Annual report pursuant to Section 13 and 15(d)

REAL ESTATE AND CAPITALIZED INTEREST - Summary of Capitalized Interest (Details)

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REAL ESTATE AND CAPITALIZED INTEREST - Summary of Capitalized Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Summary of capitalized interest      
Capitalized interest, beginning of year $ 61,202 [1] $ 54,060 [1] $ 32,992
Interest incurred 70,348 67,542 58,374
Interest expensed (5,172) (15,965) (5,163)
Interest amortized to cost of home and land closings (58,182) (44,435) (32,143)
Capitalized interest, end of year [1] $ 68,196 $ 61,202 $ 54,060
[1] Approximately $130,000, $445,000 and $490,000 of the capitalized interest is related to our joint venture investments and is a component of “Investments in unconsolidated entities” in our consolidated balance sheet as of December 31, 2016, 2015 and 2014, respectively.