Land and Development

The Company's land and development assets were comprised of the following ($ in thousands):



	As of
	September 30,			December 31,
	2016			2015
Land and land development, at cost	$	1,029,023		$	1,007,995
Less: accumulated depreciation	(6,917		)	(6,032		)
Total land and development, net	$	1,022,106		$	1,001,963

Acquisitions—In February 2016, the Company acquired an additional 7.2% interest in a consolidated entity for $7.2 million. The Company owns 92.2% of the entity as of September 30, 2016.

During the nine months ended September 30, 2016, the Company acquired, via deed-in-lieu, title to a land asset which had a total fair value of $9.1 million and previously served as collateral for loans receivable held by the Company. No gain or loss was recorded in connection with this transaction.

Dispositions—During the nine months ended September 30, 2016 and 2015, the Company sold residential lots and units and recognized land development revenue of $74.4 million and $29.1 million, respectively, from its land and development portfolio. For the nine months ended September 30, 2016 and 2015, the Company recognized land development cost of sales of $50.8 million and $22.8 million, respectively, from its land and development portfolio.

In April 2015, the Company transferred a land asset to a purchaser at a stated price of $16.1 million, as part of an agreement to construct an amphitheater, for which the Company received immediate payment of $5.3 million, with the remainder to be received upon completion of the development project. Due to the Company's continuing involvement in the project, no sale was recognized and the proceeds were recorded as unearned revenue in "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets (refer to Note 7).

Impairments—During the nine months ended September 30, 2016, the Company recorded an impairment of $3.8 million equal to the carrying value on a land asset resulting from a change in business strategy.

Redeemable Noncontrolling Interest—The Company has a majority interest in a strategic venture that provides the third party minority partner an option to redeem its interest at fair value. The Company has reflected the partner's noncontrolling interest in this venture as a component of redeemable noncontrolling interest within its consolidated balance sheets. Changes in fair value are being accreted over the term from the date of issuance of the redemption option to the earliest redemption date using the interest method. As of September 30, 2016 and December 31, 2015, this interest had a carrying value of $3.4 million and $7.2 million, respectively. As of September 30, 2016, this interest did not have a redemption value.