Investments in Unconsolidated Joint Ventures (Tables)

3 Months Ended

Feb. 29, 2020

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 29, 2020			February 28, 2019
Revenues	$	27,547		$	12,192
Construction and land costs	(21,543		)	(12,220		)
Other expense, net	(2,107		)	(628		)
Income (loss)	$	3,897		$	(656	)

Balance Sheets of Unconsolidated Joint Ventures

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



	February 29, 2020		November 30, 2019
Assets
Cash	$	38,454	$	23,965
Inventories	126,240		139,536
Other assets	730		792
Total assets	$	165,424	$	164,293

Liabilities and equity
Accounts payable and other liabilities	$	13,352	$	13,282
Notes payable (a)	39,463		40,672
Equity	112,609		110,339
Total liabilities and equity	$	165,424	$	164,293

(a)

As of both February 29, 2020 and November 30, 2019, we had investments in five unconsolidated joint ventures, 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 underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at February 29, 2020 is scheduled to mature in February 2021. However, the loan agreement provides for a one-year extension beyond this date. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2020 or November 30, 2019