|
|
Delaware
|
|
95-4337490
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A Common Stock, par value 10¢
|
LEN
|
New York Stock Exchange
|
Class B Common Stock, par value 10¢
|
LEN.B
|
New York Stock Exchange
|
|
|
Related Section
|
Documents
|
III
|
Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 29, 2020.
|
Item 1.
|
Business
|
•
|
Strong Operating Margins - We believe our purchasing leverage combined with our focus on reducing selling, general and administrative costs by using technology and innovative strategies and reducing interest expense through paydowns of debt position us for strong operating margins.
|
•
|
Everything’s Included® Approach - We are focused on distinguishing our products, including through our Everything’s Included® approach, which maximizes our purchasing power, enables us to include luxury features as standard items in our homes and simplifies our homebuilding operations.
|
•
|
Innovative Homebuilding - We are constantly innovating the homes we build to create products that better meet our customers' needs and desires. Our Next Gen® home, or a home within a home, provides a unique new home solution for multi-generational households as homebuyers often need to accommodate children and parents to share the cost of their mortgage and other living expenses.
|
•
|
Flexible Operating Structure - Our local operating structure gives us the flexibility to make operating decisions based on local homebuilding conditions and customer preferences, while our centralized management structure provides oversight for our homebuilding operations.
|
•
|
Digital Marketing - We are increasingly advertising homes through digital channels, which is significantly increasing the efficiency of our marketing efforts.
|
•
|
Strategic partners and investments - We partner with and/or invest in technology companies that are looking to improve the homebuilding and financial services industries to better serve our customers and increase efficiencies.
|
•
|
Land light strategy - We are focused on controlling the timing of land purchases, reducing our years owned supply of homesites and increasing the percentage of land controlled through options or agreements versus owned land.
|
•
|
Acquiring land directly from individual land owners/developers or homebuilders;
|
•
|
Acquiring local or regional homebuilders that own, or have options to purchase, land in strategic markets;
|
•
|
Acquiring land through option contracts, which generally enables us to control portions of properties owned by third parties (including land funds) or unconsolidated entities in which we have investments until we have determined whether to exercise the options;
|
•
|
Acquiring access to land through joint ventures or partnerships, which among other benefits, limits the amount of our capital invested in land while helping to ensure our access to potential future homesites and allowing us to participate in strategic ventures;
|
•
|
Investing in regional developers in exchange for preferential land purchase opportunities; and
|
•
|
Acquiring land in conjunction with Multifamily.
|
•
|
Everything’s Included® marketing program, which simplifies the home buying experience by including most desirable features as standard items;
|
•
|
Innovative home designs, such as our Next Gen® homes that provide both privacy and togetherness for multi-generational families;
|
•
|
Inclusion of built-in Wi-Fi, solar power systems and advanced technology in many of our homes;
|
•
|
Financial position, where we continue to focus on a land light strategy and using excess cash flow to pay down debt, repurchase shares and return capital to shareholders;
|
•
|
Access to land, particularly in land-constrained markets;
|
•
|
Pricing to current market conditions;
|
•
|
Cost efficiencies realized through our national purchasing programs and production of value-engineered homes;
|
•
|
Quality construction and home warranty programs, which are supported by a responsive customer care team; and
|
•
|
Size and scale in leading markets
|
Item 1A.
|
Risk Factors.
|
•
|
we may be more vulnerable to general adverse economic and homebuilding industry conditions;
|
•
|
we may have to pay higher interest rates upon refinancing indebtedness if interest rates rise, thereby reducing our earnings and cash flows;
|
•
|
we may find it difficult, or may be unable, to obtain additional financing to fund future working capital, capital expenditures and other general corporate requirements that would be in our best long-term interests;
|
•
|
we may be required to dedicate a substantial portion of our cash flow from operations to the payment of principal and interest on our debt, reducing the cash flow available to fund operations and investments and reducing the amount we can return to our stockholders;
|
•
|
we may have reduced flexibility in planning for, or reacting to, changes in our businesses or the industries in which they are conducted;
|
•
|
we may have a competitive disadvantage relative to other companies in our industry that are less leveraged; and
|
•
|
we may be required to sell debt or equity securities or sell some of our core assets, possibly on unfavorable terms, in order to meet payment obligations.
|
Item 1B.
|
Unresolved Staff Comments.
|
Item 2.
|
Properties.
|
Item 3.
|
Legal Proceedings.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
Period:
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2)
|
|||||
September 1 to September 30, 2019
|
77,126
|
|
|
$
|
54.08
|
|
|
—
|
|
|
16,890,000
|
|
October 1 to October 31, 2019
|
101,498
|
|
|
$
|
59.97
|
|
|
95,000
|
|
|
16,795,000
|
|
November 1 to November 30, 2019
|
1,569,729
|
|
|
$
|
58.92
|
|
|
1,569,729
|
|
|
15,225,271
|
|
(1)
|
Includes shares of Class A and Class B common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.
|
(2)
|
In January 2019, our Board of Directors authorized a stock repurchase program, which replaced the June 2001 stock repurchase program, under which we are authorized to purchase up to the lesser of $1.0 billion in value, or 25 million in shares, of our outstanding Class A or Class B common stock. This repurchase authorization has no expiration. Based on repurchases of $492.9 million to date under the repurchase authorization, we have a remaining authorization to purchase $507.1 million or the equivalent of approximately 9.1 million shares based on the December 31, 2019 Class A common stock price of $55.79.
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|||||||
Lennar Corporation
|
$
|
100
|
|
|
109
|
|
|
91
|
|
|
137
|
|
|
94
|
|
|
131
|
|
Dow Jones U.S. Home Construction Index
|
$
|
100
|
|
|
113
|
|
|
100
|
|
|
179
|
|
|
127
|
|
|
186
|
|
Dow Jones U.S. Total Market Index
|
$
|
100
|
|
|
102
|
|
|
110
|
|
|
134
|
|
|
141
|
|
|
163
|
|
Item 6.
|
Selected Financial Data.
|
|
As of or for the Years Ended November 30,
|
||||||||||||||
(Dollars in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||
Results of Operations:
|
|
|
|
|
|
|
|
|
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
20,793,216
|
|
|
19,077,597
|
|
|
11,188,876
|
|
|
9,741,337
|
|
|
8,466,945
|
|
Financial Services
|
$
|
824,810
|
|
|
954,631
|
|
|
891,957
|
|
|
809,694
|
|
|
734,491
|
|
Multifamily
|
$
|
604,700
|
|
|
421,132
|
|
|
394,771
|
|
|
287,441
|
|
|
164,613
|
|
Lennar Other
|
$
|
36,835
|
|
|
118,271
|
|
|
170,761
|
|
|
111,527
|
|
|
107,959
|
|
Total revenues
|
$
|
22,259,561
|
|
|
20,571,631
|
|
|
12,646,365
|
|
|
10,949,999
|
|
|
9,474,008
|
|
Operating earnings (loss):
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
2,502,905
|
|
|
2,254,487
|
|
|
1,264,394
|
|
|
1,344,740
|
|
|
1,271,270
|
|
Financial Services
|
$
|
224,642
|
|
|
199,716
|
|
|
195,307
|
|
|
207,439
|
|
|
197,477
|
|
Multifamily
|
$
|
16,390
|
|
|
42,695
|
|
|
73,432
|
|
|
71,174
|
|
|
(7,171
|
)
|
Lennar Other
|
$
|
31,469
|
|
|
(33,707
|
)
|
|
(57,633
|
)
|
|
(60,322
|
)
|
|
(35,716
|
)
|
Gain on sale of Rialto investment and asset management
platform
|
$
|
—
|
|
|
296,407
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Acquisition and integration costs related to CalAtlantic
|
$
|
—
|
|
|
152,980
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Corporate general and administrative expenses
|
$
|
341,114
|
|
|
343,934
|
|
|
285,889
|
|
|
232,562
|
|
|
216,244
|
|
Earnings before income taxes
|
$
|
2,434,292
|
|
|
2,262,684
|
|
|
1,189,611
|
|
|
1,330,469
|
|
|
1,209,616
|
|
Net earnings attributable to Lennar
|
$
|
1,849,052
|
|
|
1,695,831
|
|
|
810,480
|
|
|
911,844
|
|
|
802,894
|
|
Diluted earnings per share
|
$
|
5.74
|
|
|
5.44
|
|
|
3.38
|
|
|
3.86
|
|
|
3.39
|
|
Cash dividends declared per each - Class A and
Class B common stock
|
$
|
0.16
|
|
|
0.16
|
|
|
0.16
|
|
|
0.16
|
|
|
0.16
|
|
Financial Position:
|
|
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
29,359,511
|
|
|
28,566,181
|
|
|
18,745,034
|
|
|
15,361,781
|
|
|
14,419,509
|
|
Debt:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
7,776,638
|
|
|
8,543,868
|
|
|
6,410,003
|
|
|
4,575,977
|
|
|
5,025,130
|
|
Financial Services
|
$
|
1,745,755
|
|
|
1,558,702
|
|
|
1,191,344
|
|
|
1,300,704
|
|
|
1,211,704
|
|
Lennar Other
|
$
|
15,178
|
|
|
14,488
|
|
|
371,168
|
|
|
398,859
|
|
|
418,324
|
|
Multifamily
|
$
|
36,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Stockholders’ equity
|
$
|
15,949,517
|
|
|
14,581,535
|
|
|
7,872,317
|
|
|
7,026,042
|
|
|
5,648,944
|
|
Total equity
|
$
|
16,033,830
|
|
|
14,682,957
|
|
|
7,986,132
|
|
|
7,211,567
|
|
|
5,950,072
|
|
Shares outstanding (000s)
|
315,893
|
|
|
324,238
|
|
|
239,964
|
|
|
239,133
|
|
|
215,804
|
|
|
Stockholders’ equity per share
|
$
|
50.49
|
|
|
44.97
|
|
|
32.81
|
|
|
29.38
|
|
|
26.18
|
|
Homebuilding Data (including unconsolidated entities):
|
|
|
|
|
|
|
|
|
|
||||||
Number of homes delivered
|
51,491
|
|
|
45,627
|
|
|
29,394
|
|
|
26,563
|
|
|
24,292
|
|
|
New orders
|
51,439
|
|
|
45,826
|
|
|
30,348
|
|
|
27,372
|
|
|
25,106
|
|
|
Backlog of home sales contracts
|
15,577
|
|
|
15,616
|
|
|
8,935
|
|
|
7,623
|
|
|
6,646
|
|
|
Backlog dollar value
|
$
|
6,300,542
|
|
|
6,570,123
|
|
|
3,550,366
|
|
|
2,891,538
|
|
|
2,477,751
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
Years Ended November 30,
|
|||||
(Dollars in thousands, except average sales price)
|
2019
|
|
2018
|
|||
Homebuilding revenues:
|
|
|
|
|||
Sales of homes
|
$
|
20,560,147
|
|
|
18,810,552
|
|
Sales of land and other homebuilding revenue
|
233,069
|
|
|
267,045
|
|
|
Total Homebuilding revenues
|
20,793,216
|
|
|
19,077,597
|
|
|
Homebuilding costs and expenses:
|
|
|
|
|||
Costs of homes sold
|
16,323,989
|
|
|
15,121,738
|
|
|
Costs of land sold
|
206,526
|
|
|
206,956
|
|
|
Selling, general and administrative
|
1,715,185
|
|
|
1,608,109
|
|
|
Total Homebuilding costs and expenses
|
18,245,700
|
|
|
16,936,803
|
|
|
Homebuilding operating margins
|
2,547,516
|
|
|
2,140,794
|
|
|
Homebuilding equity in loss from unconsolidated entities
|
(13,273
|
)
|
|
(90,209
|
)
|
|
Homebuilding other income (expenses), net
|
(31,338
|
)
|
|
203,902
|
|
|
Homebuilding operating earnings
|
$
|
2,502,905
|
|
|
2,254,487
|
|
Financial Services revenues
|
$
|
824,810
|
|
|
954,631
|
|
Financial Services costs and expenses
|
600,168
|
|
|
754,915
|
|
|
Financial Services operating earnings
|
$
|
224,642
|
|
|
199,716
|
|
Multifamily revenues
|
$
|
604,700
|
|
|
421,132
|
|
Multifamily costs and expenses
|
599,604
|
|
|
429,759
|
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
11,294
|
|
|
51,322
|
|
|
Multifamily operating earnings
|
$
|
16,390
|
|
|
42,695
|
|
Lennar Other revenues
|
$
|
36,835
|
|
|
118,271
|
|
Lennar Other costs and expenses
|
11,794
|
|
|
115,969
|
|
|
Lennar Other equity in earnings from unconsolidated entities
|
15,372
|
|
|
24,110
|
|
|
Lennar Other expense, net
|
(8,944
|
)
|
|
(60,119
|
)
|
|
Lennar Other operating earnings (loss)
|
$
|
31,469
|
|
|
(33,707
|
)
|
Total operating earnings
|
$
|
2,775,406
|
|
|
2,463,191
|
|
Gain on sale of Rialto investment and asset management platform
|
—
|
|
|
296,407
|
|
|
Acquisition and integration costs related to CalAtlantic
|
—
|
|
|
152,980
|
|
|
Corporate general and administrative expenses
|
341,114
|
|
|
343,934
|
|
|
Earnings before income taxes
|
$
|
2,434,292
|
|
|
2,262,684
|
|
Net earnings attributable to Lennar
|
$
|
1,849,052
|
|
|
1,695,831
|
|
Gross margin as a % of revenues from home sales
|
20.6
|
%
|
|
19.6
|
%
|
|
S,G&A expenses as a % of revenues from home sales
|
8.3
|
%
|
|
8.5
|
%
|
|
Operating margin as a % of revenues from home sales
|
12.3
|
%
|
|
11.1
|
%
|
|
Average sales price
|
$
|
400,000
|
|
|
413,000
|
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Homebuilding revenues:
|
|
|
|
|||
East:
|
|
|
|
|||
Sales of homes
|
$
|
7,059,267
|
|
|
6,193,868
|
|
Sales of land and other homebuilding revenue
|
39,670
|
|
|
55,996
|
|
|
Total East
|
7,098,937
|
|
|
6,249,864
|
|
|
Central:
|
|
|
|
|||
Sales of homes
|
2,718,836
|
|
|
2,260,105
|
|
|
Sales of land and other homebuilding revenue
|
20,170
|
|
|
30,782
|
|
|
Total Central
|
2,739,006
|
|
|
2,290,887
|
|
|
Texas:
|
|
|
|
|||
Sales of homes
|
2,526,364
|
|
|
2,366,844
|
|
|
Sales of land and other homebuilding revenue
|
52,598
|
|
|
54,555
|
|
|
Total Texas
|
2,578,962
|
|
|
2,421,399
|
|
|
West:
|
|
|
|
|||
Sales of homes
|
8,203,790
|
|
|
7,934,138
|
|
|
Sales of land and other homebuilding revenue
|
23,514
|
|
|
125,712
|
|
|
Total West
|
8,227,304
|
|
|
8,059,850
|
|
|
Other:
|
|
|
|
|||
Sales of homes
|
51,890
|
|
|
55,597
|
|
|
Sales of land and other homebuilding revenue
|
97,117
|
|
|
—
|
|
|
Total Other
|
149,007
|
|
|
55,597
|
|
|
Total homebuilding revenues
|
$
|
20,793,216
|
|
|
19,077,597
|
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Homebuilding operating earnings (loss):
|
|
|
|
|||
East:
|
|
|
|
|||
Sales of homes
|
$
|
936,045
|
|
|
728,934
|
|
Sales of land and other homebuilding revenue
|
25,888
|
|
|
20,287
|
|
|
Equity in loss from unconsolidated entities
|
(793
|
)
|
|
(818
|
)
|
|
Other income, net
|
16,235
|
|
|
10,818
|
|
|
Total East
|
977,375
|
|
|
759,221
|
|
|
Central:
|
|
|
|
|||
Sales of homes
|
273,009
|
|
|
180,150
|
|
|
Sales of land and other homebuilding revenue
|
6,047
|
|
|
909
|
|
|
Equity in earnings from unconsolidated entities
|
178
|
|
|
691
|
|
|
Other income, net
|
5,382
|
|
|
858
|
|
|
Total Central
|
284,616
|
|
|
182,608
|
|
|
Texas:
|
|
|
|
|||
Sales of homes
|
278,121
|
|
|
165,094
|
|
|
Sales of land and other homebuilding revenue
|
11,634
|
|
|
10,808
|
|
|
Equity in earnings from unconsolidated entities
|
569
|
|
|
469
|
|
|
Other expense, net
|
(4,450
|
)
|
|
(3,922
|
)
|
|
Total Texas
|
285,874
|
|
|
172,449
|
|
|
West:
|
|
|
|
|||
Sales of homes
|
1,062,701
|
|
|
1,029,251
|
|
|
Sales of land and other homebuilding revenue
|
(19,405
|
)
|
|
30,375
|
|
|
Equity in earnings (loss) from unconsolidated entities
|
1,263
|
|
|
(212
|
)
|
|
Other income, net
|
6,291
|
|
|
22,888
|
|
|
Total West
|
1,050,850
|
|
|
1,082,302
|
|
|
Other:
|
|
|
|
|||
Sales of homes
|
(28,903
|
)
|
|
(22,709
|
)
|
|
Sales of land and other homebuilding revenue
|
2,379
|
|
|
(2,305
|
)
|
|
Equity in loss from unconsolidated entities (1)
|
(14,490
|
)
|
|
(90,339
|
)
|
|
Other income (expense), net (2)
|
(54,796
|
)
|
|
173,260
|
|
|
Total Other
|
(95,810
|
)
|
|
57,907
|
|
|
Total homebuilding operating earnings
|
$
|
2,502,905
|
|
|
2,254,487
|
|
(1)
|
Equity in loss from unconsolidated entities for the year ended November 30, 2018 included our share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments related to assets of Homebuilding unconsolidated entities, partially offset by profit from land sales.
|
(2)
|
Other expense, net for the year ended November 30, 2019 included a one-time loss of $48.9 million from the consolidation of a previously unconsolidated entity. Other income, net for the year ended November 30, 2018 included $164.9 million related to a gain on the sale of an 80% interest in one of Homebuilding's joint ventures, Treasure Island Holdings.
|
|
Years Ended November 30,
|
||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
East
|
20,979
|
|
|
18,161
|
|
|
7,079,863
|
|
|
6,193,868
|
|
|
337,000
|
|
|
341,000
|
|
Central
|
7,071
|
|
|
5,865
|
|
|
2,718,836
|
|
|
2,260,105
|
|
|
385,000
|
|
|
385,000
|
|
Texas
|
8,193
|
|
|
7,146
|
|
|
2,526,364
|
|
|
2,366,844
|
|
|
308,000
|
|
|
331,000
|
|
West
|
15,178
|
|
|
14,352
|
|
|
8,203,790
|
|
|
7,934,138
|
|
|
541,000
|
|
|
553,000
|
|
Other
|
70
|
|
|
103
|
|
|
67,439
|
|
|
103,330
|
|
|
963,000
|
|
|
1,003,000
|
|
Total
|
51,491
|
|
|
45,627
|
|
|
20,596,292
|
|
|
18,858,285
|
|
|
400,000
|
|
|
413,000
|
|
|
Years Ended November 30,
|
||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
East
|
20,718
|
|
|
19,297
|
|
|
7,002,496
|
|
|
6,505,867
|
|
|
338,000
|
|
|
337,000
|
|
Central
|
7,098
|
|
|
5,855
|
|
|
2,750,420
|
|
|
2,263,946
|
|
|
387,000
|
|
|
387,000
|
|
Texas
|
8,215
|
|
|
7,078
|
|
|
2,478,981
|
|
|
2,284,726
|
|
|
302,000
|
|
|
323,000
|
|
West
|
15,335
|
|
|
13,516
|
|
|
8,024,755
|
|
|
7,544,235
|
|
|
523,000
|
|
|
558,000
|
|
Other
|
73
|
|
|
80
|
|
|
66,903
|
|
|
82,522
|
|
|
916,000
|
|
|
1,032,000
|
|
Total
|
51,439
|
|
|
45,826
|
|
|
20,323,555
|
|
|
18,681,296
|
|
|
395,000
|
|
|
408,000
|
|
(1)
|
New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the years ended November 30, 2019 and 2018.
|
|
November 30,
|
||||||||||||||||
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||
East (3)
|
6,827
|
|
|
7,075
|
|
|
2,448,498
|
|
|
2,522,710
|
|
|
359,000
|
|
|
357,000
|
|
Central
|
2,013
|
|
|
1,986
|
|
|
821,837
|
|
|
790,252
|
|
|
408,000
|
|
|
398,000
|
|
Texas
|
2,170
|
|
|
2,148
|
|
|
713,337
|
|
|
760,721
|
|
|
329,000
|
|
|
354,000
|
|
West
|
4,558
|
|
|
4,401
|
|
|
2,308,417
|
|
|
2,487,451
|
|
|
506,000
|
|
|
565,000
|
|
Other
|
9
|
|
|
6
|
|
|
8,453
|
|
|
8,989
|
|
|
939,000
|
|
|
1,498,000
|
|
Total
|
15,577
|
|
|
15,616
|
|
|
6,300,542
|
|
|
6,570,123
|
|
|
404,000
|
|
|
421,000
|
|
(2)
|
During the year ended November 30, 2018, we acquired a total of 6,481 homes in backlog in connection with the CalAtlantic acquisition. Of the homes acquired that were in backlog, 2,126 homes were in the East, 1,281 homes were in the Central, 877 homes were in Texas and 2,197 homes were in the West.
|
(3)
|
During the year ended November 30, 2019, we acquired 13 homes in backlog.
|
|
November 30,
|
||||
|
2019
|
|
2018 (1)
|
||
East
|
428
|
|
|
481
|
|
Central
|
255
|
|
|
243
|
|
Texas
|
238
|
|
|
240
|
|
West
|
359
|
|
|
361
|
|
Other
|
3
|
|
|
4
|
|
Total
|
1,283
|
|
|
1,329
|
|
(1)
|
We acquired 542 active communities as part of the CalAtlantic acquisition on February 12, 2018. Of the communities acquired, 177 were in the East, 135 were in the Central, 99 were in Texas and 131 were in the West.
|
|
Years Ended November 30,
|
||||||
(Dollars in thousands)
|
2019
|
|
2018 (1)
|
|
|||
East:
|
|
|
|
|
|||
Sales of homes
|
$
|
7,059,267
|
|
|
6,193,868
|
|
|
Costs of homes sold
|
5,526,335
|
|
|
4,900,188
|
|
|
|
Gross margins on home sales
|
1,532,932
|
|
21.7%
|
1,293,680
|
|
20.9%
|
|
Central:
|
|
|
|
|
|||
Sales of homes
|
2,718,836
|
|
|
2,260,105
|
|
|
|
Costs of homes sold
|
2,215,955
|
|
|
1,882,114
|
|
|
|
Gross margins on home sales
|
502,881
|
|
18.5%
|
377,991
|
|
16.7%
|
|
Texas:
|
|
|
|
|
|||
Sales of homes
|
2,526,364
|
|
|
2,366,844
|
|
|
|
Costs of homes sold
|
2,003,650
|
|
|
1,952,366
|
|
|
|
Gross margins on home sales
|
522,714
|
|
20.7%
|
414,478
|
|
17.5%
|
|
West:
|
|
|
|
|
|||
Sales of homes
|
8,203,790
|
|
|
7,934,138
|
|
|
|
Costs of homes sold
|
6,520,975
|
|
|
6,331,368
|
|
|
|
Gross margins on home sales
|
1,682,815
|
|
20.5%
|
1,602,770
|
|
20.2%
|
|
Other:
|
|
|
|
|
|||
Sales of homes
|
51,890
|
|
|
55,597
|
|
|
|
Costs of homes sold (2)
|
57,074
|
|
|
55,702
|
|
|
|
Gross margins on home sales (2)
|
(5,184
|
)
|
(10.0)%
|
(105
|
)
|
(0.2)%
|
|
Total gross margins on home sales
|
$
|
4,236,158
|
|
20.6%
|
3,688,814
|
|
19.6%
|
|
Years Ended November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Revenues
|
$
|
824,810
|
|
|
954,631
|
|
Costs and expenses
|
600,168
|
|
|
754,915
|
|
|
Operating earnings
|
$
|
224,642
|
|
|
199,716
|
|
Dollar value of mortgages originated
|
$
|
10,930,900
|
|
|
11,079,000
|
|
Number of mortgages originated
|
34,800
|
|
|
36,500
|
|
|
Mortgage capture rate of Lennar homebuyers
|
76
|
%
|
|
73
|
%
|
|
Number of title and closing service transactions
|
59,700
|
|
|
118,000
|
|
|
Number of title policies issued
|
19,800
|
|
|
297,600
|
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Homebuilding debt
|
$
|
7,776,638
|
|
|
8,543,868
|
|
Stockholders’ equity
|
15,949,517
|
|
|
14,581,535
|
|
|
Total capital
|
$
|
23,726,155
|
|
|
23,125,403
|
|
Homebuilding debt to total capital
|
32.8
|
%
|
|
36.9
|
%
|
|
Homebuilding debt
|
$
|
7,776,638
|
|
|
8,543,868
|
|
Less: Homebuilding cash and cash equivalents
|
1,200,832
|
|
|
1,337,807
|
|
|
Net Homebuilding debt
|
$
|
6,575,806
|
|
|
7,206,061
|
|
Net Homebuilding debt to total capital (1)
|
29.2
|
%
|
|
33.1
|
%
|
(1)
|
Net Homebuilding debt to total capital is a non-GAAP financial measure defined as net Homebuilding debt (Homebuilding debt less Homebuilding cash and cash equivalents) divided by total capital (net Homebuilding debt plus stockholders' equity). Our management believes the ratio of net Homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in our homebuilding operations. However, because net Homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement our GAAP results.
