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Investments in and Advances to Unconsolidated Entities (Tables)
6 Months Ended
Apr. 30, 2012
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Condensed balance sheet aggregated by type of business
Condensed Balance Sheets:
 
April 30, 2012
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
 Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Cash and cash equivalents
$
21,958

 
$
20,999

 
$
11,311

 
$
44,803

 
$
99,071

Inventory
175,277

 
280,886

 
5,580

 


 
461,743

Non-performing loan portfolio

 

 

 
259,545

 
259,545

Rental properties

 

 
175,971

 


 
175,971

Real estate owned (“REO”)

 

 
516

 
271,055

 
271,571

Other assets (1)
18,499

 
64,799

 
9,183

 
165,913

 
258,394

Total assets
$
215,734

 
$
366,684

 
$
202,561

 
$
741,316

 
$
1,526,295

Debt (1)
$
71,444

 
$
34,804

 
$
197,172

 
$
310,855

 
$
614,275

Other liabilities
20,533

 
5,288

 
3,479

 
414

 
29,714

Members’ equity
123,757

 
326,592

 
1,910

 
172,031

 
624,290

Non-controlling interest

 

 


 
258,016

 
258,016

Total liabilities and equity
$
215,734

 
$
366,684

 
$
202,561

 
$
741,316

 
$
1,526,295

Company’s net investment in unconsolidated entities (2)
$
8,538

 
$
151,883

 
$
4,167

 
$
35,704

 
$
200,292

 
 
October 31, 2011
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
 Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Cash and cash equivalents
$
14,190

 
$
10,663

 
$
11,726

 
$
48,780

 
$
85,359

Inventory
218,339

 
170,239

 
5,501

 


 
394,079

Non-performing loan portfolio

 

 


 
295,044

 
295,044

Rental properties

 

 
178,339

 


 
178,339

Real estate owned

 

 
1,087

 
230,872

 
231,959

Other assets (1)
150,316

 
20,080

 
9,675

 
159,143

 
339,214

Total assets
$
382,845

 
$
200,982

 
$
206,328

 
$
733,839

 
$
1,523,994

Debt (1)
$
327,856

 
$
50,515

 
$
198,927

 
$
310,847

 
$
888,145

Other liabilities
5,352

 
9,745

 
3,427

 
382

 
18,906

Members’ equity
49,637

 
140,722

 
3,974

 
172,944

 
367,277

Non-controlling interest

 

 


 
249,666

 
249,666

Total liabilities and equity
$
382,845

 
$
200,982

 
$
206,328

 
$
733,839

 
$
1,523,994

Company’s net investment in unconsolidated entities (2)
$
17,098

 
$
72,734

 
$
1,872

 
$
34,651

 
$
126,355

 
(1)
Included in other assets at April 30, 2012 and October 31, 2011 of the Structured Asset Joint Venture is $165.9 million and $152.6 million, respectively, of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.
(2)
Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities is primarily a result of impairments related to the Company’s investments in unconsolidated entities, a loan made to one of the entities by the Company, and distributions from entities in excess of the carrying amount of the Company’s net investment.
Condensed statements of operations aggregate by type of business
Condensed Statements of Operations:
 
For the six months ended April 30, 2012
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Revenues
$
33,584

 
$
47,466

 
$
18,698

 
$
12,362

 
$
112,110

Cost of revenues
31,771

 
34,754

 
6,736

 
17,227

 
90,488

Other expenses
430

 
2,110

 
11,427

 
4,898

 
18,865

Gain on disposition of loans and REO


 


 


 
(22,826
)
 
(22,826
)
Total expenses—net
32,201

 
36,864

 
18,163

 
(701
)
 
86,527

Income from operations
1,383

 
10,602

 
535

 
13,063

 
25,583

Other income
2,653

 
79

 


 
275

 
3,007

Net income before noncontrolling interest
4,036

 
10,681

 
535

 
13,338

 
28,590

Less: Net income attributable to noncontrolling interest

 


 


 
(8,004
)
 
