Real Estate (Notes)

9 Months Ended

Jun. 30, 2024

Real estate consists of:


	June 30, 2024		September 30, 2023
	(In millions)
Developed and under development projects	$	2,103.3	$	1,760.8
Land held for future development	135.4		29.5
	$	2,238.7	$	1,790.3

In the nine months ended June 30, 2024, the Company invested $441.4 million for the acquisition of residential real estate and $730.2 million for the development of residential real estate. At June 30, 2024 and September 30, 2023, 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, no impairment charges were recorded in the three and nine months ended June 30, 2024. In the nine months ended June 30, 2023, the Company recorded non-cash impairment charges of $19.4 million.

In the three and nine months ended June 30, 2024, 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 $0.7 million and $1.0 million, respectively, compared to $0.9 million and $4.2 million in the prior year periods. These land option charges and the impairments discussed above are included in cost of sales in the consolidated statements of operations.