Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
As of
March 31, 2022 December 31, 2021
Homes under contract under construction (1)
$ 1,294,680  $ 1,039,822 
Unsold homes, completed and under construction (1)
496,058  484,999 
Model homes (1)
81,770  81,049 
Finished home sites and home sites under development (2)(3)
2,155,442  2,128,538 
Total $ 4,027,950  $ 3,734,408 

(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 represents 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.
(3)Includes land held for sale of $57.7 million and $62.1 million as of March 31, 2022 and December 31, 2021, respectively.
Summary of Capitalized Interest A summary of our capitalized interest is as follows (in thousands):
  Three Months Ended March 31,
  2022 2021
Capitalized interest, beginning of period $ 56,253  $ 58,940 
Interest incurred 15,213  16,092 
Interest expensed (41) (90)
Interest amortized to cost of home and land closings (12,343) (17,402)
Capitalized interest, end of period $ 59,082  $ 57,540