(8,004
)
Net income
$
4,036


10,681

 
$
535

 
$
5,334

 
$
20,586

Company’s equity in earnings of unconsolidated entities (3)
$
3,532

 
$
8,010

 
$
1,081

 
$
1,053

 
$
13,676

 
 
For the three months ended April 30, 2012
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Revenues


 
$
24,036

 
$
9,222

 
$
7,654

 
$
40,912

Cost of revenues


 
16,961

 
3,393

 
5,701

 
26,055

Other expenses
$
205

 
1,165

 
4,642

 
2,013

 
8,025

Gain on disposition of loans and REO

 

 

 
(7,517
)
 
(7,517
)
Total expenses—net
205

 
18,126

 
8,035

 
197

 
26,563

Income (loss) from operations
(205
)
 
5,910

 
1,187

 
7,457

 
14,349

Other income
1

 
74

 


 
138

 
213

Net income (loss) before noncontrolling interest
(204
)
 
5,984

 
1,187

 
7,595

 
14,562

Less: Net income attributable to noncontrolling interest

 

 

 
(4,557
)
 
(4,557
)
Net income (loss)
$
(204
)
 
$
5,984

 
$
1,187

 
3,038

 
$
10,005

Company’s equity in (losses) earnings of unconsolidated entities (3)
$
1,536

 
$
3,490

 
$
458

 
$
1,505

 
$
6,989


 
For the six months ended April 30, 2011
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Revenues
$
1,118

 
$
140,346

 
$
19,866

 
$
25,152

 
$
186,482

Cost of revenues
1,159

 
111,492

 
7,983

 
16,658

 
137,292

Other expenses
556

 
5,441

 
10,550

 
6,250

 
22,797

Gain on disposition of loans and REO

 

 

 
(10,886
)
 
(10,886
)
Total expenses—net
1,715

 
116,933

 
18,533

 
12,022

 
149,203

Income (loss) from operations
(597
)
 
23,413

 
1,333

 
13,130

 
37,279

Other income
5,791

 
154

 


 
158

 
6,103

Net income before noncontrolling interest
5,194

 
23,567

 
1,333

 
13,288

 
43,382

Less: Net income attributable to noncontrolling interest

 

 

 
(7,975
)
 
(7,975
)
Net income
$
5,194

 
$
23,567

 
$
1,333

 
5,313

 
$
35,407

Company’s equity in (losses) earnings of unconsolidated entities (3)
$
(29,649
)
 
$
3,432

 
$
2,667

 
$
1,205

 
$
(22,345
)

 
For the three months ended April 30, 2011
 
Develop-
ment Joint
Ventures
 
Home
Building
Joint
Ventures
 
Trust
and Trust II
 
Structured
Asset
Joint
Venture
 
Total
Revenues
$
33

 
$
52,331

 
$
10,715

 
$
13,150

 
$
76,229

Cost of revenues


 
42,323

 
4,494

 
7,100

 
53,917

Other expenses
399

 
2,431

 
4,548

 
2,979

 
10,357

Loss on disposition of loans and REO

 

 

 
488

 
488

Total expenses—net
399

 
44,754

 
9,042

 
10,567

 
64,762

Income (loss) from operations
(366
)
 
7,577

 
1,673

 
2,583

 
11,467

Other income
3,412

 
118

 


 
69

 
3,599

Net income before noncontrolling interest
3,046

 
7,695

 
1,673

 
2,652

 
15,066

Less: Net income attributable to noncontrolling interest

 

 

 
(1,591
)
 
(1,591
)
Net income
$
3,046

 
$
7,695

 
$
1,673

 
1,061

 
$
13,475

Company’s equity in (losses) earnings of unconsolidated entities (3)
$
(9,649
)
 
$
(4,502
)
 
$
2,203

 
$
605

 
$
(11,343
)
 
(3)
Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of impairments related to the Company’s investment in unconsolidated entities, distributions from entities in excess of the carrying amount of the Company’s net investment, and the Company’s share of the entities’ profits related to home sites purchased by the Company which reduces the Company’s cost basis of the home sites.