Investments in and Advances to Unconsolidated Entities (Tables)

3 Months Ended

Jan. 31, 2015

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

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	January 31, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	32,545	$	16,618	$	30,610	$	15,994	$	95,767
Inventory	254,188		593,709						847,897
Non-performing loan portfolio							48,130		48,130
Rental properties					189,475				189,475
Rental properties under development					327,663				327,663
Real estate owned (“REO”)							174,046		174,046
Other assets (1)	42,153		71,609		12,090		77,988		203,840
Total assets	$	328,886	$	681,936	$	559,838	$	316,158	$	1,886,818
Debt (1)	$	109,886	$	60,024	$	384,590	$	77,950	$	632,450
Other liabilities	28,028		55,633		35,445		455		119,561
Members’ equity	190,972		566,279		139,803		95,113		992,167
Noncontrolling interest							142,640		142,640
Total liabilities and equity	$	328,886	$	681,936	$	559,838	$	316,158	$	1,886,818
Company’s net investment in unconsolidated entities (2)	$	140,083	$	207,189	$	97,954	$	18,352	$	463,578

	October 31, 2014
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	31,968	$	21,821	$	33,040	$	23,462	$	110,291
Inventory	258,092		465,144						723,236
Non-performing loan portfolio							57,641		57,641
Rental properties					140,238				140,238
Rental properties under development					327,315				327,315
Real estate owned (“REO”)							184,753		184,753
Other assets (1)	30,166		75,164		14,333		77,986		197,649
Total assets	$	320,226	$	562,129	$	514,926	$	343,842	$	1,741,123
Debt (1)	$	102,042	$	8,713	$	333,128	$	77,950	$	521,833
Other liabilities	23,854		56,665		43,088		177		123,784
Members’ equity	194,330		496,751		138,710		106,298		936,089
Noncontrolling interest							159,417		159,417
Total liabilities and equity	$	320,226	$	562,129	$	514,926	$	343,842	$	1,741,123
Company’s net investment in unconsolidated entities (2)	$	140,221	$	189,509	$	97,353	$	19,995	$	447,078

(1) Included in other assets of the Structured Asset Joint Venture at January 31, 2015 and October 31, 2014 is $78.0 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 our net investment in unconsolidated entities and our underlying equity in the net assets of the entities are primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 that was in excess of our pro-rata share of the underlying equity; impairments related to our investment in unconsolidated entities; a loan made to one of the entities by us; interest capitalized on our investment; the estimated fair value of the guarantees provided to the joint ventures; and distributions from entities in excess of the carrying amount of our net investment.

Condensed statements of operations aggregate by type of business

Condensed Statements of Operations and Comprehensive Income:

	For the three months ended January 31, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	18,276	$	19,294	$	7,611		$	889		$	46,070
Cost of revenues	9,630		16,913		3,269			6,074			35,886
Other expenses	135		1,575		4,388			326			6,424
Total expenses	9,765		18,488		7,657			6,400			42,310
Gain on disposition of loans and REO								7,631			7,631
Income (loss) from operations	8,511		806		(46		)	2,120			11,391
Other income			72					586			658
Net income (loss)	8,511		878		(46		)	2,706			12,049
Less: income attributable to noncontrolling interest								(1,623		)	(1,623		)
Net income (loss) attributable to controlling interest	8,511		878		(46		)	1,083			10,426
Other comprehensive loss					(22		)				(22		)
Total comprehensive income (loss)	$	8,511	$	878	$	(68	)	$	1,083		$	10,404
Company’s equity in earnings of unconsolidated entities (3)	$	2,442	$	542	$	1,700		$	217		$	4,901

	For the three months ended January 31, 2014
	Land Development Joint Ventures			Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	1,544		$	11,581	$	9,449		$	283		$	22,857
Cost of revenues	681			10,374		3,971			2,350			17,376
Other expenses	255			999		12,055			459			13,768
Total expenses	936			11,373		16,026			2,809			31,144
Gain on disposition of loans and REO									3,908			3,908
Income (loss) from operations	608			208		(6,577		)	1,382			(4,379		)
Other income	1			39		42,858			123			43,021
Net income	609			247		36,281			1,505			38,642
Less: income attributable to noncontrolling interest									(903		)	(903		)
Net income attributable to controlling interest	609			247		36,281			602			37,739
Other comprehensive income						786						786
Total comprehensive income	$	609		$	247	$	37,067		$	602		$	38,525
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	(32	)	$	182	$	23,750		$	(985	)	$	22,915

(3) Differences between our equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of our net investment, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.