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, 2017
Dec. 31, 2016
Dec. 31, 2015
Summary of capitalized interest      
Capitalized interest, beginning of year $ 68,196 [1] $ 61,202 [1] $ 54,060
Interest incurred 79,045 70,348 67,542
Interest expensed (3,853) (5,172) (15,965)
Interest amortized to cost of home and land closings (64,824) (58,182) (44,435)
Capitalized interest, end of year [1] $ 78,564 $ 68,196 $ 61,202
[1] Approximately $517,000, $130,000 and $445,000 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, 2017, 2016 and 2015, respectively.