Real Estate (Notes)

3 Months Ended

Dec. 31, 2020

Real estate consists of:


	December 31, 2020		September 30, 2020
	(In millions)
Developed and under development projects	$	1,485.0	$	1,304.3
Undeveloped land	55.5		5.4
	$	1,540.5	$	1,309.7

In the three months ended December 31, 2020, the Company invested $295.1 million for the acquisition of residential real estate and $181.9 million for the development of residential real estate. At December 31, 2020 and September 30, 2020, 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 12% to 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 for either period presented in the consolidated statements of operations.

During the three months ended December 31, 2020 and 2019, pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $0.4 million and $0.3 million, respectively. Real estate impairments and land option charges are included in cost of sales in the consolidated statements of operations.