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REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)

3 Months Ended

Mar. 31, 2023

Inventory consists of the following (in thousands):


	As of
	March 31, 2023		December 31, 2022
Real estate developed and under development	$	3,618,428	$	3,607,227
Real estate held for development or held for sale (1)		48,881		43,314
Total owned lots		3,667,309		3,650,541
Operating communities (2)		1,466,632		1,506,241
Capitalized interest		196,607		190,123
Total owned inventory		5,330,548		5,346,905
Consolidated real estate not owned		2,295		23,971
Total real estate inventory	$	5,332,843	$	5,370,876

(1)

Real estate held for development or held for sale includes properties which are not in active production.

(2)

Operating communities consist of all vertical construction costs relating to homes in progress and completed homes.

Summary of Development Status of Land Inventory

The development status of our land inventory is as follows (dollars in thousands):


	As of
	March 31, 2023				December 31, 2022
	Owned Lots		Book Value of Land and Development		Owned Lots		Book Value of Land and Development
Homebuilding owned lots
Undeveloped		14,248	$	465,215		14,985	$	522,594
Under development		10,694		1,175,219		10,716		1,106,751
Finished		17,783		2,024,986		18,366		2,018,062
Total homebuilding owned lots		42,725		3,665,420		44,067		3,647,407
Other assets(1)		—		1,889		—		3,134
Total owned lots		42,725	$	3,667,309		44,067	$	3,650,541

(1)

The remaining book value of land and development relates to parcels of commercial assets which are. excluded from the owned lots presented in the table.

Schedule Of Controlled Lots

The table below presents a summary of our controlled lots for the following periods (dollars in thousands):


	As of
	March 31, 2023						December 31, 2022
	Controlled Lots		Purchase Price		Land Deposits (1)		Controlled Lots		Purchase Price		Land Deposits (1)
Homebuilding controlled lots
Land option purchase contracts		7,169	$	484,988	$	40,346		6,582	$	428,612	$	47,678
Land banking arrangements		7,073		1,020,063		147,584		7,369		1,057,065		156,653
Other controlled lots		16,415		1,018,841		34,235		16,891		956,712		50,218
Total controlled lots		30,657	$	2,523,892	$	222,165		30,842	$	2,442,389	$	254,549

(1)

Land deposits are non-refundable and represent exposure to loss related to our contracts with third parties, unconsolidated entities, and land banking arrangements.. In addition, at March 31, 2023 and December 31, 2022 we had refundable deposits of $6.0 million and $8.8 million respectively.

Schedule of Interest Capitalized, Incurred, Expensed and Amortized

Capitalized Interest — Interest capitalized, incurred and amortized is as follows (in thousands):


	Three Months Ended March 31,
	2023			2022
Interest capitalized - beginning of period	$	190,123		$	168,670
Interest incurred and capitalized(1)		34,133			39,729
Interest amortized to cost of home closings		(27,649	)		(30,430	)
Interest capitalized - end of period	$	196,607		$	177,969

(1)

Excludes Interest expense, net on the unaudited Condensed Consolidated Statement of Operations as such amounts are not capitalizable.