Investments in Unconsolidated Entities (Tables)

12 Months Ended

Oct. 31, 2016

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 October 31, 2016, 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		Gibraltar Joint Ventures		Total
Number of unconsolidated entities	7		3		12		4		26
Investment in unconsolidated entities	$	223,483	$	98,754	$	153,640	$	20,534	$	496,411
Number of unconsolidated entities with funding commitments by the Company	5		2		4		1		12
Company’s remaining funding commitment to unconsolidated entities	$	244,287	$	9,902	$	9,623	$	10,000	$	273,812

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 October 31, 2016, 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	4		2		10		16
Aggregate loan commitments	$	470,000	$	135,253	$	854,266	$	1,459,519
Amounts borrowed under commitments	$	393,741	$	106,857	$	659,191	$	1,159,789

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	October 31, 2016
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	38,466	$	12,820	$	29,103	$	50,405	$	130,794
Inventory	719,732		345,588				9,568		1,074,888
Non-performing loan portfolio							4,298		4,298
Rental properties					621,615				621,615
Rental properties under development					302,632				302,632
Real estate owned							87,226		87,226
Other assets	76,518		82,794		14,574		1,919		175,805
Total assets	$	834,716	$	441,202	$	967,924	$	153,416	$	2,397,258
Debt	$	394,813	$	110,879	$	659,191			$	1,164,883
Other liabilities	38,769		75,419		35,303		3,390		152,881
Members’ equity	401,134		254,904		273,430		50,886		980,354
Noncontrolling interest							99,140		99,140
Total liabilities and equity	$	834,716	$	441,202	$	967,924	$	153,416	$	2,397,258
Company’s net investment in unconsolidated entities (2)	$	223,483	$	98,754	$	153,640	$	20,534	$	496,411

	October 31, 2015
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	29,281	$	11,203	$	44,310	$	10,469	$	95,263
Inventory	701,527		322,630						1,024,157
Non-performing loan portfolio							27,572		27,572
Rental properties					278,897				278,897
Rental properties under development					390,399				390,399
Real estate owned							117,758		117,758
Other assets (1)	70,799		61,144		12,199		80,475		224,617
Total assets	$	801,607	$	394,977	$	725,805	$	236,274	$	2,158,663
Debt (1)	$	417,025	$	117,251	$	514,895	$	77,950	$	1,127,121
Other liabilities	29,772		70,078		30,329		136		130,315
Members’ equity	354,810		207,648		180,581		63,288		806,327
Noncontrolling interest							94,900		94,900
Total liabilities and equity	$	801,607	$	394,977	$	725,805	$	236,274	$	2,158,663
Company’s net investment in unconsolidated entities (2)	$	214,060	$	76,120	$	110,454	$	12,226	$	412,860

(1) Included in other assets of the Gibraltar Joint Ventures at October 31, 2015 was $78.0 million of restricted cash held in a defeasance account that was used to repay debt of one of the Gibraltar Joint Ventures in December 2015.

(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; interest capitalized on our investments; 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 year ended October 31, 2016
	Land Develop- ment Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	142,015	$	168,164		$	58,707		$	5,929		$	374,815
Cost of revenues	63,429		118,621			29,791			24,684			236,525
Other expenses	3,904		8,124			30,779			2,043			44,850
Total expenses	67,333		126,745			60,570			26,727			281,375
Gain on disposition of loans and REO									49,579			49,579
Income (loss) from operations	74,682		41,419			(1,863		)	28,781			143,019
Other income (expense)	3,464		(486		)	1,144			1,172			5,294
Net income (loss)	78,146		40,933			(719		)	29,953			148,313
Less: income attributable to noncontrolling interest									(18,218		)	(18,218		)
Net income (loss) attributable to controlling interest	78,146		40,933			(719		)	11,735			130,095
Other comprehensive income						100						100
Total comprehensive income (loss)	$	78,146	$	40,933		$	(619	)	$	11,735		$	130,195
Company’s equity in earnings of unconsolidated entities (3)	$	15,772	$	16,945		$	5,721		$	2,310		$	40,748

	For the year ended October 31, 2015
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	128,889	$	78,072	$	35,732		$	6,102		$	248,795
Cost of revenues	58,435		69,142		15,539			16,739			159,855
Other expenses	1,999		6,135		24,174			1,312			33,620
Total expenses	60,434		75,277		39,713			18,051			193,475
Gain on disposition of loans and REO								42,939			42,939
Income (loss) from operations	68,455		2,795		(3,981		)	30,990			98,259
Other income	615		1,072		4,376			2,224			8,287
Net income	69,070		3,867		395			33,214			106,546
Less: income attributable to noncontrolling interest								(19,928		)	(19,928		)
Net income attributable to controlling interest	69,070		3,867		395			13,286			86,618
Other comprehensive income					52						52
Total comprehensive income	$	69,070	$	3,867	$	447		$	13,286		$	86,670
Company’s equity in earnings of unconsolidated entities (3)	$	12,005	$	3,448	$	3,027		$	2,639		$	21,119

	For the year ended October 31, 2014
	Land Develop- ment Joint Ventures		Home Building Joint Ventures			Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	136,949	$	54,923		$	32,875		$	8,023		$	232,770
Cost of revenues	73,628		53,221			14,250			14,152			155,251
Other expenses	730		5,165			35,003			1,585			42,483
Total expenses	74,358		58,386			49,253			15,737			197,734
Gain on disposition of loans and REO									30,420			30,420
Income (loss) from operations	62,591		(3,463		)	(16,378		)	22,706			65,456
Other income	66		105			45,933			3,121			49,225
Net income (loss)	62,657		(3,358		)	29,555			25,827			114,681
Less: income attributable to noncontrolling interest									(15,496		)	(15,496		)
Net income (loss) attributable to controlling interest	62,657		(3,358		)	29,555			10,331			99,185
Other comprehensive income						728						728
Total comprehensive income (loss)	$	62,657	$	(3,358	)	$	30,283		$	10,331		$	99,913
Company’s equity in earnings (losses) of unconsolidated entities (3)	$	1,190	$	(2,034	)	$	40,081		$	1,904		$	41,141

(3) Differences between our equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result a basis difference of an acquired joint venture interest; distributions from entities in excess of the carrying amount of our net investment; recoveries of previously incurred charges; a gain recognized for the sale of our ownership interest in one of our joint ventures; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.