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Land and Development | 9 Months Ended
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Sep. 30, 2017
Land and development [Abstract] |
Land and Development | Land and Development The Company's land and development assets were comprised of the following ($ in thousands):
| As of
| September 30, |  | December 31,
| 2017 |  | 2016
Land and land development, at cost(1) | $ | 869,331 |  |  | $ | 952,051 |
Less: accumulated depreciation | (7,824 | ) |  | (6,486 | )
Total land and development, net | $ | 861,507 |  |  | $ | 945,565 |
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(1) | During the nine months September 30, 2017, the Company funded capital expenditures on land and development assets of $85.0 million.
Dispositions—During the nine months ended September 30, 2017, the Company sold one land parcel totaling 1,250 acres (see following paragraph) and residential lots and units and recognized land development revenue of $178.7 million from its land and development portfolio. During the nine months ended September 30, 2016, the Company sold residential lots and units and recognized land development revenue of $74.4 million from its land and development portfolio. During the nine months ended September 30, 2017 and 2016, the Company recognized land development cost of sales of $165.9 million and $50.8 million, respectively, from its land and development portfolio. In connection with the resolution of litigation involving a dispute over the purchase and sale of approximately 1,250 acres of land in Prince George’s County, Maryland ("Bevard"), during the nine months ended September 30, 2017, the Company recognized $114.0 million of land development revenue and $106.3 million of land development cost of sales (refer to Note 11). In 2016, the Company acquired an additional 10.7% interest in Bevard for $10.8 million and owned 95.7% of Bevard at the time of resolution. Impairments—During the nine months ended September 30, 2017, the Company recorded an impairment of $10.1 million on a land asset due to a change in the Company's exit strategy. 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 their 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, 2017 and December 31, 2016, this interest had a carrying value of zero and $1.3 million, respectively. As of September 30, 2017 and December 31, 2016, this interest did not have a redemption value.

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