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REAL ESTATE INVENTORY

12 Months Ended

Apr. 30, 2022

REAL ESTATE INVENTORY

REAL ESTATE INVENTORY

(2)          REAL ESTATE INVENTORY

Real estate inventory consists of (in thousands):

​	​	​	​	​	​	​
​	​	April 30,
​		2022			2021
Land held for development or sale in New Mexico	​	$	59,374	​	$	49,918
Land held for development or sale in Colorado	​		3,434	​		3,975
Homebuilding finished inventory	​		1,135	​		417
Homebuilding construction in process	​		3,306	​		1,279
​	​	$	67,249	​	$	55,589

​

Land held for development or sale represents property located in areas that are planned to be developed or sold in the near term. A substantial majority of the Company’s real estate assets are located in Rio Rancho, New Mexico (“Rio Rancho”) and certain adjoining areas of Sandoval County, New Mexico. As a result of this geographic concentration, the Company has been and will be affected by changes in economic conditions in that region.

Land held for development or sale in Colorado as of April 30, 2022 represents an approximately 160-acre property in Brighton, Colorado. Land held for development or sale in Colorado as of April 30, 2021 represents an approximately 160-acre property in Brighton, Colorado and an approximately 5-acre property in Parker, Colorado.

Homebuilding finished inventory represents costs for residential homes that are completed and ready for sale. Homebuilding construction in process represents costs for residential homes being built.

Interest and loan costs of $224,000 and real estate taxes of $28,000 were capitalized in real estate inventory for the year ending April 30, 2022. Interest and loan costs of $105,000 and real estate taxes of $29,000 were capitalized in real estate inventory for the year ending April 30, 2021.

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- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-URI https://asc.fasb.org/topic&trid=2156125

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 978
-URI https://asc.fasb.org/topic&trid=2134977

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 976
-URI https://asc.fasb.org/topic&trid=2134846

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 974
-URI https://asc.fasb.org/topic&trid=2156429

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 972
-URI https://asc.fasb.org/topic&trid=2134617

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