Real Estate (Notes)

6 Months Ended

Mar. 31, 2021

Real estate consists of:


	March 31, 2021		September 30, 2020
	(In millions)
Developed and under development projects	$	1,643.1	$	1,304.3
Undeveloped land	55.5		5.4
	$	1,698.6	$	1,309.7

In the six months ended March 31, 2021, the Company invested $484.6 million for the acquisition of residential real estate and $369.4 million for the development of residential real estate. At March 31, 2021 and September 30, 2020, undeveloped land primarily consists of undeveloped land which the Company has the contractual right to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum.

Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As a result of this process, there were no real estate impairment charges recorded for any period presented in the consolidated statements of operations.

During the three and six months ended March 31, 2021, pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $0.6 million and $0.9 million, respectively, compared to $0.1 million and $0.4 million in the prior year periods. Real estate impairments and land option charges are included in cost of sales in the consolidated statements of operations.