Real Estate

Real estate consists of:



	December 31, 2019		September 30, 2019
	(In millions)
Developed and under development projects	$	1,051.4	$	1,011.8
Undeveloped land	15.4		17.1
	$	1,066.8	$	1,028.9

In the three months ended December 31, 2019, the Company invested $122.2 million for the acquisition of residential real estate and $114.0 million for the development of residential real estate. At December 31, 2019 and September 30, 2019, 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.