Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

v3.23.1
REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
As of
March 31, 2023 December 31, 2022
Homes under contract under construction (1)
$ 1,021,522  $ 822,428 
Unsold homes, completed and under construction (1)
896,093  1,155,543 
Model homes (1)
107,291  97,198 
Finished home sites and home sites under development (2) (3)
2,330,272  2,283,094 
Total $ 4,355,178  $ 4,358,263 

(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 $29.0 million and $66.8 million as of March 31, 2023 and December 31, 2022, respectively.
Summary of Capitalized Interest A summary of our capitalized interest is as follows (in thousands):
  Three Months Ended March 31,
  2023 2022
Capitalized interest, beginning of period $ 60,169  $ 56,253 
Interest incurred 15,030  15,213 
Interest expensed —  (41)
Interest amortized to cost of home and land closings (12,747) (12,343)
Capitalized interest, end of period $ 62,452  $ 59,082