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Land and Development

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Land and land development, at cost	$	243,727	$	297,621
Less: accumulated depreciation		(11,713)		(10,811)
Total land and development, net	$	232,014	$	286,810

Dispositions—During the years ended December 31, 2022, 2021 and 2020, the Company sold land parcels and residential lots and units and recognized land development revenue of $61.8 million, $189.1 million and $164.7 million, respectively. During the years ended December 31, 2022, 2021 and 2020, the Company recognized land development cost of sales of $63.4 million, $172.0 million and $177.7 million, respectively, from its land and development portfolio.

Impairments— During the year ended December 31, 2022, the Company recorded an impairment of $12.7 million on a land and development asset due to a change in business strategy. During the year ended December 31, 2020, the Company recorded an aggregate impairment of $2.7 million on two land and development assets.