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Investments in Unconsolidated Joint Ventures | 9 Months Ended
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Aug. 31, 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 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 | )
The higher combined revenues and income for the three months and nine months ended August 31, 2020, as compared to the year-earlier periods, mainly reflected homes delivered from an unconsolidated joint venture in California. In the three months and nine months ended August 31, 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):
| 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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- 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 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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