Real Estate (Notes)

6 Months Ended

Mar. 31, 2025

Real estate consists of:


	March 31, 2025		September 30, 2024
	(In millions)
Developed and under development projects	$	2,506.6	$	2,126.1
Land held for future development	252.8		140.1
	$	2,759.4	$	2,266.2

In the six months ended March 31, 2025, the Company invested $460.4 million for the acquisition of residential real estate and $564.2 million for the development of residential real estate. At March 31, 2025 and September 30, 2024, land held for future development primarily consisted of undeveloped land which the Company has under contract 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 for either period presented in the consolidated statements of operations.

In the three and six months ended March 31, 2025, 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 $0.9 million and $2.0 million, respectively, compared to $0.2 million and $0.4 million in the prior year periods. These land option charges are included in cost of sales in the consolidated statements of operations.