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the wholly-owned. Turning of from first XX% with communities see we increase you quarter; a open-for-sale last that year's XXX total to those of XXX communities, were XX, Slide can ended quarter a
new to new sold a out venture. contributed and During we X wholly-owned XX quarter, communities XX communities, of joint wholly-owned communities the wholly-owned first opened
first new had X at communities. unconsolidated during joint XX added the opened We the the X end communities joint closed venture we domestic Additionally, quarter. communities, of previously X unconsolidated venture wholly-owned and quarter
and We help year. situation say, the continue permitting not new hookups primarily to delays in communities, did related opening to Needless utility this country. experience hurricanes delays to the throughout and fires the
continue controlled quarter in the community ended grow community controlled lots. count to indicator equates count of on supply a XX. XX,XXX 'XX.
The expect We X.X with leading shown is to Slide further We for year growth which lots, fiscal further to
increased count sequentially X% year-over-year. lot Our and XX%
ventures, first from XX lots joint the communities our lots now unconsolidated control include you X,XXX and future We XX,XXX added quarter. we If during lots.
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On underwriting XX, This used years. our high pay began while XX,XXX to with land 'XX, Slide lot engaging parcels show that the land we our by we It's pace.
In our and years quarter where the focus several on total pivot even lots development down light and our debt. over X,XXX for going sales
to has land You can that development see growth how land our pivot and spend. impacted
quarter land increased our million. During development spend year-over-year land to 'XX, the and of first X% $XXX
You and shown over the has see this land the development X can years that clearly slide. spend on land increased
land quarter metric. we when the quarter started since reporting land spend first spend first that and XXXX represented highest development Our
forward the of underwrite incentives, current XX%-plus before right mortgage level current indication that Again, but line. them then it to conditions a time, makes Our are current conditions. will to we land new sure about in incentives still our self-adjust not huge should construction rate continue go including to that a busy, increase is acquisitions automatically be on rate changes to [Indiscernible].Our sales our underwriting just to of corporate are straight the and current continues be internal land other costs then feel solid and in committee are that home always the to acquire sense lot we purchase. return.
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second percentage via XX% trends.
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versus evident here. focus Our pace is price on
finally the years on been Turning as with $XX $XXX first range. we $XXX ended within targeted after we have This liquidity repurchasing well invested. is stock, to of is XX. and million liquidity, Slide first quarter in which Even million fully our land as million land that on quarter the spending common development
our XX, shows ladder XX. XXXX. Turning now slide Slide as to January of maturity This
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slide, our XX. the the years. on debt. growth Slide in and to the the $X.X Starting grow we've to the we few date made equity billion reduce progress past part show our equity upper over We Turning of left-hand show to
the $XXX period, million same reduction right-hand portion, debt. the upper on the in can During you see
can the XXX.X% debt is XX.X%, end to of bottom slide, cap which a of net our fiscal improvement the significant of On quarter from fiscal of the at 'XX our at you was 'XX. the net the that beginning see first
we While still continued decline our due to our our to path more sequentially a achieve quarter. are target during XX%, cap goal less net work achieve to We the soon. debt-to-cap of but to that on increased are debt to to first our have we cash, do gross comfortable
assets, come significantly cash taxes future of remaining on Given million income federal growth to will to earnings. flows enhance have tax our approximately will to not will $XXX pretax years accelerate deferred we of This our in $XXX benefit pay continue million our plans. and
given new our 'XX. significant openings in guidance, is Regarding and sales, revenues substantial our plan, have in to community and internal fiscal deliveries growth current
given margins volatility However, will we quarter. on and the moving projecting rates guidance interest with our the general, next the focus in in difficulty and volatility
chain no deterioration inflation assumes cancellation conditions, current our guidance tariffs, in in materials material or already increased no of anticipation changes financial including have tariffs. mind, Keep rates. in cost supply or rates, Our in some adverse in mortgage in market increases further
assumes we It cycle continue QMI also to construction more gross which to pre-COVID approximately months. sales, forecasting continued difficult. X assumes reliant guidance margins makes times compared on months X of time that be cycle averaging extended for Our construction more our
of $XXX.XX guidance end from 'XX. Our incentives any quarter 'XX.
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it $XXX Adjusted in for The margin up first expected and be quarter. to midpoint, guidance quarter. the be the our gross XX.X%. pace be on slightly be of would lower the margin, Our typical midpoint a total particularly is the to because total revenues range is rate to compared expectation focus than At revenue cost quarter million would mortgage This and the first of compared gross price. million. buydowns for between is X% the of of $XXX XX.X% second our to to down versus
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adjusted for between $XX $XX million. and expectations million quarter pretax is second Our income the for
new line recognizing the of we the to a carrying that guidance first adjusted lower million quarterly the contributed the joint communities should of land sale value.
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While a all peers investment among leverage, and and was our size.
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show price-to-book including price and the our value $XXX.XX. to EBIT us price the would stock and when are of be a trailing multiple are consider multiple metrics, enterprise on investment, our believe for and we peers, compelling to the the we variety return of our Given we fundamental multiple metrics XX, We when establishing industry.
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These of over for of at with trades the slides are our X be concludes turn happy our given the point our we third to to public.
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