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
6.625% senior notes due 2020 (1)
|
$
|
303,668
|
|
|
311,735
|
|
2.95% senior notes due 2020
|
299,421
|
|
|
298,838
|
|
|
8.375% senior notes due 2021 (1)
|
418,860
|
|
|
435,897
|
|
|
4.750% senior notes due 2021
|
498,893
|
|
|
498,111
|
|
|
6.25% senior notes due December 2021 (1)
|
310,252
|
|
|
315,283
|
|
|
4.125% senior notes due 2022
|
597,885
|
|
|
596,894
|
|
|
5.375% senior notes due 2022 (1)
|
258,198
|
|
|
261,055
|
|
|
4.750% senior notes due 2022
|
571,644
|
|
|
570,564
|
|
|
4.875% senior notes due December 2023
|
396,553
|
|
|
395,759
|
|
|
4.500% senior notes due 2024
|
646,802
|
|
|
646,078
|
|
|
5.875% senior notes due 2024 (1)
|
448,158
|
|
|
452,833
|
|
|
4.750% senior notes due 2025
|
497,558
|
|
|
497,114
|
|
|
5.25% senior notes due 2026 (1)
|
407,921
|
|
|
409,133
|
|
|
5.00% senior notes due 2027 (1)
|
352,892
|
|
|
353,275
|
|
|
4.75% senior notes due 2027
|
893,046
|
|
|
892,297
|
|
|
0.25% convertible senior notes due 2019
|
—
|
|
|
1,291
|
|
|
4.500% senior notes due 2019
|
—
|
|
|
499,585
|
|
|
4.50% senior notes due 2019
|
—
|
|
|
599,176
|
|
|
Mortgage notes on land and other debt
|
874,887
|
|
|
508,950
|
|
|
|
$
|
7,776,638
|
|
|
8,543,868
|
|
(1)
|
These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $267.7 million principal amount of 6.625% senior notes due 2020, $397.6 million principal amount of 8.375% senior notes due 2021, $292.0 million principal amount of 6.25% senior notes due 2021, $240.8 million principal amount of 5.375% senior notes due 2022, $421.4 million principal amount of 5.875% senior notes due 2024, $395.5 million principal amount of 5.25% senior notes due 2026 and $347.3 million principal amount of 5.00% senior notes due 2027. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).
|
(Dollars in thousands)
|
Covenant Level
|
|
Level Achieved as of November 30, 2019
|
|||
Minimum net worth test
|
$
|
7,652,808
|
|
|
10,577,157
|
|
Maximum leverage ratio
|
65.0
|
%
|
|
34.5
|
%
|
|
Liquidity test (1)
|
1.00
|
|
|
3.05
|
|
(1)
|
We are only required to maintain either (1) liquidity in an amount equal to or greater than 1.00x consolidated interest incurred for the last twelve months then ended or (2) an interest coverage ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. Although we are in compliance with our debt covenants for both calculations, we have only disclosed our liquidity test.
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
364-day warehouse repurchase facility that matures December 2019 (1)
|
$
|
500,000
|
|
364-day warehouse repurchase facility that matures March 2020 (2)
|
300,000
|
|
|
364-day warehouse repurchase facility that matures June 2020
|
500,000
|
|
|
364-day warehouse repurchase facility that matures October 2020 (3)
|
500,000
|
|
|
Total
|
$
|
1,800,000
|
|
(1)
|
Subsequent to November 30, 2019, the maturity date was extended to March 2020 and the maximum aggregate commitment was decreased to $300 million. As of November 30, 2019, the maximum aggregate commitment includes an uncommitted amount of $500 million.
|
(2)
|
Maximum aggregate commitment includes an uncommitted amount of $300 million.
|
(3)
|
Maximum aggregate commitment includes an uncommitted amount of $400 million.
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
364-day warehouse repurchase facility that matures December 2019 (1)
|
$
|
250,000
|
|
364-day warehouse repurchase facility that matures December 2019 (1)
|
200,000
|
|
|
364-day warehouse repurchase facility that matures December 2019 (1)
|
200,000
|
|
|
364-day warehouse repurchase facility that matures November 2020
|
200,000
|
|
|
Total - Loans origination and securitization business
|
$
|
850,000
|
|
Warehouse repurchase facility that matures December 2019 (two - one year extensions) (2)
|
50,000
|
|
|
Total
|
$
|
900,000
|
|
(1)
|
Subsequent to November 30, 2019, the maturity date was extended to December 2020.
|
(2)
|
RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were borrowings under this facility of $11.4 million as of November 30, 2019. There were no borrowings under this facility as of November 30, 2018.
|
|
Years Ended November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Revenues
|
$
|
303,963
|
|
|
522,811
|
|
Costs and expenses
|
401,396
|
|
|
720,849
|
|
|
Other income, net (1)
|
78,406
|
|
|
120,620
|
|
|
Net loss of unconsolidated entities (1)
|
$
|
(19,027
|
)
|
|
(77,418
|
)
|
Homebuilding equity in loss from unconsolidated entities (1)
|
$
|
(13,273
|
)
|
|
(90,209
|
)
|
Homebuilding cumulative share of net earnings - deferred at November 30
|
$
|
26,499
|
|
|
35,233
|
|
Homebuilding investments in unconsolidated entities (2)
|
$
|
1,009,035
|
|
|
870,201
|
|
Equity of the unconsolidated entities
|
$
|
4,213,756
|
|
|
4,041,666
|
|
Homebuilding investment % in the unconsolidated entities (3)
|
24
|
%
|
|
22
|
%
|
(1)
|
During the year ended November 30, 2019, other income was primarily attributable to a $64.9 million gain on the settlement of contingent consideration recorded by one Homebuilding unconsolidated entity, of which our pro-rata share was $25.9 million. During the year ended November 30, 2018, other income was primarily due to FivePoint recording income resulting from the Tax Cuts and Jobs Act of 2017’s reduction in its corporate tax rate to reduce its liability pursuant to its tax receivable agreement (“TRA Liability”) with its non-controlling interests. However, we have a 70% interest in the FivePoint TRA Liability. Therefore, we did not include in Homebuilding’s equity in loss from unconsolidated entities our pro-rata share of earnings related to our portion of the TRA Liability. As a result, our unconsolidated entities have net losses, but we have a higher equity in loss from unconsolidated entities.
|
(2)
|
Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities as of November 30, 2018.
|
(3)
|
Our share of profit and cash distributions from operations could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return or cash flow milestones are achieved.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
602,480
|
|
|
781,833
|
|
Inventories
|
4,514,885
|
|
|
4,291,470
|
|
|
Other assets
|
1,007,698
|
|
|
1,045,274
|
|
|
|
$
|
6,125,063
|
|
|
6,118,577
|
|
Liabilities and equity:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
816,719
|
|
|
874,355
|
|
Debt (1)
|
1,094,588
|
|
|
1,202,556
|
|
|
Equity
|
4,213,756
|
|
|
4,041,666
|
|
|
|
$
|
6,125,063
|
|
|
6,118,577
|
|
(1)
|
Debt is net of debt issuance costs of $13.0 million and $12.4 million, as of November 30, 2019 and 2018, respectively. The decrease in debt was primarily related to the consolidation of a previously unconsolidated entity during the year ended November 30, 2019.
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Debt
|
$
|
1,094,588
|
|
|
1,202,556
|
|
Equity
|
4,213,756
|
|
|
4,041,666
|
|
|
Total capital
|
$
|
5,308,344
|
|
|
5,244,222
|
|
Debt to total capital of our Homebuilding unconsolidated entities
|
20.6
|
%
|
|
22.9
|
%
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Land development
|
$
|
923,769
|
|
|
805,678
|
|
Homebuilding
|
85,266
|
|
|
64,523
|
|
|
Total investments (1)
|
$
|
1,009,035
|
|
|
870,201
|
|
(1)
|
Does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities as of November 30, 2018.
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Non-recourse bank debt and other debt (partner’s share of several recourse)
|
$
|
52,007
|
|
|
48,313
|
|
Non-recourse debt with completion guarantees
|
219,558
|
|
|
239,568
|
|
|
Non-recourse debt without completion guarantees
|
825,192
|
|
|
861,371
|
|
|
Non-recourse debt to Lennar
|
1,096,757
|
|
|
1,149,252
|
|
|
Lennar’s maximum recourse exposure (1)
|
10,787
|
|
|
65,707
|
|
|
Debt issuance costs
|
$
|
(12,956
|
)
|
|
(12,403
|
)
|
Total debt
|
$
|
1,094,588
|
|
|
1,202,556
|
|
Lennar’s maximum recourse exposure as a % of total JV debt
|
1
|
%
|
|
5
|
%
|
(1)
|
As of November 30, 2019 and 2018, our maximum recourse exposure was primarily related to us providing a repayment guarantee on two and four unconsolidated entities' debt, respectively. The decrease in maximum recourse exposure and total debt was primarily related to the consolidation of a previously unconsolidated entity during the year ended November 30, 2019.
|
|
|
Principal Maturities of Homebuilding Unconsolidated JVs Debt by Period
|
|||||||||||||||||
(In thousands)
|
|
Total JV
Debt
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Other
|
|||||||
Maximum recourse debt exposure to Lennar
|
|
$
|
10,787
|
|
|
—
|
|
|
4,521
|
|
|
6,266
|
|
|
—
|
|
|
—
|
|
Debt without recourse to Lennar
|
|
1,096,757
|
|
|
136,002
|
|
|
258,402
|
|
|
54,789
|
|
|
647,564
|
|
|
—
|
|
|
Debt issuance costs
|
|
(12,956
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,956
|
)
|
|
Total
|
|
$
|
1,094,588
|
|
|
136,002
|
|
|
262,923
|
|
|
61,055
|
|
|
647,564
|
|
|
(12,956
|
)
|
(Dollars in thousands)
|
Lennar’s
Investment
|
|
Total JV
Assets
|
|
Maximum
Recourse
Debt
Exposure
to Lennar
|
|
Total
Debt
Without
Recourse
to Lennar
|
|
Total JV
Debt
|
|
Total JV
Equity
|
|
JV Debt
to Total
Capital
Ratio
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FivePoint
|
$
|
373,959
|
|
|
2,996,792
|
|
|
—
|
|
|
625,000
|
|
|
625,000
|
|
|
1,889,256
|
|
|
25
|
%
|
Dublin Crossings
|
78,124
|
|
|
242,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
218,569
|
|
|
—
|
%
|
|
Heritage Fields El Toro
|
45,131
|
|
|
1,180,669
|
|
|
—
|
|
|
5,919
|
|
|
5,919
|
|
|
1,025,485
|
|
|
1
|
%
|
|
Hawk Land Investors
|
43,254
|
|
|
5,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,609
|
|
|
—
|
%
|
|
SC East Landco
|
41,979
|
|
|
114,951
|
|
|
—
|
|
|
15,820
|
|
|
15,820
|
|
|
99,737
|
|
|
14
|
%
|
|
Greenbriar Investor
|
40,000
|
|
|
91,798
|
|
|
—
|
|
|
38,243
|
|
|
38,243
|
|
|
52,187
|
|
|
42
|
%
|
|
BHCSP
|
37,525
|
|
|
110,168
|
|
|
4,521
|
|
|
31,650
|
|
|
36,171
|
|
|
63,562
|
|
|
36
|
%
|
|
Mesa Canyon Community Partners
|
37,367
|
|
|
150,653
|
|
|
—
|
|
|
39,500
|
|
|
39,500
|
|
|
111,255
|
|
|
26
|
%
|
|
E.L. Urban Communities
|
37,002
|
|
|
53,147
|
|
|
—
|
|
|
25,316
|
|
|
25,316
|
|
|
24,376
|
|
|
51
|
%
|
|
Runkle Canyon
|
32,990
|
|
|
66,137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65,979
|
|
|
—
|
%
|
|
10 largest JV investments (1)
|
767,331
|
|
|
5,012,929
|
|
|
4,521
|
|
|
781,448
|
|
|
785,969
|
|
|
3,556,015
|
|
|
18
|
%
|
|
Other JVs
|
241,704
|
|
|
1,112,134
|
|
|
6,266
|
|
|
315,309
|
|
|
321,575
|
|
|
657,741
|
|
|
33
|
%
|
|
Total
|
$
|
1,009,035
|
|
|
6,125,063
|
|
|
10,787
|
|
|
1,096,757
|
|
|
1,107,544
|
|
|
4,213,756
|
|
|
21
|
%
|
Debt issuance costs
|
|
|
|
|
—
|
|
|
(12,956
|
)
|
|
(12,956
|
)
|
|
|
|
|
|||||
Total JV debt
|
|
|
|
|
10,787
|
|
|
1,083,801
|
|
|
1,094,588
|
|
|
|
|
|
(1)
|
The 10 largest joint ventures by the carrying value of Lennar's investment presented above represent the majority of total JVs assets and equity, 42% of total JV maximum recourse debt exposure to Lennar and 71% of total JV debt without recourse to Lennar. The joint ventures listed are included in the Homebuilding West segment, except FivePoint, Heritage Fields El Toro and E.L. Urban Communities which are in Homebuilding Other and Hawk Land Investors, LLC which is in Homebuilding East.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
74,726
|
|
|
61,571
|
|
Operating properties and equipment
|
4,618,518
|
|
|
3,708,613
|
|
|
Other assets
|
66,960
|
|
|
40,899
|
|
|
|
$
|
4,760,204
|
|
|
3,811,083
|
|
Liabilities and equity:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
212,706
|
|
|
199,119
|
|
Notes payable (1)
|
2,113,696
|
|
|
1,381,656
|
|
|
Equity
|
2,433,802
|
|
|
2,230,308
|
|
|
|
$
|
4,760,204
|
|
|
3,811,083
|
|
(1)
|
Notes payable are net of debt issuance costs of $26.8 million and $15.7 million, for the years ended November 30, 2019 and 2018, respectively.
|
|
|
Principal Maturities of Multifamily Unconsolidated JVs Debt by Period
|
|||||||||||||||||
(In thousands)
|
|
Total JV
Debt
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Other
|
|||||||
Debt without recourse to Lennar
|
|
$
|
2,140,507
|
|
|
470,839
|
|
|
459,534
|
|
|
291,622
|
|
|
918,512
|
|
|
—
|
|
Debt issuance costs
|
|
(26,811
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,811
|
)
|
|
Total
|
|
$
|
2,113,696
|
|
|
470,839
|
|
|
459,534
|
|
|
291,622
|
|
|
918,512
|
|
|
(26,811
|
)
|
|
Years Ended November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Revenues
|
$
|
170,598
|
|
|
117,985
|
|
Costs and expenses
|
247,207
|
|
|
172,089
|
|
|
Other income, net
|
54,578
|
|
|
93,778
|
|
|
Net earnings (loss) of unconsolidated entities
|
$
|
(22,031
|
)
|
|
39,674
|
|
Multifamily equity in earnings from unconsolidated entities and other gain (1)
|
$
|
11,294
|
|
|
51,322
|
|
Our investments in unconsolidated entities
|
$
|
561,190
|
|
|
481,129
|
|
Equity of the unconsolidated entities
|
$
|
2,433,802
|
|
|
2,230,308
|
|
Our investment % in the unconsolidated entities (2)
|
23
|
%
|
|
22
|
%
|
(1)
|
During the year ended November 30, 2019, our Multifamily segment sold, through its unconsolidated entities, two operating properties and an investment in an operating property resulting in the segment's $28.1 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an operating property and recognition of our share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings (loss) of unconsolidated entities. During the year ended November 30, 2018, our Multifamily segment sold, through its unconsolidated entities six operating properties and an investment in an operating property resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of our share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities.
|
(2)
|
Our share of profit and cash distributions from sales of operating properties could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved.
|
(In thousands)
|
Hypothetical Carried Interest
|
|
Paid as Advanced Tax Distribution
|
|
Paid as Carried Interest
|
|
Hypothetical Carried Interest, Net (2)
|
|||||
Rialto Real Estate Fund, LP (1)
|
$
|
185,335
|
|
|
52,711
|
|
|
55,313
|
|
|
77,311
|
|
Rialto Real Estate Fund II, LP (1)
|
38,268
|
|
|
18,578
|
|
|
417
|
|
|
19,273
|
|
|
Rialto Real Estate Fund III, LP (1)
|
88,746
|
|
|
18,151
|
|
|
—
|
|
|
70,595
|
|
|
|
$
|
312,349
|
|
|
89,440
|
|
|
55,730
|
|
|
167,179
|
|
(1)
|
Gross of interests of participating employees (refer to note below).
|
(2)
|
Rialto previously adopted carried interest plans under which we and participating employees will receive 60% and 40%, respectively, of carried interest payments, net of expenses, received by entities that are general partners of a number of Rialto funds or other investment vehicles. When Rialto Management Group was sold, we retained our right to receive 60% of the distributions of carried interest payments received from funds that existed at the time of the sale.
|
|
Controlled Homesites
|
|
|
|
|
|||||||||
November 30, 2019
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned
Homesites
|
|
Total
Homesites
|
|||||
East
|
39,136
|
|
|
16,613
|
|
|
55,749
|
|
|
77,150
|
|
|
132,899
|
|
Central
|
7,102
|
|
|
132
|
|
|
7,234
|
|
|
30,922
|
|
|
38,156
|
|
Texas
|
21,766
|
|
|
—
|
|
|
21,766
|
|
|
36,443
|
|
|
58,209
|
|
West
|
8,144
|
|
|
3,267
|
|
|
11,411
|
|
|
62,424
|
|
|
73,835
|
|
Other
|
5,739
|
|
|
2,311
|
|
|
8,050
|
|
|
2,093
|
|
|
10,143
|
|
Total homesites
|
81,887
|
|
|
22,323
|
|
|
104,210
|
|
|
209,032
|
|
|
313,242
|
|
% of total homesites
|
|
|
|
|
33
|
%
|
|
67
|
%
|
|
|
|
Controlled Homesites
|
|
|
|
|
|||||||||
November 30, 2018
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned
Homesites
|
|
Total
Homesites
|
|||||
East
|
25,699
|
|
|
3,482
|
|
|
29,181
|
|
|
72,367
|
|
|
101,548
|
|
Central
|
5,837
|
|
|
—
|
|
|
5,837
|
|
|
31,684
|
|
|
37,521
|
|
Texas
|
18,890
|
|
|
—
|
|
|
18,890
|
|
|
31,733
|
|
|
50,623
|
|
West
|
8,863
|
|
|
4,576
|
|
|
13,439
|
|
|
62,732
|
|
|
76,171
|
|
Other
|
—
|
|
|
1,276
|
|
|
1,276
|
|
|
3,132
|
|
|
4,408
|
|
Total homesites
|
59,289
|
|
|
9,334
|
|
|
68,623
|
|
|
201,648
|
|
|
270,271
|
|
% of total homesites
|
|
|
|
|
25
|
%
|
|
75
|
%
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||
(In thousands)
|
Total
|
|
Less than
1 year
|
|
1 to 3
years
|
|
3 to 5
years
|
|
More than
5 years
|
||||||
Homebuilding - Senior notes and other debts payable (1)
|
$
|
7,728,821
|
|
|
1,055,076
|
|
|
2,891,119
|
|
|
1,595,544
|
|
|
2,187,082
|
|
Financial Services - Notes and other debts payable
|
1,745,755
|
|
|
1,452,879
|
|
|
138,158
|
|
|
—
|
|
|
154,718
|
|
|
Multifamily - Note payable
|
36,125
|
|
|
36,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Lennar Other - Notes and other debts payable
|
15,178
|
|
|
15,178
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Interest commitments under interest bearing debt (2)
|
1,502,096
|
|
|
374,642
|
|
|
540,491
|
|
|
342,603
|
|
|
244,360
|
|
|
Operating leases
|
185,027
|
|
|
41,952
|
|
|
72,216
|
|
|
38,950
|
|
|
31,909
|
|
|
Other contractual obligations (3)
|
237,388
|
|
|
195,805
|
|
|
41,583
|
|
|
—
|
|
|
—
|
|
|
Total contractual obligations (4)
|
$
|
11,450,390
|
|
|
3,171,657
|
|
|
3,683,567
|
|
|
1,977,097
|
|
|
2,618,069
|
|
(1)
|
The amounts presented in the table above exclude debt issuance costs and any discounts/premiums and purchase accounting adjustments.
|
(2)
|
Interest commitments on variable interest-bearing debt are determined based on the interest rate as of November 30, 2019.
|
(3)
|
Amounts include $18.5 million and $205.7 million remaining equity commitment to fund the LMV I and LMV II, respectively, for future expenditures related to the construction and development of the projects and $13.1 million of commitments to Rialto funds.
|
(4)
|
Total contractual obligations exclude our gross unrecognized tax benefits and accrued interest and penalties totaling $68.2 million as of November 30, 2019, because we are unable to make reasonable estimates as to the period of cash settlement with the respective taxing authorities.
