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Land and Development

9 Months Ended

Sep. 30, 2021

Note 6—Land and Development

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


	As of
	September 30,		December 31,
	2021		2020
Land and land development, at cost	$	313,428	$	441,201
Less: accumulated depreciation		(10,583)		(10,538)
Total land and development, net	$	302,845	$	430,663

Dispositions—During the nine months ended September 30, 2021 and 2020, the Company sold land parcels and residential lots and units and recognized land development revenue of $157.9 million and $116.3 million, respectively. During the nine months ended September 30, 2021 and 2020, the Company recognized land development cost of sales of $147.5 million and $114.7 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.