Investments in Unconsolidated Entities (Tables)

12 Months Ended

Oct. 31, 2017

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, 2017, 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		4		14		5		30
Investment in unconsolidated entities	$	236,062	$	102,191	$	127,439	$	16,066	$	481,758
Number of unconsolidated entities with funding commitments by the Company	5		1		1		1		8
Company’s remaining funding commitment to unconsolidated entities	$	33,689	$	8,300	$	882	$	9,621	$	52,492

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, 2017, 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		3		12		19
Aggregate loan commitments	$	239,200	$	382,600	$	1,059,100	$	1,680,900
Amounts borrowed under commitments	$	223,000	$	173,300	$	803,300	$	1,199,600

Condensed balance sheet aggregated by type of business

Condensed Balance Sheets:

	October 31, 2017
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	77,667	$	38,600	$	24,367	$	13,194	$	153,828
Inventory	629,159		503,131				15,919		1,148,209
Loan receivables, net							22,495		22,495
Rental properties					970,497				970,497
Rental properties under development					190,541				190,541
Real estate owned							53,902		53,902
Other assets	96,725		31,794		26,637		1,462		156,618
Total assets	$	803,551	$	573,525	$	1,212,042	$	106,972	$	2,696,090
Debt	$	223,035	$	173,285	$	803,263	$	—	$	1,199,583
Other liabilities	37,832		51,017		40,610		5,833		135,292
Members’ equity	542,684		349,223		368,169		72,209		1,332,285
Noncontrolling interest							28,930		28,930
Total liabilities and equity	$	803,551	$	573,525	$	1,212,042	$	106,972	$	2,696,090
Company’s net investment in unconsolidated entities (1)	$	236,062	$	102,191	$	127,439	$	16,066	$	481,758

	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
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		6,217		180,103
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 (1)	$	223,483	$	98,754	$	153,640	$	20,534	$	496,411

(1) Differences between our net investment in unconsolidated entities and our underlying equity in the net assets of the entities were 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 investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; gains recognized from the sale of our ownership interests; 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, 2017
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures			Gibraltar Joint Ventures			Total
Revenues	$	288,440	$	475,260	$	115,519		$	10,090		$	889,309
Cost of revenues	191,965		286,446		70,108			14,428			562,947
Other expenses	6,508		13,102		59,503			3,942			83,055
Total expenses	198,473		299,548		129,611			18,370			646,002
Gain on disposition of loans and REO								48,079			48,079
Income (loss) from operations	89,967		175,712		(14,092		)	39,799			291,386
Other income	4,723		7,317		1,556			432			14,028
Income (loss) before income taxes	94,690		183,029		(12,536		)	40,231			305,414
Income tax provision	94		7,473		95						7,662
Net income (loss) including earnings from noncontrolling interests	94,596		175,556		(12,631		)	40,231			297,752
Less: income attributable to noncontrolling interest								(20,439		)	(20,439		)
Net income (loss) attributable to controlling interest	$	94,596	$	175,556	$	(12,631	)	$	19,792		$	277,313
Company’s equity in earnings of unconsolidated entities (2)	$	13,007	$	77,339	$	21,458		$	4,262		$	116,066

	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 (2)	$	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 (2)	$	12,005	$	3,448	$	3,027		$	2,639		$	21,119

(2) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities were 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; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.