Real Estate

12 Months Ended

Sep. 30, 2020

Real estate consists of:


	September 30,
	2020		2019
	(In millions)
Developed and under development projects	$	1,304.3	$	1,011.8
Undeveloped land	5.4		17.1
	$	1,309.7	$	1,028.9

In fiscal 2020, the Company invested $550.8 million for the acquisition of residential real estate and $503.0 million for the development of residential real estate. At September 30, 2020 and 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 of 16% per annum.

Each quarter the Company reviews the performance and outlook for all of its real estate for indicators of potential impairment and performs detailed impairment evaluations and analyses when necessary. As a result of this process there were no real estate impairment charges recorded in fiscal 2020 and $0.8 million and $0.3 million of impairment charges were recorded during fiscal 2019 and the nine months ended September 30, 2018, respectively.

During fiscal 2020 and 2019, pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $0.9 million and $0.2 million, respectively. There were no pre-acquisition cost write-offs in the nine months ended September 30, 2018. Real estate impairments and land option charges are included in cost of sales in the consolidated statements of operations.