Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

v3.19.3
REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
 
 
As of
 
 
September 30, 2019
 
December 31, 2018
Homes under contract under construction (1)
 
$
712,288

 
$
480,143

Unsold homes, completed and under construction (1)
 
661,393

 
644,717

Model homes (1)
 
126,925

 
146,327

Finished home sites and home sites under development (2)
 
1,353,327

 
1,471,434

Total
 
$
2,853,933


$
2,742,621



(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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Capitalized interest, beginning of period
$
88,307

 
$
84,443

 
$
88,454

 
$
78,564

Interest incurred
21,319

 
21,545

 
64,227

 
63,788

Interest expensed
(1,068
)
 
(53
)
 
(8,350
)
 
(233
)
Interest amortized to cost of home and land closings
(20,363
)
 
(17,871
)
 
(56,136
)
 
(54,055
)
Capitalized interest, end of period
$
88,195

 
$
88,064

 
$
88,195

 
$
88,064