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
|
Years Ending November 30,
|
|
|
|
|
|
Fair Value at
November 30,
|
|||||||||||||||||
(Dollars in millions)
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
2019
|
|||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investments held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.1
|
|
|
54.1
|
|
|
56.4
|
|
Average interest rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
%
|
|
2.8
|
%
|
|
—
|
|
|
Financial Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans held-for-investment, net and investments held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
19.9
|
|
|
9.9
|
|
|
3.1
|
|
|
1.7
|
|
|
1.7
|
|
|
45.1
|
|
|
81.4
|
|
|
77.1
|
|
Average interest rate
|
3.2
|
%
|
|
2.8
|
%
|
|
4.5
|
%
|
|
4.4
|
%
|
|
4.4
|
%
|
|
4.3
|
%
|
|
3.8
|
%
|
|
—
|
|
|
Variable rate
|
$
|
—
|
|
|
0.1
|
|
|
15.2
|
|
|
0.1
|
|
|
0.1
|
|
|
1.3
|
|
|
16.8
|
|
|
16.9
|
|
Average interest rate
|
—
|
%
|
|
3.1
|
%
|
|
6.5
|
%
|
|
3.1
|
%
|
|
3.1
|
%
|
|
3.1
|
%
|
|
6.2
|
%
|
|
—
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Senior notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
1,003.6
|
|
|
1,080.6
|
|
|
1,759.8
|
|
|
72.4
|
|
|
1,523.1
|
|
|
2,187.1
|
|
|
7,626.6
|
|
|
8,041.3
|
|
Average interest rate
|
4.0
|
%
|
|
5.9
|
%
|
|
4.8
|
%
|
|
4.2
|
%
|
|
5.0
|
%
|
|
4.9
|
%
|
|
4.9
|
%
|
|
—
|
|
|
Variable rate
|
$
|
51.5
|
|
|
50.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102.2
|
|
|
103.3
|
|
Average interest rate
|
4.5
|
%
|
|
2.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.3
|
%
|
|
—
|
|
|
Financial Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154.7
|
|
|
154.8
|
|
|
154.8
|
|
Average interest rate
|
5.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.4
|
%
|
|
3.5
|
%
|
|
—
|
|
|
Variable rate
|
$
|
1,452.8
|
|
|
138.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,590.9
|
|
|
1,590.9
|
|
Average interest rate
|
3.5
|
%
|
|
3.6
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.5
|
%
|
|
—
|
|
|
Multifamily:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Note payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
36.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36.1
|
|
|
36.1
|
|
Average interest rate
|
4.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
%
|
|
—
|
|
|
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed rate
|
$
|
1.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
1.9
|
|
Average interest rate
|
2.9
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
%
|
|
—
|
|
|
Variable rate
|
$
|
13.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.3
|
|
|
13.3
|
|
Average interest rate
|
3.9
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.9
|
%
|
|
—
|
|
Item 8.
|
Financial Statements and Supplementary Data.
|
•
|
We tested the effectiveness of the investment consolidation controls over the initial accounting assessment of joint ventures and the continuous reassessment for reconsideration events, as required by the accounting framework.
|
•
|
We selected a sample of unconsolidated joint ventures and evaluated the appropriateness of the Company’s accounting conclusions upon formation and reconsideration events by:
|
•
|
Reading the joint venture agreements and other related documents and evaluating the structure and terms of the agreement to determine if the joint venture should be classified as a VIE.
|
•
|
If an entity is determined to be a VIE, considering whether the Company appropriately determined the primary beneficiary by evaluating the contractual arrangements of the entity to determine if the Company has the power to direct activities, and if the Company has the obligation to absorb losses of the entity or the right to receive benefits from the entity that could be significant to the VIE.
|
•
|
For those entities where the Company has determined it is the primary beneficiary, evaluating whether or not the Company consolidated the balances at the appropriate amounts.
|
•
|
Evaluating the evidence obtained in other areas of the audit to determine if there were additional reconsiderations events that had not been identified by the Company, including, among others, reading joint venture board minutes and confirming the terms of certain joint venture agreements and side agreements, if any.
|
•
|
We tested the effectiveness of controls over management’s evaluation of the fair value analysis of the previously unconsolidated entity, including the appropriateness of the valuation technique applied, accounting and business assumptions used in the analysis, and the mathematical accuracy of the overall model.
|
•
|
With the assistance of our fair value specialists we evaluated the reasonableness of the Company’s valuation technique, to determine if it is consistent with generally accepted valuation practices, and considered acceptable under the circumstances.
|
•
|
We evaluated the significant valuation assumptions, including the source information of the significant valuation assumptions used by management with assistance of our fair value specialists. We evaluated the significant assumptions, including: base home price per unit, absorption rate/sales velocity, annual inflation rate, direct construction costs, and the discount rate by (1) independently obtaining evidence from knowledgeable sources that are independent from the Company in order to benchmark, challenge, and assess management’s key assumptions, and (2) testing the mathematical accuracy of management’s calculation of the undiscounted cash flow analysis.
|
•
|
We assessed the reasonableness of the Company’s business assumptions, including capital expenditures and property information including location and property type, and historical and budgeted construction costs by comparing the assumptions to the Company’s historical results.
|
|
2019 (1)
|
|
2018 (1)
|
|||
|
(Dollars in thousands)
|
|||||
ASSETS
|
|
|
|
|||
Homebuilding:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
1,200,832
|
|
|
1,337,807
|
|
Restricted cash
|
9,698
|
|
|
12,399
|
|
|
Receivables, net
|
329,124
|
|
|
236,841
|
|
|
Inventories:
|
|
|
|
|||
Finished homes and construction in progress
|
9,195,721
|
|
|
8,681,357
|
|
|
Land and land under development
|
8,267,647
|
|
|
8,178,388
|
|
|
Consolidated inventory not owned
|
313,139
|
|
|
208,959
|
|
|
Total inventories
|
17,776,507
|
|
|
17,068,704
|
|
|
Investments in unconsolidated entities
|
1,009,035
|
|
|
870,201
|
|
|
Goodwill
|
3,442,359
|
|
|
3,442,359
|
|
|
Other assets
|
1,021,684
|
|
|
1,355,782
|
|
|
|
24,789,239
|
|
|
24,324,093
|
|
|
Financial Services
|
3,006,024
|
|
|
2,778,910
|
|
|
Multifamily
|
1,068,831
|
|
|
874,219
|
|
|
Lennar Other
|
495,417
|
|
|
588,959
|
|
|
Total assets
|
$
|
29,359,511
|
|
|
28,566,181
|
|
(1)
|
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its consolidated balance sheets the assets of consolidated variable interest entities ("VIEs") that are owned by the consolidated VIEs and liabilities of consolidated VIEs as to which there is no recourse against the Company.
|
|
2019 (2)
|
|
2018 (2)
|
|||
|
(Dollars in thousands except per share amounts)
|
|||||
LIABILITIES AND EQUITY
|
|
|
|
|||
Homebuilding:
|
|
|
|
|||
Accounts payable
|
$
|
1,069,179
|
|
|
1,154,782
|
|
Liabilities related to consolidated inventory not owned
|
260,266
|
|
|
175,590
|
|
|
Senior notes and other debts payable, net
|
7,776,638
|
|
|
8,543,868
|
|
|
Other liabilities
|
1,900,955
|
|
|
1,902,658
|
|
|
|
11,007,038
|
|
|
11,776,898
|
|
|
Financial Services
|
2,056,450
|
|
|
1,868,202
|
|
|
Multifamily
|
232,155
|
|
|
170,616
|
|
|
Lennar Other
|
30,038
|
|
|
67,508
|
|
|
Total liabilities
|
13,325,681
|
|
|
13,883,224
|
|
|
Stockholders’ equity:
|
|
|
|
|||
Preferred stock
|
—
|
|
|
—
|
|
|
Class A common stock of $0.10 par value per share; Authorized: 2019 and 2018 - 400,000,000 shares; Issued: 2019 - 297,119,153 shares; 2018 - 294,992,562 shares
|
29,712
|
|
|
29,499
|
|
|
Class B common stock of $0.10 par value per share; Authorized: 2019 and 2018 - 90,000,000 shares, Issued: 2019 - 39,443,064 shares; 2018 - 39,442,219 shares
|
3,944
|
|
|
3,944
|
|
|
Additional paid-in capital
|
8,578,219
|
|
|
8,496,677
|
|
|
Retained earnings
|
8,295,001
|
|
|
6,487,650
|
|
|
Treasury stock, at cost; 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock; 2018 - 8,498,203 shares of Class A common stock and 1,698,424 shares of Class B common stock
|
(957,857
|
)
|
|
(435,869
|
)
|
|
Accumulated other comprehensive income (loss)
|
498
|
|
|
(366
|
)
|
|
Total stockholders’ equity
|
15,949,517
|
|
|
14,581,535
|
|
|
Noncontrolling interests
|
84,313
|
|
|
101,422
|
|
|
Total equity
|
16,033,830
|
|
|
14,682,957
|
|
|
Total liabilities and equity
|
$
|
29,359,511
|
|
|
28,566,181
|
|
(2)
|
As of November 30, 2019, total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.
|
|
2019
|
|
2018
|
|
2017
|
||||
|
(Dollars in thousands, except per share amounts)
|
||||||||
Revenues:
|
|
|
|
|
|
||||
Homebuilding
|
$
|
20,793,216
|
|
|
19,077,597
|
|
|
11,188,876
|
|
Financial Services
|
824,810
|
|
|
954,631
|
|
|
891,957
|
|
|
Multifamily
|
604,700
|
|
|
421,132
|
|
|
394,771
|
|
|
Lennar Other
|
36,835
|
|
|
118,271
|
|
|
170,761
|
|
|
Total revenues
|
22,259,561
|
|
|
20,571,631
|
|
|
12,646,365
|
|
|
Costs and expenses:
|
|
|
|
|
|
||||
Homebuilding
|
18,245,700
|
|
|
16,936,803
|
|
|
9,743,148
|
|
|
Financial Services
|
600,168
|
|
|
754,915
|
|
|
696,650
|
|
|
Multifamily
|
599,604
|
|
|
429,759
|
|
|
407,078
|
|
|
Lennar Other
|
11,794
|
|
|
115,969
|
|
|
174,605
|
|
|
Acquisition and integration costs related to CalAtlantic
|
—
|
|
|
152,980
|
|
|
—
|
|
|
Corporate general and administrative
|
341,114
|
|
|
343,934
|
|
|
285,889
|
|
|
Total costs and expenses
|
19,798,380
|
|
|
18,734,360
|
|
|
11,307,370
|
|
|
Homebuilding equity in loss from unconsolidated entities
|
(13,273
|
)
|
|
(90,209
|
)
|
|
(63,637
|
)
|
|
Homebuilding other income (expense), net
|
(31,338
|
)
|
|
203,902
|
|
|
23,245
|
|
|
Homebuilding loss due to litigation
|
—
|
|
|
—
|
|
|
(140,000
|
)
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
11,294
|
|
|
51,322
|
|
|
85,739
|
|
|
Lennar Other equity in earnings from unconsolidated entities
|
15,372
|
|
|
24,110
|
|
|
27,376
|
|
|
Lennar Other expense, net
|
(8,944
|
)
|
|
(60,119
|
)
|
|
(82,107
|
)
|
|
Gain on sale of Rialto investment and asset management platform
|
—
|
|
|
296,407
|
|
|
—
|
|
|
Earnings before income taxes
|
2,434,292
|
|
|
2,262,684
|
|
|
1,189,611
|
|
|
Provision for income taxes (1)
|
(592,173
|
)
|
|
(545,171
|
)
|
|
(417,857
|
)
|
|
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
|
1,842,119
|
|
|
1,717,513
|
|
|
771,754
|
|
|
Less: Net earnings (loss) attributable to noncontrolling interests
|
(6,933
|
)
|
|
21,682
|
|
|
(38,726
|
)
|
|
Net earnings attributable to Lennar
|
$
|
1,849,052
|
|
|
1,695,831
|
|
|
810,480
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||
Net unrealized gain (loss) on securities available-for-sale
|
1,040
|
|
|
(1,634
|
)
|
|
1,331
|
|
|
Reclassification adjustments for (gains) loss included in net
earnings
|
(176
|
)
|
|
234
|
|
|
12
|
|
|
Total other comprehensive income (loss), net of tax
|
$
|
864
|
|
|
(1,400
|
)
|
|
1,343
|
|
Total comprehensive income attributable to Lennar
|
$
|
1,849,916
|
|
|
1,694,431
|
|
|
811,823
|
|
Total comprehensive income (loss) attributable to noncontrolling
interests
|
$
|
(6,933
|
)
|
|
21,682
|
|
|
(38,726
|
)
|
Basic earnings per share
|
$
|
5.76
|
|
|
5.46
|
|
|
3.38
|
|
Diluted earnings per share
|
$
|
5.74
|
|
|
5.44
|
|
|
3.38
|
|
(1)
|
Provision for income taxes for the year ended November 30, 2018 includes a non-cash one-time write down of deferred tax assets of $68.6 million resulting from the Tax Cuts and Jobs Act enacted in December 2017.
|
|
2019
|
|
2018
|
|
2017
|
||||
|
(Dollars in thousands, except per share amounts)
|
||||||||
Class A common stock:
|
|
|
|
|
|
||||
Beginning balance
|
$
|
29,499
|
|
|
20,543
|
|
|
20,409
|
|
Employee stock and director plans
|
213
|
|
|
183
|
|
|
134
|
|
|
Stock issuance in connection with CalAtlantic acquisition
|
—
|
|
|
8,408
|
|
|
—
|
|
|
Conversion of convertible senior notes to shares of Class A common stock
|
—
|
|
|
365
|
|
|
—
|
|
|
Balance at November 30,
|
29,712
|
|
|
29,499
|
|
|
20,543
|
|
|
Class B common stock:
|
|
|
|
|
|
||||
Beginning balance
|
3,944
|
|
|
3,769
|
|
|
3,298
|
|
|
Stock dividends - Class B common stock
|
—
|
|
|
—
|
|
|
471
|
|
|
Stock issuance in connection with CalAtlantic acquisition
|
—
|
|
|
168
|
|
|
—
|
|
|
Conversion of convertible senior notes to shares of Class B common stock
|
—
|
|
|
7
|
|
|
—
|
|
|
Balance at November 30,
|
3,944
|
|
|
3,944
|
|
|
3,769
|
|
|
Additional paid-in capital:
|
|
|
|
|
|
||||
Beginning balance
|
8,496,677
|
|
|
3,142,013
|
|
|
2,805,349
|
|
|
Employee stock and director plans
|
415
|
|
|
3,797
|
|
|
2,086
|
|
|
Stock issuance in connection with CalAtlantic acquisition
|
—
|
|
|
5,061,430
|
|
|
—
|
|
|
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes
|
—
|
|
|
—
|
|
|
35,543
|
|
|
Amortization of restricted stock
|
86,940
|
|
|
72,655
|
|
|
61,356
|
|
|
Conversion of convertible senior notes to shares of Class A common stock
|
—
|
|
|
216,782
|
|
|
—
|
|
|
Equity adjustment related to purchase of noncontrolling interests
|
(5,813
|
)
|
|
—
|
|
|
—
|
|
|
Stock dividends - Class B common stock
|
—
|
|
|
—
|
|
|
237,679
|
|
|
Balance at November 30,
|
8,578,219
|
|
|
8,496,677
|
|
|
3,142,013
|
|
|
Retained earnings:
|
|
|
|
|
|
||||
Beginning balance
|
6,487,650
|
|
|
4,840,978
|
|
|
4,306,256
|
|
|
Net earnings attributable to Lennar
|
1,849,052
|
|
|
1,695,831
|
|
|
810,480
|
|
|
Cumulative-effect of accounting change (see Note 1 to the Notes to Consolidated Financial Statements)
|
9,753
|
|
|
—
|
|
|
—
|
|
|
Cash dividends - Class A common stock ($0.16 per share)
|
(45,418
|
)
|
|
(43,195
|
)
|
|
(32,600
|
)
|
|
Cash dividends - Class B common stock ($0.16 per share)
|
(6,036
|
)
|
|
(5,964
|
)
|
|
(5,008
|
)
|
|
Stock dividends - Class B common stock
|
—
|
|
|
—
|
|
|
(238,150
|
)
|
|
Balance at November 30,
|
8,295,001
|
|
|
6,487,650
|
|
|
4,840,978
|
|
|
Treasury stock, at cost:
|
|
|
|
|
|
||||
Beginning balance
|
(435,869
|
)
|
|
(136,020
|
)
|
|
(108,961
|
)
|
|
Employee stock and directors plans
|
(29,049
|
)
|
|
(49,939
|
)
|
|
(27,059
|
)
|
|
Purchases of treasury stock
|
(492,939
|
)
|
|
(249,910
|
)
|
|
—
|
|
|
Balance at November 30,
|
(957,857
|
)
|
|
(435,869
|
)
|
|
(136,020
|
)
|
|
Accumulated other comprehensive income (loss):
|
|
|
|
|
|
||||
Beginning balance
|
(366
|
)
|
|
1,034
|
|
|
(309
|
)
|
|
Total other comprehensive income (loss), net of tax
|
864
|
|
|
(1,400
|
)
|
|
1,343
|
|
|
Balance at November 30,
|
498
|
|
|
(366
|
)
|
|
1,034
|
|
|
Total stockholders’ equity
|
15,949,517
|
|
|
14,581,535
|
|
|
7,872,317
|
|
|
Noncontrolling interests:
|
|
|
|
|
|
||||
Beginning balance
|
101,422
|
|
|
113,815
|
|
|
185,525
|
|
|
Net earnings (loss) attributable to noncontrolling interests
|
(6,933
|
)
|
|
21,682
|
|
|
(38,726
|
)
|
|
Receipts related to noncontrolling interests
|
27,859
|
|
|
18,126
|
|
|
5,786
|
|
|
Payments related to noncontrolling interests
|
(43,734
|
)
|
|
(89,575
|
)
|
|
(74,372
|
)
|
|
Non-cash consolidations, net
|
8,894
|
|
|
—
|
|
|
37,292
|
|
|
Non-cash purchase or activity of noncontrolling interests, net
|
(3,195
|
)
|
|
37,374
|
|
|
(1,690
|
)
|
|
Balance at November 30,
|
84,313
|
|
|
101,422
|
|
|
113,815
|
|
|
Total equity
|
$
|
16,033,830
|
|
|
14,682,957
|
|
|
7,986,132
|
|
|
2019
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
|
$
|
1,842,119
|
|
|
1,717,513
|
|
|
771,754
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|
|
|
|
|
||||
Depreciation and amortization
|
92,200
|
|
|
91,181
|
|
|
66,324
|
|
|
Amortization of discount/premium and accretion on debt, net
|
(26,210
|
)
|
|
(23,544
|
)
|
|
11,312
|
|
|
Equity in (earnings) loss from unconsolidated entities
|
(2,528
|
)
|
|
30,518
|
|
|
(49,478
|
)
|
|
Distributions of earnings from unconsolidated entities
|
12,753
|
|
|
113,096
|
|
|
137,669
|
|
|
Share-based compensation expense
|
86,940
|
|
|
72,655
|
|
|
61,356
|
|
|
Excess tax benefits from share-based awards
|
—
|
|
|
—
|
|
|
(1,981
|
)
|
|
Deferred income tax expense
|
235,493
|
|
|
268,037
|
|
|
91,050
|
|
|
Gain on sale of Rialto investment and asset management platform
|
—
|
|
|
(296,407
|
)
|
|
—
|
|
|
Gain on sale of other assets, operating properties and equipment and CMBS bonds
|
(21,941
|
)
|
|
(11,963
|
)
|
|
(12,789
|
)
|
|
Loss on consolidation of previously unconsolidated entity
|
48,874
|
|
|
—
|
|
|
—
|
|
|
Gain on sale of interest in Multifamily unconsolidated entities
|
(10,865
|
)
|
|
(15,741
|
)
|
|
—
|
|
|
Gain on sale of interest in unconsolidated entities
|
—
|
|
|
(164,880
|
)
|
|
—
|
|
|
Gain on sale of Financial Services' businesses
|
(2,368
|
)
|
|
—
|
|
|
—
|
|
|
Unrealized and realized gains on real estate owned
|
(1,183
|
)
|
|
(3,734
|
)
|
|
(5,119
|
)
|
|
Impairments of loans receivable and real estate owned
|
—
|
|
|
39,053
|
|
|
97,786
|
|
|
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets
|
56,125
|
|
|
49,338
|
|
|
16,339
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
||||
Decrease (increase) in receivables
|
312,255
|
|
|
(431,183
|
)
|
|
253,111
|
|
|
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
|
(623,644
|
)
|
|
(135,870
|
)
|
|
(661,494
|
)
|
|
Increase in other assets
|
(69,699
|
)
|
|
(24,923
|
)
|
|
(44,535
|
)
|
|
(Increase) decrease in loans held-for-sale
|
(431,339
|
)
|
|
5,805
|
|
|
(105,600
|
)
|
|
(Decrease) increase in accounts payable and other liabilities
|
(14,639
|
)
|
|
412,796
|
|
|
356,669
|
|
|
Net cash provided by operating activities
|
$
|
1,482,343
|
|
|
1,691,747
|
|
|
982,374
|
|
Cash flows from investing activities:
|
|
|
|
|
|
||||
Net additions to operating properties and equipment
|
(86,497
|
)
|
|
(130,439
|
)
|
|
(111,773
|
)
|
|
Proceeds from the sale of other assets, operating properties and equipment and CMBS bonds
|
70,441
|
|
|
52,855
|
|
|
63,936
|
|
|
Proceeds from sale of investments in unconsolidated entities
|
17,790
|
|
|
225,267
|
|
|
—
|
|
|
Proceeds from sale of Financial Services' businesses
|
24,446
|
|
|
—
|
|
|
—
|
|
|
Investments in and contributions to unconsolidated entities
|
(436,325
|
)
|
|
(405,547
|
)
|
|
(430,304
|
)
|
|
Distributions of capital from unconsolidated and consolidated entities
|
405,677
|
|
|
362,516
|
|
|
207,327
|
|
|
Proceeds from sales of real estate owned
|
8,866
|
|
|
32,221
|
|
|
86,565
|
|
|
Receipts of principal payments on loans held-for-sale
|
—
|
|
|
—
|
|
|
11,251
|
|
|
Receipts of principal payments on loans receivable and other
|
2,382
|
|
|
4,339
|
|
|
165,413
|
|
|
Originations of loans receivable
|
—
|
|
|
—
|
|
|
(98,375
|
)
|
|
Purchases of commercial mortgage-backed securities bonds
|
—
|
|
|
(31,068
|
)
|
|
(107,262
|
)
|
|
Proceeds from sale of Rialto investment and asset management platform
|
—
|
|
|
340,000
|
|
|
—
|
|
|
Acquisitions, net of cash and restricted cash acquired
|
—
|
|
|
(1,078,282
|
)
|
|
(604,366
|
)
|
|
Increase in Financial Services loans held-for-investment, net
|
(3,516
|
)
|
|
(3,603
|
)
|
|
(14,257
|
)
|
|
Purchases of investment securities
|
(36,261
|
)
|
|
(47,305
|
)
|
|
(53,558
|
)
|
|
Proceeds from maturities/sales of investment securities
|
52,593
|
|
|
85,237
|
|
|
41,765
|
|
|
Other payments, net
|
—
|
|
|
(145
|
)
|
|
(1,442
|
)
|
|
Net cash provided by (used in) investing activities
|
$
|
19,596
|
|
|
(593,954
|
)
|
|
(845,080
|
)
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||||
Cash flows from financing activities:
|
|
|
|
|
|
||||
Net repayments under revolving lines of credit
|
$
|
—
|
|
|
(454,700
|
)
|
|
—
|
|
Net borrowings (repayments) under warehouse facilities
|
166,552
|
|
|
272,920
|
|
|
(199,684
|
)
|
|
Proceeds from senior notes
|
—
|
|
|
—
|
|
|
2,450,000
|
|
|
Debt issuance costs
|
(25
|
)
|
|
(14,661
|
)
|
|
(28,590
|
)
|
|
Redemption of senior notes
|
(1,100,000
|
)
|
|
(1,100,000
|
)
|
|
(1,058,595
|
)
|
|
Conversions, exchanges and redemption of convertible senior notes
|
(1,288
|
)
|
|
(59,145
|
)
|
|
—
|
|
|
Proceeds from Rialto notes payable
|
—
|
|
|
33,724
|
|
|
99,630
|
|
|
Principal payments on Rialto notes payable including structured notes
|
—
|
|
|
(359,016
|
)
|
|
(24,964
|
)
|
|
Proceeds from other borrowings
|
88,751
|
|
|
44,374
|
|
|
31,230
|
|
|
(Payments) proceeds to/from other liabilities
|
(3,850
|
)
|
|
(3,542
|
)
|
|
195,541
|
|
|
Principal payments on other borrowings
|
(189,454
|
)
|
|
(138,475
|
)
|
|
(139,725
|
)
|
|
Receipts related to noncontrolling interests
|
27,859
|
|
|
18,126
|
|
|
5,786
|
|
|
Payments related to noncontrolling interests
|
(43,734
|
)
|
|
(89,575
|
)
|
|
(74,372
|
)
|
|
Excess tax benefits from share-based awards
|
—
|
|
|
—
|
|
|
1,981
|
|
|
Common stock:
|
|
|
|
|
|
||||
Issuances
|
493
|
|
|
3,061
|
|
|
720
|
|
|
Repurchases
|
(523,074
|
)
|
|
(299,833
|
)
|
|
(27,054
|
)
|
|
Dividends
|
(51,454
|
)
|
|
(49,159
|
)
|
|
(37,608
|
)
|
|
Net cash (used in) provided by financing activities
|
$
|
(1,629,224
|
)
|
|
(2,195,901
|
)
|
|
1,194,296
|
|
Net (decrease) increase in cash and cash equivalents and restricted cash
|
(127,285
|
)
|
|
(1,098,108
|
)
|
|
1,331,590
|
|
|
Cash and cash equivalents and restricted cash at beginning of year
|
1,595,976
|
|
|
2,694,084
|
|
|
1,362,494
|
|
|
Cash and cash equivalents and restricted cash at end of year
|
$
|
1,468,691
|
|
|
1,595,976
|
|
|
2,694,084
|
|
Summary of cash and cash equivalents and restricted cash:
|
|
|
|
|
|
||||
Homebuilding
|
$
|
1,210,530
|
|
|
1,350,206
|
|
|
2,291,665
|
|
Financial Services
|
246,135
|
|
|
206,429
|
|
|
129,416
|
|
|
Multifamily
|
8,711
|
|
|
7,832
|
|
|
8,676
|
|
|
Lennar Other
|
3,315
|
|
|
31,509
|
|
|
264,327
|
|
|
|
$
|
1,468,691
|
|
|
1,595,976
|
|
|
2,694,084
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
49,870
|
|
|
128,877
|
|
|
89,485
|
|
Cash paid for income taxes, net
|
$
|
261,445
|
|
|
376,609
|
|
|
199,557
|
|
|
|
|
|
|
|
||||
Supplemental disclosures of non-cash investing and financing activities:
|
|
|
|
|
|
||||
Homebuilding and Multifamily:
|
|
|
|
|
|
||||
Purchases of inventories, land under development and other assets financed by sellers
|
$
|
101,300
|
|
|
163,519
|
|
|
279,323
|
|
Net non-cash contributions to unconsolidated entities
|
156,075
|
|
|
162,281
|
|
|
62,618
|
|
|
Non-cash sale of operating properties and equipment and other assets
|
48,671
|
|
|
—
|
|
|
—
|
|
|
Conversions of and exchanges on convertible senior notes to equity
|
—
|
|
|
217,154
|
|
|
—
|
|
|
Equity component of acquisition consideration
|
—
|
|
|
5,070,006
|
|
|
—
|
|
|
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
|
|
|
|
|
|
||||
Inventories
|
187,506
|
|
|
35,430
|
|
|
48,656
|
|
|
Receivables
|
102,959
|
|
|
7,198
|
|
|
—
|
|
|
Operating properties and equipment and other assets
|
53,412
|
|
|
—
|
|
|
(1,716
|
)
|
|
Investments in unconsolidated entities
|
67,925
|
|
|
(25,614
|
)
|
|
(9,692
|
)
|
|
Notes payable
|
(383,212
|
)
|
|
—
|
|
|
—
|
|
|
Other liabilities
|
(19,696
|
)
|
|
(17,014
|
)
|
|
44
|
|
|
Noncontrolling interests
|
(8,894
|
)
|
|
—
|
|
|
(37,292
|
)
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Homebuilding:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
1,200,832
|
|
|
1,337,807
|
|
Restricted cash
|
9,698
|
|
|
12,399
|
|
|
Financial Services:
|
|
|
|
|||
Cash and cash equivalents
|
234,113
|
|
|
188,485
|
|
|
Restricted cash
|
12,022
|
|
|
17,944
|
|
|
Multifamily:
|
|
|
|
|||
Cash and cash equivalents
|
8,711
|
|
|
7,832
|
|
|
Lennar Other:
|
|
|
|
|||
Cash and cash equivalents
|
2,340
|
|
|
24,334
|
|
|
Restricted cash
|
975
|
|
|
7,175
|
|
|
Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows
|
$
|
1,468,691
|
|
|
1,595,976
|
|
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Interest expense in costs of homes sold
|
$
|
371,821
|
|
|
301,339
|
|
|
260,650
|
|
Interest expense in costs of land sold
|
5,554
|
|
|
3,567
|
|
|
9,995
|
|
|
Other interest expense (1)
|
17,620
|
|
|
11,258
|
|
|
7,164
|
|
|
Total interest expense
|
$
|
394,995
|
|
|
316,164
|
|
|
277,809
|
|
(1)
|
Included in Homebuilding other income (expense), net.
