Real Estate

Real estate consists of:



	September 30,
	2019		2018
	(In millions)
Developed and under development projects	$	1,011.8	$	463.1
Undeveloped land	17.1		34.9
	$	1,028.9	$	498.0

In fiscal 2019, the Company invested $559.4 million for the acquisition of residential real estate and $290.3 million for the development of residential real estate. At September 30, 2019 and 2018, undeveloped land primarily consists of undeveloped land which the Company has the contractual right to sell to D.R. Horton within approximately one 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. In fiscal 2019, the Company sold approximately 63 acres of undeveloped land to a third party for approximately $44.2 million. In conjunction with the sale, the Company paid D.R. Horton a fee of approximately $2.1 million to terminate an existing purchase and sale agreement whereby D.R. Horton had the option to purchase the property at a fixed price. This termination fee is included in cost of sales in the Company's consolidated statements of operations.

In February 2018, the Company sold a portion of its assets to Starwood for $232.0 million. This strategic asset sale included projects owned both directly and indirectly through ventures. The total net proceeds after certain purchase price adjustments, closing costs and other costs associated with selling these projects was $217.5 million, and a gain on the sale of these assets of $0.7 million is included in the Company’s consolidated statement of operations for the nine months ended September 30, 2018.