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Investments in and Advances to Unconsolidated Entities (Tables) | 6 Months Ended
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Apr. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Condensed balance sheet aggregated by type of business | Condensed Balance Sheets:
| April 30, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Cash and cash equivalents | $ | 31,267 |  |  | $ | 26,209 |  |  | $ | 39,360 |  |  | $ | 11,816 |  |  | $ | 108,652 |
Inventory | 256,691 |  |  | 409,188 |  |  | 392 |  |  |  |  |  | 666,271 |
Non-performing loan portfolio |  |  |  |  |  |  | 69,909 |  |  | 69,909 |
Rental properties |  |  |  |  | 125,298 |  |  |  |  |  | 125,298 |
Rental properties under development |  |  |  |  | 177,390 |  |  |  |  | 177,390 |
Real estate owned (“REO”) |  |  |  |  |  |  | 207,358 |  |  | 207,358 |
Other assets (1) | 19,275 |  |  | 78,720 |  |  | 13,774 |  |  | 155,929 |  |  | 267,698 |
Total assets | $ | 307,233 |  |  | $ | 514,117 |  |  | $ | 356,214 |  |  | $ | 445,012 |  |  | $ | 1,622,576 |
Debt (1) | $ | 36,092 |  |  | $ | 10,174 |  |  | $ | 255,185 |  |  | $ | 155,900 |  |  | $ | 457,351 |
Other liabilities | 26,279 |  |  | 38,783 |  |  | 19,210 |  |  | 218 |  |  | 84,490 |
Members’ equity | 244,862 |  |  | 465,160 |  |  | 81,819 |  |  | 115,558 |  |  | 907,399 |
Noncontrolling interest |  |  |  |  |  |  |  | 173,336 |  |  | 173,336 |
Total liabilities and equity | $ | 307,233 |  |  | $ | 514,117 |  |  | $ | 356,214 |  |  | $ | 445,012 |  |  | $ | 1,622,576 |
Company’s net investment in unconsolidated entities (2) | $ | 160,528 |  |  | $ | 182,956 |  |  | $ | 75,574 |  |  | $ | 22,784 |  |  | $ | 441,842 |
| October 31, 2013
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Cash and cash equivalents | $ | 30,826 |  |  | $ | 31,164 |  |  | $ | 35,014 |  |  | $ | 40,097 |  |  | $ | 137,101 |
Inventory | 350,150 |  |  | 338,814 |  |  | 4,998 |  |  |  |  |  | 693,962 |
Non-performing loan portfolio |  |  |  |  |  |  |  | 107,411 |  |  | 107,411 |
Rental properties |  |  |  |  | 164,325 |  |  |  |  |  | 164,325 |
Rental properties under development |  |  |  |  | 133,081 |  |  |  |  | 133,081 |
Real estate owned (“REO”) |  |  |  |  |  |  | 202,259 |  |  | 202,259 |
Other assets (1) | 12,700 |  |  | 70,180 |  |  | 18,526 |  |  | 155,921 |  |  | 257,327 |
Total assets | $ | 393,676 |  |  | $ | 440,158 |  |  | $ | 355,944 |  |  | $ | 505,688 |  |  | $ | 1,695,466 |
Debt (1) | $ | 135,200 |  |  | $ | 11,977 |  |  | $ | 235,226 |  |  | $ | 155,900 |  |  | $ | 538,303 |
Other liabilities | 21,015 |  |  | 19,636 |  |  | 9,461 |  |  | 379 |  |  | 50,491 |
Members’ equity | 237,461 |  |  | 408,545 |  |  | 111,257 |  |  | 139,764 |  |  | 897,027 |
Noncontrolling interest |  |  |  |  |  |  |  | 209,645 |  |  | 209,645 |
Total liabilities and equity | $ | 393,676 |  |  | $ | 440,158 |  |  | $ | 355,944 |  |  | $ | 505,688 |  |  | $ | 1,695,466 |
Company’s net investment in unconsolidated entities (2) | $ | 142,448 |  |  | $ | 166,271 |  |  | $ | 68,711 |  |  | $ | 25,703 |  |  | $ | 403,133 |
(1) | Included in other assets of the Structured Asset Joint Venture at April 30, 2014 and October 31, 2013 is $155.9 million of restricted cash held in a defeasance account which will be used to repay debt of the Structured Asset Joint Venture.
