REAL ESTATE INVENTORY AND LAND DEPOSITS (Tables)

3 Months Ended

Mar. 31, 2020

Inventory consists of the following (in thousands):



	As of
	March 31, 2020		December 31, 2019
Real estate developed and under development	$	4,060,004	$	2,805,506
Real estate held for development or held for sale⁽¹⁾	157,853		146,471
Operating communities ⁽²⁾	1,359,608		899,789
Capitalized interest	128,870		115,593
Total owned inventory	5,706,335		3,967,359
Real estate not owned	186,885		19,185
Total real estate inventory	$	5,893,220	$	3,986,544

⁽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, and, if applicable, long-term strategic assets. As of March 31, 2020, there was no held for sale inventory relating to our Chicago operations. As of December 31, 2019, all inventory relating to our Chicago operations were deemed held for sale and included in Total owned inventory on the condensed consolidated balance sheet.

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

Schedule of Development Status of Land Inventory

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



	As of
	March 31, 2020			December 31, 2019
	Owned Lots	Book Value of Land and Development		Owned Lots	Book Value of Land and Development
Raw	17,449	$	563,228	13,804	$	477,997
Partially developed	16,741	1,302,211		13,298	914,689
Finished	21,363	2,352,418		15,504	1,559,291
Total	55,553	$	4,217,857	42,606	$	2,951,977

Schedule of Interest Capitalized, Incurred, Expensed and Amortized

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



	Three Months Ended March 31,
	2020			2019
Interest capitalized - beginning of period	$	115,593		$	96,031
Interest incurred	37,575			27,792
Interest amortized to cost of home closings	(24,298		)	(16,905		)
Interest capitalized - end of period	$	128,870		$	106,918