Land and Development

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



	As of
	March 31,			December 31,
	2017			2016
Land and land development, at cost	$	961,907		$	952,051
Less: accumulated depreciation	(6,757		)	(6,486		)
Total land and development, net	$	955,150		$	945,565

Acquisitions—In 2016, the Company acquired an additional 10.7% interest in a consolidated entity for $10.8 million. The Company owns 95.7% of the entity as of March 31, 2017.

Dispositions—During the three months ended March 31, 2017 and 2016, the Company sold residential lots and units and recognized land development revenue of $20.1 million and $14.9 million, respectively, from its land and development portfolio. During the three months ended March 31, 2017 and 2016, the Company recognized land development cost of sales of $15.9 million and $11.6 million, respectively, from its land and development portfolio.

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 March 31, 2017 and December 31, 2016, this interest had a carrying value of zero and $1.3 million, respectively. As of March 31, 2017 and December 31, 2016, this interest did not have a redemption value.