Payables and Accruals

9 Months Ended

Sep. 30, 2023

Accounts Payable and Accrued Liabilities Disclosure

A summary of the Company’s accrued expenses is as follows (in thousands):


	September 30, 2023		December 31, 2022
Real estate development reserve to complete(1)	$	31,692	$	28,793
Warranty reserve	22,009		17,945
Accrued property tax payable	17,186		4,047
Accrued compensation	16,407		13,917
Other accrued expenses	23,615		26,579
Total accrued expenses	$	110,909	$	91,281

(1)Our real estate development reserve to complete consists of estimated payments for future costs to complete the development of our communities.

Warranties

Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three and nine months ended September 30, 2023 and 2022 consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Warranty accrual, beginning of period	$	20,824	$	12,065	$	17,945	$	9,378
Warranties issued	2,568		1,923		7,489		6,134
Changes in liability for existing warranties	57		2,079		608		2,495
Payments made	(1,440)		(1,161)		(4,033)		(3,101)
Warranty accrual, end of period	$	22,009	$	14,906	$	22,009	$	14,906