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Warranty reserve, beginning of year
|
$
|
319,109
|
|
|
164,619
|
|
Warranties issued
|
189,105
|
|
|
175,410
|
|
|
Adjustments to pre-existing warranties from changes in estimates (1)
|
(8,156
|
)
|
|
3,116
|
|
|
Warranties assumed related to acquisitions
|
—
|
|
|
140,959
|
|
|
Payments
|
(205,920
|
)
|
|
(164,995
|
)
|
|
Warranty reserve, end of year
|
$
|
294,138
|
|
|
319,109
|
|
(1)
|
The adjustments to pre-existing warranties from changes in estimates during the years ended November 30, 2019 and 2018 primarily related to specific claims in certain of the Company's homebuilding communities and other adjustments.
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Loan origination liabilities, beginning of year
|
$
|
48,584
|
|
|
22,543
|
|
Provision for losses
|
3,813
|
|
|
5,787
|
|
|
Adjustments to pre-existing provisions for losses from changes in estimates
|
—
|
|
|
4,625
|
|
|
Origination liabilities assumed related to CalAtlantic acquisition
|
—
|
|
|
29,959
|
|
|
Payments/settlements (1)
|
(43,033
|
)
|
|
(14,330
|
)
|
|
Loan origination liabilities, end of year
|
$
|
9,364
|
|
|
48,584
|
|
(1)
|
In December 2018, the Company settled litigation with the creditors of a former investor to resolve claims of breach of representations and warranties and similar claims for loans sold by the Company (or its subsidiaries or predecessors). The Company had adequately reserved $42.0 million for this settlement payment as of November 30, 2018.
|
(In thousands)
|
|
||
ASSETS
|
|
||
Homebuilding:
|
|
||
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
55,191
|
|
Inventories
|
6,239,147
|
|
|
Intangible asset (1)
|
8,000
|
|
|
Investments in unconsolidated entities
|
151,900
|
|
|
Goodwill (2)
|
3,305,792
|
|
|
Other assets
|
561,151
|
|
|
Total Homebuilding assets
|
10,321,181
|
|
|
Financial Services (2)
|
355,128
|
|
|
Total assets
|
$
|
10,676,309
|
|
LIABILITIES
|
|
||
Homebuilding:
|
|
||
Accounts payable
|
$
|
306
|
|
Senior notes payable and other debts
|
3,926,152
|
|
|
Other liabilities (3)
|
374,656
|
|
|
Total Homebuilding liabilities
|
4,301,114
|
|
|
Financial Services
|
124,418
|
|
|
Total liabilities
|
4,425,532
|
|
|
Noncontrolling interests (4)
|
18,430
|
|
|
Total purchase price
|
$
|
6,232,347
|
|
(1)
|
Intangible asset includes trade name. The amortization period for the trade name was approximately six months.
|
(2)
|
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is generally not deductible for income tax purposes. As of the Merger date, goodwill consisted primarily of expected greater efficiencies and opportunities due to increased concentration of local market share, reduced general and administrative costs and reduced homebuilding costs resulting from the merger and cost savings as a result of additional homebuilding and non-homebuilding synergies. The assignment of goodwill among the Company's reporting segments included $1.1 billion to Homebuilding East, $495.0 million to Homebuilding Central, $342.2 million to Homebuilding Texas, $1.4 billion to Homebuilding West, and $175.4 million to Financial Services.
|
(3)
|
Other liabilities include contingencies assumed at the Merger date, which includes warranty and legal reserves. Warranty reserves for homes are established at an amount estimated to be adequate to cover potential costs for materials and labor with regard to warranty-type claims expected to be incurred subsequent to the delivery of a home. Warranty reserves are determined based on historical data and trends with respect to similar product types and geographical areas. Consistent with ASC 450, Contingencies, ("ASC450") legal reserves are established when a loss is considered probable and the amount of loss can be reasonably estimated.
|
(4)
|
Fair value of noncontrolling interests was measured using discounted cash flows of expected future contributions and distributions.
|
(1)
|
Homebuilding East
|
(2)
|
Homebuilding Central
|
(3)
|
Homebuilding Texas
|
(4)
|
Homebuilding West
|
(5)
|
Financial Services
|
(6)
|
Multifamily
|
(7)
|
Lennar Other
|
|
November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Assets:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
6,708,586
|
|
|
7,183,758
|
|
|
3,817,454
|
|
Homebuilding Central
|
2,732,872
|
|
|
2,522,799
|
|
|
1,275,623
|
|
|
Homebuilding Texas
|
2,246,893
|
|
|
2,311,760
|
|
|
1,199,971
|
|
|
Homebuilding West
|
10,663,666
|
|
|
10,291,385
|
|
|
5,432,485
|
|
|
Homebuilding Other
|
1,173,163
|
|
|
1,013,367
|
|
|
1,086,739
|
|
|
Financial Services
|
3,006,024
|
|
|
2,778,910
|
|
|
2,054,317
|
|
|
Multifamily
|
1,068,831
|
|
|
874,219
|
|
|
710,725
|
|
|
Lennar Other
|
495,417
|
|
|
588,959
|
|
|
827,452
|
|
|
Corporate and unallocated
|
1,264,059
|
|
|
1,001,024
|
|
|
2,340,268
|
|
|
Total assets
|
$
|
29,359,511
|
|
|
28,566,181
|
|
|
18,745,034
|
|
Homebuilding investments in unconsolidated entities:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
162,108
|
|
|
76,627
|
|
|
68,670
|
|
Homebuilding Central
|
6,520
|
|
|
6,510
|
|
|
2,971
|
|
|
Homebuilding Texas
|
1,629
|
|
|
1,902
|
|
|
—
|
|
|
Homebuilding West
|
270,931
|
|
|
311,200
|
|
|
225,803
|
|
|
Homebuilding Other
|
567,847
|
|
|
473,962
|
|
|
564,905
|
|
|
Total Homebuilding investments in unconsolidated entities (1)
|
$
|
1,009,035
|
|
|
870,201
|
|
|
862,349
|
|
Multifamily investments in unconsolidated entities
|
$
|
561,190
|
|
|
481,129
|
|
|
407,544
|
|
Lennar Other investments in unconsolidated entities
|
$
|
403,688
|
|
|
424,104
|
|
|
303,839
|
|
Homebuilding goodwill (2)
|
$
|
3,442,359
|
|
|
3,442,359
|
|
|
136,566
|
|
Financial Services goodwill (2)
|
$
|
215,516
|
|
|
237,688
|
|
|
59,838
|
|
Lennar Other goodwill
|
$
|
—
|
|
|
—
|
|
|
5,396
|
|
(1)
|
Homebuilding investments in unconsolidated entities as of November 30, 2018, does not include the ($62.0) million investment balance for one unconsolidated entity as it was reclassed to other liabilities.
|
(2)
|
In connection with the CalAtlantic acquisition, the Company recorded a provisional amount of homebuilding goodwill of $3.3 billion. The assignment of goodwill among the Company's reporting segments included $1.1 billion to Homebuilding East, $495.0 million to Homebuilding Central, $342.2 million to Homebuilding Texas, $1.4 billion to Homebuilding West, and $175.4 million to Financial Services. In connection with the WCI acquisition in 2017, the Company allocated $136.6 million of goodwill to the Homebuilding East reportable segment and $20.0 million to the Financial Services segment. The portion allocated to the Financial Services segment was written off as part of the sale of the Florida real estate brokerage business in the first quarter of 2019.
|
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
7,098,937
|
|
|
6,249,864
|
|
|
4,054,849
|
|
Homebuilding Central
|
2,739,006
|
|
|
2,290,887
|
|
|
923,518
|
|
|
Homebuilding Texas
|
2,578,962
|
|
|
2,421,399
|
|
|
1,697,731
|
|
|
Homebuilding West
|
8,227,304
|
|
|
8,059,850
|
|
|
4,447,084
|
|
|
Homebuilding Other
|
149,007
|
|
|
55,597
|
|
|
65,694
|
|
|
Financial Services
|
824,810
|
|
|
954,631
|
|
|
891,957
|
|
|
Multifamily
|
604,700
|
|
|
421,132
|
|
|
394,771
|
|
|
Lennar Other
|
36,835
|
|
|
118,271
|
|
|
170,761
|
|
|
Total revenues
|
$
|
22,259,561
|
|
|
20,571,631
|
|
|
12,646,365
|
|
Operating earnings (loss):
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
977,375
|
|
|
759,221
|
|
|
575,701
|
|
Homebuilding Central (1)
|
284,616
|
|
|
182,608
|
|
|
(52,301
|
)
|
|
Homebuilding Texas
|
285,874
|
|
|
172,449
|
|
|
180,212
|
|
|
Homebuilding West
|
1,050,850
|
|
|
1,082,302
|
|
|
615,916
|
|
|
Homebuilding Other (2)
|
(95,810
|
)
|
|
57,907
|
|
|
(55,134
|
)
|
|
Financial Services
|
224,642
|
|
|
199,716
|
|
|
195,307
|
|
|
Multifamily (3)
|
16,390
|
|
|
42,695
|
|
|
73,432
|
|
|
Lennar Other (4)
|
31,469
|
|
|
(33,707
|
)
|
|
(57,633
|
)
|
|
Total operating earnings
|
2,775,406
|
|
|
2,463,191
|
|
|
1,475,500
|
|
|
Gain on sale of Rialto investment and asset management platform
|
—
|
|
|
296,407
|
|
|
—
|
|
|
Acquisition and integration costs related to CalAtlantic
|
—
|
|
|
152,980
|
|
|
—
|
|
|
Corporate general and administrative expenses
|
341,114
|
|
|
343,934
|
|
|
285,889
|
|
|
Earnings before income taxes
|
$
|
2,434,292
|
|
|
2,262,684
|
|
|
1,189,611
|
|
(1)
|
Homebuilding Central operating loss for the year ended November 30, 2017 included a $140 million loss due to litigation.
|
(2)
|
For the year ended November 30, 2019, Homebuilding Other's operating loss includes a $48.9 million loss on consolidation due to the consolidation of a previously unconsolidated entity. Additionally, Homebuilding Other's revenues increased for the year ended November 30, 2019 due to the consolidation of that entity. For the year ended November 30, 2018, Homebuilding Other's operating earnings includes a $164.9 million gain on the sale of an 80% interest in one of the Company's strategic joint ventures, Treasure Island Holdings. For the years ended November 30, 2018 and 2017, Homebuilding Other's operating earnings (loss) included an equity in loss from unconsolidated entities of $90.3 million and $49.5 million, respectively.
|
(3)
|
For the years ended November 30, 2019, 2018 and 2017, Multifamily's operating earnings included $11.3 million, $51.3 million and $85.7 million, respectively, of equity in earnings from unconsolidated entities and other gain primarily as a result of $28.1 million share of gains from the sale of two operating properties and an investment in an unconsolidated entity for the year ended November 30, 2019, $61.2 million share of gains from the sale of six operating properties and an investment in an unconsolidated entity for the year ended November 30, 2018 and $96.7 million share of gains from the sale of seven operating properties for the year ended November 30, 2017 by its unconsolidated entities.
|
(4)
|
For the year ended November 30, 2018, Lennar Other's operating loss was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense. For the year ended November 30, 2017, Lennar Other's operating loss included $96.2 million of gross REO and loan impairments ($44.7 million net of noncontrolling interests) as Lennar Other liquidated most of the remaining assets of the FDIC portfolio.
|
|
|
|
|
|
|
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Homebuilding interest expense:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
118,270
|
|
|
98,478
|
|
|
85,761
|
|
Homebuilding Central
|
42,403
|
|
|
28,471
|
|
|
21,061
|
|
|
Homebuilding Texas
|
37,144
|
|
|
32,930
|
|
|
34,237
|
|
|
Homebuilding West
|
183,906
|
|
|
151,823
|
|
|
135,574
|
|
|
Homebuilding Other
|
13,272
|
|
|
4,462
|
|
|
1,176
|
|
|
Total Homebuilding interest expense
|
$
|
394,995
|
|
|
316,164
|
|
|
277,809
|
|
Financial Services interest income, net
|
$
|
22,800
|
|
|
19,774
|
|
|
20,359
|
|
Lennar Other interest expense, net
|
$
|
587
|
|
|
557
|
|
|
1,761
|
|
Depreciation and amortization:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
23,969
|
|
|
20,614
|
|
|
17,258
|
|
Homebuilding Central
|
8,010
|
|
|
5,285
|
|
|
3,879
|
|
|
Homebuilding Texas
|
8,395
|
|
|
9,041
|
|
|
8,228
|
|
|
Homebuilding West
|
45,456
|
|
|
36,013
|
|
|
27,403
|
|
|
Homebuilding Other
|
369
|
|
|
1,022
|
|
|
2,447
|
|
|
Financial Services
|
10,430
|
|
|
13,473
|
|
|
10,022
|
|
|
Multifamily
|
6,209
|
|
|
4,357
|
|
|
2,910
|
|
|
Lennar Other
|
—
|
|
|
5,687
|
|
|
5,164
|
|
|
Corporate and unallocated
|
75,197
|
|
|
66,261
|
|
|
50,369
|
|
|
Total depreciation and amortization
|
$
|
178,035
|
|
|
161,753
|
|
|
127,680
|
|
Net additions to (disposals of) operating properties and equipment:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
(31,323
|
)
|
|
26,402
|
|
|
(27
|
)
|
Homebuilding Central
|
74
|
|
|
14,677
|
|
|
32
|
|
|
Homebuilding Texas
|
950
|
|
|
200
|
|
|
(40
|
)
|
|
Homebuilding West
|
63,803
|
|
|
42,525
|
|
|
32,995
|
|
|
Homebuilding Other
|
(1,214
|
)
|
|
15,549
|
|
|
10,833
|
|
|
Financial Services
|
6,942
|
|
|
7,703
|
|
|
11,185
|
|
|
Multifamily
|
495
|
|
|
1,558
|
|
|
12,657
|
|
|
Lennar Other
|
—
|
|
|
6,416
|
|
|
4,115
|
|
|
Corporate and unallocated
|
7,183
|
|
|
55,364
|
|
|
40,023
|
|
|
Total net additions (disposals of) operating properties and equipment
|
$
|
46,910
|
|
|
170,394
|
|
|
111,773
|
|
Homebuilding equity in earnings (loss) from unconsolidated entities:
|
|
|
|
|
|
||||
Homebuilding East
|
$
|
(793
|
)
|
|
(818
|
)
|
|
(754
|
)
|
Homebuilding Central
|
178
|
|
|
691
|
|
|
(255
|
)
|
|
Homebuilding Texas
|
569
|
|
|
469
|
|
|
8
|
|
|
Homebuilding West
|
1,263
|
|
|
(212
|
)
|
|
(13,095
|
)
|
|
Homebuilding Other (1)
|
(14,490
|
)
|
|
(90,339
|
)
|
|
(49,541
|
)
|
|
Total Homebuilding equity in loss from unconsolidated entities
|
$
|
(13,273
|
)
|
|
(90,209
|
)
|
|
(63,637
|
)
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
$
|
11,294
|
|
|
51,322
|
|
|
85,739
|
|
Lennar Other equity in earnings from unconsolidated entities
|
$
|
15,372
|
|
|
24,110
|
|
|
27,376
|
|
(1)
|
For the year ended November 30, 2019, equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses, partially offset by profits from land sales. For the year ended November 30, 2018, equity in loss included the Company's share of operational net losses from unconsolidated entities driven by valuation adjustments and general and administrative expenses, partially offset by profits from land sales. For the year ended November 30, 2017, equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Accounts receivable
|
$
|
129,216
|
|
|
115,642
|
|
Mortgages and notes receivable
|
203,230
|
|
|
123,796
|
|
|
|
332,446
|
|
|
239,438
|
|
|
Allowance for doubtful accounts
|
(3,322
|
)
|
|
(2,597
|
)
|
|
Receivables, net
|
$
|
329,124
|
|
|
236,841
|
|
Statements of Operations
|
|||||||||
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Revenues
|
$
|
303,963
|
|
|
522,811
|
|
|
465,182
|
|
Costs and expenses
|
401,396
|
|
|
720,849
|
|
|
603,079
|
|
|
Other income (1)
|
78,406
|
|
|
120,620
|
|
|
16,440
|
|
|
Net loss of unconsolidated entities (1)
|
$
|
(19,027
|
)
|
|
(77,418
|
)
|
|
(121,457
|
)
|
Homebuilding equity in loss from unconsolidated entities (1)
|
$
|
(13,273
|
)
|
|
(90,209
|
)
|
|
(63,637
|
)
|
(1)
|
During the year ended November 30, 2019, other income was primarily attributable to a $64.9 million gain on the settlement of contingent consideration recorded by one Homebuilding unconsolidated entity, of which the Company's pro-rata share was $25.9 million. During the year ended November 30, 2018, other income was primarily due to FivePoint recording income resulting from the Tax Cuts and Jobs Act of 2017’s reduction in its corporate tax rate to reduce its liability pursuant to its tax receivable agreement (“TRA Liability”) with its non-controlling interests. However, the Company has a 70% interest in the FivePoint TRA Liability. Therefore, the Company did not include in Homebuilding’s equity in earnings (loss) from unconsolidated entities its pro-rata share of earnings related to the Company’s portion of the TRA Liability. As a result, the Company’s unconsolidated entities have net earnings, but the Company has an equity in loss from unconsolidated entities.
|
Balance Sheets
|
||||||
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
602,480
|
|
|
781,833
|
|
Inventories
|
4,514,885
|
|
|
4,291,470
|
|
|
Other assets
|
1,007,698
|
|
|
1,045,274
|
|
|
|
$
|
6,125,063
|
|
|
6,118,577
|
|
Liabilities and equity:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
816,719
|
|
|
874,355
|
|
Debt (1)
|
1,094,588
|
|
|
1,202,556
|
|
|
Equity
|
4,213,756
|
|
|
4,041,666
|
|
|
|
$
|
6,125,063
|
|
|
6,118,577
|
|
Homebuilding investments in unconsolidated entities (2)
|
$
|
1,009,035
|
|
|
870,201
|
|
(1)
|
Debt presented above is net of debt issuance costs of $13.0 million and $12.4 million, as of November 30, 2019 and 2018, respectively. The decrease in debt was primarily related to the Company's consolidation of a previously unconsolidated entity during the year ended November 30, 2019.
|
(2)
|
Homebuilding investments in unconsolidated entities as of November 30, 2018, does not include $62.0 million of the negative investment balance for one unconsolidated entity as it was reclassed to other liabilities.
