Owned Inventory (Tables)

12 Months Ended

Sep. 30, 2021

The components of our owned inventory are as follows as of September 30, 2021 and September 30, 2020:


in thousands	September 30, 2021		September 30, 2020
Homes under construction	$	648,283	$	525,021
Land under development	648,404		589,763
Land held for future development	19,879		28,531
Land held for sale	9,179		12,622
Capitalized interest	106,985		119,659
Model homes	68,872		75,142
Total owned inventory	$	1,501,602	$	1,350,738

Schedule of total inventory by segment

Total owned inventory by reportable segment is presented in the table below as of September 30, 2021 and September 30, 2020:


in thousands	Projects in Progress (a)		Land Held for Future Development		Land Held for Sale		Total Owned Inventory
September 30, 2021
West	$	781,036	$	3,483	$	4,478	$	788,997
East	264,991		10,888		584		276,463
Southeast	269,738		5,508		4,117		279,363
Corporate and unallocated (b)	156,779		—		—		156,779
Total	$	1,472,544	$	19,879	$	9,179	$	1,501,602
September 30, 2020
West	$	627,986	$	3,483	$	4,516	$	635,985
East	241,799		14,077		3,702		259,578
Southeast	266,905		10,971		4,404		282,280
Corporate and unallocated (b)	172,895		—		—		172,895
Total	$	1,309,585	$	28,531	$	12,622	$	1,350,738

(a) Projects in progress include homes under construction, land under development, capitalized interest, and model home categories from the preceding table.

(b) Projects in progress amount includes capitalized interest and indirect costs that are maintained within our Corporate and unallocated segment.

Schedule of inventory impairments and lot option abandonment charges

The following table presents, by reportable segment, our total impairment and abandonment charges for the periods presented:


	Fiscal Year Ended September 30,
in thousands	2021		2020		2019
Projects in Progress:
West	$	—	$	—	$	92,912

Southeast	—		—		858
Corporate and unallocated (a)	—		—		16,260
Total impairment charges on projects in progress	$	—	$	—	$	110,030
Land Held for Sale:
West	$	—	$	89	$	37,963

Southeast	—		8		—
Corporate and unallocated (a)	—		1,160		625
Total impairment charges on land held for sale	$	—	$	1,257	$	38,588
Abandonments:
West	$	—	$	923	$	—
East	465		82		—
Southeast	388		641		—

Total abandonment charges	$	853	$	1,646	$	—






Total impairment and abandonment charges	$	853	$	2,903	$	148,618

(a) Amount represents capitalized interest and indirects balance that was impaired. Capitalized interest and indirects are maintained within our Corporate and unallocated segment.

Schedule of Discounted Cash Flow Analysis

The table below presents, by reportable segment, details of the impairment charges taken on projects in progress for fiscal 2019:


	Results of Discounted Cash Flow Analyses Prepared
$ in thousands	# of Communities Impaired	# of Lots Impaired	Impairment Charge		Estimated Fair Value of Impaired Inventory at Time of Impairment








Year Ended September 30, 2019
West	9	839	$	92,912	$	69,449

Southeast	1	15	858		1,367
Corporate and unallocated (a)	—	—	16,260		14,166


Total	10	854	$	110,030	$	84,982

(a) Amount represents the capitalized interest and indirect cost that were impaired. Capitalized interest and indirect costs are maintained within our Corporate and unallocated segment.

Quantitative unobservable inputs for inventory impairment

The table below presents the ranges or values of significant quantitative unobservable inputs we used in determining the fair value of the communities impaired during fiscal 2019:



Unobservable Inputs
Average selling price (in thousands)																		$350 - $615
Closings per community per month																		1 - 4
Discount rate																		14.7% - 16.8%