Investments in and Advances to Unconsolidated Entities (Tables)

9 Months Ended

Jul. 31, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	July 31, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	21,902	$	23,465	$	28,883	$	16,692	$	90,942
Inventory	312,815		302,759		4,996				620,570
Non-performing loan portfolio							142,501		142,501
Rental properties					168,204				168,204
Rental properties under development					93,010				93,010
Real estate owned (“REO”)							226,926		226,926
Other assets (1)	13,157		69,650		12,298		311,816		406,921
Total assets	$	347,874	$	395,874	$	307,391	$	697,935	$	1,749,074
Debt (1)	$	127,641	$	12,874	$	213,255	$	311,801	$	665,571
Other liabilities	19,533		17,385		8,777		507		46,202
Members’ equity	200,700		365,615		85,359		154,251		805,925
Noncontrolling interest							231,376		231,376
Total liabilities and equity	$	347,874	$	395,874	$	307,391	$	697,935	$	1,749,074
Company’s net investment in unconsolidated entities (2)	$	126,412	$	147,450	$	52,492	$	30,483	$	356,837

	October 31, 2012
	Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	17,189	$	24,964	$	26,167	$	44,176	$	112,496
Inventory	255,561		251,029		5,643				512,233
Non-performing loan portfolio							226,315		226,315
Rental properties					173,767				173,767
Rental properties under development					43,694				43,694
Real estate owned (“REO”)							254,250		254,250
Other assets (1)	12,427		72,290		9,194		237,476		331,387
Total assets	$	285,177	$	348,283	$	258,465	$	762,217	$	1,654,142
Debt (1)	$	96,362	$	11,755	$	213,725	$	311,801	$	633,643
Other liabilities	14,390		9,438		5,534		561		29,923
Members’ equity	174,425		327,090		39,206		179,942		720,663
Noncontrolling interest							269,913		269,913
Total liabilities and equity	$	285,177	$	348,283	$	258,465	$	762,217	$	1,654,142
Company’s net investment in unconsolidated entities (2)	$	116,452	$	135,688	$	41,134	$	37,343	$	330,617

(1) Included in other assets of the Structured Asset Joint Venture at July 31, 2013 and October 31, 2012 is $311.8 million and $237.5 million, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.

(2) Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities is primarily a result of the acquisition price of an investment in an entity in fiscal 2012 which was in excess of the Company's pro-rata share of the underlying equity, impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, and distributions from entities in excess of the carrying amount of the Company’s net investment.

Condensed statements of operations aggregate by type of business

Condensed Statements of Operations and Comprehensive Income (Loss):

	For the nine months ended July 31, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture			Total
Revenues	$	36,813	$	31,574	$	29,241	$	27,114		$	124,742
Cost of revenues	17,992		28,017		12,677		25,632			84,318
Other expenses	936		1,866		15,673		2,812			21,287
Total expenses	18,928		29,883		28,350		28,444			105,605
Gain on disposition of loans and REO							47,583			47,583
Income from operations	17,885		1,691		891		46,253			66,720
Other income	8		554		17		235			814
Net income	17,893		2,245		908		46,488			67,534
Less: income attributable to noncontrolling interest							(27,893		)	(27,893		)
Net income attributable to controlling interest	17,893		2,245		908		18,595			39,641
Other comprehensive income					1,162					1,162
Total comprehensive income	$	17,893	$	2,245	$	2,070	$	18,595		$	40,803
Company’s equity in earnings of unconsolidated entities (3)	$	2,853	$	1,466	$	917	$	3,608		$	8,844

	For the three months ended July 31, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	1,791	$	8,817	$	8,937		$	5,400		$	24,945
Cost of revenues	186		8,043		3,667			6,139			18,035
Other expenses	179		712		5,108			494			6,493
Total expenses	365		8,755		8,775			6,633			24,528
Gain on disposition of loans and REO								7,878			7,878
Income from operations	1,426		62		162			6,645			8,295
Other income	3		119		9			80			211
Net income	1,429		181		171			6,725			8,506
Less: income attributable to noncontrolling interest								(4,035		)	(4,035		)
Net income attributable to controlling interest	1,429		181		171			2,690			4,471
Other comprehensive income					1,064						1,064
Total comprehensive income	$	1,429	$	181	$	1,235		$	2,690		$	5,535
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	57	$	387	$	(213	)	$	537		$	768

	For the nine months ended July 31, 2012
	Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	37,109	$	76,325	$	27,827		$	20,858		$	162,119
Cost of revenues	34,696		55,028		10,186			26,048			125,958
Other expenses	1,060		2,856		16,337			6,958			27,211
Total expenses	35,756		57,884		26,523			33,006			153,169
Gain on disposition of loans and REO								24,691			24,691
Income from operations	1,353		18,441		1,304			12,543			33,641
Other income	2,663		118					428			3,209
Net income	4,016		18,559		1,304			12,971			36,850
Less: income attributable to noncontrolling interest								(7,784		)	(7,784		)
Net income attributable to controlling interest	4,016		18,559		1,304			5,187			29,066
Other comprehensive loss					(578		)				(578		)
Total comprehensive income	$	4,016	$	18,559	$	726		$	5,187		$	28,488
Company’s equity in earnings of unconsolidated entities (3)	$	3,451	$	13,473	$	1,401		$	1,023		$	19,348

	For the three months ended July 31, 2012
	Develop- ment Joint Ventures			Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	3,525		$	28,859	$	9,129		$	8,496		$	50,009
Cost of revenues	2,925			20,273		3,451			8,821			35,470
Other expenses	630			800		4,857			2,059			8,346
Total expenses	3,555			21,073		8,308			10,880			43,816
Gain on disposition of loans and REO									1,865			1,865
Income (loss) from operations	(30		)	7,786		821			(519		)	8,058
Other income	10			39					153			202
Net income (loss)	(20		)	7,825		821			(366		)	8,260
Less: income attributable to noncontrolling interest									220			220
Net income (loss) attributable to controlling interest	(20		)	7,825		821			(146		)	8,480
Other comprehensive loss						(528		)				(528		)
Total comprehensive income (loss)	$	(20	)	$	7,825	$	293		$	(146	)	$	7,952
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	(81	)	$	5,435	$	347		$	(29	)	$	5,672

(3) Differences between the Company’s equity in earnings of unconsolidated entities and the Company's percentage interest in the underlying net income (loss) of the entities is primarily a result of impairments related to the Company’s investment in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment, and the Company’s share of the entities’ profits related to home sites purchased by the Company which reduces the Company’s cost basis of the home sites.