Investments in Unconsolidated Joint Ventures

9 Months Ended

Aug. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Joint Ventures

Investments in Unconsolidated Joint VenturesWe have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents.

As of August 31, 2021 and November 30, 2020, we had investments in six and five unconsolidated joint ventures, respectively. The following table presents combined condensed information from the statements of operations for our unconsolidated joint ventures (in thousands):

	Three Months Ended August 31,				Nine Months Ended August 31,
	2021		2020		2021		2020
Revenues	$	1,979	$	21,473	$	14,818	$	115,893
Construction and land costs	(1,453)		(15,960)		(12,397)		(84,228)
Other expense, net	(591)		(1,606)		(2,000)		(7,455)
Income (loss)	$	(65)	$	3,907	$	421	$	24,210

The lower combined revenues and construction and land costs for the three months and nine months ended August 31, 2021, as compared to the corresponding year-earlier periods, mainly reflected a decrease in the number of homes delivered from an unconsolidated joint venture in California. This unconsolidated joint venture, which delivered its last home in the 2021 second quarter, had no deliveries in the three months ended August 31, 2021 and 10 deliveries in the nine months ended August 31, 2021, compared to 17 and 90 homes delivered in the corresponding year-earlier periods, respectively.

The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):

	August 31, 2021		November 30, 2020
Assets
Cash	$	21,320	$	38,837
Receivables	842		96
Inventories	63,067		65,233
Other assets	263		593
Total assets	$	85,492	$	104,759
Liabilities and equity
Accounts payable and other liabilities	$	11,608	$	14,037
Equity	73,884		90,722
Total liabilities and equity	$	85,492	$	104,759