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REAL ESTATE AND CAPITALIZED INTEREST (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Real Estate

Real estate consists of the following (in thousands):

						At December 31,
						2020						2019
Homes under contract under construction (1)						$	873,365					$	564,762
Unsold homes, completed and under construction (1)						357,861						686,948
Model homes (1)						82,502						121,340
Finished home sites and home sites under development (2) (3)						1,464,311						1,371,311
						$	2,778,039					$	2,744,361

(1)Includes the allocated land and land development costs associated with each lot for these homes.

(2)Includes raw land, land held for development and land held for sale. Land held for development primarily reflects land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we may have chosen not to currently develop certain land holdings as they typically represent a portion or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.

(3)Includes land held for sale of $72.7 million and $36.6 million as of December 31, 2020 and 2019, respectively.

Summary of Capitalized Interest

A summary of our capitalized interest is as follows (in thousands):

						Years Ended December 31,
						2020						2019						2018
Capitalized interest, beginning of year						$	82,014					$	88,454					$	78,564
Interest incurred						66,289						83,856						85,278
Interest expensed						(2,177)						(8,370)						(785)
Interest amortized to cost of home and land closings						(87,186)						(81,926)						(74,603)
Capitalized interest, end of year (1)						$	58,940					$	82,014					$	88,454

(1)Approximately $217,000, $279,000 and $454,000 of the capitalized interest is related to our joint venture investments and is a component of Investments in unconsolidated entities in our consolidated balance sheet as of December 31, 2020, 2019 and 2018, respectively.

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- Definition

The tabular disclosure for the carrying amount as of the balance sheet date of interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory, the amortization of such capitalized interest and the interest expenses associated with non-qualified assets.

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- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
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-Name Accounting Standards Codification
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