Land Under Development |
12 Months Ended |
|---|---|
Dec. 31, 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 development 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 December 31, 2025, we owned land with a carrying value of $39,312 that we expect to be developed into approximately 2,300 finished lots primarily for use in our homebuilding operations. None of our land under development projects had any indicators of impairment as of December 31, 2025. As of December 31, 2024, we owned land with a carrying value of $65,394, which was expected to produce approximately 2,600 finished lots.
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