XML 23 R12.htm IDEA: XBRL DOCUMENT v3.23.1
Notes And Other Receivables
3 Months Ended
Mar. 31, 2023
Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]  
Notes And Other Receivables
4. Notes and Other Receivables

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

 March 31, 2023December 31, 2022
Installment notes receivable on manufactured homes, net$62.2 $65.9 
Notes receivable from real estate developers and operators435.0 305.2 
Other receivables, net219.5 246.2 
Total Notes and Other Receivables, net$716.7 $617.3 

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 $62.2 million (net of fair value adjustment of $3.1 million) and $65.9 million (net of fair value adjustment of $1.4 million) as of March 31, 2023 and December 31, 2022, 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% and 13.6 years as of March 31, 2023, and 7.6% and 13.8 years as of December 31, 2022, respectively. Refer to Note 15, "Fair Value of Financial Instruments," for additional detail.
Notes Receivable from Real Estate Developers and Operators

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 March 31, 2023 and December 31, 2022, the notes receivable balances include a fully drawn loan provided to a real estate operator to fund investing and financing activities totaling $341.1 million with a net weighted average interest rate and maturity of 11.6% and 0.2 years as of March 31, 2023, and totaling $217.6 million with a net weighted average interest rate and maturity of 15.3% and 0.1 years as of December 31, 2022. The additional acquisition and construction loans provided to real estate developers total $93.9 million with a net weighted average interest rate and maturity of 8.5% and 2.4 years as of March 31, 2023, and total $87.6 million with a net weighted average interest rate and maturity of 7.8% and 2.3 years as of December 31, 2022, respectively. As of March 31, 2023, the additional acquisition and construction loans provided to real estate developers have $41.3 million of undrawn funds.

There were no adjustments to the fair value of notes receivable from real estate developers and operators for the three months ended March 31, 2023 and 2022. Refer to Note 15, "Fair Value of Financial Instruments," for additional information.
Other Receivables, net

Other receivables, net were comprised of amounts due from the following categories (in millions):

 March 31, 2023December 31, 2022
Insurance receivables$74.9 $78.5 
Marina customers for storage, service and lease payments, net(1)
46.4 40.0 
Home sale proceeds
31.8 28.9 
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(2)
24.2 61.5 
Other receivables(3)
42.2 37.3 
Total Other Receivables, net$219.5 $246.2 
(1)Net of allowance of $2.4 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively.
(2)Net of allowance of $4.9 million and $5.9 million as of March 31, 2023 and December 31, 2022, respectively.
(3)Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had 49.1% and 48.9% ownership interest as of March 31, 2023 and December 31, 2022, respectively. 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% and is secured by all the assets of Rezplot Systems LLC. In January 2022, we made an additional loan to Rezplot Systems LLC that allows for a principal amount of up to $5.0 million to be drawn over a period of three years and bears an interest rate of 3.0%. The outstanding balances were $12.3 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively. Refer to Note 6, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC.