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Notes And Other Receivables
3 Months Ended
Mar. 31, 2016
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):
 
 
March 31, 2016
 
December 31, 2015
Installment notes receivable on manufactured homes, net
 
$
23,424

 
$
20,418

Other receivables, net
 
30,700

 
27,554

Total notes and other receivables, net
 
$
54,124

 
$
47,972



Installment Notes Receivable on Manufactured Homes

The installment notes of $23.4 million (net of allowance of $0.2 million) and $20.4 million (net of allowance of $0.2 million) as of March 31, 2016 and December 31, 2015, respectively, are collateralized by manufactured homes. The notes represent financing provided by us to purchasers of manufactured homes primarily located in our communities and require monthly principal and interest payments. The notes have a net weighted average interest rate (net of servicing costs) and maturity of 8.7% and 11.5 years as of March 31, 2016, and 8.6% and 10.0 years as of December 31, 2015.

The change in the aggregate gross principal balance of the installment notes receivable is as follows (in thousands):

 
Three Months Ended
 
March 31, 2016
Beginning balance
$
20,610

Financed sales of manufactured homes
4,359

Principal payments and payoffs from our customers
(823
)
Principal reduction from repossessed homes
(517
)
Total activity
3,019

Ending balance
$
23,629



Allowance for Losses for Installment Notes Receivable

The following table sets forth the allowance change for the installment notes receivable as follows (in thousands):

 
Three Months Ended
 
March 31, 2016
Beginning balance
$
(192
)
Lower of cost or market write-downs
28

Increase to reserve balance
(40
)
Total activity
(12
)
Ending balance
$
(204
)



Other Receivables

As of March 31, 2016, other receivables were comprised of amounts due from residents for rent, and water and sewer usage of $5.2 million (net of allowance of $(0.6) million), home sale proceeds of $16.4 million, insurance receivables of $0.9 million, insurance settlement of $3.7 million, rebates and other receivables of $2.3 million and a note receivable of $2.2 million. The $2.2 million note bears interest at 8.0% for the first two years and in year three is indexed to 7.87% plus the one year Federal Reserve treasury constant maturity rate for the remainder of the loan. The note is secured by the senior mortgage on one MH community and a deed of land, and is due on December 31, 2016. As of December 31, 2015, other receivables were comprised of amounts due from residents for rent, and water and sewer usage of $4.7 million (net of allowance of $0.9 million), home sale proceeds of $10.5 million, insurance receivables of $1.2 million, insurance settlement of $3.7 million, rebates and other receivables of $5.3 million and a note receivable of $2.2 million.