Investments in Unconsolidated Entities (Tables)

12 Months Ended

Oct. 31, 2019

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 October 31, 2019, 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	8		4		20		9		41
Investment in unconsolidated entities	$	110,306	$	60,512	$	174,292	$	21,142	$	366,252
Number of unconsolidated entities with funding commitments by the Company	2		1		2		1		6
Company’s remaining funding commitment to unconsolidated entities	$	28,586	$	1,400	$	539	$	8,271	$	38,796

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 October 31, 2019, 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	3		2		18		23
Aggregate loan commitments	$	100,859	$	133,453	$	1,393,838	$	1,628,150
Amounts borrowed under commitments	$	88,252	$	133,453	$	1,017,788	$	1,239,493

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	October 31, 2019
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	23,669	$	38,115	$	20,647	$	3,388	$	85,819
Inventory	247,866		313,991				17,369		579,226
Loan receivables, net							56,545		56,545
Rental properties					1,021,848				1,021,848
Rental properties under development					535,197				535,197
Real estate owned							12,267		12,267
Other assets	96,602		78,916		36,879		364		212,761
Total assets	$	368,137	$	431,022	$	1,614,571	$	89,933	$	2,503,663
Debt, net of deferred financing costs	$	88,050	$	132,606	$	1,006,201			$	1,226,857
Other liabilities	49,302		33,959		84,735		7,831		175,827
Members’ equity	230,785		264,457		523,635		81,686		1,100,563
Noncontrolling interest							416		416
Total liabilities and equity	$	368,137	$	431,022	$	1,614,571	$	89,933	$	2,503,663
Company’s net investment in unconsolidated entities (1)	$	110,306	$	60,512	$	174,292	$	21,142	$	366,252

	October 31, 2018
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	47,409	$	22,834	$	23,750	$	8,469	$	102,462
Inventory	403,670		557,157				13,163		973,990
Loan receivables, net							40,065		40,065
Rental properties					808,785				808,785
Rental properties under development					437,586				437,586
Real estate owned							14,838		14,838
Other assets	93,322		49,723		21,917		1,067		166,029
Total assets	$	544,401	$	629,714	$	1,292,038	$	77,602	$	2,543,755
Debt, net of deferred financing costs	$	125,557	$	284,959	$	735,482	$	—	$	1,145,998
Other liabilities	29,096		72,897		51,992		4,585		158,570
Members’ equity	389,748		271,858		504,564		69,804		1,235,974
Noncontrolling interest							3,213		3,213
Total liabilities and equity	$	544,401	$	629,714	$	1,292,038	$	77,602	$	2,543,755
Company’s net investment in unconsolidated entities (1)	$	176,593	$	65,936	$	171,216	$	18,068	$	431,813

(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 impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; 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 year ended October 31, 2019
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	261,677	$	374,587	$	99,401		$	21,377		$	757,042
Cost of revenues	247,070		333,008		68,502			13,234			661,814
Other expenses	4,662		15,389		58,928			1,880			80,859
Total expenses	251,732		348,397		127,430			15,114			742,673
Gain on disposition of loans and REO								4,383			4,383
Income (loss) from operations	9,945		26,190		(28,029		)	10,646			18,752
Other income	3,079		6,144		16,651			12,793			38,667
Income (loss) before income taxes	13,024		32,334		(11,378		)	23,439			57,419
Income tax provision	193		457								650
Net income (loss) including earnings from noncontrolling interests	12,831		31,877		(11,378		)	23,439			56,769
Less: income attributable to noncontrolling interest								(9,593		)	(9,593		)
Net income (loss) attributable to controlling interest	$	12,831	$	31,877	$	(11,378	)	$	13,846		$	47,176
Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	6,160	$	17,004	$	(824	)	$	2,528		$	24,868

	For the year ended October 31, 2018
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	351,397	$	148,002	$	121,276		$	19,592		$	640,267
Cost of revenues	317,363		112,469		74,946			17,817			522,595
Other expenses	9,125		8,630		61,502			3,201			82,458
Total expenses	326,488		121,099		136,448			21,018			605,053
Gain on disposition of loans and REO								53,192			53,192
Income (loss) from operations	24,909		26,903		(15,172		)	51,766			88,406
Other income	5,939		2,134		222,744			1,937			232,754
Income before income taxes	30,848		29,037		207,572			53,703			321,160
Income tax provision	86		767								853
Net income including earnings from noncontrolling interests	30,762		28,270		207,572			53,703			320,307
Less: income attributable to noncontrolling interest								(28,297		)	(28,297		)
Net income attributable to controlling interest	$	30,762	$	28,270	$	207,572		$	25,406		$	292,010
Company’s equity in earnings of unconsolidated entities (2)	$	3,392	$	14,069	$	62,204		$	5,575		$	85,240

	For the year ended October 31, 2017
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	288,440	$	475,260	$	115,519		$	10,090		$	889,309
Cost of revenues	191,965		286,446		70,108			14,428			562,947
Other expenses	6,508		13,102		59,503			3,942			83,055
Total expenses	198,473		299,548		129,611			18,370			646,002
Gain on disposition of loans and REO								48,079			48,079
Income (loss) from operations	89,967		175,712		(14,092		)	39,799			291,386
Other income	4,723		7,317		1,556			432			14,028
Income (loss) before income taxes	94,690		183,029		(12,536		)	40,231			305,414
Income tax provision	94		7,473		95						7,662
Net income (loss) including earnings from noncontrolling interests	94,596		175,556		(12,631		)	40,231			297,752
Less: income attributable to noncontrolling interest								(20,439		)	(20,439		)
Net income (loss) attributable to controlling interest	94,596		175,556		(12,631		)	19,792			277,313
Company’s equity in earnings of unconsolidated entities (2)	$	13,007	$	77,339	$	21,458		$	4,262		$	116,066

(2)

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; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.