Real Estate

Real estate consists of:



	December 31, 2018		September 30, 2018
	(In millions)
Developed and under development projects	$	644.7	$	463.1
Land held for development	48.5		34.9
	$	693.2	$	498.0

In the three months ended December 31, 2018, the Company invested $163.5 million for the acquisition of residential real estate and $57.3 million for the development of real estate. At December 31, 2018 and September 30, 2018, land held for development primarily consists of undeveloped land which the Company has the contractual right to sell to D.R. Horton within a year of its purchase or, if D.R. Horton elects, at an earlier date, at a sales price equal to the carrying value of the land at the time of sale plus additional consideration which ranges from 12% to 16% per annum. Alternatively, within a year of our purchase of the land, the Company may elect to develop the land into residential lots and enter into a lot purchase and sale agreement with D.R. Horton.