(2) | Differences between the Company’s net investment in unconsolidated entities and its underlying equity in the net assets of the entities is primarily a result of the acquisition price of an investment in a land development joint venture in fiscal 2012 which was in excess of the Company’s pro-rata share of the underlying equity; impairments related to the Company’s investments in unconsolidated entities; a loan made to one of the entities by the Company; interest capitalized on the Company’s investment; and distributions from entities in excess of the carrying amount of the Company’s net investment.
Condensed statements of operations aggregate by type of business | Condensed Statements of Operations and Comprehensive Income:
| For the six months ended April 30, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 111,950 |  |  | $ | 23,228 |  |  | $ | 17,006 |  |  | $ | 3,789 |  |  | $ | 155,973 |
Cost of revenues | 62,170 |  |  | 21,825 |  |  | 7,390 |  |  | 6,482 |  |  | 97,867 |
Other expenses | 465 |  |  | 2,047 |  |  | 21,558 |  |  | 874 |  |  | 24,944 |
Total expenses | 62,635 |  |  | 23,872 |  |  | 28,948 |  |  | 7,356 |  |  | 122,811 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 6,458 |  |  | 6,458 |
Income (loss) from operations | 49,315 |  |  | (644 | ) |  | (11,942 | ) |  | 2,891 |  |  | 39,620 |
Other income | 5 |  |  | 201 |  |  | 43,199 |  |  | 1,533 |  |  | 44,938 |
Net income (loss) | 49,320 |  |  | (443 | ) |  | 31,257 |  |  | 4,424 |  |  | 84,558 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  |  |  | (2,654 | ) |  | (2,654 | )
Net income (loss) attributable to controlling interest | 49,320 |  |  | (443 | ) |  | 31,257 |  |  | 1,770 |  |  | 81,904 |
Other comprehensive income |  |  |  |  | 729 |  |  |  |  | 729 |
Total comprehensive income (loss) | $ | 49,320 |  |  | $ | (443 | ) |  | $ | 31,986 |  |  | $ | 1,770 |  |  | $ | 82,633 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 103 |  |  | $ | 327 |  |  | $ | 36,622 |  |  | $ | 190 |  |  | $ | 37,242 |
| For the three months ended April 30, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 110,406 |  |  | $ | 11,647 |  |  | $ | 7,557 |  |  | $ | 3,505 |  |  | $ | 133,115 |
Cost of revenues | 61,488 |  |  | 11,451 |  |  | 3,419 |  |  | 4,132 |  |  | 80,490 |
Other expenses | 210 |  |  | 1,047 |  |  | 9,504 |  |  | 415 |  |  | 11,176 |
Total expenses | 61,698 |  |  | 12,498 |  |  | 12,923 |  |  | 4,547 |  |  | 91,666 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 2,551 |  |  | 2,551 |
Income (loss) from operations | 48,708 |  |  | (851 | ) |  | (5,366 | ) |  | 1,509 |  |  | 44,000 |
Other income | 4 |  |  | 162 |  |  | 342 |  |  | 1,409 |  |  | 1,917 |
Net income (loss) | 48,712 |  |  | (689 | ) |  | (5,024 | ) |  | 2,918 |  |  | 45,917 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (1,751 | ) |  | (1,751 | )
Net income (loss) attributable to controlling interest | 48,712 |  |  | (689 | ) |  | (5,024 | ) |  | 1,167 |  |  | 44,166 |
Other comprehensive loss |  |  |  |  | (56 | ) |  |  |  | (56 | )
