Quarterly report pursuant to Section 13 or 15(d)

Other Assets

v3.23.1
Other Assets
3 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other AssetsAs of March 31, 2023 and December 31, 2022, the Company had contract assets of $5.9 million and $7.2 million, respectively, related to lot sales and other revenue. The contract asset balance is included in other assets on the Company’s consolidated balance sheets and represents cash to be received for work already performed on lot sales and other contracts. The amount of the transaction price for lot sales and other contracts remaining to be recognized as revenue for performance obligations that were not fully satisfied as of March 31, 2023 and December 31, 2022 was $10.5 million and $11.6 million, respectively. As of March 31, 2023 and December 31, 2022, the Company had no deferred revenue related to lot sales and other revenue included in accrued expenses and other liabilities in the Company’s consolidated balance sheets. The Company reduces these liabilities and recognizes revenue as development progresses and the related performance obligations are completed.