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Investments in and Advances to Unconsolidated Entities (Tables) | 9 Months Ended
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Jul. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Condensed balance sheet aggregated by type of business | Condensed Balance Sheets:
| July 31, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Cash and cash equivalents | $ | 34,775 |  |  | $ | 26,492 |  |  | $ | 36,578 |  |  | $ | 15,657 |  |  | $ | 113,502 |
Inventory | 257,370 |  |  | 439,174 |  |  | 388 |  |  |  |  |  | 696,932 |
Non-performing loan portfolio |  |  |  |  |  |  | 64,236 |  |  | 64,236 |
Rental properties |  |  |  |  | 139,395 |  |  |  |  |  | 139,395 |
Rental properties under development |  |  |  |  | 211,196 |  |  |  |  | 211,196 |
Real estate owned (“REO”) |  |  |  |  |  |  | 194,272 |  |  | 194,272 |
Other assets (1) | 25,755 |  |  | 73,053 |  |  | 14,936 |  |  | 155,933 |  |  | 269,677 |
Total assets | $ | 317,900 |  |  | $ | 538,719 |  |  | $ | 402,493 |  |  | $ | 430,098 |  |  | $ | 1,689,210 |
Debt (1) | $ | 47,231 |  |  | $ | 9,435 |  |  | $ | 283,038 |  |  | $ | 155,900 |  |  | $ | 495,604 |
Other liabilities | 24,301 |  |  | 43,849 |  |  | 28,340 |  |  | 236 |  |  | 96,726 |
Members’ equity | 246,368 |  |  | 485,435 |  |  | 91,115 |  |  | 109,585 |  |  | 932,503 |
Noncontrolling interest |  |  |  |  |  |  |  | 164,377 |  |  | 164,377 |
Total liabilities and equity | $ | 317,900 |  |  | $ | 538,719 |  |  | $ | 402,493 |  |  | $ | 430,098 |  |  | $ | 1,689,210 |
Company’s net investment in unconsolidated entities (2) | $ | 158,622 |  |  | $ | 186,105 |  |  | $ | 77,281 |  |  | $ | 21,277 |  |  | $ | 443,285 |
| 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 July 31, 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 our net investment in unconsolidated entities and our 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 our pro-rata share of the underlying equity; impairments related to our investment in unconsolidated entities; a loan made to one of the entities by us; interest capitalized on our investment; and distributions from entities in excess of the carrying amount of our net investment.
Condensed statements of operations aggregate by type of business | Condensed Statements of Operations and Comprehensive Income:
| For the nine months ended July 31, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 129,792 |  |  | $ | 39,585 |  |  | $ | 24,961 |  |  | $ | 6,990 |  |  | $ | 201,328 |
Cost of revenues | 68,820 |  |  | 36,264 |  |  | 10,802 |  |  | 10,607 |  |  | 126,493 |
Other expenses | 580 |  |  | 3,727 |  |  | 25,777 |  |  | 1,239 |  |  | 31,323 |
Total expenses | 69,400 |  |  | 39,991 |  |  | 36,579 |  |  | 11,846 |  |  | 157,816 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 14,534 |  |  | 14,534 |
Income (loss) from operations | 60,392 |  |  | (406 | ) |  | (11,618 | ) |  | 9,678 |  |  | 58,046 |
Other income | 60 |  |  | 91 |  |  | 44,735 |  |  | 2,286 |  |  | 47,172 |
Net income (loss) | 60,452 |  |  | (315 | ) |  | 33,117 |  |  | 11,964 |  |  | 105,218 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  |  |  | (7,178 | ) |  | (7,178 | )
Net income (loss) attributable to controlling interest | 60,452 |  |  | (315 | ) |  | 33,117 |  |  | 4,786 |  |  | 98,040 |
Other comprehensive income |  |  |  |  | 647 |  |  |  |  | 647 |
Total comprehensive income (loss) | $ | 60,452 |  |  | $ | (315 | ) |  | $ | 33,764 |  |  | $ | 4,786 |  |  | $ | 98,687 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 456 |  |  | $ | 266 |  |  | $ | 36,678 |  |  | $ | 792 |  |  | $ | 38,192 |
| For the three months ended July 31, 2014
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 17,842 |  |  | $ | 16,357 |  |  | $ | 7,955 |  |  | $ | 3,201 |  |  | $ | 45,355 |
Cost of revenues | 6,650 |  |  | 14,438 |  |  | 3,411 |  |  | 4,125 |  |  | 28,624 |
Other expenses | 115 |  |  | 1,680 |  |  | 4,219 |  |  | 365 |  |  | 6,379 |
