Land and Development

6 Months Ended

Jun. 30, 2019

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



	As of
	June 30,			December 31,
	2019			2018
Land and land development, at cost	$	677,778		$	606,849
Less: accumulated depreciation	(9,122		)	(8,631		)
Total land and development, net	$	668,656		$	598,218

Acquisitions—During the six months ended June 30, 2019, the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million, which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan (refer to Note 8).

During the six months ended June 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 six months ended June 30, 2019 and 2018, the Company sold land parcels and residential lots and units and recognized land development revenue of $21.8 million and $357.4 million, respectively. In connection with the sale of two land parcels totaling 93 acres during the six months ended June 30, 2018, the Company provided an aggregate $145.0 million of financing to the buyers, of which $81.0 million was outstanding as of June 30, 2019. During the six months ended June 30, 2019 and 2018, the Company recognized land development cost of sales of $23.7 million and $306.8 million, respectively, from its land and development portfolio.

Impairments—During the three and six months ended June 30, 2019, the Company recorded an impairment of $1.1 million on a land and development asset due to a change in business strategy. During the three and six months ended June 30, 2018, the Company recorded an impairment of $1.3 million on a land and development asset based upon market comparable sales.