Investments in Unconsolidated Entities (Tables)

3 Months Ended

Jan. 31, 2016

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

Summary of Joint Venture Information [Table Text Block]

The table below provides information as of January 31, 2016, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):

	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Number of unconsolidated entities	7		3		10		1		21
Investment in unconsolidated entities	$	211,965	$	76,972	$	116,338	$	9,589	$	414,864
Number of unconsolidated entities with funding commitments by the Company	5		2		2		—		9
Company's remaining funding commitment to unconsolidated entities (a)	$	251,607	$	18,768	$	4,439	$	—	$	274,814

(a) The remaining funding commitment for our Land Development Joint Ventures includes $90.0 million, which one of the joint ventures expects to fund through outside financing.

Summary of Joint Ventures Borrowing information [Table Text Block]

Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at January 31, 2016, regarding the debt financing obtained by category ($ amounts in thousands):

	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	4		2		9		15
Aggregate loan commitments	$	470,000	$	222,000	$	779,902	$	1,471,902
Amounts borrowed under commitments	$	429,056	$	126,869	$	562,546	$	1,118,471

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	January 31, 2016
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	35,054	$	7,830	$	27,710	$	37,785	$	108,379
Inventory	713,254		338,853						1,052,107
Non-performing loan portfolio							17,976		17,976
Rental properties					361,191				361,191
Rental properties under development					381,411				381,411
Real estate owned (“REO”)							98,372		98,372
Other assets	75,522		68,576		11,976		2,469		158,543
Total assets	$	823,830	$	415,259	$	782,288	$	156,602	$	2,177,979
Debt (1)	$	430,143	$	132,430	$	562,546			$	1,125,119
Other liabilities	31,673		75,017		29,145		4,125		139,960
Members’ equity	362,014		207,812		190,597		61,004		821,427
Noncontrolling interest							91,473		91,473
Total liabilities and equity	$	823,830	$	415,259	$	782,288	$	156,602	$	2,177,979
Company’s net investment in unconsolidated entities (2)	$	211,965	$	76,972	$	116,338	$	9,589	$	414,864

	October 31, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	29,281	$	11,203	$	44,310	$	10,469	$	95,263
Inventory	701,527		322,630						1,024,157
Non-performing loan portfolio							27,572		27,572
Rental properties					278,897				278,897
Rental properties under development					390,399				390,399
Real estate owned (“REO”)							117,758		117,758
Other assets (1)	70,799		61,144		12,199		80,475		224,617
Total assets	$	801,607	$	394,977	$	725,805	$	236,274	$	2,158,663
Debt (1)	$	417,025	$	117,251	$	514,895	$	77,950	$	1,127,121
Other liabilities	29,772		70,078		30,329		136		130,315
Members’ equity	354,810		207,648		180,581		63,288		806,327
Noncontrolling interest							94,900		94,900
Total liabilities and equity	$	801,607	$	394,977	$	725,805	$	236,274	$	2,158,663
Company’s net investment in unconsolidated entities (2)	$	214,060	$	76,120	$	110,454	$	12,226	$	412,860

(1) Included in other assets of the Structured Asset Joint Venture at October 31, 2015 is $78.0 million of restricted cash held in a defeasance account that was used to repay debt of the Structured Asset Joint Venture in December 2015.

(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; 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, 2016
	Land Development Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	12,622	$	16,042		$	12,884		$	938		$	42,486
Cost of revenues	7,159		13,476			7,691			7,187			35,513
Other expenses	1,029		1,522			6,190			566			9,307
Total expenses	8,188		14,998			13,881			7,753			44,820
Gain on disposition of loans and REO									25,983			25,983
Income (loss) from operations	4,434		1,044			(997		)	19,168			23,649
Other income (loss)	821		(73		)	75			182			1,005
Net income (loss)	5,255		971			(922		)	19,350			24,654
Less: income attributable to noncontrolling interest									(11,610		)	(11,610		)
Net income (loss) attributable to controlling interest	5,255		971			(922		)	7,740			13,044
Other comprehensive income						87						87
Total comprehensive income (loss)	$	5,255	$	971		$	(835	)	$	7,740		$	13,131
Company’s equity in earnings of unconsolidated entities (3)	$	5,006	$	343		$	1,742		$	1,547		$	8,638

	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

(3) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are 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, recoveries of previously incurred charges, and our share of the entities’ profits related to home sites purchased by us, which reduces our cost basis of the home sites acquired.