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Notes And Other Receivables
 3 Months Ended
Mar. 31, 2020
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 millions):
 
March 31, 2020
 
December 31, 2019
Installment notes receivable on manufactured homes, net
$
92.2

 
$
95.6

Notes receivable from real estate developers
37.5

 
19.0

Other receivables, net
57.0

 
43.3

Total Notes and Other Receivables, net
$
186.7

 
$
157.9



Installment Notes Receivable on Manufactured Homes

Due to the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, effective January 1, 2020, installment notes receivable are measured at fair value pursuant to the Company electing the value option. The balances of installment notes receivable of $92.2 million (net of fair value adjustment of $1.1 million) and $95.6 million (net of allowance of $0.6 million) as of March 31, 2020 and December 31, 2019, respectively, are collateralized by manufactured homes. The notes represent financing to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 8.0 percent and 15.6 years as of March 31, 2020, and 8.0 percent and 15.8 years as of December 31, 2019, respectively. Refer to Note 14, “Fair Value of Financial instruments.” and Note 17, “Recent Accounting Pronouncement.” for additional detail.

The change in the aggregate balance of the installment notes receivable is as follows (in millions):
 
Three Months Ended
 
Year Ended
 
March 31, 2020
 
December 31, 2019
Beginning balance of gross installment notes receivable
$
96.2

 
$
113.5

Financed sale of manufactured homes
0.3

 
0.3

Principal payments and payoffs from our customers
(2.0
)
 
(8.7
)
Principal reduction from repossessed homes
(1.2
)
 
(8.9
)
Ending balance of gross installment notes receivable
93.3

 
96.2

 
 
 
 
Beginning balance of allowance for losses on installment notes receivables
(0.6
)
 
(0.7
)
Adjustment to allowance for losses
—

 
0.1

Initial fair value option adjustment (see Note 17)
0.6

 
—

Ending balance of allowance for losses on installment notes receivables
—

 
(0.6
)
 
 
 
 
Initial fair value option adjustment (see Note 17)
1.0

 
—

Fair value adjustment
(2.1
)
 
—

Fair value adjustments on gross installment notes receivable
(1.1
)
 
—

 
 
 
 
Ending balance of installment notes receivable, net
$
92.2

 
$
95.6


Notes Receivable from Real Estate Developers

As of March 31, 2020 and December 31, 2019, the notes receivable balances of $37.5 million and $19.0 million, respectively, primarily comprise short term construction loans provided to real estate developers. The carrying values of those notes generally approximate their fair market values either due to the short-term nature of the loan and/or or the note being secured by underlying collateral and/or personal guarantees. The notes receivable from real estate developers have a net weighted average interest rate and maturity of 6.1 percent and 1.7 years as of March 31, 2020, and 7.0 percent and 1.3 years as of December 31, 2019, respectively. Refer to Note 14, “Fair Value of Financial instruments.” and Note 17, “Recent Accounting Pronouncement.” for additional detail.

Other Receivables

As of March 31, 2020, other receivables were comprised of amounts due from: residents for rent, utility charges, fees and other pass through charges of $16.0 million (net of allowance of $1.8 million); home sale proceeds of $27.6 million; insurance receivables of $8.0 million, and other receivables of $5.5 million. As of December 31, 2019, other receivables were comprised of amounts due from: residents for rent, utility charges, fees and other pass through charges of $7.8 million (net of allowance of $2.2 million); home sale proceeds of $20.9 million; insurance and other receivables of $9.9 million, and other receivables of $4.8 million.