Investments in and Advances to Unconsolidated Entities (Tables)

9 Months Ended

Jul. 31, 2014

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

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	July 31, 2014
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	34,775	$	26,492	$	36,578	$	15,657	$	113,502
Inventory	257,370		439,174		388				696,932
Non-performing loan portfolio							64,236		64,236
Rental properties					139,395				139,395
Rental properties under development					211,196				211,196
Real estate owned (“REO”)							194,272		194,272
Other assets (1)	25,755		73,053		14,936		155,933		269,677
Total assets	$	317,900	$	538,719	$	402,493	$	430,098	$	1,689,210
Debt (1)	$	47,231	$	9,435	$	283,038	$	155,900	$	495,604
Other liabilities	24,301		43,849		28,340		236		96,726
Members’ equity	246,368		485,435		91,115		109,585		932,503
Noncontrolling interest							164,377		164,377
Total liabilities and equity	$	317,900	$	538,719	$	402,493	$	430,098	$	1,689,210
Company’s net investment in unconsolidated entities (2)	$	158,622	$	186,105	$	77,281	$	21,277	$	443,285

	October 31, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	30,826	$	31,164	$	35,014	$	40,097	$	137,101
Inventory	350,150		338,814		4,998				693,962
Non-performing loan portfolio							107,411		107,411
Rental properties					164,325				164,325
Rental properties under development					133,081				133,081
Real estate owned (“REO”)							202,259		202,259
Other assets (1)	12,700		70,180		18,526		155,921		257,327
Total assets	$	393,676	$	440,158	$	355,944	$	505,688	$	1,695,466
Debt (1)	$	135,200	$	11,977	$	235,226	$	155,900	$	538,303
Other liabilities	21,015		19,636		9,461		379		50,491
Members’ equity	237,461		408,545		111,257		139,764		897,027
Noncontrolling interest							209,645		209,645
Total liabilities and equity	$	393,676	$	440,158	$	355,944	$	505,688	$	1,695,466
Company’s net investment in unconsolidated entities (2)	$	142,448	$	166,271	$	68,711	$	25,703	$	403,133

(1) Included in other assets of the Structured Asset Joint Venture at July 31, 2014 and October 31, 2013 is $155.9 million of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.

(2) Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities is primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 which was in excess of our pro-rata share of the underlying equity; impairments related to our investment in unconsolidated entities; a loan made to one of the entities by us; interest capitalized on our investment; 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 nine months ended July 31, 2014
	Land Development  Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	129,792	$	39,585		$	24,961		$	6,990		$	201,328
Cost of revenues	68,820		36,264			10,802			10,607			126,493
Other expenses	580		3,727			25,777			1,239			31,323
Total expenses	69,400		39,991			36,579			11,846			157,816
Gain on disposition of loans and REO									14,534			14,534
Income (loss) from operations	60,392		(406		)	(11,618		)	9,678			58,046
Other income	60		91			44,735			2,286			47,172
Net income (loss)	60,452		(315		)	33,117			11,964			105,218
Less: income attributable to noncontrolling interest									(7,178		)	(7,178		)
Net income (loss) attributable to controlling interest	60,452		(315		)	33,117			4,786			98,040
Other comprehensive income						647						647
Total comprehensive income (loss)	$	60,452	$	(315	)	$	33,764		$	4,786		$	98,687
Company’s equity in earnings of unconsolidated entities (3)	$	456	$	266		$	36,678		$	792		$	38,192

	For the three months ended July 31, 2014
	Land Development Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	17,842	$	16,357		$	7,955		$	3,201		$	45,355
Cost of revenues	6,650		14,438			3,411			4,125			28,624
Other expenses	115		1,680			4,219			365			6,379
Total expenses	6,765		16,118			7,630			4,490			35,003
Gain on disposition of loans and REO									8,076			8,076
Income from operations	11,077		239			325			6,787			18,428
Other income (loss)	54		(110		)	1,535			753			2,232
Net income	11,131		129			1,860			7,540			20,660
Less: income attributable to noncontrolling interest									(4,524		)	(4,524		)
Net income attributable to controlling interest	11,131		129			1,860			3,016			16,136
Other comprehensive loss						(82		)				(82		)
Total comprehensive income	$	11,131	$	129		$	1,778		$	3,016		$	16,054
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	353	$	(60	)	$	55		$	602		$	950

	For the nine months ended July 31, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture			Total
Revenues	$	36,813	$	31,574	$	29,241	$	27,114		$	124,742
Cost of revenues	17,992		28,017		12,677		25,632			84,318
Other expenses	936		1,866		15,673		2,812			21,287
Total expenses	18,928		29,883		28,350		28,444			105,605
Gain on disposition of loans and REO							47,583			47,583
Income from operations	17,885		1,691		891		46,253			66,720
Other income	8		554		17		235			814
Net income	17,893		2,245		908		46,488			67,534
Less: income attributable to noncontrolling interest							(27,893		)	(27,893		)
Net income attributable to controlling interest	17,893		2,245		908		18,595			39,641
Other comprehensive income					1,162					1,162
Total comprehensive income	$	17,893	$	2,245	$	2,070	$	18,595		$	40,803
Company’s equity in earnings of unconsolidated entities (3)	$	2,853	$	1,466	$	917	$	3,608		$	8,844

	For the three months ended July 31, 2013
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	1,791	$	8,817	$	8,937		$	5,400		$	24,945
Cost of revenues	186		8,043		3,667			6,139			18,035
Other expenses	179		712		5,108			494			6,493
Total expenses	365		8,755		8,775			6,633			24,528
Gain on disposition of loans and REO								7,878			7,878
Income from operations	1,426		62		162			6,645			8,295
Other income	3		119		9			80			211
Net income	1,429		181		171			6,725			8,506
Less: income attributable to noncontrolling interest								(4,035		)	(4,035		)
Net income attributable to controlling interest	1,429		181		171			2,690			4,471
Other comprehensive income					1,064						1,064
Total comprehensive income	$	1,429	$	181	$	1,235		$	2,690		$	5,535
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	57	$	387	$	(213	)	$	537		$	768

(3) Differences between our equity in earnings (losses) of unconsolidated entities and the underlying net income of the entities is primarily a result of prior impairments related to our investment in unconsolidated entities, a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of our net investment, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.