Investments in and Advances to Unconsolidated Entities (Tables)

6 Months Ended

Apr. 30, 2013

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

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	April 30, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures		Trust and Trust II			Structured Asset Joint Venture		Total
Cash and cash equivalents	$	19,963	$	38,771	$	12,681		$	33,717	$	105,132
Inventory	308,294		272,326		5,685					586,305
Non-performing loan portfolio								159,925		159,925
Rental properties					168,340					168,340
Rental properties under development			78,799							78,799
Real estate owned (“REO”)					557			243,245		243,802
Other assets (1)	12,539		69,535		9,239			311,806		403,119
Total assets	$	340,796	$	459,431	$	196,502		$	748,693	$	1,745,422
Debt (1)	$	119,601	$	29,532	$	193,483		$	311,801	$	654,417
Other liabilities	22,046		14,320		5,059			1,179		42,604
Members’ equity (deficit)	199,149		415,579		(2,040		)	174,285		786,973
Noncontrolling interest								261,428		261,428
Total liabilities and equity	$	340,796	$	459,431	$	196,502		$	748,693	$	1,745,422
Company’s net investment in unconsolidated entities (2)	$	124,317	$	196,584	$	3,480		$	33,151	$	357,532

	October 31, 2012
	Develop- ment Joint Ventures		Home Building Joint Ventures		Trust and Trust II			Structured Asset Joint Venture		Total
Cash and cash equivalents	$	17,189	$	40,126	$	11,005		$	44,176	$	112,496
Inventory	255,561		251,029		5,643					512,233
Non-performing loan portfolio								226,315		226,315
Rental properties					173,767					173,767
Rental properties under development			43,695							43,695
Real estate owned (“REO”)								254,250		254,250
Other assets (1)	12,427		72,301		9,182			237,476		331,386
Total assets	$	285,177	$	407,151	$	199,597		$	762,217	$	1,654,142
Debt (1)	$	96,362	$	30,121	$	195,359		$	311,801	$	633,643
Other liabilities	14,390		9,770		5,202			561		29,923
Members’ equity (deficit)	174,425		367,260		(964		)	179,942		720,663
Noncontrolling interest								269,913		269,913
Total liabilities and equity	$	285,177	$	407,151	$	199,597		$	762,217	$	1,654,142
Company’s net investment in unconsolidated entities (2)	$	116,452	$	173,465	$	3,357		$	37,343	$	330,617

(1) Included in other assets of the Structured Asset Joint Venture at April 30, 2013 and October 31, 2012 is $311.8 million and $237.5 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 the acquisition price of an investment in an entity in fiscal 2012 which was in excess of the Company's pro-rata share of the underlying equity, 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 and Comprehensive Income (Loss):

	For the six months ended April 30, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures			Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	35,022	$	22,757		$	20,303	$	21,714		$	99,796
Cost of revenues	17,805		19,973			9,010		19,493			66,281
Other expenses	758		1,292			10,427		2,316			14,793
Total expenses—net	18,563		21,265			19,437		21,809			81,074
Gain on disposition of loans and REO								39,704			39,704
Income from operations	16,459		1,492			866		39,609			58,426
Other income	5		444					154			603
Net income before noncontrolling interest	16,464		1,936			866		39,763			59,029
Less: Net income attributable to noncontrolling interest								(23,858		)	(23,858		)
Net income	16,464		1,936			866		15,905			35,171
Other comprehensive income (loss)			(195		)	477					282
Total comprehensive income	$	16,464	$	1,741		$	1,343	$	15,905		$	35,453
Company’s equity in earnings of unconsolidated entities (3)	$	2,796	$	1,199		$	1,010	$	3,071		$	8,076

	For the three months ended April 30, 2013
	Develop- ment Joint Ventures		Home Building Joint Ventures			Trust and Trust II		Structured Asset Joint Venture			Total
Revenues	$	33,395	$	13,787		$	10,621	$	12,009		$	69,812
Cost of revenues	16,587		12,868			4,717		9,155			43,327
Other expenses	567		1,098			4,661		1,259			7,585
Total expenses—net	17,154		13,966			9,378		10,414			50,912
Gain on disposition of loans and REO								12,812			12,812
Income (loss) from operations	16,241		(179		)	1,243		14,407			31,712
Other income	2		424					75			501
Net income before noncontrolling interest	16,243		245			1,243		14,482			32,213
Less: Net income attributable to noncontrolling interest								(8,689		)	(8,689		)
Net income	16,243		245			1,243		5,793			23,524
Other comprehensive income (loss)			(195		)	175					(20		)
Total comprehensive income	$	16,243	$	50		$	1,418	5,793			$	23,504
Company’s equity in earnings of unconsolidated entities (3)	$	2,894	$	356		$	585	$	1,158		$	4,993

	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
Total expenses—net	32,201		36,864		18,163			22,125			109,353
Gain on disposition of loans and REO								22,826			22,826
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
Other comprehensive loss					(50		)				(50		)
Total comprehensive income	$	4,036	$	10,681	$	485		$	5,334		$	20,536
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
Total expenses—net	205			18,126		8,035		7,714			34,080
Gain on disposition of loans and REO								7,517			7,517
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
Other comprehensive income						239					239
Comprehensive income (loss)	$	(204	)	$	5,984	$	1,426	$	3,038		$	10,244
Company’s equity in earnings of unconsolidated entities (3)	$	1,536		$	3,490	$	458	$	1,505		$	6,989

(3) Differences between the Company’s equity in earnings of unconsolidated entities and the Company's percentage interest in 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.