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
Non-recourse bank debt and other debt (partner’s share of several recourse)
|
$
|
52,007
|
|
|
48,313
|
|
Non-recourse debt with completion guarantees
|
219,558
|
|
|
239,568
|
|
|
Non-recourse debt without completion guarantees
|
825,192
|
|
|
861,371
|
|
|
Non-recourse debt to the Company
|
1,096,757
|
|
|
1,149,252
|
|
|
The Company’s maximum recourse exposure (1)
|
10,787
|
|
|
65,707
|
|
|
Debt issuance costs
|
(12,956
|
)
|
|
(12,403
|
)
|
|
Total debt (1)
|
$
|
1,094,588
|
|
|
1,202,556
|
|
The Company’s maximum recourse exposure as a % of total JV debt
|
1
|
%
|
|
5
|
%
|
(1)
|
As of November 30, 2019 and 2018, the Company's maximum recourse exposure was primarily related to the Company providing repayment guarantee on two and four unconsolidated entities' debt, respectively. The decrease in maximum recourse exposure and total debt was primarily related to the Company's consolidation of a previously unconsolidated entity during the year ended November 30, 2019.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Operating properties (1)
|
$
|
225,256
|
|
|
255,203
|
|
Leasehold improvements
|
63,846
|
|
|
61,990
|
|
|
Furniture, fixtures and equipment
|
159,007
|
|
|
141,466
|
|
|
|
448,109
|
|
|
458,659
|
|
|
Accumulated depreciation and amortization
|
(168,582
|
)
|
|
(138,798
|
)
|
|
|
$
|
279,527
|
|
|
319,861
|
|
(1)
|
Operating properties primarily include solar systems, rental operations and commercial properties.
|
|
November 30,
|
|||||
(Dollars in thousands)
|
2019
|
|
2018
|
|||
6.625% senior notes due 2020 (1)
|
$
|
303,668
|
|
|
311,735
|
|
2.95% senior notes due 2020
|
299,421
|
|
|
298,838
|
|
|
8.375% senior notes due 2021 (1)
|
418,860
|
|
|
435,897
|
|
|
4.750% senior notes due 2021
|
498,893
|
|
|
498,111
|
|
|
6.25% senior notes due December 2021 (1)
|
310,252
|
|
|
315,283
|
|
|
4.125% senior notes due 2022
|
597,885
|
|
|
596,894
|
|
|
5.375% senior notes due 2022 (1)
|
258,198
|
|
|
261,055
|
|
|
4.750% senior notes due 2022
|
571,644
|
|
|
570,564
|
|
|
4.875% senior notes due December 2023
|
396,553
|
|
|
395,759
|
|
|
4.500% senior notes due 2024
|
646,802
|
|
|
646,078
|
|
|
5.875% senior notes due 2024 (1)
|
448,158
|
|
|
452,833
|
|
|
4.750% senior notes due 2025
|
497,558
|
|
|
497,114
|
|
|
5.25% senior notes due 2026 (1)
|
407,921
|
|
|
409,133
|
|
|
5.00% senior notes due 2027 (1)
|
352,892
|
|
|
353,275
|
|
|
4.75% senior notes due 2027
|
893,046
|
|
|
892,297
|
|
|
0.25% convertible senior notes due 2019
|
—
|
|
|
1,291
|
|
|
4.500% senior notes due 2019
|
—
|
|
|
499,585
|
|
|
4.50% senior notes due 2019
|
—
|
|
|
599,176
|
|
|
Mortgage notes on land and other debt
|
874,887
|
|
|
508,950
|
|
|
|
$
|
7,776,638
|
|
|
8,543,868
|
|
(1)
|
These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of Lennar Corporation as follows: $267.7 million principal amount of 6.625% senior notes due 2020, $397.6 million principal amount of 8.375% senior notes due 2021, $292.0 million principal amount of 6.25% senior notes due 2021, $240.8 million principal amount of 5.375% senior notes due 2022, $421.4 million principal amount of 5.875% senior notes due 2024, $395.5 million principal amount of 5.25% senior notes due 2026 and $347.3 million principal amount of 5.00% senior notes due 2027. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).
|
Senior Notes Outstanding (1)
|
|
Principal Amount
|
|
Net Proceeds (2)
|
|
Price
|
|
Dates Issued
|
||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||||
6.625% senior notes due 2020
|
|
$
|
300,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
2.95% senior notes due 2020
|
|
300,000
|
|
|
298,800
|
|
|
100
|
%
|
|
November 2017
|
|
8.375% senior notes due 2021
|
|
400,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
4.750% senior notes due 2021
|
|
500,000
|
|
|
495,974
|
|
|
100
|
%
|
|
March 2016
|
|
6.25% senior notes due December 2021
|
|
300,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
4.125% senior notes due 2022
|
|
600,000
|
|
|
595,160
|
|
|
100
|
%
|
|
January 2017
|
|
5.375% senior notes due 2022
|
|
250,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
4.750% senior notes due 2022
|
|
575,000
|
|
|
567,585
|
|
|
(4)
|
|
|
October 2012, February 2013, April 2013
|
|
4.875% senior notes due December 2023
|
|
400,000
|
|
|
393,622
|
|
|
99.169
|
%
|
|
November 2015
|
|
4.500% senior notes due 2024
|
|
650,000
|
|
|
644,838
|
|
|
100
|
%
|
|
April 2017
|
|
5.875% senior notes due 2024
|
|
425,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
4.750% senior notes due 2025
|
|
500,000
|
|
|
495,528
|
|
|
100
|
%
|
|
April 2015
|
|
5.25% senior notes due 2026
|
|
400,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
5.00% senior notes due 2027
|
|
350,000
|
|
|
(3)
|
|
|
(3)
|
|
|
(3)
|
|
4.75% senior notes due 2027
|
|
900,000
|
|
|
894,650
|
|
|
100
|
%
|
|
November 2017
|
(1)
|
Interest is payable semi-annually for each of the series of senior notes. The senior notes are unsecured and unsubordinated, but are guaranteed by substantially all of the Company's 100% owned homebuilding subsidiaries.
|
(2)
|
The Company generally uses the net proceeds for working capital and general corporate purposes, which can include the repayment or repurchase of other outstanding senior notes.
|
(3)
|
These notes were obligations of CalAtlantic when it was acquired, and were subsequently exchanged in part for notes of the Company. As part of purchase accounting, the senior notes have been recorded at their fair value as of the date of acquisition (February 12, 2018).
|
(4)
|
The Company issued $350 million aggregate principal amount at a price of 100%, $175 million aggregate principal amount at a price of 98.073% and $50 million aggregate principal amount at a price of 98.250%.
|
(In thousands)
|
Debt
Maturities
|
||
2020
|
$
|
1,055,076
|
|
2021
|
1,131,303
|
|
|
2022
|
1,759,816
|
|
|
2023
|
72,419
|
|
|
2024
|
1,523,125
|
|
|
Thereafter
|
2,187,082
|
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
234,113
|
|
|
188,485
|
|
Restricted cash
|
12,022
|
|
|
17,944
|
|
|
Receivables, net (1)
|
500,847
|
|
|
731,169
|
|
|
Loans held-for-sale (2)
|
1,644,939
|
|
|
1,213,889
|
|
|
Loans held-for-investment, net
|
73,867
|
|
|
70,216
|
|
|
Investments held-to-maturity
|
190,289
|
|
|
189,472
|
|
|
Investments available-for-sale (3)
|
3,732
|
|
|
4,161
|
|
|
Goodwill (4)
|
215,516
|
|
|
237,688
|
|
|
Other assets (5)
|
130,699
|
|
|
125,886
|
|
|
|
$
|
3,006,024
|
|
|
2,778,910
|
|
Liabilities:
|
|
|
|
|||
Notes and other debts payable
|
$
|
1,745,755
|
|
|
1,558,702
|
|
Other liabilities (6)
|
310,695
|
|
|
309,500
|
|
|
|
$
|
2,056,450
|
|
|
1,868,202
|
|
(1)
|
Receivables, net, primarily related to loans sold to investors for which the Company had not yet been paid.
|
(2)
|
Loans held-for-sale related to unsold loans carried at fair value.
|
(3)
|
Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss).
|
(4)
|
As of November 30, 2019 and 2018, goodwill included $175.4 million related to the CalAtlantic acquisition (See Note 2).
|
(5)
|
As of November 30, 2019 and 2018, other assets included mortgage loan commitments carried at fair value of $16.3 million and $16.4 million, respectively, and mortgage servicing rights carried at fair value of $24.7 million and $37.2 million, respectively.
|
(6)
|
As of November 30, 2019 and 2018, other liabilities included $60.7 million and $60.3 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation, and forward contracts carried at fair value of $3.9 million and $10.4 million, respectively.
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
364-day warehouse repurchase facility that matures December 2019 (1)
|
$
|
500,000
|
|
364-day warehouse repurchase facility that matures March 2020 (2)
|
300,000
|
|
|
364-day warehouse repurchase facility that matures June 2020
|
500,000
|
|
|
364-day warehouse repurchase facility that matures October 2020 (3)
|
500,000
|
|
|
Total
|
$
|
1,800,000
|
|
(1)
|
Subsequent to November 30, 2019, the maturity date was extended to March 2020 and the maximum aggregate commitment was decreased to $300 million. As of November 30, 2019, the maximum aggregate commitment includes an uncommitted amount of $500 million.
|
(2)
|
Maximum aggregate commitment includes an uncommitted amount of $300 million.
|
(3)
|
Maximum aggregate commitment includes an uncommitted amount of $400 million.
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
364-day warehouse repurchase facility that matures December 2019 (1)
|
$
|
250,000
|
|
364-day warehouse repurchase facility that matures December 2019 (1)
|
200,000
|
|
|
364-day warehouse repurchase facility that matures December 2019 (1)
|
200,000
|
|
|
364-day warehouse repurchase facility that matures November 2020
|
200,000
|
|
|
Total - Loans origination and securitization business
|
850,000
|
|
|
Warehouse repurchase facility that matures December 2019 (two - one year extensions) (2)
|
50,000
|
|
|
Total
|
$
|
900,000
|
|
(1)
|
Subsequent to November 30, 2019, the maturity date was extended to December 2020.
|
(2)
|
RMF uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were borrowings under this facility of $11.4 million as of November 30, 2019. There were no borrowings under this facility as of November 30, 2018.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
8,711
|
|
|
7,832
|
|
Receivables (1)
|
76,906
|
|
|
73,829
|
|
|
Land under development
|
315,107
|
|
|
277,894
|
|
|
Investments in unconsolidated entities
|
561,190
|
|
|
481,129
|
|
|
Assets held-for-sale, net
|
48,206
|
|
|
—
|
|
|
Other assets
|
58,711
|
|
|
33,535
|
|
|
|
$
|
1,068,831
|
|
|
874,219
|
|
Liabilities:
|
|
|
|
|||
Note payable (2)
|
$
|
36,125
|
|
|
—
|
|
Accounts payable and other liabilities
|
196,030
|
|
|
170,616
|
|
|
|
$
|
232,155
|
|
|
170,616
|
|
(1)
|
Receivables primarily related to general contractor services, net of deferrals, and management fee income receivables due from unconsolidated entities as of November 30, 2019 and 2018.
|
(2)
|
Note payable is net of debt issuance costs.
|
Balance Sheets
|
||||||
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
74,726
|
|
|
61,571
|
|
Operating properties and equipment
|
4,618,518
|
|
|
3,708,613
|
|
|
Other assets
|
66,960
|
|
|
40,899
|
|
|
|
$
|
4,760,204
|
|
|
3,811,083
|
|
Liabilities and equity:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
212,706
|
|
|
199,119
|
|
Notes payable (1)
|
2,113,696
|
|
|
1,381,656
|
|
|
Equity
|
2,433,802
|
|
|
2,230,308
|
|
|
|
$
|
4,760,204
|
|
|
3,811,083
|
|
Multifamily investments in unconsolidated entities
|
$
|
561,190
|
|
|
481,129
|
|
(1)
|
Notes payable are net of debt issuance costs of $26.8 million and $15.7 million, as of November 30, 2019 and 2018, respectively.
|
Statements of Operations
|
|||||||||
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Revenues
|
$
|
170,598
|
|
|
117,985
|
|
|
67,578
|
|
Costs and expenses
|
247,207
|
|
|
172,089
|
|
|
108,610
|
|
|
Other income, net
|
54,578
|
|
|
93,778
|
|
|
207,793
|
|
|
Net earnings (loss) of unconsolidated entities
|
$
|
(22,031
|
)
|
|
39,674
|
|
|
166,761
|
|
Multifamily equity in earnings from unconsolidated entities and other gain (1)
|
$
|
11,294
|
|
|
51,322
|
|
|
85,739
|
|
(1)
|
During the year ended November 30, 2019, the Multifamily segment sold, through its unconsolidated entities, two operating properties and an investment in an unconsolidated entity resulting in the segment's $28.1 million share of gains. The gain of $11.9 million recognized on the sale of the investment in an unconsolidated entity and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings (loss) from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the year ended November 30, 2018, the Multifamily segment sold, through its unconsolidated entities six operating properties and an investment in an unconsolidated entity resulting in the segment's $61.2 million share of gains. The gain of $15.7 million recognized on the sale of the investment in an operating property and recognition of the Company's share of deferred development fees that were capitalized at the joint venture level are included in Multifamily equity in earnings from unconsolidated entities and other gain, and are not included in net earnings of unconsolidated entities. During the year ended November 30, 2017, the Multifamily segment sold seven operating properties, through its unconsolidated entities resulting in the segment's $96.7 million share of gains.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
2,340
|
|
|
24,334
|
|
Restricted cash
|
975
|
|
|
7,175
|
|
|
Real estate owned, net
|
2,033
|
|
|
25,632
|
|
|
Investments in unconsolidated entities
|
403,688
|
|
|
424,104
|
|
|
Investments held-to-maturity
|
54,117
|
|
|
59,974
|
|
|
Other assets
|
32,264
|
|
|
47,740
|
|
|
|
$
|
495,417
|
|
|
588,959
|
|
Liabilities:
|
|
|
|
|||
Notes and other debts payable
|
$
|
15,178
|
|
|
14,488
|
|
Other liabilities
|
14,860
|
|
|
53,020
|
|
|
|
$
|
30,038
|
|
|
67,508
|
|
Balance Sheets
|
||||||
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
122,089
|
|
|
50,775
|
|
Loans receivable
|
690,270
|
|
|
705,414
|
|
|
Real estate owned
|
282,832
|
|
|
298,332
|
|
|
Investment securities
|
2,404,987
|
|
|
2,296,768
|
|
|
Investments in partnerships
|
768,219
|
|
|
561,234
|
|
|
Other assets
|
204,009
|
|
|
39,818
|
|
|
|
$
|
4,472,406
|
|
|
3,952,341
|
|
Liabilities and equity:
|
|
|
|
|||
Accounts payable and other liabilities
|
$
|
38,770
|
|
|
31,262
|
|
Notes payable (1)
|
775,648
|
|
|
605,208
|
|
|
Equity
|
3,657,988
|
|
|
3,315,871
|
|
|
|
$
|
4,472,406
|
|
|
3,952,341
|
|
Lennar Other investments in unconsolidated entities
|
$
|
403,688
|
|
|
424,104
|
|
(1)
|
Notes payable are net of debt issuance costs.
|
Statements of Operations
|
|||||||||
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Revenues
|
$
|
305,348
|
|
|
376,475
|
|
|
245,698
|
|
Costs and expenses
|
101,369
|
|
|
111,989
|
|
|
117,481
|
|
|
Other income, net (1)
|
138,443
|
|
|
7,605
|
|
|
116,740
|
|
|
Net earnings of unconsolidated entities
|
$
|
342,422
|
|
|
272,091
|
|
|
244,957
|
|
Lennar Other equity in earnings from unconsolidated entities
|
$
|
15,372
|
|
|
24,110
|
|
|
27,376
|
|
(1)
|
Other income, net included realized and unrealized gains (losses) on investments.
|
|
Percentage of Pretax Income
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Statutory rate
|
21.00
|
%
|
|
22.22
|
%
|
|
35.00
|
%
|
State income taxes, net of federal income tax benefit
|
4.17
|
|
|
3.81
|
|
|
3.29
|
|
Tax credits
|
(1.49
|
)
|
|
(1.60
|
)
|
|
(2.03
|
)
|
Nondeductible compensation
|
0.45
|
|
|
—
|
|
|
—
|
|
Domestic production activities deduction
|
—
|
|
|
(1.71
|
)
|
|
(2.77
|
)
|
Tax reserves and interest expense, net
|
(0.03
|
)
|
|
(0.39
|
)
|
|
0.27
|
|
Deferred tax asset valuation allowance, net
|
(0.02
|
)
|
|
(0.03
|
)
|
|
0.17
|
|
Accounting method changes
|
—
|
|
|
(1.47
|
)
|
|
—
|
|
Changes in tax law (1)
|
—
|
|
|
3.06
|
|
|
—
|
|
Other
|
0.18
|
|
|
0.44
|
|
|
0.09
|
|
Effective rate
|
24.26
|
%
|
|
24.33
|
%
|
|
34.02
|
%
|
(1)
|
In December 2017, the Tax Cuts and Jobs Act was enacted which had a positive impact on the Company's effective tax rate in 2019 and 2018 and will have a positive impact in subsequent years. The tax reform bill reduced the maximum federal corporate income tax rate to 21%, which reduced the value of the Company's deferred tax assets. As a result, the Company recorded a non-cash one-time write down of deferred tax assets that resulted in income tax expense of $68.6 million in fiscal year 2018.
|
|
November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Deferred tax assets:
|
|
|
|
|||
Inventory valuation adjustments
|
$
|
201,408
|
|
|
315,006
|
|
Reserves and accruals
|
148,477
|
|
|
175,626
|
|
|
Net operating loss carryforwards
|
108,250
|
|
|
138,094
|
|
|
Investments in partnerships
|
2,800
|
|
|
5,938
|
|
|
Capitalized expenses
|
72,054
|
|
|
51,477
|
|
|
Investments in unconsolidated entities
|
52,506
|
|
|
63,339
|
|
|
Other assets
|
84,454
|
|
|
115,266
|
|
|
Total deferred tax assets
|
669,949
|
|
|
864,746
|
|
|
Valuation allowance
|
(4,341
|
)
|
|
(7,219
|
)
|
|
Total deferred tax assets after valuation allowance
|
665,608
|
|
|
857,527
|
|
|
Deferred tax liabilities:
|
|
|
|
|||
Capitalized expenses
|
152,208
|
|
|
153,392
|
|
|
Deferred income
|
198,503
|
|
|
156,376
|
|
|
Other liabilities
|
35,432
|
|
|
32,271
|
|
|
Total deferred tax liabilities
|
386,143
|
|
|
342,039
|
|
|
Net deferred tax assets
|
$
|
279,465
|
|
|
515,488
|
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Net deferred tax assets: (1)
|
|
|
|
|||
Homebuilding
|
$
|
224,859
|
|
|
477,676
|
|
Financial Services
|
17,551
|
|
|
5,075
|
|
|
Multifamily
|
34,291
|
|
|
15,272
|
|
|
Lennar Other
|
2,764
|
|
|
17,465
|
|
|
Net deferred tax assets
|
$
|
279,465
|
|
|
515,488
|
|
(1)
|
Net deferred tax assets and net deferred tax liabilities detailed above are included within other assets and other liabilities in the respective segments.
|
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Gross unrecognized tax benefits, beginning of year
|
$
|
14,667
|
|
|
12,285
|
|
|
12,285
|
|
Lapse of statute of limitations
|
(1,811
|
)
|
|
(2,052
|
)
|
|
—
|
|
|
Decreases due to tax positions taken during prior period
|
—
|
|
|
(2,805
|
)
|
|
—
|
|
|
Decreases due to settlements with tax authorities
|
—
|
|
|
(6,493
|
)
|
|
—
|
|
|
Increases due to the CalAtlantic acquisition
|
—
|
|
|
13,510
|
|
|
—
|
|
|
Increases due to tax positions taken during prior period
|
—
|
|
|
222
|
|
|
—
|
|
|
Gross unrecognized tax benefits, end of year
|
$
|
12,856
|
|
|
14,667
|
|
|
12,285
|
|
|
Years Ended November 30,
|
|||||
(In thousands)
|
2019
|
|
2018
|
|||
Accrued interest and penalties, beginning of the year
|
$
|
52,942
|
|
|
49,723
|
|
Additional interest and penalties (related to the acquisition of CalAtlantic)
|
—
|
|
|
1,515
|
|
|
Accrual of interest and penalties (primarily related to state audits)
|
3,029
|
|
|
1,894
|
|
|
Reduction of interest and penalties
|
(638
|
)
|
|
(190
|
)
|
|
Accrued interest and penalties, end of the year
|
$
|
55,333
|
|
|
52,942
|
|
|
Years Ended November 30,
|
||||||||
(In thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||
Numerator:
|
|
|
|
|
|
||||
Net earnings attributable to Lennar
|
$
|
1,849,052
|
|
|
1,695,831
|
|
|
810,480
|
|
Less: distributed earnings allocated to nonvested shares
|
420
|
|
|
429
|
|
|
377
|
|
|
Less: undistributed earnings allocated to nonvested shares
|
15,722
|
|
|
14,438
|
|
|
7,447
|
|
|
Numerator for basic earnings per share
|
1,832,910
|
|
|
1,680,964
|
|
|
802,656
|
|
|
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)
|
4,204
|
|
|
3,320
|
|
|
1,009
|
|
|
Plus: interest on convertible senior notes
|
—
|
|
|
80
|
|
|
—
|
|
|
Plus: undistributed earnings allocated to convertible shares
|
—
|
|
|
2,904
|
|
|
—
|
|
|
Less: undistributed earnings reallocated to convertible shares
|
—
|
|
|
2,899
|
|
|
—
|
|
|
Numerator for diluted earnings per share
|
$
|
1,828,706
|
|
|
1,677,729
|
|
|
801,647
|
|
Denominator:
|
|
|
|
|
|
||||
Denominator for basic earnings per share - weighted average common shares outstanding
|
318,419
|
|
|
307,968
|
|
|
237,155
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
||||
Share-based payments
|
3
|
|
|
48
|
|
|
1
|
|
|
Convertible senior notes
|
—
|
|
|
549
|
|
|
—
|
|
|
Denominator for diluted earnings per share - weighted average common shares outstanding
|
318,422
|
|
|
308,565
|
|
|
237,156
|
|
|
Basic earnings per share
|
$
|
5.76
|
|
|
5.46
|
|
|
3.38
|
|
Diluted earnings per share
|
$
|
5.74
|
|
|
5.44
|
|
|
3.38
|
|
(1)
|
The amounts presented above relate to Rialto's Carried Interest Incentive Plan and represent the difference between the advanced tax distributions received by Lennar Other segment and the amount Lennar, as the parent company, is assumed to own.
