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Related Party Transactions (Notes)
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block] Related Party Transactions
The Company has a Shared Services Agreement with D.R. Horton whereby D.R. Horton provides the Company with certain administrative, compliance, operational and procurement services. In the six months ended March 31, 2022, selling, general and administrative expense in the consolidated statements of operations includes $2.0 million for these shared services, $3.3 million for the cost of health insurance and other employee benefits and $1.4 million for other corporate and administrative expenses paid by D.R. Horton on behalf of the Company. In the six months ended March 31, 2021, shared services expenses were $2.0 million, the cost of health insurance and other employee benefits was $1.8 million and other corporate and administrative expenses paid by D.R. Horton on behalf of the Company were $1.4 million.

Under the terms of the Master Supply Agreement with D.R. Horton, both companies identify land development opportunities to expand the Company's portfolio of assets. At March 31, 2022 and September 30, 2021, the Company owned approximately 64,200 and 64,400 residential lots, respectively, of which D.R. Horton had the following involvement.

 March 31,
2022
September 30,
2021
 (Dollars in millions)
Residential lots under contract to sell to D.R. Horton19,100 21,000 
Residential lots subject to right of first offer with D.R. Horton17,600 18,200 
Earnest money deposits from D.R. Horton for lots under contract$134.1 $143.1 
Earnest money notes from D.R. Horton for lots under contract$0.4 $0.7 
Remaining purchase price of lots under contract with D.R. Horton$1,460.8 $1,582.7 

In the three months ended March 31, 2022 and 2021, the Company sold 5,788 and 3,588 residential lots, and lot sales revenues were $421.5 million and $280.2 million. In the six months ended March 31, 2022 and 2021, the Company sold 10,304 and 7,155 residential lots, and lot sales revenues were $825.6 million and $587.1 million. Lot sales to D.R. Horton and the related revenue in those periods were as follows:
Three Months Ended March 31,Six Months Ended March 31,
 2022202120222021
 (Dollars in millions)
Residential single-family lots sold to D.R. Horton4,771 3,358 8,785 6,747 
Residential lot sales revenues from sales to D.R. Horton$390.2 $265.6 $718.2 $559.6 
Tract acres sold to D.R. Horton— 14 — 14 
Tract sales revenues from sales to D.R. Horton$— $3.0 $— $3.0 

In addition, the net impact of the change in contract liabilities decreased revenues on lot sales to D.R. Horton by $0.5 million and $0.2 million in the three months ended March 31, 2022 and 2021, respectively, and increased revenues on lot sales to D.R. Horton by $1.6 million in the six months ended March 31, 2022.

In the three and six months ended March 31, 2022, the Company reimbursed D.R. Horton approximately $2.7 million and $5.4 million for previously paid earnest money and $16.2 million and $37.8 million for pre-acquisition and other due diligence and development costs related to land purchase contracts whereby D.R. Horton assigned its rights under these land purchase contracts to the Company. In the three and six months ended March 31, 2021, the Company reimbursed D.R. Horton approximately $8.0 million and $24.2 million for previously paid earnest money and $7.3 million and $28.2 million for pre-acquisition and other due diligence and development costs.

In the three and six months ended March 31, 2022 and 2021, the Company paid D.R. Horton $0.7 million and $1.6 million for land development services compared to $1.2 million and $2.9 million for these services in the prior year periods. These amounts are included in cost of sales in the Company’s consolidated statements of operations.
At March 31, 2022 and September 30, 2021, undeveloped land primarily consists of undeveloped land which the Company has the contractual right to sell to D.R. Horton at a sales price equal to the carrying value of the land at the time of sale plus additional consideration of 12% to 16% per annum.

At March 31, 2022 and September 30, 2021, accrued expenses and other liabilities on the Company's consolidated balance sheets included $6.6 million and $6.7 million, respectively, owed to D.R. Horton for any accrued and unpaid shared service charges, land purchase contract deposits and due diligence and other development cost reimbursements.