Land Under Development |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Real Estate [Abstract] | |
| Land Under Development | Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes. During the second quarter of 2025, we sold a land parcel to a developer for approximately $32,700. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel. As of June 30, 2025, we owned land with a carrying value of $39,450 that we intend to develop into approximately 2,350 finished lots. As of December 31, 2024, the carrying value of land under development was $65,394. None of the raw parcels had any indicators of impairment as of June 30, 2025
|