Summary of Segment Information |
Segment information is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2020 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated(1) | | Total | Total revenues | | $ | 507,541 | | | $ | 426,275 | | | $ | 718,167 | | | $ | 47,451 | | | $ | — | | | $ | 1,699,434 | | | | | | | | | | | | | | | Gross margin | | 90,018 | | | 87,352 | | | 107,075 | | | 25,244 | | | — | | | 309,689 | | Selling, general and administrative expenses | | (41,450) | | | (33,181) | | | (45,525) | | | — | | | (27,011) | | | (147,167) | | Equity in (loss)/income of unconsolidated entities | | — | | | (5) | | | 325 | | | 2,637 | | | — | | | 2,957 | | Interest and other expense, net (2) | | (194) | | | (359) | | | (2,880) | | | (1,442) | | | (1,399) | | | (6,274) | | Loss on extinguishment of debt, net | | — | | | — | | | — | | | — | | | (10,247) | | | (10,247) | | Income/(loss) before income taxes | | $ | 48,374 | | | $ | 53,807 | | | $ | 58,995 | | | $ | 26,439 | | | $ | (38,657) | | | $ | 148,958 | |
(1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2019 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated | | Total | Total revenues | | $ | 439,498 | | | $ | 313,643 | | | $ | 328,710 | | | $ | 23,254 | | | $ | — | | | $ | 1,105,105 | | | | | | | | | | | | | | | Gross margin | | 74,368 | | | 58,021 | | | 68,260 | | | 10,425 | | | — | | | 211,074 | | Selling, general and administrative expenses | | (39,560) | | | (29,918) | | | (23,366) | | | — | | | (26,255) | | | (119,099) | | Equity in (loss)/income of unconsolidated entities | | — | | | (50) | | | 1,215 | | | 939 | | | (1) | | | 2,103 | | Interest and other (expense)/income, net | | (531) | | | (159) | | | 63 | | | — | | | (3,030) | | | (3,657) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(loss) before income taxes | | $ | 34,277 | | | $ | 27,894 | | | $ | 46,172 | | | $ | 11,364 | | | $ | (29,286) | | | $ | 90,421 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2020 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated(1) | | Total | Total revenues | | $ | 1,405,556 | | | $ | 1,280,479 | | | $ | 1,745,279 | | | $ | 115,787 | | | $ | 24,717 | | | $ | 4,571,818 | | | | | | | | | | | | | | | Gross margin | | 226,771 | | | 234,723 | | | 240,864 | | | 50,137 | | | (872) | | | 751,623 | | Selling, general and administrative expenses | | (118,249) | | | (101,405) | | | (121,337) | | | — | | | (88,179) | | | (429,170) | | Equity in (loss)/income of unconsolidated entities | | — | | | (166) | | | 899 | | | 8,164 | | | (19) | | | 8,878 | | Interest and other expense, net (2) | | (308) | | | (4,230) | | | (16,170) | | | (8,880) | | | (86,469) | | | (116,057) | | Loss on extinguishment of debt | | — | | | — | | | — | | | — | | | $ | (10,247) | | | $ | (10,247) | | Income/(loss) before income taxes | | $ | 108,214 | | | $ | 128,922 | | | $ | 104,256 | | | $ | 49,421 | | | $ | (185,786) | | | $ | 205,027 | |
(1) Includes the activity from our Build-To-Rent and Urban Form operations. (2) Interest and other income expense, net includes transaction related expenses and pre-acquisition write-offs of terminated projects. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2019 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated | | Total | Total revenues | | $ | 1,279,826 | | | $ | 931,592 | | | $ | 1,022,088 | | | $ | 62,117 | | | $ | — | | | $ | 3,295,623 | | | | | | | | | | | | | | | Gross margin | | 212,693 | | | 163,015 | | | 215,658 | | | 25,522 | | | — | | | 616,888 | | Selling, general and administrative expenses | | (116,579) | | | (87,478) | | | (68,906) | | | — | | | (74,836) | | | (347,799) | | Equity in (loss)/income of unconsolidated entities | | — | | | (220) | | | 3,771 | | | 4,274 | | | 158 | | | 7,983 | | Interest and other expense, net | | (4,066) | | | (715) | | | (148) | | | — | | | (3,631) | | | (8,560) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(loss) before income taxes | | $ | 92,048 | | | $ | 74,602 | | | $ | 150,375 | | | $ | 29,796 | | | $ | (78,309) | | | $ | 268,512 | |
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Summary of Assets by Segment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2020 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated(1) | | Total | Real estate inventory and land deposits | | $ | 1,761,739 | | | $ | 1,179,559 | | | $ | 2,619,723 | | | $ | — | | | $ | 21 | | | $ | 5,561,042 | | Investments in unconsolidated entities | | — | | | 47,338 | | | 73,307 | | | 4,477 | | | 10 | | | 125,132 | | Other assets | | 157,634 | | | 189,543 | | | 598,127 | | | 261,045 | | | 941,925 | | | 2,148,274 | | Total assets | | $ | 1,919,373 | | | $ | 1,416,440 | | | $ | 3,291,157 | | | $ | 265,522 | | | $ | 941,956 | | | $ | 7,834,448 | |
(1) Includes the assets from our Build-To-Rent and Urban Form operations. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2019 | | | East | | Central | | West | | Financial Services | | Corporate and Unallocated | | Total | Real estate inventory and land deposits | | $ | 1,841,904 | | | $ | 965,039 | | | $ | 1,219,411 | | | $ | — | | | $ | — | | | $ | 4,026,354 | | Investments in unconsolidated entities | | — | | | 37,506 | | | 86,996 | | | 4,015 | | | 242 | | | 128,759 | | Other assets | | 165,777 | | | 121,724 | | | 60,060 | | | 257,760 | | | 485,252 | | | 1,090,573 | | Total assets | | $ | 2,007,681 | | | $ | 1,124,269 | | | $ | 1,366,467 | | | $ | 261,775 | | | $ | 485,494 | | | $ | 5,245,686 | |
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