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Land Under Development
3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Land Under Development Land Under DevelopmentOn a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots.  Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.As of March 31, 2021, we directly owned a total of three separate raw land parcels with a carrying value of $63,153 that are expected to produce approximately 500 finished lots. In April 2021, we sold one of the land parcels to a developer for approximately $45,750, which approximated our carrying value of the property as of the sale date. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. We have additional funding commitments of approximately $5,100 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $2,800. None of the raw parcels had any indicators of impairment as of March 31, 2021