“We expect the earnings from these gains on the park and sales will continue to be a nice complement to our core homebuilding business.”

In context

“better pricing from buyers. As a result, we are lowering our 2022 full year joint venture, land sale and other income to $60 million. Overall, our total investment in Apartment Living at the end of our fiscal third quarter was $565 million. It consisted of $133 million in 18 properties that were either stabilized or in lease-up, where we believe we have unrealized gains of approximately $400 million. In addition to the $133 million, we have $289 million invested in 23 properties that are currently in joint venture and under construction and another $143 million in land and projects, 28 in total, they are 100% on our balance sheet, but slated for future development in joint ventures. This pipeline should allow us to produce a consistent series of gains from apartment sales in future years. We expect the earnings from these gains on the park and sales will continue to be a nice complement to our core homebuilding business. Turning back to our results, impairments and write-offs were $6.2 million in the quarter, primarily reflecting some due diligence costs or lost deposits on land that we are no longer pursuing because it doesn't meet our stricter underwriting standards. Our tax rate in the third quarter was 25.3%, 70 basis points better than projected. We now project a tax rate of approximately 24.8% for the fourth quarter and 25% for the full year. This is a slight improvement over our prior guide as we now expect approximately $10 million in Section 45L energy tax credits that were reinstated in the recently signed Inflation Reduction Act. We finished the quarter with a net debt-to-capital ratio of 34.3%. We had $316.5 million in cash and equivalents and $1.8 billion available on our -- under our $1.9 b”