Other Assets

12 Months Ended

Dec. 31, 2020

Other Assets

Other Assets

9. Other Assets

Other assets consist of the following:

	December 31,		December 31,
	2020		2019
Restricted investments	$	1,171	$	2,364
Accounts receivable, net		10,791		6,957
Homesite sales receivable		5,675		5,211
Notes receivable, net		10,877		3,252
Income tax receivable		—		2,843
Inventory		2,026		1,384
Prepaid expenses		7,135		6,592
Straight-line rent		3,174		3,292
Operating lease right-of-use assets		808		691
Other assets		5,743		4,331
Retained interest investments		12,905		12,214
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	63,243	$	52,069

Restricted Investments

The Company’s restricted investments are related to the Company’s deferred compensation plan. As part of the Pension Plan termination in 2014, the Company directed the Pension Plan to transfer the Pension Plan’s surplus assets into a suspense account in the Company’s 401(k) plan. The Company has retained the risks and rewards of ownership of these assets; therefore, the assets held in the suspense account are included in the Company’s consolidated balance sheets until they are allocated to current or future 401(k) plan participants within the next year. See Note 17. Employee Benefit Plan.

Accounts Receivable, Net

As of December 31, 2020, accounts receivable were presented net of allowance for credit losses of $0.2 million and net of allowance for lease related receivables of $0.1 million. As of December 31, 2019, allowance for doubtful accounts receivable was $0.3 million. During 2020, allowance for credit losses related to accounts receivable, net decreased less than $0.1 million.

Homesite Sales Receivable

Homesite sales receivable from contracts with customers include estimated homesite residuals and certain estimated fees that are recognized as revenue at the time of sale to homebuilders, subject to constraints. Any change in circumstances from the estimated amounts will be updated at each reporting period. The receivable will be collected as the homebuilders build the homes and sell to retail consumers, which can occur over multiple years. See Note 2. Summary of Significant Accounting Policies for additional information.

The following table presents the changes in homesite sales receivable:

				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2020		for Homesites Sold		Received/Transferred		December 31, 2020
Homesite sales receivable	$	5,211	$	3,854	$	(3,390)	$	5,675

				Increases Due To		Decreases Due to
		Balance		Revenue Recognized		Amounts		Balance
		January 1, 2019		for Homesites Sold		Received/Transferred		December 31, 2019
Homesite sales receivable	$	2,977	$	4,755	$	(2,521)	$	5,211

Notes Receivable

Notes receivable consist of the following:

	December 31,		December 31,
	2020		2019
Various interest bearing homebuilder notes, secured by the real estate sold — bearing interest at rates of 5.5% to 6.3% , due June 2021 through December 2022	$	7,544	$	2,598
Interest bearing revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV, secured by the JV's real property — bearing interest at a rate of 5.0%, matures June 2025		2,714		—
Interest bearing notes with JV partners, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039 through July 2039		556		569
Various mortgage notes, secured by certain real estate, bearing interest at rates of 6.4% to 6.5%, due December 2022 through November 2023		63		85
Total notes receivable, net	$	10,877	$	3,252

The Company may allow homebuilders to pay for homesites during the home construction period in the form of homebuilder notes. The Company evaluates the carrying value of all notes and the need for an allowance for credit losses at each reporting date. As of December 31, 2020, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of December 31, 2019, there was no allowance for doubtful notes receivable. As of both December 31, 2020 and 2019, accrued interest receivable related to notes receivable was $0.2 million, which is included within other assets on the consolidated balance sheets.

In June 2020, the Company entered into a $10.0 million secured revolving promissory note with the unconsolidated Latitude Margaritaville Watersound JV. The Latitude Margaritaville Watersound JV Note was provided to finance the development of the pod-level, non-spine infrastructure, which will be repaid by the JV as each home is sold by the JV, with the aggregate unpaid principal and all accrued and unpaid interest due at maturity in June 2025. The Latitude Margaritaville Watersound JV Note is secured by a mortgage and security interest in and on the real property and improvements located on the real property of the JV. See Note 4. Joint Ventures for additional information.

Retained Interest Investments

The Company has a beneficial interest in certain bankruptcy-remote qualified SPEs used in the installment sale monetization of certain sales of timberlands in 2007 and 2008. The SPEs’ assets are not available to satisfy the Company’s liabilities or obligations and the liabilities of the SPEs are not the Company’s liabilities or obligations. Therefore, the SPEs’ assets and liabilities are not consolidated in the Company’s financial statements as of December 31, 2020 and 2019. The Company’s continuing involvement with the SPEs is the receipt of the net interest payments and the remaining principal of approximately $16.4 million to be received at the end of the installment notes’ fifteen year maturity period, in 2022 through 2024. The Company has a beneficial or retained interest investment related to these SPEs of $12.9 million and $12.2 million as of December 31, 2020 and 2019, respectively, recorded in other assets on the Company’s consolidated balance sheets.