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Notes And Other Receivables
 12 Months Ended
Dec. 31, 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):

 December 31, 2021December 31, 2020
Installment notes receivable on manufactured homes, net$79,096 $85,866 
Notes receivable from real estate developers and operators284,035 52,638 
Other receivables, net106,463 83,146 
Total Notes and Other Receivables, net$469,594 $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 $79.1 million (net of fair value adjustment of $0.6 million) and $85.9 million (net of fair value adjustment of $1.3 million) as of December 31, 2021 and 2020, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes 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 7.6 percent and 14.7 years as of December 31, 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):

Year Ended
December 31, 2021December 31, 2020
Beginning balance of gross installment notes receivable$87,142 $96,225 
Financed sale of manufactured homes8,606 5,014 
Adjustment for notes receivable related to assets held for sale477 (477)
Principal payments and payoffs from our customers(11,644)(8,977)
Principal reduction from repossessed homes(2,968)(4,643)
Dispositions of properties(1,919)— 
Ending balance of gross installment notes receivable79,694 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(7)7 
Fair value adjustment685 (2,274)
Fair value adjustments on gross installment notes receivable(598)(1,276)
Ending balance of installment notes receivable, net$79,096 $85,866 
Notes Receivable from Real Estate Developers and Operators

The change in the aggregate balance of notes receivable from real estate developers and operators is as follows (in thousands):

Year Ended
December 31, 2021December 31, 2020
Beginning balance$52,638 $18,960 
Additions239,731 60,369 
Payments(13,050)(24,598)
Other adjustments4,716 (2,093)
Ending balance$284,035 $52,638 

Notes receivable from real estate developers and operators 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 December 31, 2021 and 2020, the notes receivable balances are primarily comprised of a loan provided to a real estate operator to finance its acquisition and development costs, and construction loans provided to real estate developers in 2021 and 2020. The notes receivable from real estate developers and operators have a net weighted average interest rate and maturity of 7.2 percent and 0.9 years as of December 31, 2021, and 6.2 percent and 1.8 years as of December 31, 2020, respectively. As of December 31, 2021, real estate developers and operators collectively have $40.9 million of undrawn funds on their loans. There were no adjustments to the fair value of notes receivable from real estate developers and operators for the years ended December 31, 2021 and 2020. Refer to Note 14, "Fair Value of Financial Instruments," for additional detail.

Other Receivables, net

Other receivables, net were comprised of amounts due from (in thousands):

December 31, 2021December 31, 2020
Home sale proceeds$33,458 $23,643 
Marina customers for storage service and lease payments, net(1)
29,318 19,197 
MH and annual RV residents for rent, utility charges, fees and other pass through charges, net(2)
9,952 7,106 
Insurance receivables9,021 13,597 
Other receivables(3)
24,714 19,603 
Total Other Receivables, net$106,463 $83,146 
(1)Net of allowance of $1.5 million and $1.4 million as of December 31, 2021 and 2020, respectively.
(2)Net of allowance of $5.5 million and $7.2 million as of December 31, 2021 and 2020, respectively.
(3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate in which we have a 49.2 percent ownership interest. In June 2020, we made a convertible secured loan to Rezplot Systems LLC. 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 $10.2 million and $2.0 million as of December 31, 2021 and 2020, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.