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Notes Receivable, Net | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Notes Receivable, Net | Notes Receivable, Net Notes receivable generally are presented at their outstanding unpaid principal balances, net of any allowances and unamortized discounts or premiums. Interest income is accrued on the unpaid principal balance. Discounts or premiums are amortized to income using the interest method. We provide financing for non-refundable upfront payments required for membership upgrades (“Contracts Receivable”). As of December 31, 2021 and 2020, Contracts Receivable, net of allowance, was $30.9 million and $25.4 million, respectively. Contracts Receivable, as of December 31, 2021, had an average stated interest rate of 16.2% per annum, a weighted average term remaining of 4.3 years and require monthly payments of principal and interest. In certain cases, we purchase loans made by an unaffiliated lender to finance the sales of homes to our customers at our Properties (referred to as “Chattel Loans”). These loans are secured by the underlying homes sold and require monthly principal and interest payments. As of December 31, 2021 and 2020, we had $9.0 million and $10.4 million of Chattel Loans, respectively. As of December 31, 2021, the Chattel Loans receivable had an average stated interest rate of approximately 7.5% per annum and had a weighted average term remaining of approximately 12 years.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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