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Land and Development | 9 Months Ended
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Sep. 30, 2018
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,
| 2018 |  | 2017
Land and land development, at cost(1) | $ | 658,905 |  |  | $ | 868,692 |
Less: accumulated depreciation | (8,374 | ) |  | (8,381 | )
Total land and development, net | $ | 650,531 |  |  | $ | 860,311 |
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(1) | During the nine months ended September 30, 2018, the Company funded capital expenditures on land and development assets of $98.5 million.
Acquisitions—During the nine months ended September 30, 2018, the Company acquired, via foreclosure, title to a land asset which had a total fair value of $4.6 million and had 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, 2018 and 2017, the Company sold land parcels and residential lots and units and recognized land development revenue of $369.7 million and $178.7 million, respectively. In connection with the sale of two land parcels totaling 93 acres during the nine months ended September 30, 2018, the Company provided an aggregate $145.0 million of financing to the buyers. $81.2 million was repaid in the second quarter 2018. During the nine months ended September 30, 2018 and 2017, the Company recognized land development cost of sales of $318.9 million and $165.9 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, 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. Impairments—During the nine months ended September 30, 2018, the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales. During the nine months ended September 30, 2017, the Company recorded an impairment of $10.1 million on a land and development asset due to a change in the Company's exit strategy.

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