Land and Development

3 Months Ended

Mar. 31, 2022

Land And Development [Abstract]

Land and Development

Note 6—Land and Development

The Company’s land and development assets were comprised of the following ($ in thousands):

	As of
	March 31,		December 31,
	2022		2021
Land and land development, at cost	$	288,460	$	297,621
Less: accumulated depreciation		(11,039)		(10,811)
Total land and development, net	$	277,421	$	286,810

Dispositions—During the three months ended March 31, 2022 and 2021, the Company sold land parcels and residential lots and units and recognized land development revenue of $14.9 million and $32.2 million, respectively. During the three months ended March 31, 2022 and 2021, the Company recognized land development cost of sales of $14.5 million and $29.3 million, respectively, from its land and development portfolio.