Investments in and Advances to Unconsolidated Entities (Tables)

6 Months Ended

Apr. 30, 2015

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 April 30, 2015, 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		Structured Asset Joint Venture		Total
Number of investments in unconsolidated entities	7		4		10		1		22
Investment in unconsolidated entities	$	144,103	$	205,253	$	100,939	$	16,964	$	467,259
Number of unconsolidated entities with funding commitments by the Company	4		2		4		—		10
Company's remaining funding commitment to unconsolidated entities	$	31,180	$	29,887	$	19,807	$	—	$	80,874

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 April 30, 2015 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		8		13
Aggregate loan commitments	$	175,000	$	222,000	$	734,685	$	1,131,685
Amounts borrowed under commitments	$	111,506	$	78,906	$	431,584	$	621,996

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	April 30, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	29,519	$	13,378	$	32,607	$	13,347	$	88,851
Inventory	245,998		627,461						873,459
Non-performing loan portfolio							41,522		41,522
Rental properties					245,087				245,087
Rental properties under development					330,394				330,394
Real estate owned (“REO”)							162,843		162,843
Other assets (1)	55,346		69,551		12,773		77,990		215,660
Total assets	$	330,863	$	710,390	$	620,861	$	295,702	$	1,957,816
Debt (1)	$	112,620	$	86,186	$	431,584	$	77,950	$	708,340
Other liabilities	31,308		56,870		29,922		5		118,105
Members’ equity	186,935		567,334		159,355		87,111		1,000,735
Noncontrolling interest							130,636		130,636
Total liabilities and equity	$	330,863	$	710,390	$	620,861	$	295,702	$	1,957,816
Company’s net investment in unconsolidated entities (2)	$	144,103	$	205,253	$	100,939	$	16,964	$	467,259

	October 31, 2014
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	31,968	$	21,821	$	33,040	$	23,462	$	110,291
Inventory	258,092		465,144						723,236
Non-performing loan portfolio							57,641		57,641
Rental properties					140,238				140,238
Rental properties under development					327,315				327,315
Real estate owned (“REO”)							184,753		184,753
Other assets (1)	30,166		75,164		14,333		77,986		197,649
Total assets	$	320,226	$	562,129	$	514,926	$	343,842	$	1,741,123
Debt (1)	$	102,042	$	8,713	$	333,128	$	77,950	$	521,833
Other liabilities	23,854		56,665		43,088		177		123,784
Members’ equity	194,330		496,751		138,710		106,298		936,089
Noncontrolling interest							159,417		159,417
Total liabilities and equity	$	320,226	$	562,129	$	514,926	$	343,842	$	1,741,123
Company’s net investment in unconsolidated entities (2)	$	140,221	$	189,509	$	97,353	$	19,995	$	447,078

(1) Included in other assets of the Structured Asset Joint Venture at April 30, 2015 and October 31, 2014 is $78.0 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 are primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 that 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; the estimated fair value of the guarantees provided to the joint ventures; 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 six months ended April 30, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	31,759	$	36,259	$	15,327		$	2,961		$	86,306
Cost of revenues	16,116		31,358		7,227			8,848			63,549
Other expenses	533		2,876		8,698			592			12,699
Total expenses	16,649		34,234		15,925			9,440			76,248
Gain on disposition of loans and REO								23,586			23,586
Income (loss) from operations	15,110		2,025		(598		)	17,107			33,644
Other income	11		341					1,355			1,707
Net income (loss)	15,121		2,366		(598		)	18,462			35,351
Less: income attributable to noncontrolling interest								(11,077		)	(11,077		)
Net income (loss) attributable to controlling interest	15,121		2,366		(598		)	7,385			24,274
Other comprehensive loss					(45		)				(45		)
Total comprehensive income (loss)	$	15,121	$	2,366	$	(643	)	$	7,385		$	24,229
Company’s equity in earnings of unconsolidated entities (3)	$	5,381	$	1,458	$	2,815		$	1,474		$	11,128

	For the six months ended April 30, 2014
	Land Development Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	111,950	$	23,228		$	17,006		$	3,789		$	155,973
Cost of revenues	62,170		21,825			7,390			6,482			97,867
Other expenses	465		2,047			21,558			874			24,944
Total expenses	62,635		23,872			28,948			7,356			122,811
Gain on disposition of loans and REO									6,458			6,458
Income (loss) from operations	49,315		(644		)	(11,942		)	2,891			39,620
Other income	5		201			43,199			1,533			44,938
Net income (loss)	49,320		(443		)	31,257			4,424			84,558
Less: income attributable to noncontrolling interest									(2,654		)	(2,654		)
Net income (loss) attributable to controlling interest	49,320		(443		)	31,257			1,770			81,904
Other comprehensive income						729						729
Total comprehensive income (loss)	$	49,320	$	(443	)	$	31,986		$	1,770		$	82,633
Company’s equity in earnings of unconsolidated entities (3)	$	103	$	327		$	36,622		$	190		$	37,242

	For the three months ended April 30, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	13,484	$	16,965	$	7,716		$	2,072		$	40,237
Cost of revenues	6,486		14,445		3,958			2,773			27,662
Other expenses	299		1,301		4,309			266			6,175
Total expenses	6,785		15,746		8,267			3,039			33,837
Gain on disposition of loans and REO								15,955			15,955
Income (loss) from operations	6,699		1,219		(551		)	14,988			22,355
Other income	11		268					768			1,047
Net income (loss)	6,710		1,487		(551		)	15,756			23,402
Less: income attributable to noncontrolling interest								(9,454		)	(9,454		)
Net income (loss) attributable to controlling interest	6,710		1,487		(551		)	6,302			13,948
Other comprehensive loss					(23		)				(23		)
Total comprehensive income (loss)	$	6,710	$	1,487	$	(574	)	$	6,302		$	13,925
Company’s equity in earnings of unconsolidated entities (3)	$	2,939	$	916	$	1,114		$	1,258		$	6,227

	For the three months ended April 30, 2014
	Land Development Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	110,406	$	11,647		$	7,557		$	3,505		$	133,115
Cost of revenues	61,488		11,451			3,419			4,132			80,490
Other expenses	210		1,047			9,504			415			11,176
Total expenses	61,698		12,498			12,923			4,547			91,666
Gain on disposition of loans and REO									2,551			2,551
Income (loss) from operations	48,708		(851		)	(5,366		)	1,509			44,000
Other income	4		162			342			1,409			1,917
Net income (loss)	48,712		(689		)	(5,024		)	2,918			45,917
Less: income attributable to noncontrolling interest									(1,751		)	(1,751		)
Net income (loss) attributable to controlling interest	48,712		(689		)	(5,024		)	1,167			44,166
Other comprehensive loss						(56		)				(56		)
Total comprehensive income (loss)	$	48,712	$	(689	)	$	(5,080	)	$	1,167		$	44,110
Company’s equity in earnings of unconsolidated entities (3)	$	135	$	145		$	12,872		$	1,175		$	14,327

(3) 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, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.