Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

v3.20.1
REAL ESTATE AND CAPITALIZED INTEREST (Tables)
3 Months Ended
Mar. 31, 2020
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
As of
March 31, 2020 December 31, 2019
Homes under contract under construction (1)
$ 731,747    $ 564,762   
Unsold homes, completed and under construction (1)
583,929    686,948   
Model homes (1)
114,951    121,340   
Finished home sites and home sites under development (2)
1,359,163    1,371,311   
Total $ 2,789,790    $ 2,744,361   

(1)Includes the allocated land and land development costs associated with each lot for these homes.
(2)Includes raw land, land held for development and land held for sale, less impairments, if any. Land held for development primarily reflects land and land development costs related to land where development activity is not currently underway but is expected to begin in the future. For these parcels, we have chosen not to currently develop certain land holdings as they typically represent a portion or phases of a larger land parcel that we plan to build out over several years. We do not capitalize interest for inactive assets, and all ongoing costs of land ownership (i.e. property taxes, homeowner association dues, etc.) are expensed as incurred.
Summary of Capitalized Interest A summary of our capitalized interest is as follows (in thousands):
  Three Months Ended March 31,
  2020 2019
Capitalized interest, beginning of period $ 82,014    $ 88,454   
Interest incurred 16,535    21,443   
Interest expensed (16)   (4,085)  
Interest amortized to cost of home and land closings (20,371)   (16,398)  
Capitalized interest, end of period $ 78,162    $ 89,414