XML 26 R16.htm IDEA: XBRL DOCUMENT

Land and Development

12 Months Ended

Dec. 31, 2021

Note 6—Land and Development

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


	As of
	December 31,		December 31,
	2021		2020
Land and land development, at cost	$	297,621	$	441,201
Less: accumulated depreciation		(10,811)		(10,538)
Total land and development, net	$	286,810	$	430,663

Acquisitions—During the year ended December 31, 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. This land and development asset was sold in the fourth quarter 2020.

Dispositions—During the years ended December 31, 2021, 2020 and 2019, the Company sold land parcels and residential lots and units and recognized land development revenue of $189.1 million, $164.7 million and $119.6 million, respectively. During the years ended December 31, 2021, 2020 and 2019, the Company recognized land development cost of sales of $172.0 million, $177.7 million and $109.7 million, respectively, from its land and development portfolio.

Impairments—During the year ended December 31, 2020, the Company recorded an aggregate impairment of $2.7 million on two land and development assets. During the year ended December 31, 2019, the Company recorded an aggregate impairment of $5.3 million on two land and development assets based on expected sales proceeds and an impairment of $1.1 million on a land and development asset due to a change in business strategy.