Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Nov. 30, 2019

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):

	Years Ended November 30,
	2019			2018			2017
Revenues	$	23,676		$	59,418		$	47,431
Construction and land costs	(23,659		)	(46,288		)	(47,459		)
Other expenses, net	(2,644		)	(2,674		)	(4,749		)
Income (loss)	$	(2,627	)	$	10,456		$	(4,777	)

Balance sheets of unconsolidated joint ventures

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

	November 30,
	2019		2018
Assets
Cash	$	23,965	$	18,567
Receivables	12		9
Inventories	139,536		131,074
Other assets	780		521
Total assets	$	164,293	$	150,171
Liabilities and equity
Accounts payable and other liabilities	$	13,282	$	11,374
Notes payable (a)	40,672		17,956
Equity	110,339		120,841
Total liabilities and equity	$	164,293	$	150,171

(a)

As of November 30, 2019 and 2018, we had investments in five and six unconsolidated joint ventures, respectively, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the corresponding underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at November 30, 2019 is scheduled to mature in February 2020. However, the loan agreement provides for two-12 month extensions beyond this date. None of our other unconsolidated joint ventures had outstanding debt at November 30, 2019 or 2018.