Investments in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Nov. 30, 2011

Investments in Unconsolidated Joint Ventures [Abstract]

Statements of operations of unconsolidated joint ventures

	Years Ended November 30,
	2011			2010			2009
Revenues	$	230		$	122,200		$	60,790
Construction and land costs		(54	)		(120,010	)		(117,255	)
Other expenses, net		(4,506	)		(19,362	)		(46,432	)
Loss	$	(4,330	)	$	(17,172	)	$	(102,897	)

Balance sheets of unconsolidated joint ventures

	November 30,
	2011		2010
Assets
Cash	$	8,923	$	14,947
Receivables		19,503		147,025
Inventories		368,306		575,632
Other assets		151		51,755
Total assets	$	396,883	$	789,359
Liabilities and equity
Accounts payable and other liabilities	$	96,981	$	113,478
Mortgages and notes payable		—		327,856
Equity		299,902		348,025
Total liabilities and equity	$	396,883	$	789,359

Information related investments in unconsolidated joint ventures

	November 30,
	2011		2010
Number of investments in unconsolidated joint ventures:
South Edge (a)		—		1
Other (b)		8		9
Total		8		10
Investments in unconsolidated joint ventures:
South Edge (a)	$	—	$	55,269
Other (b)		127,926		50,314
Total	$	127,926	$	105,583
Outstanding debt of unconsolidated joint ventures:
South Edge (a)	$	—	$	327,856

(a) During the first quarter of 2011, the Company wrote off its remaining investment in South Edge. The Company also recorded an estimate of the probable net payment obligation it would pay to the Administrative Agent (on behalf of the South Edge lenders) related to the Springing Guaranty. The Company updated its estimate in each subsequent quarter of 2011, and paid its obligation in the fourth quarter of 2011 in connection with the South Edge Plan. Therefore, data related to South Edge is not reflected in the table as of November 30, 2011.

(b) The Company’s investments in unconsolidated joint ventures as of November 30, 2011 includes Inspirada Builders, LLC. The Company’s investment of $75.5 million in this unconsolidated joint venture consists of $75.2 million, the estimated fair value as of November 30, 2011 of the Company’s share of the land the venture holds, and a $.3 million initial capital contribution to fund the venture’s operations.