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Notes And Other Receivables
 6 Months Ended
Jun. 30, 2021
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):

 June 30, 2021December 31, 2020
Installment notes receivable on manufactured homes, net$82,506 $85,866 
Notes receivable from real estate developers61,955 52,638 
Other receivables, net117,872 83,146 
Total Notes and Other Receivables, net$262,333 $221,650 

Installment Notes Receivable on Manufactured Homes

Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820 "Fair Value Measurements and Disclosures." The balances of installment notes receivable of $82.5 million (net of fair value adjustment of $0.8 million) and $85.9 million (net of fair value adjustment of $1.3 million) as of June 30, 2021 and December 31, 2020, 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 7.7 percent and 14.9 years as of June 30, 2021, and 7.8 percent and 15.2 years as of December 31, 2020, respectively. Refer to Note 14, "Fair Value of Financial Instruments," for additional detail.

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

Six Months Ended Year Ended
June 30, 2021December 31, 2020
Beginning balance of gross installment notes receivable$87,142 $96,225 
Financed sale of manufactured homes3,933 5,014 
Adjustment for notes receivable related to assets held for sale45 (477)
Principal payments and payoffs from our customers(6,177)(8,977)
Principal reduction from repossessed homes(1,627)(4,643)
Ending balance of gross installment notes receivable83,316 87,142 
Beginning balance of allowance for losses on installment notes receivables— (645)
Initial fair value option adjustment
— 645 
Ending balance of allowance for losses on installment notes receivables— — 
Beginning balance of fair value adjustments on gross installment notes receivable(1,276)— 
Initial fair value option adjustment— 991 
Adjustment for notes receivable related to assets held for sale(3)7 
Fair value adjustment469 (2,274)
Fair value adjustments on gross installment notes receivable(810)(1,276)
Ending balance of installment notes receivable, net$82,506 $85,866 
Notes Receivable from Real Estate Developers

Notes receivable from real estate developers are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820 "Fair Value Measurements and Disclosures." As of June 30, 2021 and December 31, 2020, the notes receivable balances of $62.0 million and $52.6 million, respectively are primarily comprised of construction loans provided to real estate developers. The notes receivable from real estate developers have a net weighted average interest rate and maturity of 6.3 percent and 1.4 years as of June 30, 2021, and 6.2 percent and 1.8 years as of December 31, 2020, respectively. As of June 30, 2021, real estate developers collectively have $11.6 million of undrawn funds on their loans. There were no material adjustments to the fair value of notes receivable from the real estate developers for the six months ended June 30, 2021 and 2020. Refer to Note 14, "Fair Value of Financial Instruments."

Other Receivables, net

As of June 30, 2021, other receivables were comprised of amounts due from: home sale proceeds of $47.8 million, marina customers for storage service and lease payments of $28.3 million (net of allowance of $1.7 million), insurance receivables of $11.2 million, residents for rent, utility charges, fees and other pass through charges of $10.1 million (net of allowance of $5.8 million) and other receivables of $20.5 million. As of December 31, 2020, other receivables were comprised of amounts due from: home sale proceeds of $23.6 million, marina customers for storage services and lease payments of $19.2 million (net of allowance of $1.4 million), insurance receivables of $13.6 million, residents for rent, utility charges, fees and other pass through charges of $7.1 million (net of allowance of $7.2 million) and other receivables of $19.6 million.

In June 2020, we made a convertible secured loan to Rezplot Systems LLC, a nonconsolidated affiliate in which we have a 50 percent ownership interest. The note allows for a principal amount of up to $10.0 million to be drawn down over a period of three years, bears an interest rate of 3.0 percent and is secured by all the assets of Rezplot Systems LLC. The outstanding balances were $5.6 million and $2.0 million as of June 30, 2021 and December 31, 2020, respectively, and are included in the Notes and other receivables, net line item on the Consolidated Balance Sheets. Refer to Note 6, "Investment in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.