Real Estate (Notes)

12 Months Ended

Sep. 30, 2025

Real estate consists of:


	September 30,
	2025		2024
	(In millions)
Developed and under development projects	$	2,465.1	$	2,126.1
Land held for future development	180.0		140.1
	$	2,645.1	$	2,266.2

During fiscal 2025, the Company invested $595.3 million for the acquisition of residential real estate and $1.1 billion for the development of residential real estate. At September 30, 2025 and 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 during fiscal 2025 and 2024. During fiscal 2023, the Company recorded non-cash impairment charges of $19.4 million.

During fiscal 2025, 2024 and 2023 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 $7.2 million, $4.1 million and $4.6 million, respectively. These land option charges and the impairments discussed above are included in cost of sales in the consolidated statements of operations.