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Investments in Unconsolidated Joint Ventures | 3 Months Ended
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Feb. 29, 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
| February 29, 2020 |  | February 28, 2019
Revenues | $ | 27,547 |  |  | $ | 12,192 |
Construction and land costs | (21,543 | ) |  | (12,220 | )
Other expense, net | (2,107 | ) |  | (628 | )
Income (loss) | $ | 3,897 |  |  | $ | (656 | )
The higher combined revenues and income for the three months ended February 29, 2020, as compared to the year-earlier period, mainly reflected homes delivered from an unconsolidated joint venture in California. In the three months ended February 28, 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):
| February 29, 2020 |  | November 30, 2019
Assets |  |  |
Cash | $ | 38,454 |  |  | $ | 23,965 |
Inventories | 126,240 |  |  | 139,536 |
Other assets | 730 |  |  | 792 |
Total assets | $ | 165,424 |  |  | $ | 164,293 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 13,352 |  |  | $ | 13,282 |
Notes payable (a) | 39,463 |  |  | 40,672 |
Equity | 112,609 |  |  | 110,339 |
Total liabilities and equity | $ | 165,424 |  |  | $ | 164,293 |
(a) | As of both February 29, 2020 and November 30, 2019, we had investments in five unconsolidated joint ventures, one of which had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt is secured by the underlying property and related project assets and is non-recourse to us. All of the outstanding secured debt at February 29, 2020 is scheduled to mature in February 2021. However, the loan agreement provides for a one-year extension beyond this date. None of our other unconsolidated joint ventures had outstanding debt at February 29, 2020 or November 30, 2019.
We and our partner in the unconsolidated joint venture that has the above-noted outstanding construction loan agreement at February 29, 2020 provide certain guarantees and indemnities to the lender, including a guaranty to complete the construction of improvements for the project; a guaranty against losses the lender suffers due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; and an indemnity of the lender from environmental issues. Our actual responsibility under the foregoing guaranty and indemnity obligations is limited to our pro rata interest in the unconsolidated joint venture. We do not have a guaranty or any other obligation to repay or to support the value of the collateral underlying the outstanding secured debt. However, various financial and non-financial covenants apply with respect to the outstanding secured debt and the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations, if and as may be applicable. We do not believe that our existing exposure under our guaranty and indemnity obligations related to the outstanding secured debt is material to our consolidated financial statements.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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