Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Feb. 28, 2017

Equity Method Investments and Joint Ventures [Abstract]

Statements of Operations of Unconsolidated Joint Ventures

The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands):



	Three Months Ended
	February 28, 2017			February 29, 2016
Revenues	$	19,722		$	3,338
Construction and land costs	(17,895		)	(7,495		)
Other expense, net	(1,096		)	(1,123		)
Income (loss)	$	731		$	(5,280	)

Balance Sheets of Unconsolidated Joint Ventures

The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):



	February 28, 2017		November 30, 2016
Assets
Cash	$	28,083	$	31,928
Receivables	889		882
Inventories	152,689		165,385
Other assets	1,089		629
Total assets	$	182,750	$	198,824

Liabilities and equity
Accounts payable and other liabilities	$	19,446	$	19,880
Notes payable (a)	35,987		44,381
Equity	127,317		134,563
Total liabilities and equity	$	182,750	$	198,824

(a)

One of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at February 28, 2017 or November 30, 2016

The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands):



	February 28, 2017		November 30, 2016
Number of investments in unconsolidated joint ventures	7		7
Investments in unconsolidated joint ventures	$	64,916	$	64,016
Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts	428		471