Annual report pursuant to Section 13 and 15(d)

Real Estate and Capitalized Interest (Tables)

v2.4.1.9
Real Estate and Capitalized Interest (Tables)
 12 Months Ended
Dec. 31, 2014
Inventory Disclosure [Abstract]  
Real estate properties
Real estate consists of the following (in thousands):
 
 
 
December 31, 2014
 
December 31, 2013
Homes under contract under construction (1)
 
$
328,931

 
$
262,633

Unsold homes, completed and under construction (1)
 
302,288

 
147,889

Model homes (1)
 
109,614

 
81,541

Finished home sites and home sites under development (2)
 
1,136,849

 
913,236

 
 
$
1,877,682

 
$
1,405,299

 
Summary of capitalized interest
A summary of our capitalized interest is as follows (in thousands):
 
 
 
Years Ended December 31,
 
 
2014
 
2013
 
2012
Capitalized interest, beginning of year
 
$
32,992

 
$
21,600

 
$
14,810

Interest incurred
 
58,374

 
51,152

 
46,135

Interest expensed
 
(5,163
)
 
(15,092
)
 
(24,244
)
Interest amortized to cost of home and land closings
 
(32,143
)
 
(24,668
)
 
(15,101
)
Capitalized interest, end of year (1)
 
$
54,060

 
$
32,992

 
$
21,600

 
(1)
Approximately $490,000, $511,000 and $539,000 of the capitalized interest is related to our joint venture investments and is a component of “Investments in unconsolidated entities” in our consolidated balance sheet as of December 31, 2014, 2013 and 2012, respectively.