Investments in and Advances to Unconsolidated Entities (Tables)

6 Months Ended

Apr. 30, 2014

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

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	April 30, 2014
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	31,267	$	26,209	$	39,360	$	11,816	$	108,652
Inventory	256,691		409,188		392				666,271
Non-performing loan portfolio							69,909		69,909
Rental properties					125,298				125,298
Rental properties under development					177,390				177,390
Real estate owned (“REO”)							207,358		207,358
Other assets (1)	19,275		78,720		13,774		155,929		267,698
Total assets	$	307,233	$	514,117	$	356,214	$	445,012	$	1,622,576
Debt (1)	$	36,092	$	10,174	$	255,185	$	155,900	$	457,351
Other liabilities	26,279		38,783		19,210		218		84,490
Members’ equity	244,862		465,160		81,819		115,558		907,399
Noncontrolling interest							173,336		173,336
Total liabilities and equity	$	307,233	$	514,117	$	356,214	$	445,012	$	1,622,576
Company’s net investment in unconsolidated entities (2)	$	160,528	$	182,956	$	75,574	$	22,784	$	441,842

	October 31, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	30,826	$	31,164	$	35,014	$	40,097	$	137,101
Inventory	350,150		338,814		4,998				693,962
Non-performing loan portfolio							107,411		107,411
Rental properties					164,325				164,325
Rental properties under development					133,081				133,081
Real estate owned (“REO”)							202,259		202,259
Other assets (1)	12,700		70,180		18,526		155,921		257,327
Total assets	$	393,676	$	440,158	$	355,944	$	505,688	$	1,695,466
Debt (1)	$	135,200	$	11,977	$	235,226	$	155,900	$	538,303
Other liabilities	21,015		19,636		9,461		379		50,491
Members’ equity	237,461		408,545		111,257		139,764		897,027
Noncontrolling interest							209,645		209,645
Total liabilities and equity	$	393,676	$	440,158	$	355,944	$	505,688	$	1,695,466
Company’s net investment in unconsolidated entities (2)	$	142,448	$	166,271	$	68,711	$	25,703	$	403,133

(1) Included in other assets of the Structured Asset Joint Venture at April 30, 2014 and October 31, 2013 is $155.9 million 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 a land development joint venture 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; interest capitalized on the Company’s investment; 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:

	For the six months ended April 30, 2014
	Land Development  Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	111,950	$	23,228		$	17,006		$	3,789		$	155,973
Cost of revenues	62,170		21,825			7,390			6,482			97,867
Other expenses	465		2,047			21,558			874			24,944
Total expenses	62,635		23,872			28,948			7,356			122,811
Gain on disposition of loans and REO									6,458			6,458
Income (loss) from operations	49,315		(644		)	(11,942		)	2,891			39,620
Other income	5		201			43,199			1,533			44,938
Net income (loss)	49,320		(443		)	31,257			4,424			84,558
Less: income attributable to noncontrolling interest									(2,654		)	(2,654		)
Net income (loss) attributable to controlling interest	49,320		(443		)	31,257			1,770			81,904
Other comprehensive income						729						729
Total comprehensive income (loss)	$	49,320	$	(443	)	$	31,986		$	1,770		$	82,633
Company’s equity in earnings of unconsolidated entities (3)	$	103	$	327		$	36,622		$	190		$	37,242

	For the three months ended April 30, 2014
	Land Development Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	110,406	$	11,647		$	7,557		$	3,505		$	133,115
Cost of revenues	61,488		11,451			3,419			4,132			80,490
Other expenses	210		1,047			9,504			415			11,176
Total expenses	61,698		12,498			12,923			4,547			91,666
Gain on disposition of loans and REO									2,551			2,551
Income (loss) from operations	48,708		(851		)	(5,366		)	1,509			44,000
Other income	4		162			342			1,409			1,917
Net income (loss)	48,712		(689		)	(5,024		)	2,918			45,917
Less: income attributable to noncontrolling interest									(1,751		)	(1,751		)
Net income (loss) attributable to controlling interest	48,712		(689		)	(5,024		)	1,167			44,166
Other comprehensive loss						(56		)				(56		)
Total comprehensive income (loss)	$	48,712	$	(689	)	$	(5,080	)	$	1,167		$	44,110
Company’s equity in earnings of unconsolidated entities (3)	$	135	$	145		$	12,872		$	1,175		$	14,327

	For the six months ended April 30, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture			Total
Revenues	$	35,022	$	22,757	$	20,303	$	21,714		$	99,796
Cost of revenues	17,805		19,973		9,010		19,493			66,281
Other expenses	758		1,154		10,565		2,316			14,793
Total expenses	18,563		21,127		19,575		21,809			81,074
Gain on disposition of loans and REO							39,704			39,704
Income from operations	16,459		1,630		728		39,609			58,426
Other income	5		435		9		154			603
Net income	16,464		2,065		737		39,763			59,029
Less: income attributable to noncontrolling interest							(23,858		)	(23,858		)
Net income attributable to controlling interest	16,464		2,065		737		15,905			35,171
Other comprehensive income					282					282
Total comprehensive income	$	16,464	$	2,065	$	1,019	$	15,905		$	35,453
Company’s equity in earnings of unconsolidated entities (3)	$	2,796	$	1,079	$	1,130	$	3,071		$	8,076

	For the three months ended April 30, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	33,395	$	13,787	$	10,621		$	12,009		$	69,812
Cost of revenues	16,587		12,868		4,717			9,155			43,327
Other expenses	567		690		5,069			1,259			7,585
Total expenses	17,154		13,558		9,786			10,414			50,912
Gain on disposition of loans and REO								12,812			12,812
Income from operations	16,241		229		835			14,407			31,712
Other income	2		421		3			75			501
Net income	16,243		650		838			14,482			32,213
Less: income attributable to noncontrolling interest								(8,689		)	(8,689		)
Net income attributable to controlling interest	16,243		650		838			5,793			23,524
Other comprehensive loss					(20		)				(20		)
Total comprehensive income	$	16,243	$	650	$	818		$	5,793		$	23,504
Company’s equity in earnings of unconsolidated entities (3)	$	2,894	$	369	$	572		$	1,158		$	4,993

(3) Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of prior impairments related to the Company’s investment in unconsolidated entities, a basis difference of an acquired joint venture interest, 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.