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Investments in Unconsolidated Joint Ventures (Tables) | 6 Months Ended
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May 31, 2022
Home Building [Member] |
Schedule of Equity Method Investments [Line Items] |
Statements of Operations of Unconsolidated Joint Ventures | The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues | $ | 1,108 |  |  | $ | 3,148 |  |  | $ | 3,958 |  |  | $ | 12,839 |
Construction and land costs | (772) |  |  | (2,819) |  |  | (3,071) |  |  | (10,944) |
Other expense, net | (918) |  |  | (530) |  |  | (1,348) |  |  | (1,409) |
Income (loss) | $ | (582) |  |  | $ | (201) |  |  | $ | (461) |  |  | $ | 486 |
Balance Sheets of Unconsolidated Joint Ventures | The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
| May 31, 2022 |  | November 30, 2021
Assets |  |  |
Cash and cash equivalents | $ | 18,884 |  |  | $ | 15,731 |
Receivables | 894 |  |  | 795 |
Inventories | 105,734 |  |  | 64,034 |
Other assets | 726 |  |  | 50 |
Total assets | $ | 126,238 |  |  | $ | 80,610 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 11,871 |  |  | $ | 12,285 |
Notes payable (a) | 29,114 |  |  | — |
Equity | 85,253 |  |  | 68,325 |
Total liabilities and equity | $ | 126,238 |  |  | $ | 80,610 |
(a) As of May 31, 2022, one of our unconsolidated joint ventures had borrowings outstanding under a revolving line of credit it entered into with a third-party lender in April 2022 to finance its land acquisition, development and construction activities. Borrowings under this line of credit, which has a maximum commitment of $62.0 million, are secured by the underlying property and related project assets. The line of credit is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. None of our other unconsolidated joint ventures had outstanding debt at May 31, 2022 or November 30, 2021.
Financial Service [Member] |
Schedule of Equity Method Investments [Line Items] |
Statements of Operations of Unconsolidated Joint Ventures | The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint ventures, primarily comprised of KBHS (in thousands):
| Three Months Ended May 31, |  | Six Months Ended May 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues | $ | 50,224 |  |  | $ | 34,298 |  |  | $ | 80,200 |  |  | $ | 65,370 |
Expenses | (20,607) |  |  | (20,240) |  |  | (40,287) |  |  | (39,373) |
Income | $ | 29,617 |  |  | $ | 14,058 |  |  | $ | 39,913 |  |  | $ | 25,997 |
Balance Sheets of Unconsolidated Joint Ventures | The following table presents combined condensed balance sheet information for our financial services unconsolidated joint ventures, primarily comprised of KBHS (in thousands):
| May 31, 2022 |  | November 30, 2021
Assets |  |  |
Cash and cash equivalents | $ | 18,867 |  |  | $ | 23,916 |
Mortgage loans held for sale | 189,255 |  |  | 234,669 |
Other assets | 68,493 |  |  | 46,218 |
Total assets | $ | 276,615 |  |  | $ | 304,803 |
Liabilities and equity |  |  |
Accounts payable and other liabilities | $ | 18,680 |  |  | $ | 18,375 |
Funding facilities | 203,486 |  |  | 253,791 |
Equity | 54,449 |  |  | 32,637 |
Total liabilities and equity | $ | 276,615 |  |  | $ | 304,803 |

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