Real Estate

12 Months Ended

Sep. 30, 2022

Real estate consists of:


	September 30,
	2022		2021
	(In millions)
Developed and under development projects	$	1,932.6	$	1,824.7
Land held for future development	89.8		80.5
	$	2,022.4	$	1,905.2

During fiscal 2022, the Company invested $320.7 million for the acquisition of residential real estate and $1.1 billion for the development of residential real estate. At September 30, 2022 and 2021, land held for future development primarily consisted of undeveloped land which the Company has the contractual right to sell to D.R. Horton 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, the Company recorded real estate impairment charges of $3.8 million during fiscal 2022. There were no real estate impairment charges recorded in fiscal 2021 or 2020.

During fiscal 2022, 2021 and 2020, land purchase contract deposit and pre-acquisition cost write-offs related to land purchase contracts that the Company has terminated or expects to terminate were $8.7 million, $3.0 million and $0.9 million, respectively. Real estate impairments and land option charges are included in cost of sales in the consolidated statements of operations.