XML 52 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investments in Unconsolidated Joint Ventures (Tables)
 6 Months Ended
May 31, 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 May 31,
 
Six Months Ended May 31,
 
2017
 
2016
 
2017
 
2016
Revenues
$
7,080

 
$
18,514

 
$
26,802

 
$
21,852

Construction and land costs
(6,898
)
 
(18,501
)
 
(24,793
)
 
(25,996
)
Other expense, net
(1,157
)
 
(1,468
)
 
(2,253
)
 
(2,591
)
Loss
$
(975
)
 
$
(1,455
)
 
$
(244
)
 
$
(6,735
)
Balance Sheets of Unconsolidated Joint Ventures
The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):
 
May 31,
2017
 
November 30,
2016
Assets
 
 
 
Cash
$
25,266

 
$
31,928

Receivables
742

 
882

Inventories
149,204

 
165,385

Other assets
2,562

 
629

Total assets
$
177,774

 
$
198,824

 
 
 
 
Liabilities and equity
 
 
 
Accounts payable and other liabilities
$
20,163

 
$
19,880

Notes payable (a)
33,045

 
44,381

Equity
124,566

 
134,563

Total liabilities and equity
$
177,774

 
$
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 May 31, 2017 or November 30, 2016
Information Related Investments in Unconsolidated Joint Ventures
The following table presents additional information relating to our investments in unconsolidated joint ventures (dollars in thousands):
 
 
May 31,
2017
 
November 30,
2016
Number of investments in unconsolidated joint ventures
 
6

 
7

Investments in unconsolidated joint ventures
 
$
64,000

 
$
64,016

Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts
 
397

 
471