Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

v3.22.2.2
REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
As of
September 30, 2022 December 31, 2021
Homes under contract under construction (1)
$ 1,452,691  $ 1,039,822 
Unsold homes, completed and under construction (1)
986,862  484,999 
Model homes (1)
87,550  81,049 
Finished home sites and home sites under development (2) (3)
2,199,159  2,128,538 
Total $ 4,726,262  $ 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. 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 $62.2 million and $62.1 million as of September 30, 2022 and December 31, 2021, respectively.
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,
  2022 2021 2022 2021
Capitalized interest, beginning of period $ 61,459  $ 56,710  $ 56,253  $ 58,940 
Interest incurred 15,179  15,212  45,563  47,625 
Interest expensed —  (79) (41) (246)
Interest amortized to cost of home and land closings (14,548) (14,550) (39,685) (49,026)
Capitalized interest, end of period $ 62,090  $ 57,293  $ 62,090  $ 57,293