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Investments in Unconsolidated Joint Ventures
 6 Months Ended
May 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures
Investments in Unconsolidated Joint Ventures
We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents.
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,
 
2020
 
2019
 
2020
 
2019
Revenues
$
66,873

 
$
3,786

 
$
94,420

 
$
15,978

Construction and land costs
(46,725
)
 
(3,798
)
 
(68,268
)
 
(16,018
)
Other expense, net
(3,742
)
 
(610
)
 
(5,849
)
 
(1,238
)
Income (loss)
$
16,406

 
$
(622
)
 
$
20,303

 
$
(1,278
)

The higher combined revenues and income for the three months and six months ended May 31, 2020, as compared to the year-earlier periods, mainly reflected homes delivered from an unconsolidated joint venture in California. In the three months and six months ended May 31, 2019, our unconsolidated joint ventures did not deliver any homes.
The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):
 
May 31,
2020
 
November 30,
2019
Assets
 
 
 
Cash
$
41,932

 
$
23,965

Inventories
85,830

 
139,536

Other assets
658

 
792

Total assets
$
128,420

 
$
164,293

 
 
 
 
Liabilities and equity
 
 
 
Accounts payable and other liabilities
$
13,817

 
$
13,282

Notes payable (a)
—

 
40,672

Equity
114,603

 
110,339

Total liabilities and equity
$
128,420

 
$
164,293


(a)
As of both May 31, 2020 and November 30, 2019, we had investments in five unconsolidated joint ventures. At November 30, 2019, one of our unconsolidated joint ventures had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt was secured by the underlying property and related project assets and was non-recourse to us. All of the outstanding secured debt was repaid in April 2020. None of our unconsolidated joint ventures had outstanding debt at May 31, 2020.