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Notes Payable (Tables)
 12 Months Ended
Nov. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Mortgages and Notes Payable Notes payable consisted of the following (in thousands):
 
November 30,
 
2024
2023
Senior unsecured term loan due August 25, 2026
$358,826
$358,156
6.875% Senior notes due June 15, 2027
298,560
298,062
4.80% Senior notes due November 15, 2029
297,932
297,572
7.25% Senior notes due July 15, 2030
346,574
346,101
4.00% Senior notes due June 15, 2031
386,638
386,199
Mortgages and land contracts due to land sellers and other loans (at an interest rate of 4.3%
at November 30, 2024 and 3.0% to 4.5% at November 30, 2023)
3,149
3,808
Total
$1,691,679
$1,689,898
The key terms of each of our senior notes outstanding as of November 30, 2024 were as follows (dollars in thousands):
Redeemable
Prior to
Maturity
Effective
Interest Rate
Notes Payable
Principal
Issuance Date
Maturity Date
6.875% Senior notes
$300,000
February 20, 2019
June 15, 2027
Yes (a)
7.1%
4.80% Senior notes
300,000
November 4, 2019
November 15, 2029
Yes (a)
5.0
7.25% Senior notes
350,000
June 22, 2022
July 15, 2030
Yes (b)
7.5
4.00% Senior notes
390,000
June 9, 2021
June 15, 2031
Yes (a)
4.2
(a)At our option, these notes may be redeemed, in whole at any time or from time to time in part, at a redemption price equal
to the greater of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the notes being redeemed (exclusive of interest accrued to the
applicable redemption date), discounted to the redemption date at a defined rate, plus, in each case, accrued and unpaid
interest on the notes being redeemed to, but excluding, the applicable redemption date, except that six months prior to the
stated maturity date for these notes, the redemption price will be equal to 100% of the principal amount of the notes being
redeemed, plus accrued and unpaid interest on the notes being redeemed to, but excluding, the applicable redemption date.
(b)At our option, these notes may be redeemed, in whole at any time or in part from time to time prior to July 15, 2025, at a
redemption price equal to 100% of the principal amount of the notes being redeemed plus a “make whole” premium, plus
accrued and unpaid interest, if any, to the redemption date.  In addition, at any time or from time to time prior to July 15,
2025, an amount not to exceed the net proceeds of qualified equity offerings may be used at our option to redeem up to
40% of the aggregate principal amount of these notes, at a redemption price equal to 107.250% of the principal amount of
the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding the redemption date.  We may also
elect to redeem the notes in whole at any time or in part from time to time, on or after July 15, 2025, at the applicable
specified redemption price, including accrued and unpaid interest, if any, to the redemption date.