Notes Payable (Tables)

12 Months Ended

Nov. 30, 2023

Debt Disclosure [Abstract]

Schedule of Mortgages and Notes Payable

Notes payable consisted of the following (in thousands):

	November 30,
	2023		2022
Unsecured revolving credit facility	$	—	$	150,000
Senior unsecured term loan due August 25, 2026	358,156		357,485
6.875% Senior notes due June 15, 2027	298,062		297,595
4.80% Senior notes due November 15, 2029	297,572		297,230
7.25% Senior notes due July 15, 2030	346,101		345,663
4.00% Senior notes due June 15, 2031	386,199		385,778
Mortgages and land contracts due to land sellers and other loans (at an interest rate of 3.0% to 4.5% at November 30, 2023 and 4.5% at November 30, 2022)	3,808		4,760
Total	$	1,689,898	$	1,838,511

The key terms of each of our senior notes outstanding as of November 30, 2023 were as follows (dollars in thousands):

					Redeemable Prior to Maturity	Effective Interest Rate
Notes Payable	Principal		Issuance Date	Maturity Date
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
7.25% Senior notes	350,000		June 22, 2022	July 15, 2030	Yes (b)	7.5
4.00% Senior notes	390,000		June 9, 2021	June 15, 2031	Yes (a)	4.2

(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 six months prior to the stated maturity date for these notes, the redemption price will be equal to 100% of the principal amount of the notes being redeemed, plus 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 in part from time to time prior to July 15, 2025, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus a “make whole” premium, plus accrued and unpaid interest, if any, to the redemption date. In addition, at any time or from time to time prior to July 15, 2025, an amount not to exceed the net proceeds of qualified equity offerings may be used at our option to redeem up to 40% of the aggregate principal amount of these notes, at a redemption price equal to 107.250% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding the redemption date. We may also elect to redeem the notes in whole at any time or in part from time to time, on or after July 15, 2025, at the applicable specified redemption price, including accrued and unpaid interest, if any, to the redemption date.