Quarterly report pursuant to Section 13 or 15(d)

REAL ESTATE AND CAPITALIZED INTEREST (Tables)

v3.24.2
REAL ESTATE AND CAPITALIZED INTEREST (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Real Estate
Real estate consists of the following (in thousands):
As of
June 30, 2024 December 31, 2023
Homes under contract under construction (1)
$ 789,961  $ 704,206 
Unsold homes, completed and under construction (1)
1,487,674  1,260,855 
Model homes (1)
114,185  118,252 
Finished home sites and home sites under development (2)
2,783,264  2,637,978 
Total $ 5,175,084  $ 4,721,291 

(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.
Summary of Capitalized Interest A summary of our capitalized interest is as follows (in thousands):
  Three Months Ended June 30, Six Months Ended June 30,
  2024 2023 2024 2023
Capitalized interest, beginning of period $ 54,227  $ 62,452  $ 54,516  $ 60,169 
Interest incurred 14,327  15,144  27,252  30,174 
Interest expensed —  —  —  — 
Interest amortized to cost of home and land closings (14,227) (16,518) (27,441) (29,265)
Capitalized interest, end of period $ 54,327  $ 61,078  $ 54,327  $ 61,078