Real Estate Inventory And Land Deposits (Tables)

12 Months Ended

Dec. 31, 2016

Inventory consists of the following:



	As of December 31,
(Dollars in thousands)	2016		2015
Real estate developed or under development	$	2,074,651	$	2,167,771
Real estate held for development or held for sale ⁽¹⁾	183,638		173,448
Operating communities ⁽²⁾	650,036		672,499
Capitalized interest	102,642		105,148
Total owned inventory	3,010,967		3,118,866
Real estate not owned under option contracts	6,252		7,921
Total real estate inventory	$	3,017,219	$	3,126,787

⁽¹⁾ Real estate held for development or held for sale includes properties which are not in active production. This includes raw land recently purchased or awaiting entitlement, future phases of current projects that will be developed as prior phases sell out, and long-term strategic assets.

⁽²⁾ Operating communities consist of all vertical construction costs relating to homes in progress and completed homes for all active production of inventory.

Summary of Development Status of Land Inventory

The development status of our land inventory is as follows:



	As of December 31,
(Dollars in thousands)	2016			2015
	Owned Lots	Book Value of Land and Development		Owned Lots	Book Value of Land and Development
Raw	7,142	$	403,902	8,300	$	378,081
Partially developed	8,037	501,496		8,904	645,276
Finished	11,318	1,336,709		12,294	1,305,697
Long-term strategic assets	1,489	16,182		3,105	12,165
Total	27,986	$	2,258,289	32,603	$	2,341,219

Schedule of Interest Capitalized, Incurred, Expensed and Amortized

Capitalized Interest — Interest capitalized, incurred and amortized is as follows:



	Year Ended December 31,
(Dollars in thousands)	2016			2015			2014
Interest capitalized — beginning of period	$	105,148		$	94,880		$	71,263
Interest incurred	88,345			93,431			88,782
Interest amortized to cost of home closings	(90,851		)	(83,163		)	(65,165		)
Interest capitalized — end of period	$	102,642		$	105,148		$	94,880