Real Estate

Real estate consists of:



	September 30, 2018		December 31, 2017
	(In thousands)
Entitled, developed and under development projects	$	495,437	$	127,442
Other	2,606		2,938
	$	498,043	$	130,380

In the nine months ended September 30, 2018, we invested $315,415,000 for the acquisition of residential real estate and $97,966,000 for the development of our owned and consolidated residential real estate. At September 30, 2018, entitled, developed and under development projects includes $34,919,000 related to entitled, undeveloped land which we acquired during the nine months ended September 30, 2018. We have the contractual right to sell this undeveloped land to D.R. Horton within a year of our purchase of the asset or earlier at D.R. Horton's discretion at a sales price equal to our carrying value at the time of sale in addition to holding and closing costs plus 12% per annum. Alternatively, within a year of our purchase of the asset, we may elect to develop this land into residential lots and enter into a lot purchase and sale agreement with D.R. Horton.