|
|
Years ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Total compensation expense for nonvested share-based awards
|
$
|
86,940
|
|
|
72,655
|
|
|
61,356
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Nonvested shares at November 30, 2018
|
2,737,352
|
|
|
$
|
52.37
|
|
Grants
|
2,081,935
|
|
|
$
|
48.26
|
|
Vested
|
(1,421,613
|
)
|
|
$
|
50.43
|
|
Forfeited
|
(106,811
|
)
|
|
$
|
51.50
|
|
Nonvested shares at November 30, 2019
|
3,290,863
|
|
|
$
|
50.64
|
|
|
|
|
November 30,
|
|||||||||||
|
|
|
2019
|
|
2018
|
|||||||||
|
Fair Value
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|||||
(In thousands)
|
Hierarchy
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|||||
Financial Services:
|
|
|
|
|
|
|
|
|
|
|||||
Loans held-for-investment, net
|
Level 3
|
|
$
|
73,867
|
|
|
69,708
|
|
|
70,216
|
|
|
63,794
|
|
Investments held-to-maturity
|
Level 3
|
|
$
|
166,012
|
|
|
195,962
|
|
|
136,982
|
|
|
149,767
|
|
Investments held-to-maturity
|
Level 2
|
|
$
|
24,277
|
|
|
24,257
|
|
|
52,490
|
|
|
52,220
|
|
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|||||
Investments held-to-maturity
|
Level 3
|
|
$
|
54,117
|
|
|
56,415
|
|
|
59,974
|
|
|
72,986
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|||||
Homebuilding senior notes and other debts payable
|
Level 2
|
|
$
|
7,776,638
|
|
|
8,144,632
|
|
|
8,543,868
|
|
|
8,336,166
|
|
Financial Services notes and other debts payable
|
Level 2
|
|
$
|
1,745,755
|
|
|
1,745,782
|
|
|
1,558,702
|
|
|
1,559,718
|
|
Multifamily note payable
|
Level 2
|
|
$
|
36,125
|
|
|
36,125
|
|
|
—
|
|
|
—
|
|
Lennar Other notes and other debts payable
|
Level 2
|
|
$
|
15,178
|
|
|
15,178
|
|
|
14,488
|
|
|
14,488
|
|
(In thousands)
|
Fair
Value
Hierarchy
|
|
Fair Value at November 30, 2019
|
|
Fair Value at November 30, 2018
|
|||
Financial Services Assets:
|
|
|
|
|
|
|||
Financial Services residential loans held-for-sale (1)
|
Level 2
|
|
$
|
1,447,715
|
|
|
1,152,198
|
|
RMF loans held-for-sale (2)
|
Level 3
|
|
$
|
197,224
|
|
|
61,691
|
|
Investments available-for-sale
|
Level 1
|
|
$
|
3,732
|
|
|
4,161
|
|
Mortgage loan commitments
|
Level 2
|
|
$
|
16,288
|
|
|
16,373
|
|
Forward contracts
|
Level 2
|
|
$
|
(3,856
|
)
|
|
(10,360
|
)
|
Mortgage servicing rights
|
Level 3
|
|
$
|
24,679
|
|
|
37,206
|
|
(1)
|
The aggregate fair value of Financial Services residential loans held-for-sale of $1.4 billion at November 30, 2019 exceeded their aggregate principal balance of $1.4 billion by $42.2 million. The aggregate fair value of Financial Services residential loans held-for-sale of $1.2 billion at November 30, 2018 exceeded their aggregate principal balance of $1.1 billion by $37.3 million.
|
(2)
|
The aggregate fair value of RMF's loans held-for-sale of $197.2 million at November 30, 2019 exceeded their aggregate principal balance of $196.3 million by $0.9 million. The aggregate fair value of RMF's loans held-for-sale of $61.7 million at November 30, 2018 exceeded their aggregate principal balance of $61.0 million by $0.7 million.
|
|
Years Ended November 30,
|
||||||||
(In thousands)
|
2019
|
|
2018
|
|
2017
|
||||
Changes in fair value included in Financial Services revenues:
|
|
|
|
|
|
||||
Loans held-for-sale
|
$
|
4,891
|
|
|
8,621
|
|
|
20,309
|
|
Mortgage loan commitments
|
$
|
(85
|
)
|
|
6,500
|
|
|
2,436
|
|
Forward contracts
|
$
|
6,504
|
|
|
(12,041
|
)
|
|
(24,786
|
)
|
Investments available-for-sale
|
$
|
(176
|
)
|
|
(234
|
)
|
|
(12
|
)
|
Changes in fair value included in other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||
Financial Services investments available-for-sale
|
$
|
1,040
|
|
|
(1,634
|
)
|
|
1,331
|
|
|
Years Ended November 30,
|
|||||||||||
|
2019
|
|
2018
|
|||||||||
|
Financial Services
|
|||||||||||
(In thousands)
|
Mortgage servicing rights
|
|
RMF loans held-for-sale
|
|
Mortgage servicing rights
|
|
RMF loans held-for-sale
|
|||||
Beginning of year
|
$
|
37,206
|
|
|
61,691
|
|
|
31,163
|
|
|
234,403
|
|
Purchases/loan originations
|
3,417
|
|
|
1,593,655
|
|
|
7,841
|
|
|
1,350,091
|
|
|
Sales/loan originations sold, including those not settled
|
—
|
|
|
(1,447,818
|
)
|
|
—
|
|
|
(1,504,554
|
)
|
|
Disposals/settlements
|
(5,326
|
)
|
|
(9,920
|
)
|
|
(6,948
|
)
|
|
(19,600
|
)
|
|
Changes in fair value (1)
|
(10,618
|
)
|
|
430
|
|
|
5,150
|
|
|
1,481
|
|
|
Interest and principal paydowns
|
—
|
|
|
(814
|
)
|
|
—
|
|
|
(130
|
)
|
|
End of year
|
$
|
24,679
|
|
|
197,224
|
|
|
37,206
|
|
|
61,691
|
|
(1)
|
Changes in fair value for RMF loans held-for-sale and Financial Services mortgage servicing rights are included in Financial Services' revenues.
|
|
Years Ended November 30,
|
||||||||||||||||||||||||||||
|
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||
(In thousands)
|
Fair
Value
Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Total
(Losses), Net (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total (Losses), Net (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total (Losses), Net (1)
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired loans receivable
|
Level 3
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,561
|
|
|
18,885
|
|
|
(12,676
|
)
|
FDIC portfolios loans held-for-sale
|
Level 3
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,018
|
|
|
12,072
|
|
|
(19,946
|
)
|
Non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Finished homes and construction in progress (2)
|
Level 3
|
|
$
|
218,942
|
|
|
205,201
|
|
|
(13,741
|
)
|
|
4,019
|
|
|
3,473
|
|
|
(546
|
)
|
|
8,601
|
|
|
4,227
|
|
|
(4,374
|
)
|
Land and land under development (2)
|
Level 3
|
|
$
|
121,564
|
|
|
82,816
|
|
|
(38,748
|
)
|
|
96,093
|
|
|
62,850
|
|
|
(33,243
|
)
|
|
6,771
|
|
|
3,094
|
|
|
(3,677
|
)
|
Other assets (2)
|
Level 3
|
|
$
|
60,363
|
|
|
56,727
|
|
|
(3,636
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Lennar Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
REO, net (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Upon acquisition/transfer
|
Level 3
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,640
|
|
|
26,591
|
|
|
(1,049
|
)
|
Upon management periodic valuations
|
Level 3
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
58,721
|
|
|
25,632
|
|
|
(33,089
|
)
|
|
145,251
|
|
|
81,677
|
|
|
(63,574
|
)
|
(1)
|
Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the year.
|
(2)
|
Valuation adjustments were included in Homebuilding costs and expenses in the Company's consolidated statements of operations for the years ended November 30, 2019, 2018 and 2017.
|
(3)
|
REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The gains (losses) upon
|
|
November 30,
|
|||||||||||
|
2019
|
|
2018
|
|||||||||
(In thousands)
|
Investments in Unconsolidated VIEs
|
|
Lennar’s
Maximum
Exposure to Loss
|
|
Investments in
Unconsolidated
VIEs
|
|
Lennar’s
Maximum
Exposure to Loss
|
|||||
Homebuilding (1)
|
$
|
80,939
|
|
|
81,118
|
|
|
123,064
|
|
|
184,945
|
|
Multifamily (2)
|
533,018
|
|
|
768,651
|
|
|
463,534
|
|
|
710,754
|
|
|
Financial Services (3)
|
166,012
|
|
|
166,012
|
|
|
136,982
|
|
|
136,982
|
|
|
Lennar Other (4)
|
60,882
|
|
|
60,882
|
|
|
63,919
|
|
|
63,919
|
|
|
|
$
|
840,851
|
|
|
1,076,663
|
|
|
787,499
|
|
|
1,096,600
|
|
(1)
|
As of November 30, 2019, the maximum exposure to loss of Homebuilding’s investments in unconsolidated VIEs was limited primarily to its investments in the unconsolidated VIEs. As of November 30, 2018, the maximum exposure to loss of Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to repayment guarantees of one unconsolidated entity's debt of $54.8 million.
|
(2)
|
As of November 30, 2019 and 2018, the maximum exposure to loss of Multifamily's investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to the remaining equity commitment of $224.2 million and $237.0 million, respectively, to fund LMV I and LMV II for future expenditures related to the construction and development of its projects and $4.2 million and $4.6 million, respectively, of letters of credit outstanding for certain of the unconsolidated VIEs that could be drawn upon in the event of default under their debt agreements.
|
(3)
|
At both November 30, 2019 and 2018, the maximum recourse exposure to loss of the Financial Services segment was limited to its investments in the unconsolidated entities VIEs. At November 30, 2019 and 2018, investments in unconsolidated VIEs and Financial Services' maximum exposure to loss included $166.0 million and $137.0 million, respectively, related to the Financial Services' CMBS investments held-to-maturity.
|
(4)
|
At both November 30, 2019 and 2018, the maximum recourse exposure to loss of Lennar Other’s segment was limited to its investments in the unconsolidated entities VIEs. At November 30, 2019 and 2018, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included $54.1 million and $60.0 million, respectively, related to Lennar Other segment's investments held-to-maturity.
|
(In thousands)
|
Lease
Payments
|
||
2020
|
$
|
41,952
|
|
2021
|
41,076
|
|
|
2022
|
31,140
|
|
|
2023
|
22,507
|
|
|
2024
|
16,443
|
|
|
Thereafter
|
31,909
|
|
Consolidating Balance Sheet
November 30, 2019
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
722,172
|
|
|
794,588
|
|
|
22,894
|
|
|
—
|
|
|
1,539,654
|
|
Inventories
|
—
|
|
|
17,396,139
|
|
|
380,368
|
|
|
—
|
|
|
17,776,507
|
|
|
Investments in unconsolidated entities
|
—
|
|
|
1,006,541
|
|
|
2,494
|
|
|
—
|
|
|
1,009,035
|
|
|
Goodwill
|
—
|
|
|
3,442,359
|
|
|
—
|
|
|
—
|
|
|
3,442,359
|
|
|
Other assets
|
344,941
|
|
|
500,356
|
|
|
217,607
|
|
|
(41,220
|
)
|
|
1,021,684
|
|
|
Investments in subsidiaries
|
10,453,165
|
|
|
26,773
|
|
|
—
|
|
|
(10,479,938
|
)
|
|
—
|
|
|
Intercompany
|
12,027,996
|
|
|
—
|
|
|
—
|
|
|
(12,027,996
|
)
|
|
—
|
|
|
|
23,548,274
|
|
|
23,166,756
|
|
|
623,363
|
|
|
(22,549,154
|
)
|
|
24,789,239
|
|
|
Financial Services
|
—
|
|
|
275,812
|
|
|
2,731,285
|
|
|
(1,073
|
)
|
|
3,006,024
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
1,068,831
|
|
|
—
|
|
|
1,068,831
|
|
|
Lennar Other
|
—
|
|
|
158,194
|
|
|
339,988
|
|
|
(2,765
|
)
|
|
495,417
|
|
|
Total assets
|
$
|
23,548,274
|
|
|
23,600,762
|
|
|
4,763,467
|
|
|
(22,552,992
|
)
|
|
29,359,511
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable and other liabilities
|
$
|
760,981
|
|
|
1,935,366
|
|
|
318,845
|
|
|
(45,058
|
)
|
|
2,970,134
|
|
Liabilities related to consolidated inventory not owned
|
—
|
|
|
260,266
|
|
|
—
|
|
|
—
|
|
|
260,266
|
|
|
Senior notes and other debts payable
|
6,837,776
|
|
|
885,783
|
|
|
53,079
|
|
|
—
|
|
|
7,776,638
|
|
|
Intercompany
|
—
|
|
|
10,122,374
|
|
|
1,905,622
|
|
|
(12,027,996
|
)
|
|
—
|
|
|
|
7,598,757
|
|
|
13,203,789
|
|
|
2,277,546
|
|
|
(12,073,054
|
)
|
|
11,007,038
|
|
|
Financial Services
|
—
|
|
|
40,235
|
|
|
2,016,215
|
|
|
—
|
|
|
2,056,450
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
232,155
|
|
|
—
|
|
|
232,155
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
30,038
|
|
|
—
|
|
|
30,038
|
|
|
Total liabilities
|
$
|
7,598,757
|
|
|
13,244,024
|
|
|
4,555,954
|
|
|
(12,073,054
|
)
|
|
13,325,681
|
|
Total stockholders’ equity
|
15,949,517
|
|
|
10,356,738
|
|
|
123,200
|
|
|
(10,479,938
|
)
|
|
15,949,517
|
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
|
84,313
|
|
|
—
|
|
|
84,313
|
|
|
Total equity
|
15,949,517
|
|
|
10,356,738
|
|
|
207,513
|
|
|
(10,479,938
|
)
|
|
16,033,830
|
|
|
Total liabilities and equity
|
$
|
23,548,274
|
|
|
23,600,762
|
|
|
4,763,467
|
|
|
(22,552,992
|
)
|
|
29,359,511
|
|
Consolidating Balance Sheet
November 30, 2018
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
637,083
|
|
|
886,059
|
|
|
63,905
|
|
|
—
|
|
|
1,587,047
|
|
Inventories
|
—
|
|
|
16,679,245
|
|
|
389,459
|
|
|
—
|
|
|
17,068,704
|
|
|
Investments in unconsolidated entities
|
—
|
|
|
866,395
|
|
|
3,806
|
|
|
—
|
|
|
870,201
|
|
|
Goodwill
|
—
|
|
|
3,442,359
|
|
|
—
|
|
|
—
|
|
|
3,442,359
|
|
|
Other assets
|
339,307
|
|
|
878,582
|
|
|
164,848
|
|
|
(26,955
|
)
|
|
1,355,782
|
|
|
Investments in subsidiaries
|
10,562,273
|
|
|
89,044
|
|
|
—
|
|
|
(10,651,317
|
)
|
|
—
|
|
|
Intercompany
|
11,815,491
|
|
|
—
|
|
|
—
|
|
|
(11,815,491
|
)
|
|
—
|
|
|
|
23,354,154
|
|
|
22,841,684
|
|
|
622,018
|
|
|
(22,493,763
|
)
|
|
24,324,093
|
|
|
Financial Services
|
—
|
|
|
232,632
|
|
|
2,547,167
|
|
|
(889
|
)
|
|
2,778,910
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
874,219
|
|
|
—
|
|
|
874,219
|
|
|
Lennar Other
|
—
|
|
|
117,568
|
|
|
471,391
|
|
|
—
|
|
|
588,959
|
|
|
Total assets
|
$
|
23,354,154
|
|
|
23,191,884
|
|
|
4,514,795
|
|
|
(22,494,652
|
)
|
|
28,566,181
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable and other liabilities
|
$
|
804,232
|
|
|
1,977,579
|
|
|
303,473
|
|
|
(27,844
|
)
|
|
3,057,440
|
|
Liabilities related to consolidated inventory not owned
|
—
|
|
|
162,090
|
|
|
13,500
|
|
|
—
|
|
|
175,590
|
|
|
Senior notes and other debts payable
|
7,968,387
|
|
|
523,589
|
|
|
51,892
|
|
|
—
|
|
|
8,543,868
|
|
|
Intercompany
|
—
|
|
|
10,116,590
|
|
|
1,698,901
|
|
|
(11,815,491
|
)
|
|
—
|
|
|
|
8,772,619
|
|
|
12,779,848
|
|
|
2,067,766
|
|
|
(11,843,335
|
)
|
|
11,776,898
|
|
|
Financial Services
|
—
|
|
|
51,535
|
|
|
1,816,667
|
|
|
—
|
|
|
1,868,202
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
170,616
|
|
|
—
|
|
|
170,616
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
67,508
|
|
|
—
|
|
|
67,508
|
|
|
Total liabilities
|
$
|
8,772,619
|
|
|
12,831,383
|
|
|
4,122,557
|
|
|
(11,843,335
|
)
|
|
13,883,224
|
|
Total stockholders’ equity
|
14,581,535
|
|
|
10,360,501
|
|
|
290,816
|
|
|
(10,651,317
|
)
|
|
14,581,535
|
|
|
Noncontrolling interests
|
—
|
|
|
—
|
|
|
101,422
|
|
|
—
|
|
|
101,422
|
|
|
Total equity
|
14,581,535
|
|
|
10,360,501
|
|
|
392,238
|
|
|
(10,651,317
|
)
|
|
14,682,957
|
|
|
Total liabilities and equity
|
$
|
23,354,154
|
|
|
23,191,884
|
|
|
4,514,795
|
|
|
(22,494,652
|
)
|
|
28,566,181
|
|
Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended November 30, 2019
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
20,707,299
|
|
|
85,917
|
|
|
—
|
|
|
20,793,216
|
|
Financial Services
|
—
|
|
|
165,498
|
|
|
679,887
|
|
|
(20,575
|
)
|
|
824,810
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
604,700
|
|
|
—
|
|
|
604,700
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
36,835
|
|
|
—
|
|
|
36,835
|
|
|
Total revenues
|
—
|
|
|
20,872,797
|
|
|
1,407,339
|
|
|
(20,575
|
)
|
|
22,259,561
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
18,154,739
|
|
|
89,352
|
|
|
1,609
|
|
|
18,245,700
|
|
|
Financial Services
|
—
|
|
|
97,719
|
|
|
528,678
|
|
|
(26,229
|
)
|
|
600,168
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
599,604
|
|
|
—
|
|
|
599,604
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
11,794
|
|
|
—
|
|
|
11,794
|
|
|
Corporate general and administrative
|
328,014
|
|
|
8,039
|
|
|
—
|
|
|
5,061
|
|
|
341,114
|
|
|
Total costs and expenses
|
328,014
|
|
|
18,260,497
|
|
|
1,229,428
|
|
|
(19,559
|
)
|
|
19,798,380
|
|
|
Homebuilding equity in (loss) earnings from unconsolidated entities
|
—
|
|
|
(13,716
|
)
|
|
443
|
|
|
—
|
|
|
(13,273
|
)
|
|
Homebuilding other income (expense), net
|
(1,013
|
)
|
|
(41,119
|
)
|
|
9,778
|
|
|
1,016
|
|
|
(31,338
|
)
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
11,294
|
|
|
—
|
|
|
11,294
|
|
|
Lennar Other equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(12,609
|
)
|
|
27,981
|
|
|
—
|
|
|
15,372
|
|
|
Lennar Other expense, net
|
—
|
|
|
—
|
|
|
(8,944
|
)
|
|
—
|
|
|
(8,944
|
)
|
|
Earnings (loss) before income taxes
|
(329,027
|
)
|
|
2,544,856
|
|
|
218,463
|
|
|
—
|
|
|
2,434,292
|
|
|
Benefit (provision) for income taxes
|
79,822
|
|
|
(613,579
|
)
|
|
(58,416
|
)
|
|
—
|
|
|
(592,173
|
)
|
|
Equity in earnings from subsidiaries
|
2,098,257
|
|
|
110,943
|
|
|
—
|
|
|
(2,209,200
|
)
|
|
—
|
|
|
Net earnings (including net loss attributable to noncontrolling interests)
|
1,849,052
|
|
|
2,042,220
|
|
|
160,047
|
|
|
(2,209,200
|
)
|
|
1,842,119
|
|
|
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(6,933
|
)
|
|
—
|
|
|
(6,933
|
)
|
|
Net earnings attributable to Lennar
|
$
|
1,849,052
|
|
|
2,042,220
|
|
|
166,980
|
|
|
(2,209,200
|
)
|
|
1,849,052
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|||||
Net unrealized gain on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
1,040
|
|
|
—
|
|
|
1,040
|
|
Reclassification adjustments for gains included in net earnings, net of tax
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
—
|
|
|
(176
|
)
|
|
Total other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
864
|
|
|
—
|
|
|
864
|
|
|
Total comprehensive income attributable to Lennar
|
$
|
1,849,052
|
|
|
2,042,220
|
|
|
167,844
|
|
|
(2,209,200
|
)
|
|
1,849,916
|
|
Total comprehensive loss attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
(6,933
|
)
|
|
—
|
|
|
(6,933
|
)
|
Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended November 30, 2018
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
18,972,723
|
|
|
104,874
|
|
|
—
|
|
|
19,077,597
|
|
Financial Services
|
—
|
|
|
371,063
|
|
|
603,491
|
|
|
(19,923
|
)
|
|
954,631
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
421,132
|
|
|
—
|
|
|
421,132
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
118,271
|
|
|
—
|
|
|
118,271
|
|
|
Total revenues
|
—
|
|
|
19,343,786
|
|
|
1,247,768
|
|
|
(19,923
|
)
|
|
20,571,631
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
16,831,780
|
|
|
104,880
|
|
|
143
|
|
|
16,936,803
|
|
|
Financial Services
|
—
|
|
|
339,211
|
|
|
447,186
|
|
|
(31,482
|
)
|
|
754,915
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
429,759
|
|
|
—
|
|
|
429,759
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
124,417
|
|
|
(8,448
|
)
|
|
115,969
|
|
|
Acquisition and integration costs related to
CalAtlantic
|
—
|
|
|
152,980
|
|
|
—
|
|
|
—
|
|
|
152,980
|
|
|
Corporate general and administrative
|
336,355
|
|
|
2,417
|
|
|
—
|
|
|
5,162
|
|
|
343,934
|
|
|
Total costs and expenses
|
336,355
|
|
|
17,326,388
|
|
|
1,106,242
|
|
|
(34,625
|
)
|
|
18,734,360
|
|
|
Homebuilding equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(91,013
|
)
|
|
804
|
|
|
—
|
|
|
(90,209
|
)
|
|
Homebuilding other income, net
|
14,740
|
|
|
192,951
|
|
|
10,913
|
|
|
(14,702
|
)
|
|
203,902
|
|
|
Multifamily equity in earnings from unconsolidated entities and other gain
|
—
|
|
|
—
|
|
|
51,322
|
|
|
—
|
|
|
51,322
|
|
|
Lennar Other equity in earnings (loss) from unconsolidated entities
|
—
|
|
|
(1,304
|
)
|
|
25,414
|
|
|
—
|
|
|
24,110
|
|
|
Lennar Other expense, net
|
—
|
|
|
—
|
|
|
(60,119
|
)
|
|
—
|
|
|
(60,119
|
)
|
|
Gain on sale of Rialto investment and asset
management platform
|
—
|
|
|
—
|
|
|
296,407
|
|
|
—
|
|
|
296,407
|
|
|
