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REAL ESTATE AND CAPITALIZED INTEREST (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Real Estate

Real estate consists of the following (in thousands):

						As of
						September 30, 2023						December 31, 2022
Homes under contract under construction (1)						$	931,820					$	822,428
Unsold homes, completed and under construction (1)						1,027,352						1,155,543
Model homes (1)						112,306						97,198
Finished home sites and home sites under development (2) (3)						2,429,880						2,283,094
Total						$	4,501,358					$	4,358,263

(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, less impairments, if any. 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 $7.1 million and $66.8 million as of September 30, 2023 and December 31, 2022, respectively.

Summary of Capitalized Interest

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Capitalized interest, beginning of period			$	61,078					$	61,459					$	60,169					$	56,253
Interest incurred			14,740						15,179						44,914						45,563
Interest expensed			—						—						—						(41)
Interest amortized to cost of home and land closings			(17,342)						(14,548)						(46,607)						(39,685)
Capitalized interest, end of period			$	58,476					$	62,090					$	58,476					$	62,090

X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483489/210-10-50-1

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