Investments in Unconsolidated Entities (Tables)

9 Months Ended

Jul. 31, 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 July 31, 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 unconsolidated entities	7		3		10		1		21
Investment in unconsolidated entities	$	140,526	$	74,156	$	106,425	$	13,818	$	334,925
Number of unconsolidated entities with funding commitments by the Company	4		2		4		—		10
Company's remaining funding commitment to unconsolidated entities	$	31,335	$	25,768	$	14,189	$	—	$	71,292

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 July 31, 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	$	733,759	$	1,130,759
Amounts borrowed under commitments	$	99,038	$	93,584	$	469,031	$	661,653

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	July 31, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Structured Asset Joint Venture		Total
Cash and cash equivalents	$	29,414	$	13,752	$	30,924	$	20,168	$	94,258
Inventory	233,488		299,315						532,803
Non-performing loan portfolio							32,294		32,294
Rental properties					269,632				269,632
Rental properties under development					353,019				353,019
Real estate owned (“REO”)							132,857		132,857
Other assets (1)	65,142		55,099		12,930		80,601		213,772
Total assets	$	328,044	$	368,166	$	666,505	$	265,920	$	1,628,635
Debt (1)	$	100,139	$	100,213	$	469,031	$	77,950	$	747,333
Other liabilities	29,548		62,361		31,586				123,495
Members’ equity	198,357		205,592		165,888		75,201		645,038
Noncontrolling interest							112,769		112,769
Total liabilities and equity	$	328,044	$	368,166	$	666,505	$	265,920	$	1,628,635
Company’s net investment in unconsolidated entities (2)	$	140,526	$	74,156	$	106,425	$	13,818	$	334,925

	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 July 31, 2015 and October 31, 2014 is $78.0 million of restricted cash held in a defeasance account that will be used to repay debt of the Structured Asset Joint Venture on July 25, 2017.

(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 nine months ended July 31, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	81,338	$	60,854	$	23,915		$	4,777		$	170,884
Cost of revenues	38,838		53,294		11,452			13,344			116,928
Other expenses	1,290		4,868		18,489			951			25,598
Total expenses	40,128		58,162		29,941			14,295			142,526
Gain on disposition of loans and REO								25,094			25,094
Income (loss) from operations	41,210		2,692		(6,026		)	15,576			53,452
Other income	62		602		4,376			1,709			6,749
Net income (loss)	41,272		3,294		(1,650		)	17,285			60,201
Less: income attributable to noncontrolling interest								(10,371		)	(10,371		)
Net income (loss) attributable to controlling interest	41,272		3,294		(1,650		)	6,914			49,830
Other comprehensive loss					(6		)				(6		)
Total comprehensive income (loss)	$	41,272	$	3,294	$	(1,656	)	$	6,914		$	49,824
Company’s equity in earnings of unconsolidated entities (3)	$	10,440	$	2,497	$	2,777		$	1,366		$	17,080

	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, 2015
	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Structured Asset Joint Venture			Total
Revenues	$	49,579	$	24,595	$	8,587		$	1,817		$	84,578
Cost of revenues	22,721		21,936		4,225			4,496			53,378
Other expenses	757		1,992		5,654			359			8,762
Total expenses	23,478		23,928		9,879			4,855			62,140
Gain on disposition of loans and REO								1,507			1,507
Income (loss) from operations	26,101		667		(1,292		)	(1,531		)	23,945
Other income	51		261		239			355			906
Net income (loss)	26,152		928		(1,053		)	(1,176		)	24,851
Less: income attributable to noncontrolling interest								706			706
Net income (loss) attributable to controlling interest	26,152		928		(1,053		)	(470		)	25,557
Other comprehensive loss					40						40
Total comprehensive income (loss)	$	26,152	$	928	$	(1,013	)	$	(470	)	$	25,597
Company’s equity in earnings of unconsolidated entities (3)	$	5,059	$	1,039	$	(38	)	$	(108	)	$	5,952

	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 (loss) from operations	11,077		239			325			6,787			18,428
Other income	54		(110		)	1,535			753			2,232
Net income (loss)	11,131		129			1,860			7,540			20,660
Less: income attributable to noncontrolling interest									(4,524		)	(4,524		)
Net income (loss) attributable to controlling interest	11,131		129			1,860			3,016			16,136
Other comprehensive loss						(82		)				(82		)
Total comprehensive income (loss)	$	11,131	$	129		$	1,778		$	3,016		$	16,054
Company’s equity in earnings of unconsolidated entities (3)	$	353	$	(60	)	$	55		$	602		$	950

(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.