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Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended
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Aug. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Statements of Operations of Unconsolidated Joint Ventures | The following table presents combined condensed information from the statements of operations of our unconsolidated joint ventures (in thousands):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenues | $ | 21,473 |  |  | $ | 5,729 |  |  | $ | 115,893 |  |  | $ | 21,707 |
Construction and land costs | (15,960 | ) |  | (5,686 | ) |  | (84,228 | ) |  | (21,704 | )
Other expense, net | (1,606 | ) |  | (708 | ) |  | (7,455 | ) |  | (1,946 | )
Income (loss) | $ | 3,907 |  |  | $ | (665 | ) |  | $ | 24,210 |  |  | $ | (1,943 | )
Balance Sheets of Unconsolidated Joint Ventures | The following table presents combined condensed balance sheet information for our unconsolidated joint ventures (in thousands):
| August 31, 2020 |  | November 30, 2019
Assets |  |  |
Cash | $ | 35,674 |  |  | $ | 23,965 |
Inventories | 71,911 |  |  | 139,536 |
Other assets | 713 |  |  | 792 |
Total assets | $ | 108,298 |  |  | $ | 164,293 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 12,073 |  |  | $ | 13,282 |
Notes payable (a) | — |  |  | 40,672 |
Equity | 96,225 |  |  | 110,339 |
Total liabilities and equity | $ | 108,298 |  |  | $ | 164,293 |
(a) As of both August 31, 2020 and November 30, 2019, we had investments in five unconsolidated joint ventures. At November 30, 2019, one of our unconsolidated joint ventures had a construction loan agreement with a third-party lender to finance its land development activities. The outstanding debt was secured by the underlying property and related project assets and was non-recourse to us. All the outstanding secured debt was repaid in April 2020. None of our unconsolidated joint ventures had outstanding debt at August 31, 2020

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