Investments in Unconsolidated Entities (Tables)

9 Months Ended

Jul. 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 July 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		Gibraltar Joint Ventures		Total
Number of unconsolidated entities	7		3		11		4		25
Investment in unconsolidated entities	$	214,812	$	85,523	$	149,023	$	12,246	$	461,604
Number of unconsolidated entities with funding commitments by the Company	5		2		3		1		11
Company’s remaining funding commitment to unconsolidated entities	$	248,193	$	8,763	$	13,185	$	10,000	$	280,141

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 July 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	$	765,196	$	1,457,196
Amounts borrowed under loan commitments	$	395,518	$	160,962	$	628,278	$	1,184,758

Condensed balance sheet

Condensed Balance Sheets:

	July 31, 2016		October 31, 2015
Cash and cash equivalents	$	109,622	$	95,263
Inventory	1,086,118		1,024,157
Non-performing loan portfolio	4,826		27,572
Rental properties	432,354		278,897
Rental properties under development	425,783		390,399
Real estate owned (“REO”)	96,307		117,758
Other assets	172,064		224,617
Total assets	$	2,327,074	$	2,158,663
Debt	$	1,190,394	$	1,127,121
Other liabilities	152,798		130,315
Members’ equity	908,374		806,327
Noncontrolling interest	75,508		94,900
Total liabilities and equity	$	2,327,074	$	2,158,663
Company’s net investment in unconsolidated entities (1)	$	461,604	$	412,860

(1) 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 investments; 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 and comprehensive income

Condensed Statements of Operations and Comprehensive Income:

	Nine months ended July 31,						Three months ended July 31,
	2016			2015			2016		2015
Revenues	$	226,772		$	170,884		$	60,755	$	84,578
Cost of revenues	145,401			116,928			42,910		53,378
Other expenses	29,723			25,598			11,347		8,762
Total expenses	175,124			142,526			54,257		62,140
Gain on disposition of loans and REO	38,102			25,094			3,413		1,507
Income from operations	89,750			53,452			9,911		23,945
Other income	4,121			6,749			1,769		906
Net income	93,871			60,201			11,680		24,851
Less: (income) loss attributable to noncontrolling interest	(11,204		)	(10,371		)	3,819		706
Net income attributable to controlling interest	82,667			49,830			15,499		25,557
Other comprehensive income (loss)	100			(6		)	—		40
Total comprehensive income	$	82,767		$	49,824		$	15,499	$	25,597
Company’s equity in earnings of unconsolidated entities (2)	$	22,754		$	17,080		$	4,998	$	5,952

(2) Differences between our equity in earnings of unconsolidated entities and the underlying net income 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.