Total expenses | 6,765 |  |  | 16,118 |  |  | 7,630 |  |  | 4,490 |  |  | 35,003 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 8,076 |  |  | 8,076 |
Income from operations | 11,077 |  |  | 239 |  |  | 325 |  |  | 6,787 |  |  | 18,428 |
Other income (loss) | 54 |  |  | (110 | ) |  | 1,535 |  |  | 753 |  |  | 2,232 |
Net income | 11,131 |  |  | 129 |  |  | 1,860 |  |  | 7,540 |  |  | 20,660 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (4,524 | ) |  | (4,524 | )
Net income attributable to controlling interest | 11,131 |  |  | 129 |  |  | 1,860 |  |  | 3,016 |  |  | 16,136 |
Other comprehensive loss |  |  |  |  | (82 | ) |  |  |  | (82 | )
Total comprehensive income | $ | 11,131 |  |  | $ | 129 |  |  | $ | 1,778 |  |  | $ | 3,016 |  |  | $ | 16,054 |
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | 353 |  |  | $ | (60 | ) |  | $ | 55 |  |  | $ | 602 |  |  | $ | 950 |
| For the nine months ended July 31, 2013
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 36,813 |  |  | $ | 31,574 |  |  | $ | 29,241 |  |  | $ | 27,114 |  |  | $ | 124,742 |
Cost of revenues | 17,992 |  |  | 28,017 |  |  | 12,677 |  |  | 25,632 |  |  | 84,318 |
Other expenses | 936 |  |  | 1,866 |  |  | 15,673 |  |  | 2,812 |  |  | 21,287 |
Total expenses | 18,928 |  |  | 29,883 |  |  | 28,350 |  |  | 28,444 |  |  | 105,605 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 47,583 |  |  | 47,583 |
Income from operations | 17,885 |  |  | 1,691 |  |  | 891 |  |  | 46,253 |  |  | 66,720 |
Other income | 8 |  |  | 554 |  |  | 17 |  |  | 235 |  |  | 814 |
Net income | 17,893 |  |  | 2,245 |  |  | 908 |  |  | 46,488 |  |  | 67,534 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (27,893 | ) |  | (27,893 | )
Net income attributable to controlling interest | 17,893 |  |  | 2,245 |  |  | 908 |  |  | 18,595 |  |  | 39,641 |
Other comprehensive income |  |  |  |  | 1,162 |  |  |  |  | 1,162 |
Total comprehensive income | $ | 17,893 |  |  | $ | 2,245 |  |  | $ | 2,070 |  |  | $ | 18,595 |  |  | $ | 40,803 |
Company’s equity in earnings of unconsolidated entities (3) | $ | 2,853 |  |  | $ | 1,466 |  |  | $ | 917 |  |  | $ | 3,608 |  |  | $ | 8,844 |
| For the three months ended July 31, 2013
| Land Development Joint Ventures |  | Home Building Joint Ventures |  | Rental Property Joint Ventures |  | Structured Asset Joint Venture |  | Total
Revenues | $ | 1,791 |  |  | $ | 8,817 |  |  | $ | 8,937 |  |  | $ | 5,400 |  |  | $ | 24,945 |
Cost of revenues | 186 |  |  | 8,043 |  |  | 3,667 |  |  | 6,139 |  |  | 18,035 |
Other expenses | 179 |  |  | 712 |  |  | 5,108 |  |  | 494 |  |  | 6,493 |
Total expenses | 365 |  |  | 8,755 |  |  | 8,775 |  |  | 6,633 |  |  | 24,528 |
Gain on disposition of loans and REO |  |  |  |  |  |  |  |  |  | 7,878 |  |  | 7,878 |
Income from operations | 1,426 |  |  | 62 |  |  | 162 |  |  | 6,645 |  |  | 8,295 |
Other income | 3 |  |  | 119 |  |  | 9 |  |  | 80 |  |  | 211 |
Net income | 1,429 |  |  | 181 |  |  | 171 |  |  | 6,725 |  |  | 8,506 |
Less: income attributable to noncontrolling interest |  |  |  |  |  |  | (4,035 | ) |  | (4,035 | )
Net income attributable to controlling interest | 1,429 |  |  | 181 |  |  | 171 |  |  | 2,690 |  |  | 4,471 |
Other comprehensive income |  |  |  |  | 1,064 |  |  |  |  | 1,064 |
Total comprehensive income | $ | 1,429 |  |  | $ | 181 |  |  | $ | 1,235 |  |  | $ | 2,690 |  |  | $ | 5,535 |
Company’s equity in earnings (losses) of unconsolidated entities (3) | $ | 57 |  |  | $ | 387 |  |  | $ | (213 | ) |  | $ | 537 |  |  | $ | 768 |
(3) | Differences between our equity in earnings (losses) of unconsolidated entities and the underlying net income of the entities is primarily a result of prior impairments related to our investment in unconsolidated entities, a basis difference of an acquired joint venture interest, distributions from entities in excess of the carrying amount of our net investment, and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.

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