Earnings (loss) before income taxes
|
(321,615
|
)
|
|
2,118,032
|
|
|
466,267
|
|
|
—
|
|
|
2,262,684
|
|
|
Benefit (provision) for income taxes
|
78,249
|
|
|
(498,424
|
)
|
|
(124,996
|
)
|
|
—
|
|
|
(545,171
|
)
|
|
Equity in earnings from subsidiaries
|
1,939,197
|
|
|
93,612
|
|
|
—
|
|
|
(2,032,809
|
)
|
|
—
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
1,695,831
|
|
|
1,713,220
|
|
|
341,271
|
|
|
(2,032,809
|
)
|
|
1,717,513
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
21,682
|
|
|
—
|
|
|
21,682
|
|
|
Net earnings attributable to Lennar
|
$
|
1,695,831
|
|
|
1,713,220
|
|
|
319,589
|
|
|
(2,032,809
|
)
|
|
1,695,831
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized loss on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
(1,634
|
)
|
|
—
|
|
|
(1,634
|
)
|
Reclassification adjustments for losses included in net earnings, net of tax
|
$
|
—
|
|
|
—
|
|
|
234
|
|
|
—
|
|
|
234
|
|
Total other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
(1,400
|
)
|
|
—
|
|
|
(1,400
|
)
|
|
Total comprehensive income attributable to Lennar
|
$
|
1,695,831
|
|
|
1,713,220
|
|
|
318,189
|
|
|
(2,032,809
|
)
|
|
1,694,431
|
|
Total comprehensive income attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
21,682
|
|
|
—
|
|
|
21,682
|
|
Consolidating Statement of Operations and Comprehensive Income (Loss)
Year Ended November 30, 2017
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
$
|
—
|
|
|
11,118,553
|
|
|
70,323
|
|
|
—
|
|
|
11,188,876
|
|
Financial Services
|
—
|
|
|
307,892
|
|
|
604,075
|
|
|
(20,010
|
)
|
|
891,957
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
394,906
|
|
|
(135
|
)
|
|
394,771
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
170,761
|
|
|
—
|
|
|
170,761
|
|
|
Total revenues
|
—
|
|
|
11,426,445
|
|
|
1,240,065
|
|
|
(20,145
|
)
|
|
12,646,365
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Homebuilding
|
—
|
|
|
9,676,548
|
|
|
70,217
|
|
|
(3,617
|
)
|
|
9,743,148
|
|
|
Financial Services
|
—
|
|
|
280,349
|
|
|
437,212
|
|
|
(20,911
|
)
|
|
696,650
|
|
|
Multifamily
|
—
|
|
|
—
|
|
|
407,078
|
|
|
—
|
|
|
407,078
|
|
|
Lennar Other
|
—
|
|
|
—
|
|
|
174,818
|
|
|
(213
|
)
|
|
174,605
|
|
|
Corporate general and administrative
|
279,490
|
|
|
1,338
|
|
|
—
|
|
|
5,061
|
|
|
285,889
|
|
|
Total costs and expenses
|
279,490
|
|
|
9,958,235
|
|
|
1,089,325
|
|
|
(19,680
|
)
|
|
11,307,370
|
|
|
Homebuilding equity in loss from unconsolidated entities
|
—
|
|
|
(63,567
|
)
|
|
(70
|
)
|
|
—
|
|
|
(63,637
|
)
|
|
Homebuilding other income (expense), net
|
(427
|
)
|
|
17,488
|
|
|
5,719
|
|
|
465
|
|
|
23,245
|
|
|
Homebuilding loss due to litigation
|
—
|
|
|
(140,000
|
)
|
|
—
|
|
|
—
|
|
|
(140,000
|
)
|
|
Multifamily equity in earnings from unconsolidated entities
|
—
|
|
|
—
|
|
|
85,739
|
|
|
—
|
|
|
85,739
|
|
|
Lennar Other equity in earnings from unconsolidated entities
|
—
|
|
|
2,167
|
|
|
25,209
|
|
|
—
|
|
|
27,376
|
|
|
Lennar Other expense, net
|
—
|
|
|
—
|
|
|
(82,107
|
)
|
|
—
|
|
|
(82,107
|
)
|
|
Earnings (loss) before income taxes
|
(279,917
|
)
|
|
1,284,298
|
|
|
185,230
|
|
|
—
|
|
|
1,189,611
|
|
|
Benefit (provision) for income taxes
|
95,228
|
|
|
(427,961
|
)
|
|
(85,124
|
)
|
|
—
|
|
|
(417,857
|
)
|
|
Equity in earnings from subsidiaries
|
995,169
|
|
|
72,104
|
|
|
—
|
|
|
(1,067,273
|
)
|
|
—
|
|
|
Net earnings (including loss attributable to noncontrolling interests)
|
810,480
|
|
|
928,441
|
|
|
100,106
|
|
|
(1,067,273
|
)
|
|
771,754
|
|
|
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(38,726
|
)
|
|
—
|
|
|
(38,726
|
)
|
|
Net earnings attributable to Lennar
|
$
|
810,480
|
|
|
928,441
|
|
|
138,832
|
|
|
(1,067,273
|
)
|
|
810,480
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
Net unrealized gain on securities available-for-sale
|
$
|
—
|
|
|
—
|
|
|
1,331
|
|
|
—
|
|
|
1,331
|
|
Reclassification adjustments for losses included in net earnings, net of tax
|
$
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
Total other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
1,343
|
|
|
—
|
|
|
1,343
|
|
|
Total comprehensive income attributable to Lennar
|
$
|
810,480
|
|
|
928,441
|
|
|
140,175
|
|
|
(1,067,273
|
)
|
|
811,823
|
|
Total comprehensive loss attributable to noncontrolling interests
|
$
|
—
|
|
|
—
|
|
|
(38,726
|
)
|
|
—
|
|
|
(38,726
|
)
|
Consolidating Statement of Cash Flows
Year Ended November 30, 2019
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (including net loss attributable to noncontrolling interests)
|
$
|
1,849,052
|
|
|
2,042,220
|
|
|
160,047
|
|
|
(2,209,200
|
)
|
|
1,842,119
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
2,098,257
|
|
|
110,943
|
|
|
—
|
|
|
(2,209,200
|
)
|
|
—
|
|
|
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by operating activities
|
(2,061,774
|
)
|
|
(53,114
|
)
|
|
(454,088
|
)
|
|
2,209,200
|
|
|
(359,776
|
)
|
|
Net cash provided by (used in) operating activities
|
1,885,535
|
|
|
2,100,049
|
|
|
(294,041
|
)
|
|
(2,209,200
|
)
|
|
1,482,343
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net
|
—
|
|
|
(174,481
|
)
|
|
143,833
|
|
|
—
|
|
|
(30,648
|
)
|
|
Proceeds from sales of real estate owned
|
—
|
|
|
—
|
|
|
8,866
|
|
|
—
|
|
|
8,866
|
|
|
Proceeds from sale of investment in unconsolidated entity
|
—
|
|
|
—
|
|
|
17,790
|
|
|
—
|
|
|
17,790
|
|
|
Other
|
(10,557
|
)
|
|
81,993
|
|
|
(55,227
|
)
|
|
7,379
|
|
|
23,588
|
|
|
Intercompany
|
(111,809
|
)
|
|
—
|
|
|
—
|
|
|
111,809
|
|
|
—
|
|
|
Net cash (used in) provided by investing activities
|
(122,366
|
)
|
|
(92,488
|
)
|
|
115,262
|
|
|
119,188
|
|
|
19,596
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net borrowings (repayments) under warehouse facilities
|
—
|
|
|
(20,472
|
)
|
|
187,024
|
|
|
—
|
|
|
166,552
|
|
|
Net borrowings (repayments) on convertible senior notes, other borrowings, other liabilities, and other notes payable
|
(1,100,000
|
)
|
|
(131,737
|
)
|
|
25,871
|
|
|
—
|
|
|
(1,205,866
|
)
|
|
Net payments related to noncontrolling interests
|
—
|
|
|
—
|
|
|
(15,875
|
)
|
|
—
|
|
|
(15,875
|
)
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Issuances
|
493
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
493
|
|
|
Repurchases
|
(523,074
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(523,074
|
)
|
|
Dividends
|
(51,454
|
)
|
|
(2,042,220
|
)
|
|
(159,601
|
)
|
|
2,201,821
|
|
|
(51,454
|
)
|
|
Intercompany
|
—
|
|
|
(2,431
|
)
|
|
114,240
|
|
|
(111,809
|
)
|
|
—
|
|
|
Net cash (used in) provided by financing activities
|
(1,674,035
|
)
|
|
(2,196,860
|
)
|
|
151,659
|
|
|
2,090,012
|
|
|
(1,629,224
|
)
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
89,134
|
|
|
(189,299
|
)
|
|
(27,120
|
)
|
|
—
|
|
|
(127,285
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
624,694
|
|
|
721,603
|
|
|
249,679
|
|
|
—
|
|
|
1,595,976
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
713,828
|
|
|
532,304
|
|
|
222,559
|
|
|
—
|
|
|
1,468,691
|
|
Consolidating Statement of Cash Flows
Year Ended November 30, 2018
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (including net earnings attributable to noncontrolling interests)
|
$
|
1,695,831
|
|
|
1,713,220
|
|
|
341,271
|
|
|
(2,032,809
|
)
|
|
1,717,513
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
1,939,197
|
|
|
93,612
|
|
|
—
|
|
|
(2,032,809
|
)
|
|
—
|
|
|
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by operating activities
|
(1,731,192
|
)
|
|
579,779
|
|
|
(907,162
|
)
|
|
2,032,809
|
|
|
(25,766
|
)
|
|
Net cash provided by (used in) operating activities
|
1,903,836
|
|
|
2,386,611
|
|
|
(565,891
|
)
|
|
(2,032,809
|
)
|
|
1,691,747
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from sale of operating properties
|
—
|
|
|
38,633
|
|
|
—
|
|
|
—
|
|
|
38,633
|
|
|
(Investments in and contributions to) and distributions of capital from unconsolidated entities, net
|
—
|
|
|
(94,937
|
)
|
|
51,906
|
|
|
—
|
|
|
(43,031
|
)
|
|
Proceeds from sales of real estate owned
|
—
|
|
|
—
|
|
|
32,221
|
|
|
—
|
|
|
32,221
|
|
|
Proceeds from sale of investment in unconsolidated entity
|
—
|
|
|
199,654
|
|
|
25,613
|
|
|
—
|
|
|
225,267
|
|
|
Proceeds from sale of commercial mortgage-backed securities bonds
|
—
|
|
|
—
|
|
|
14,222
|
|
|
—
|
|
|
14,222
|
|
|
Proceeds from sale of Rialto investment and asset management platform
|
—
|
|
|
—
|
|
|
340,000
|
|
|
—
|
|
|
340,000
|
|
|
Purchases of commercial mortgage-backed securities bonds
|
—
|
|
|
—
|
|
|
(31,068
|
)
|
|
—
|
|
|
(31,068
|
)
|
|
Acquisitions, net of cash and restricted cash acquired
|
(1,162,342
|
)
|
|
44,711
|
|
|
39,349
|
|
|
—
|
|
|
(1,078,282
|
)
|
|
Other
|
(56,050
|
)
|
|
(35,982
|
)
|
|
116
|
|
|
—
|
|
|
(91,916
|
)
|
|
Distributions of capital from guarantor and non-guarantor subsidiaries
|
94,987
|
|
|
40,987
|
|
|
—
|
|
|
(135,974
|
)
|
|
—
|
|
|
Intercompany
|
(728,546
|
)
|
|
—
|
|
|
—
|
|
|
728,546
|
|
|
—
|
|
|
Net cash (used in) provided by investing activities
|
(1,851,951
|
)
|
|
193,066
|
|
|
472,359
|
|
|
592,572
|
|
|
(593,954
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net repayments under unsecured revolving credit facility
|
—
|
|
|
(454,700
|
)
|
|
—
|
|
|
—
|
|
|
(454,700
|
)
|
|
Net (repayments) borrowings under warehouse facilities
|
—
|
|
|
(108
|
)
|
|
273,028
|
|
|
—
|
|
|
272,920
|
|
|
Debt issuance costs
|
(9,189
|
)
|
|
—
|
|
|
(5,472
|
)
|
|
—
|
|
|
(14,661
|
)
|
|
Redemption of senior notes
|
(1,010,626
|
)
|
|
(89,374
|
)
|
|
—
|
|
|
—
|
|
|
(1,100,000
|
)
|
|
Conversions and exchanges of convertible senior notes
|
—
|
|
|
(59,145
|
)
|
|
—
|
|
|
—
|
|
|
(59,145
|
)
|
|
Net payments on other borrowings, other liabilities, Rialto Senior Notes and other notes payable
|
—
|
|
|
(128,685
|
)
|
|
(294,250
|
)
|
|
—
|
|
|
(422,935
|
)
|
|
Net payments related to noncontrolling interests
|
—
|
|
|
—
|
|
|
(71,449
|
)
|
|
—
|
|
|
(71,449
|
)
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Issuances
|
3,061
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,061
|
|
|
Repurchases
|
(299,833
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(299,833
|
)
|
|
Dividends
|
(49,159
|
)
|
|
(1,799,207
|
)
|
|
(369,576
|
)
|
|
2,168,783
|
|
|
(49,159
|
)
|
|
Intercompany
|
—
|
|
|
306,199
|
|
|
422,347
|
|
|
(728,546
|
)
|
|
—
|
|
|
Net cash used in financing activities
|
(1,365,746
|
)
|
|
(2,225,020
|
)
|
|
(45,372
|
)
|
|
1,440,237
|
|
|
(2,195,901
|
)
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
(1,313,861
|
)
|
|
354,657
|
|
|
(138,904
|
)
|
|
—
|
|
|
(1,098,108
|
)
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
1,938,555
|
|
|
366,946
|
|
|
388,583
|
|
|
—
|
|
|
2,694,084
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
624,694
|
|
|
721,603
|
|
|
249,679
|
|
|
—
|
|
|
1,595,976
|
|
Consolidating Statement of Cash Flows
Year Ended November 30, 2017
|
|||||||||||||||
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net earnings (including net loss attributable to noncontrolling interests)
|
$
|
810,480
|
|
|
928,441
|
|
|
100,106
|
|
|
(1,067,273
|
)
|
|
771,754
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
995,169
|
|
|
72,104
|
|
|
—
|
|
|
(1,067,273
|
)
|
|
—
|
|
|
Other adjustments to reconcile net earnings (including net loss attributable to noncontrolling interests) to net cash provided by (used in) operating activities
|
(740,008
|
)
|
|
(251,428
|
)
|
|
134,783
|
|
|
1,067,273
|
|
|
210,620
|
|
|
Net cash provided by operating activities
|
1,065,641
|
|
|
749,117
|
|
|
234,889
|
|
|
(1,067,273
|
)
|
|
982,374
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from sale of operating properties
|
—
|
|
|
60,326
|
|
|
—
|
|
|
—
|
|
|
60,326
|
|
|
Investments in and contributions to unconsolidated entities, net of distributions of capital
|
—
|
|
|
(181,101
|
)
|
|
(41,876
|
)
|
|
—
|
|
|
(222,977
|
)
|
|
Proceeds from sales of real estate owned
|
—
|
|
|
—
|
|
|
86,565
|
|
|
—
|
|
|
86,565
|
|
|
Receipts of principal payments on loans held-for-sale
|
—
|
|
|
—
|
|
|
11,251
|
|
|
—
|
|
|
11,251
|
|
|
Originations of loans receivable
|
—
|
|
|
—
|
|
|
(98,375
|
)
|
|
—
|
|
|
(98,375
|
)
|
|
Purchases of commercial mortgage-backed securities bonds
|
—
|
|
|
—
|
|
|
(107,262
|
)
|
|
—
|
|
|
(107,262
|
)
|
|
Acquisition, net of cash acquired
|
(604,366
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(604,366
|
)
|
|
Other
|
(35,251
|
)
|
|
(49,356
|
)
|
|
114,365
|
|
|
—
|
|
|
29,758
|
|
|
Distributions of capital from guarantor and non-guarantor subsidiaries
|
115,000
|
|
|
80,000
|
|
|
—
|
|
|
(195,000
|
)
|
|
—
|
|
|
Intercompany
|
(865,364
|
)
|
|
—
|
|
|
—
|
|
|
865,364
|
|
|
—
|
|
|
Net cash provided by (used in) investing activities
|
(1,389,981
|
)
|
|
(90,131
|
)
|
|
(35,332
|
)
|
|
670,364
|
|
|
(845,080
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
Net repayments under warehouse facilities
|
—
|
|
|
(104
|
)
|
|
(199,580
|
)
|
|
—
|
|
|
(199,684
|
)
|
|
Proceeds from senior notes, net of debt issuance costs
|
2,433,539
|
|
|
—
|
|
|
(12,129
|
)
|
|
—
|
|
|
2,421,410
|
|
|
Redemption of senior notes
|
(800,000
|
)
|
|
(258,595
|
)
|
|
—
|
|
|
—
|
|
|
(1,058,595
|
)
|
|
Net proceeds from Rialto notes payable
|
—
|
|
|
—
|
|
|
74,666
|
|
|
—
|
|
|
74,666
|
|
|
Net payments on other borrowings
|
—
|
|
|
(104,471
|
)
|
|
(4,024
|
)
|
|
—
|
|
|
(108,495
|
)
|
|
Proceeds on other liabilities
|
—
|
|
|
—
|
|
|
195,541
|
|
|
—
|
|
|
195,541
|
|
|
Net payments related to noncontrolling interests
|
—
|
|
|
—
|
|
|
(68,586
|
)
|
|
—
|
|
|
(68,586
|
)
|
|
Excess tax benefits from share-based awards
|
1,981
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,981
|
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
Issuances
|
720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
720
|
|
|
Repurchases
|
(27,054
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,054
|
)
|
|
Dividends
|
(37,608
|
)
|
|
(1,018,441
|
)
|
|
(243,832
|
)
|
|
1,262,273
|
|
|
(37,608
|
)
|
|
Intercompany
|
—
|
|
|
700,197
|
|
|
165,167
|
|
|
(865,364
|
)
|
|
—
|
|
|
Net cash provided by (used in) financing activities
|
1,571,578
|
|
|
(681,414
|
)
|
|
(92,777
|
)
|
|
396,909
|
|
|
1,194,296
|
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
1,247,238
|
|
|
(22,428
|
)
|
|
106,780
|
|
|
—
|
|
|
1,331,590
|
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
691,317
|
|
|
389,374
|
|
|
281,803
|
|
|
—
|
|
|
1,362,494
|
|
|
Cash and cash equivalents and restricted cash at end of period
|
$
|
1,938,555
|
|
|
366,946
|
|
|
388,583
|
|
|
—
|
|
|
2,694,084
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|||||
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|||||
2019
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
3,868,082
|
|
|
5,562,890
|
|
|
5,857,058
|
|
|
6,971,531
|
|
Gross profit from sales of homes
|
$
|
726,079
|
|
|
1,038,587
|
|
|
1,085,633
|
|
|
1,385,859
|
|
Earnings before income taxes
|
$
|
319,124
|
|
|
559,399
|
|
|
667,083
|
|
|
888,686
|
|
Net earnings attributable to Lennar
|
$
|
239,910
|
|
|
421,472
|
|
|
513,366
|
|
|
674,304
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
0.74
|
|
|
1.31
|
|
|
1.60
|
|
|
2.13
|
|
Diluted
|
$
|
0.74
|
|
|
1.30
|
|
|
1.59
|
|
|
2.13
|
|
2018
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
2,980,791
|
|
|
5,459,061
|
|
|
5,672,569
|
|
|
6,459,210
|
|
Gross profit from sales of homes
|
$
|
516,628
|
|
|
840,042
|
|
|
1,057,903
|
|
|
1,274,241
|
|
Earnings before income taxes
|
$
|
269,428
|
|
|
390,810
|
|
|
565,918
|
|
|
1,036,528
|
|
Net earnings attributable to Lennar
|
$
|
136,215
|
|
|
310,257
|
|
|
453,211
|
|
|
796,148
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|||||
Basic
|
$
|
0.53
|
|
|
0.95
|
|
|
1.37
|
|
|
2.42
|
|
Diluted
|
$
|
0.53
|
|
|
0.94
|
|
|
1.37
|
|
|
2.42
|
|
/s/ Deloitte & Touche LLP
|
|
|
|
Miami, Florida
|
January 27, 2020
|
Plan category
|
Number of shares to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
|
|
Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in column (a)) (1)
|
||||
Equity compensation plans approved by stockholders
|
—
|
|
|
$
|
—
|
|
|
8,908,570
|
|
Equity compensation plans not approved by stockholders
|
—
|
|
|
n/a
|
|
|
—
|
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
8,908,570
|
|
(1)
|
Both shares of Class A and Class B common stock may be issued.
|
(a)
|
Documents filed as part of this Report.
|
1.
|
The following financial statements are contained in Item 8:
|
Financial Statements
|
Page in
this Report
|
2.
|
The following financial statement schedule is included in this Report:
|
Financial Statement Schedule
|
Page in
this Report
|
3.
|
The following exhibits are filed with this Report or incorporated by reference:
|
|
|
3.1**
|
|
|
|
3.2
|
|
|
|
4.1**
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
4.5
|
|
|
|
4.6
|
|
|
|
4.7
|
|
|
|
4.8
|
|
|
|
4.9
|
|
|
|
4.10
|
|
|
|
4.11
|
|
|
|
4.12
|
|
|
|
4.13
|
|
|
|
4.14
|
|
|
|
4.15
|
|
|
|
4.16
|
|
|
|
10.1*
|
|
|
|
10.2*
|
|
|
|
10.3
|
|
|
|
10.4
|
|
|
|
10.5
|
|
|
|
10.6*
|
|
|
|
10.7*
|
|
|
|
10.8*
|
|
|
|
10.9*
|
|
|
|
21**
|
|
|
|
23**
|
|
|
|
31.1**
|
|
|
|
31.2**
|
|
|
|
32**
|
|
|
|
101
|
The following financial statements from Lennar Corporation Annual Report on Form 10-K for the year ended November 30, 2019, filed on January 27, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language); (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Consolidated Statements of Equity (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.
|
|
|
101.INS**
|
iXBRL Instance Document.
|
101.SCH**
|
iXBRL Taxonomy Extension Schema Document.
|
101.CAL**
|
iXBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF**
|
iXBRL Taxonomy Extension Definition.
|
101.LAB**
|
iXBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE**
|
iXBRL Taxonomy Presentation Linkbase Document.
|
104***
|
The cover page from Lennar Corporation's fiscal year Report on Form 10-K for the year ended November 30, 2019 was formatted in iXBRL.
|
|
|
|
LENNAR CORPORATION
|
|
|
|
|
|
/S/ RICK BECKWITT
|
|
|
Rick Beckwitt
|
|
|
Chief Executive Officer and Director
|
|
|
Date:
|
January 27, 2020
|
Principal Executive Officer:
|
|
|
|
|
|
Rick Beckwitt
|
/S/ RICK BECKWITT
|
|
Chief Executive Officer and Director
|
Date:
|
January 27, 2020
|
|
|
|
Principal Financial Officer:
|
|
|
|
|
|
Diane Bessette
|
/S/ DIANE BESSETTE
|
|
Vice President, Chief Financial Officer and Treasurer
|
Date:
|
January 27, 2020
|
|
|
|
Principal Accounting Officer:
|
|
|
|
|
|
David Collins
|
/S/ DAVID COLLINS
|
|
Controller
|
Date:
|
January 27, 2020
|
|
|
|
Directors:
|
|
|
|
|
|
Irving Bolotin
|
/S/ IRVING BOLOTIN
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Steven L. Gerard
|
/S/ STEVEN L. GERARD
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Theron I. ("Tig") Gilliam, Jr.
|
/S/ THERON I. ("TIG") GILLIAM, JR.
