Notes Payable (Tables)

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Mortgages and Notes Payable

The key terms of each of our senior notes outstanding as of November 30, 2019 were as follows (dollars in thousands):

					Redeemable Prior to Maturity	Effective Interest Rate
Notes Payable	Principal		Issuance Date	Maturity Date
7.00% Senior notes	$	450,000	October 29, 2013	December 15, 2021	Yes (a)	7.2	%
7.50% Senior notes	350,000		July 31, 2012	September 15, 2022	Yes (b)	7.7
7.625% Senior notes	350,000		February 17, 2015/February 20, 2019	May 15, 2023	Yes (a)	7.5
6.875% Senior notes	300,000		February 20, 2019	June 15, 2027	Yes (a)	7.1
4.80% Senior notes	300,000		November 4, 2019	November 15, 2029	Yes (a)	5.0

(a) At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date, except that three months prior to the stated maturity dates for the 7.00% Senior Notes due 2021 and until their respective maturity, and six months prior to the stated maturity date for the 7.625% Senior Notes due 2023, 6.875% Senior Notes due 2027 and 4.80% Senior Notes due 2029 and until their maturity, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus, in each case, accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date.

(b)

At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid interest on the notes being redeemed to the applicable redemption date.

Notes payable consisted of the following (in thousands):

	November 30,
	2019		2018
Mortgages and land contracts due to land sellers and other loans (at interest rates of 7% at November 30, 2019 and 2018)	$	7,889	$	40,038
1.375% Convertible senior notes due February 1, 2019	—		229,788
4.75% Senior notes due May 15, 2019	—		399,483
8.00% Senior notes due March 15, 2020	—		347,790
7.00% Senior notes due December 15, 2021	448,164		447,359
7.50% Senior notes due September 15, 2022	348,267		347,731
7.625% Senior notes due May 15, 2023	351,748		248,074
6.875% Senior notes due June 15, 2027	296,379		—
4.80% Senior notes due November 15, 2029	296,300		—
Total	$	1,748,747	$	2,060,263