97,990	$	97,990	$	59,320	$	59,320
Collateralized receivables, net	134,015		134,015		143,870		143,870
Financial liabilities
Debt (excluding secured borrowings)	$	2,868,543	$	2,837,449	$	2,865,470	$	2,820,680
Secured borrowings	134,884		134,884		144,477		144,477
Lines of credit	—		—		100,095		98,640
Other liabilities (contingent consideration)	11,115		11,115		10,011		10,011