XML 21 R10.htm IDEA: XBRL DOCUMENT v3.22.4
Real Estate (Notes)
3 Months Ended
Dec. 31, 2022
Real Estate [Abstract]  
Real Estate Real Estate
Real estate consists of:
December 31, 2022September 30, 2022
 (In millions)
Developed and under development projects$1,980.2 $1,932.6 
Land held for future development87.5 89.8 
$2,067.7 $2,022.4 

In the three months ended December 31, 2022, the Company invested $31.8 million for the acquisition of residential real estate and $205.6 million for the development of residential real estate. At December 31, 2022 and September 30, 2022, land held for future development primarily consisted 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.

Each quarter, the Company reviews the performance and outlook for all of its real estate for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As a result of this process, there were no real estate impairment charges recorded for either period presented in the consolidated statements of operations.

In the three months ended December 31, 2022 and 2021, land purchase contract deposit and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $2.4 million and $0.6 million, respectively. These land option charges are included in cost of sales in the consolidated statements of operations.