Total comprehensive income (loss) | $ | 48,712 |  |  | $ | (689 | ) |  | $ | (5,080 | ) |  | $ | 1,167 |  |  | $ | 44,110 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 135 |  |  | $ | 145 |  |  | $ | 12,872 |  |  | $ | 1,175 |  |  | $ | 14,327 |
| For the six months ended April 30, 2013
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 35,022 |  |  | $ | 22,757 |  |  | $ | 20,303 |  |  | $ | 21,714 |  |  | $ | 99,796 |
Cost of revenues | 17,805 |  |  | 19,973 |  |  | 9,010 |  |  | 19,493 |  |  | 66,281 |
Other expenses | 758 |  |  | 1,154 |  |  | 10,565 |  |  | 2,316 |  |  | 14,793 |
Total expenses | 18,563 |  |  | 21,127 |  |  | 19,575 |  |  | 21,809 |  |  | 81,074 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 39,704 |  |  | 39,704 |
Income from operations | 16,459 |  |  | 1,630 |  |  | 728 |  |  | 39,609 |  |  | 58,426 |
Other income | 5 |  |  | 435 |  |  | 9 |  |  | 154 |  |  | 603 |
Net income | 16,464 |  |  | 2,065 |  |  | 737 |  |  | 39,763 |  |  | 59,029 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (23,858 | ) |  | (23,858 | )
Net income attributable to controlling interest | 16,464 |  |  | 2,065 |  |  | 737 |  |  | 15,905 |  |  | 35,171 |
Other comprehensive income |  |  |  |  | 282 |  |  |  |  | 282 |
Total comprehensive income | $ | 16,464 |  |  | $ | 2,065 |  |  | $ | 1,019 |  |  | $ | 15,905 |  |  | $ | 35,453 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 2,796 |  |  | $ | 1,079 |  |  | $ | 1,130 |  |  | $ | 3,071 |  |  | $ | 8,076 |
| For the three months ended April 30, 2013
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 33,395 |  |  | $ | 13,787 |  |  | $ | 10,621 |  |  | $ | 12,009 |  |  | $ | 69,812 |
Cost of revenues | 16,587 |  |  | 12,868 |  |  | 4,717 |  |  | 9,155 |  |  | 43,327 |
Other expenses | 567 |  |  | 690 |  |  | 5,069 |  |  | 1,259 |  |  | 7,585 |
Total expenses | 17,154 |  |  | 13,558 |  |  | 9,786 |  |  | 10,414 |  |  | 50,912 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 12,812 |  |  | 12,812 |
Income from operations | 16,241 |  |  | 229 |  |  | 835 |  |  | 14,407 |  |  | 31,712 |
Other income | 2 |  |  | 421 |  |  | 3 |  |  | 75 |  |  | 501 |
Net income | 16,243 |  |  | 650 |  |  | 838 |  |  | 14,482 |  |  | 32,213 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (8,689 | ) |  | (8,689 | )
Net income attributable to controlling interest | 16,243 |  |  | 650 |  |  | 838 |  |  | 5,793 |  |  | 23,524 |
Other comprehensive loss |  |  |  |  | (20 | ) |  |  |  | (20 | )
Total comprehensive income | $ | 16,243 |  |  | $ | 650 |  |  | $ | 818 |  |  | $ | 5,793 |  |  | $ | 23,504 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 2,894 |  |  | $ | 369 |  |  | $ | 572 |  |  | $ | 1,158 |  |  | $ | 4,993 |
(3) | Differences between the Company’s equity in earnings (losses) of unconsolidated entities and the underlying net income (loss) of the entities is primarily a result of prior impairments related to the Company’s investment in unconsolidated entities, a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of the Company’s net investment, and the Company’s share of the entities’ profits related to home sites purchased by the Company which reduces the Company’s cost basis of the home sites.

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