Other Assets

12 Months Ended

Dec. 31, 2023

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:

	December 31,		December 31,
	2023		2022
Accounts receivable, net	$	20,322	$	9,035
Homesite sales receivable		29,862		10,086
Notes receivable, net		416		1,742
Inventory		4,250		3,976
Prepaid expenses		12,086		9,393
Straight-line rent		2,755		2,546
Operating lease right-of-use assets		858		678
Other assets		8,756		13,138
Retained interest investments		—		8,197
Accrued interest receivable for Senior Notes held by SPE		2,938		2,938
Total other assets	$	82,243	$	61,729

Accounts Receivable, Net

Accounts receivable, net primarily includes leasing receivables, membership fees, hospitality receivables and other receivables. As of December 31, 2023 and 2022, accounts receivable includes $12.1 million and $1.8 million, respectively, of club membership initiation fee installments receivable. As of December 31, 2023 and 2022, accounts receivable were presented net of allowance for credit losses of $0.2 million and $0.3 million, respectively. As of December 31, 2023, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. As of December 31, 2022, there was no allowance for lease related receivables. During both 2023 and 2022, allowance for credit losses related to accounts receivable, net decreased $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:

	December 31,		December 31,
	2023		2022
Balance at beginning of year	$	10,086	$	7,651
Increases due to revenue recognized for homesites sold		29,005		7,660
Decreases due to amounts received		(9,229)		(5,225)
Balance at end of year	$	29,862	$	10,086

Notes Receivable, Net

Notes receivable, net consist of the following:

	December 31,		December 31,
	2023		2022
Various interest-bearing homebuilder notes, secured by the real estate sold — bearing interest at a rate of 5.5%, paid in full May 2023	$	—	$	1,296
Interest-bearing notes with JV partner, secured by the partner's membership interest in the JV — bearing interest at a rate of 8.0%, due May 2039		359		359
Non-interest-bearing note with a tenant for tenant improvements, due October 2025		57		68
Mortgage note, secured by certain real estate, paid in full November 2023		—		19
Total notes receivable, net	$	416	$	1,742

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 receivable and the need for an allowance for credit losses at each reporting period. As of both December 31, 2023 and 2022, notes receivable were presented net of allowance for credit losses of less than $0.1 million. As of both December 31, 2023 and 2022, accrued interest receivable related to notes receivable was $0.1 million, which is included within other assets on the consolidated balance sheets.

Prepaid Expenses

Prepaid expenses as of December 31, 2023 and 2022, include $4.4 million and $2.8 million, respectively, related to prepaid insurance.

Other Assets

Other assets as of December 31, 2023 and 2022, include $4.7 million and $7.6 million, respectively, of restricted cash and escrow deposits primarily related to requirements for financing and development, or advance draws on construction loans for certain of the Company’s projects. Other assets as of December 31, 2023 and 2022, also include $3.3 million and $4.6 million, respectively, for the fair value of derivative assets. See Note 6. Financial Instruments and Fair Value Measurements for additional information.

Retained Interest Investments

The Company had a beneficial interest in a bankruptcy-remote qualified SPE used in the installment sale monetization of certain sales of timberlands in 2008. During 2023, the installment notes were prepaid, in full, and the Company received $10.6 million of remaining principal. As of December 31, 2022, the Company had beneficial or retained interest investment related to the SPEs of $8.2 million recorded in other assets on the Company’s consolidated balance sheets.