Other Assets

3 Months Ended

Mar. 31, 2024

Other Assets

Other Assets

8. Other Assets

Other assets consist of the following:

	March 31,		December 31,
	2024		2023
Accounts receivable, net	$	20,722	$	20,322
Homesite sales receivable		30,419		29,862
Notes receivable, net		395		416
Inventory		4,567		4,250
Prepaid expenses		10,372		12,086
Straight-line rent		2,852		2,755
Operating lease right-of-use assets		5,701		858
Other assets		8,891		8,756
Accrued interest receivable for Senior Notes held by SPE		935		2,938
Total other assets	$	84,854	$	82,243

Accounts Receivable, Net

The Company’s accounts receivable, net primarily includes leasing receivables, membership fees, hospitality receivables and other receivables. At each reporting period, accounts receivable in the scope of Financial Instruments—Credit Losses (Topic 326) are pooled by type and judgements are made based on historical losses and expected credit losses based on economic trends to determine the allowance for credit losses primarily using the aging method. Actual losses could differ from those estimates. Write-offs are recorded when the Company concludes that all or a portion of the receivable is no longer collectible. As of March 31, 2024 and December 31, 2023, accounts receivable include $11.5 million and $12.1 million, respectively, of club membership initiation fee installments receivable. As of March 31, 2024 and December 31, 2023, accounts receivable were presented net of allowance for credit losses of $0.3 million and $0.2 million, respectively. As of both March 31, 2024 and December 31, 2023, accounts receivable were presented net of allowance for lease related receivables of less than $0.1 million. During both the three months ended March 31, 2024 and 2023, allowance for credit losses related to accounts receivable, net increased $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.

The following table presents the changes in homesite sales receivable:

	March 31,		March 31,
	2024		2023
Balance at beginning of period	$	29,862	$	10,086
Increases due to revenue recognized for homesites sold		2,834		4,234
Decreases due to amounts received		(2,277)		(1,906)
Balance at end of period	$	30,419	$	12,414

Prepaid Expenses

Prepaid expenses as of March 31, 2024 and December 31, 2023, include $2.5 million and $4.4 million, respectively, related to prepaid insurance.

Other Assets

Other assets as of March 31, 2024 and December 31, 2023, include $4.5 million and $4.7 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 March 31, 2024 and December 31, 2023, also include $3.6 million and $3.3 million, respectively, for the fair value of derivative assets. See Note 6. Financial Instruments and Fair Value Measurements for additional information.