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Land and Development

9 Months Ended

Sep. 30, 2020

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


	As of
	September 30,		December 31,
	2020		2019
Land and land development, at cost	$	499,231	$	590,153
Less: accumulated depreciation	(10,315)		(9,608)
Total land and development, net	$	488,916	$	580,545

Acquisitions—During the nine months ended September 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.

Dispositions—During the nine months ended September 30, 2020 and 2019, the Company sold land parcels and residential lots and units and recognized land development revenue of $116.3 million and $76.7 million, respectively. During the nine months ended September 30, 2020 and 2019, the Company recognized land development cost of sales of $114.7 million and $71.8 million, respectively, from its land and development portfolio.

Impairments—During the nine months ended September 30, 2020, the Company recorded an impairment of $1.5 million on a land and development asset. During the nine months ended September 30, 2019, the Company recorded an impairment of $1.1 million on a land and development asset due to a change in business strategy.