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Sherrill W. Hudson
|
/S/ SHERRILL W. HUDSON
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Jonathan M. Jaffe
|
/S/ JONATHAN M. JAFFE
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Sidney Lapidus
|
/S/ SIDNEY LAPIDUS
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Teri McClure
|
/S/ TERI MCCLURE
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Stuart Miller
|
/S/ STUART MILLER
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Armando Olivera
|
/S/ ARMANDO OLIVERA
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Jeffrey Sonnenfeld
|
/S/ JEFFREY SONNENFELD
|
|
|
Date:
|
January 27, 2020
|
|
|
|
Scott Stowell
|
/S/ SCOTT STOWELL
|
|
|
Date:
|
January 27, 2020
|
/s/ Deloitte & Touche LLP
|
|
|
|
Miami, Florida
|
January 27, 2020
|
|
|
|
Additions
|
|
|
|
|
||||||||
(In thousands)
|
Beginning
balance
|
|
Charged to costs and expenses
|
|
Charged (credited) to other accounts
|
|
Deductions
|
|
Ending
balance
|
||||||
Year ended November 30, 2019
|
|
|
|
|
|
|
|
|
|
||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts and notes and other receivables
|
$
|
2,793
|
|
|
1,404
|
|
|
(344
|
)
|
|
(474
|
)
|
|
3,379
|
|
Allowance for loan losses and loans receivable
|
$
|
6,154
|
|
|
485
|
|
|
—
|
|
|
(2,517
|
)
|
|
4,122
|
|
Allowance against net deferred tax assets
|
$
|
7,219
|
|
|
—
|
|
|
—
|
|
|
(2,878
|
)
|
|
4,341
|
|
Year ended November 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts and notes and other receivables
|
$
|
2,849
|
|
|
246
|
|
|
(156
|
)
|
|
(146
|
)
|
|
2,793
|
|
Allowance for loan losses and loans receivable
|
$
|
3,192
|
|
|
2,177
|
|
|
3,890
|
|
|
(3,105
|
)
|
|
6,154
|
|
Allowance against net deferred tax assets
|
$
|
6,423
|
|
|
796
|
|
|
—
|
|
|
—
|
|
|
7,219
|
|
Year ended November 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||
Allowances deducted from assets to which they apply:
|
|
|
|
|
|
|
|
|
|
||||||
Allowances for doubtful accounts and notes and other receivables
|
$
|
328
|
|
|
260
|
|
|
2,463
|
|
|
(202
|
)
|
|
2,849
|
|
Allowance for loan losses and loans receivable
|
$
|
33,575
|
|
|
32,850
|
|
|
(1
|
)
|
|
(63,232
|
)
|
|
3,192
|
|
Allowance against net deferred tax assets
|
$
|
5,773
|
|
|
650
|
|
|
—
|
|
|
—
|
|
|
6,423
|
|
•
|
Preferential rights to dividends, which might be fixed or participating, and might or might not be cumulative;
|
•
|
Special voting rights, including rights to elect directors without the vote of other classes of stock;
|
•
|
Rights to convert the preferred stock into shares of common stock or other securities;
|
•
|
Rights to require us to redeem shares or provisions giving us the right to redeem shares;
|
•
|
Rights to benefit from sinking funds;
|
•
|
Preferential rights to distributions on liquidation;
|
•
|
Preemptive rights;
|
•
|
Other special rights or preferences.
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
360 Developers, LLC
|
|
FL
|
|
|
Alliance Financial Services, Inc.
|
|
DE
|
|
Lennar
|
Ann Arundel Farms, Ltd.
|
|
TX
|
|
|
Aquaterra Utilities, Inc.
|
|
FL
|
|
|
Arbor Mill Veteran Project 2018, LLC
|
|
FL
|
|
|
Asbury Woods L.L.C.
|
|
IL
|
|
|
Astoria Options, LLC
|
|
DE
|
|
|
Autumn Creek Development, Ltd.
|
|
TX
|
|
|
Aylon, LLC
|
|
DE
|
|
|
Azusa Associates, LLC
|
|
CA
|
|
Lennar
|
B2 Milpitas, LLC
|
|
DE
|
|
|
Bainebridge 249, LLC
|
|
FL
|
|
|
Bay Colony Expansion 369, Ltd.
|
|
TX
|
|
|
BB Investment Holdings, LLC
|
|
NV
|
|
|
BCI Properties, LLC
|
|
NV
|
|
|
Bellagio Lennar, LLC
|
|
FL
|
|
|
Belle Meade LEN Holdings, LLC
|
|
FL
|
|
|
Belle Meade Partners, LLC
|
|
FL
|
|
|
Black Mountain Ranch, LLC
|
|
CA
|
|
Lennar
|
Blue Horizons Estates, LLC
|
|
AZ
|
|
Lennar
|
BMR Communities, LLC
|
|
CA
|
|
Lennar
|
BMR Construction, Inc.
|
|
DE
|
|
Lennar
|
BMTD, LLC
|
|
SC
|
|
|
Bonterra Lennar, LLC
|
|
FL
|
|
|
BPH I, LLC
|
|
NV
|
|
|
Bramalea California, Inc.
|
|
CA
|
|
|
Bressi Gardenlane, LLC
|
|
DE
|
|
|
Breton Park Lennar, LLC
|
|
FL
|
|
|
CalAtlantic Financial Services, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Group, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Homes of Arizona, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Homes of Georgia, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Homes of Texas, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Homes of Washington, Inc.
|
|
DE
|
|
Lennar
|
CalAtlantic Mortgage, Inc.
|
|
CA
|
|
Lennar
|
CalAtlantic National Title Solutions, LLC
|
|
MD
|
|
|
CalAtlantic Title Agency, LLC
|
|
NC
|
|
|
CalAtlantic Title Group, LLC
|
|
FL
|
|
|
CalAtlantic Title of Maryland, Inc.
|
|
MD
|
|
Lennar
|
CalAtlantic Title, Inc.
|
|
CA
|
|
Lennar
|
CalAtlantic Title, LLC
|
|
UT
|
|
|
Camarillo Village Park, LLC
|
|
CA
|
|
Lennar
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Cambria L.L.C.
|
|
IL
|
|
|
Candlestick Retail Member, LLC
|
|
DE
|
|
|
CAP IL 1, LLC
|
|
DE
|
|
Lennar
|
Cardiovascular Medical Specialists, LLC
|
|
IN
|
|
|
Carolina Blue, LLC
|
|
DE
|
|
|
Carson 175, LLC
|
|
DE
|
|
|
Cary Woods, LLC
|
|
IL
|
|
|
Casa Marina Development, LLC
|
|
FL
|
|
|
Central Park West Holdings, LLC
|
|
DE
|
|
|
Cherrytree II LLC
|
|
MD
|
|
|
CL Ventures, LLC
|
|
FL
|
|
|
Club Bonterra Lennar, LLC
|
|
FL
|
|
|
CML INACTIVE, LLC
|
|
DE
|
|
|
CML-MO HAF PARKING, LLC
|
|
MO
|
|
|
CML-MO HAF, LLC
|
|
FL
|
|
|
Coco Palm 82, LLC
|
|
FL
|
|
|
Colonial Heritage LLC
|
|
VA
|
|
|
Columbia National Risk Retention Group, Inc.
|
|
VT
|
|
Lennar
|
Commonwealth Incentive Fee, LLC
|
|
DE
|
|
|
Concord Station, LLP
|
|
FL
|
|
Club Concord Station
|
Coventry L.L.C.
|
|
IL
|
|
|
CP Block 6aS, LLC
|
|
DE
|
|
|
CP Block 8aS, LLC
|
|
DE
|
|
|
CP Block 9aS, LLC
|
|
DE
|
|
|
CP Center Apartments, LLC
|
|
DE
|
|
|
CP Center Garage, LLC
|
|
DE
|
|
|
CP Red Oak Partners, Ltd.
|
|
TX
|
|
|
CP Vertical Development Co. 1, LLC
|
|
DE
|
|
|
CP/HPS Development Co. GP, LLC
|
|
DE
|
|
|
CP/HPS Development Co.-C, LLC
|
|
DE
|
|
|
CPFE, LLC
|
|
MD
|
|
|
CPHP Development, LLC
|
|
DE
|
|
|
Creekside Crossing, L.L.C.
|
|
IL
|
|
|
Crest at Fondren Investor, LLC
|
|
DE
|
|
|
Darcy-Joliet L.L.C.
|
|
IL
|
|
|
DBJ Holdings, LLC
|
|
NV
|
|
|
DCA Financial, LLC
|
|
FL
|
|
|
DTC Holdings of Florida, LLC
|
|
FL
|
|
|
Durrell 33, LLC
|
|
NJ
|
|
|
Eagle Bend Commercial, LLC
|
|
CO
|
|
|
Eagle Home Mortgage, LLC
|
|
FL
|
|
|
EL Ventures, LLC
|
|
DE
|
|
|
Estates Seven, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
EV, LLC
|
|
MD
|
|
|
Evergreen Village LLC
|
|
DE
|
|
|
F&R QVI Home Investments USA, LLC
|
|
DE
|
|
|
Faria Preserve, LLC
|
|
DE
|
|
Lennar
|
Fidelity Guaranty and Acceptance Corp.
|
|
DE
|
|
First Texas Fidelity Company
|
Fidelity Land, LLC
|
|
FL
|
|
|
FLORDADE LLC
|
|
FL
|
|
|
Fox-Maple Associates, LLC
|
|
NJ
|
|
|
Friendswood Development Company, LLC
|
|
TX
|
|
Maple Ridge Asociates, LLC
|
Garco Investments, LLC
|
|
FL
|
|
|
GDI MANAGER, LLC
|
|
DE
|
|
|
Greystone Construction, Inc.
|
|
AZ
|
|
|
Greystone Homes of Nevada, Inc.
|
|
DE
|
|
|
Greystone Nevada Holdings, LLC
|
|
DE
|
|
|
Greystone Nevada, LLC
|
|
DE
|
|
Lennar Homes
|
Greywall Club L.L.C.
|
|
IL
|
|
|
Hammocks Lennar LLC
|
|
FL
|
|
|
Harbor Highlands Group, LLC
|
|
CA
|
|
Lennar
|
Harveston, LLC
|
|
DE
|
|
|
Haverton L.L.C.
|
|
IL
|
|
|
HCC Investors, LLC
|
|
DE
|
|
|
Heathcote Commons LLC
|
|
VA
|
|
|
Heritage of Auburn Hills, L.L.C.
|
|
MI
|
|
|
Heritage Pkwy East Holdings, LLC
|
|
FL
|
|
|
Hewitts Landing Trustee, LLC
|
|
MA
|
|
|
Hingham Properties, LLC
|
|
DE
|
|
|
HPS Development Co., LP
|
|
DE
|
|
|
HPS Vertical Development Co., LLC
|
|
DE
|
|
|
HPS Vertical Development Co.-B, LP
|
|
DE
|
|
|
HPS Vertical Development Co.-D/E, LLC
|
|
DE
|
|
|
HPS1 Block 1, LLC
|
|
DE
|
|
|
HPS1 Block 48-1A, LLC
|
|
DE
|
|
|
HPS1 Block 48-1B, LLC
|
|
DE
|
|
|
HPS1 Block 48-2A, LLC
|
|
DE
|
|
|
HPS1 Block 48-2B, LLC
|
|
DE
|
|
|
HPS1 Block 48-3A, LLC
|
|
DE
|
|
|
HPS1 Block 48-3B, LLC
|
|
DE
|
|
|
HPS1 Block 50, LLC
|
|
DE
|
|
|
HPS1 Block 51, LLC
|
|
DE
|
|
|
HPS1 Block 52, LLC
|
|
DE
|
|
|
HPS1 Block 53, LLC
|
|
DE
|
|
|
HPS1 Block 54, LLC
|
|
DE
|
|
|
HPS1 Block 55, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
HPS1 Block 56/57, LLC
|
|
DE
|
|
|
HSP Arizona, Inc.
|
|
DE
|
|
|
HTC Golf Club, LLC
|
|
CO
|
|
|
Huntley Venture L.L.C.
|
|
IL
|
|
Lennar
|
Inactive Companies, LLC
|
|
FL
|
|
|
Independence L.L.C.
|
|
VA
|
|
|
Independence Orlando, LLC
|
|
FL
|
|
|
Isles at Bayshore Club, LLC
|
|
FL
|
|
|
Kendall Hammocks Commercial, LLC
|
|
FL
|
|
|
Kentuckiana Medical Center, LLC
|
|
IN
|
|
|
Kingman Lennar, LLC
|
|
DE
|
|
|
KMC Real Estate Investors, LLC
|
|
IN
|
|
|
Lagoon Valley Residential, LLC
|
|
CA
|
|
Lennar
|
Lakelands at Easton, L.L.C.
|
|
MD
|
|
|
LB/L – Duc III Antioch 330, LLC
|
|
DE
|
|
Lennar
|
LCD Asante, LLC
|
|
DE
|
|
|
LCI Downtown Doral Investor, LLC
|
|
DE
|
|
|
LCI North DeKalb Investor GP, LLC
|
|
DE
|
|
|
LCI North DeKalb Investor LP, LLC
|
|
DE
|
|
|
Legends Club, LLC
|
|
FL
|
|
|
Legends Golf Club, LLC
|
|
FL
|
|
|
LEN - Belle Meade, LLC
|
|
FL
|
|
|
Len - Little Harbor, LLC
|
|
DE
|
|
|
LEN - OBS Windemere, LLC
|
|
DE
|
|
|
LEN - Palm Vista, LLC
|
|
FL
|
|
|
LEN BPT Investor, LLC
|
|
DE
|
|
|
Len FW Investor, LLC
|
|
DE
|
|
|
LEN Mirada Investor, LLC
|
|
DE
|
|
|
LEN Notarize Investor, LLC
|
|
DE
|
|
|
LEN OT Holdings, LLC
|
|
FL
|
|
|
LEN Paradise Cable, LLC
|
|
FL
|
|
|
LEN Paradise Operating, LLC
|
|
FL
|
|
|
Len Paradise, LLC
|
|
FL
|
|
|
Lenalto CMBS, LLC
|
|
DE
|
|
|
Len-Angeline, LLC
|
|
FL
|
|
|
LEN-CG South, LLC
|
|
FL
|
|
|
LenCom, LLC
|
|
DE
|
|
|
Lencraft, LLC
|
|
MD
|
|
|
LEN-Cypress Mill, LLC
|
|
FL
|
|
|
LenFive Opco GP, LLC
|
|
DE
|
|
|
LenFive Sub III, LLC
|
|
DE
|
|
|
LenFive Sub Opco GP, LLC
|
|
DE
|
|
|
LenFive Sub, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
LenFive, LLC
|
|
DE
|
|
|
LENH I, LLC
|
|
FL
|
|
|
Len-Hawks Point, LLC
|
|
FL
|
|
|
Len-Land West, LLC
|
|
DE
|
|
|
Len-Land, LLC
|
|
DE
|
|
|
Len-MN, LLC
|
|
DE
|
|
|
Lennar Aircraft I, LLC
|
|
DE
|
|
|
Lennar Arizona Construction, Inc.
|
|
AZ
|
|
|
Lennar Arizona, Inc.
|
|
AZ
|
|
|
Lennar Associates Management Holding Company
|
|
FL
|
|
|
Lennar Associates Management, LLC
|
|
DE
|
|
|
Lennar at Franklin, LLC
|
|
DE
|
|
|
Lennar at Jackson, LLC
|
|
DE
|
|
|
Lennar at Marlboro 79, LLC
|
|
DE
|
|
|
Lennar at Monroe, LLC
|
|
DE
|
|
|
Lennar Avenue One, LLC
|
|
DE
|
|
|
Lennar Berkeley, LLC
|
|
NJ
|
|
|
Lennar Bevard, LLC
|
|
DE
|
|
|
Lennar Bridges, LLC
|
|
CA
|
|
|
Lennar Buffington Colorado Crossing, L.P.
|
|
TX
|
|
|
Lennar Buffington Zachary Scott, L.P.
|
|
TX
|
|
|
Lennar Carolinas, LLC
|
|
DE
|
|
|
Lennar Central Park, LLC
|
|
DE
|
|
|
Lennar Central Region Sweep, Inc.
|
|
NV
|
|
|
Lennar Chicago, Inc.
|
|
IL
|
|
Lennar
|
Lennar Cobra, LLC
|
|
DE
|
|
|
Lennar Colgate Urban Renewal Development, LLC
|
|
NJ
|
|
|
Lennar Colorado Minerals, LLC
|
|
CO
|
|
|
Lennar Colorado, LLC
|
|
CO
|
|
Blackstone Country Club
|
Lennar Commercial, LLC
|
|
DE
|
|
|
Lennar Communities Development, Inc.
|
|
DE
|
|
|
Lennar Communities Nevada, LLC
|
|
NV
|
|
|
Lennar Communities of Chicago L.L.C.
|
|
IL
|
|
|
Lennar Communities, Inc.
|
|
CA
|
|
|
Lennar Concord, LLC
|
|
DE
|
|
|
Lennar Construction, Inc.
|
|
AZ
|
|
|
Lennar Cory Road, LLC
|
|
NJ
|
|
|
Lennar Courts, LLC
|
|
FL
|
|
|
Lennar Developers, Inc.
|
|
FL
|
|
|
Lennar Ewing, LLC
|
|
NJ
|
|
|
Lennar Financial Services, LLC
|
|
FL
|
|
|
Lennar Flamingo, LLC
|
|
FL
|
|
|
Lennar Fresno, Inc.
|
|
CA
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Lennar Gardens, LLC
|
|
FL
|
|
|
Lennar Georgia, Inc.
|
|
GA
|
|
|
Lennar Greer Ranch Venture, LLC
|
|
CA
|
|
|
Lennar Heritage Fields, LLC
|
|
CA
|
|
|
Lennar Hingham Holdings, LLC
|
|
DE
|
|
|
Lennar Hingham JV, LLC
|
|
DE
|
|
|
Lennar Homes Holding, LLC
|
|
DE
|
|
|
Lennar Homes NJ, LLC
|
|
DE
|
|
|
Lennar Homes of Arizona, Inc.
|
|
AZ
|
|
|
Lennar Homes of California, Inc.
|
|
CA
|
|
|
Lennar Homes of Indiana, Inc.
|
|
DE
|
|
|
LENNAR HOMES OF TENNESSEE, LLC
|
|
DE
|
|
|
Lennar Homes of Texas Land and Construction, Ltd.
|
|
TX
|
|
Friendswood Development Company
|
Lennar Homes of Texas Land and Construction, Ltd.
|
|
TX
|
|
Village Builders Land Company
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Kingswood Sales Associates
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Houston Village Builders, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Friendswood Land Development Company
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Bay Oaks Sales Associates
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Lennar Homes
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Lennar Homes of Texas
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Lennar Homes of Texas, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
U.S. Home
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
U.S. Home of Texas
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
U.S. Home of Texas, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
NuHome Designs, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Village Builders, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
NuHome of Texas, Inc.
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
NuHome Designs
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
NuHome of Texas
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Village Builders
|
Lennar Homes of Texas Sales and Marketing, Ltd.
|
|
TX
|
|
Friendswood Development Company
|
Lennar Homes of Utah, Inc.
|
|
DE
|
|
|
Lennar Homes, LLC
|
|
FL
|
|
Baywinds Land Trust D/B/A Club Vineyards
|
Lennar Homes, LLC
|
|
FL
|
|
Doral Park
|
Lennar Homes, LLC
|
|
FL
|
|
Doral Park Joint Venture
|
Lennar Homes, LLC
|
|
FL
|
|
The Breakers at Lennar's Pembroke Isles
|
Lennar Homes, LLC
|
|
FL
|
|
Doral Park Country Club
|
Lennar Homes, LLC
|
|
FL
|
|
Coco Pointe
|
Lennar Homes, LLC
|
|
FL
|
|
The Point at Lennar's Pembroke Isles
|
Lennar Homes, LLC
|
|
FL
|
|
The Royal Club
|
Lennar Homes, LLC
|
|
FL
|
|
The Palace
|
Lennar Homes, LLC
|
|
FL
|
|
Club Pembroke Isles
|
Lennar Homes, LLC
|
|
FL
|
|
Walnut Creek
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Lennar Homes, LLC
|
|
FL
|
|
Lennars The Palms @ Pembroke Isles
|
Lennar Homes, LLC
|
|
FL
|
|
Walnut Creek Club
|
Lennar Homes, LLC
|
|
FL
|
|
Lennar Century 8th Street Developers
|
Lennar Homes, LLC
|
|
FL
|
|
Your Hometown Builder
|
Lennar Homes, LLC
|
|
FL
|
|
Lennar Communities
|
Lennar Homes, LLC
|
|
FL
|
|
Lake Osborne Trailer Ranch
|
Lennar Homes, LLC
|
|
FL
|
|
Verona Trace Club, Inc.
|
Lennar Homes, LLC
|
|
FL
|
|
Tripson Estates Club, Inc.
|
Lennar Homes, LLC
|
|
FL
|
|
Club Carriage Pointe
|
Lennar Homes, LLC
|
|
FL
|
|
Club Tuscany Village
|
Lennar Homes, LLC
|
|
FL
|
|
Club Silver Palms
|
Lennar Homes, LLC
|
|
FL
|
|
Bent Creek Club, Inc.
|
Lennar Homes, LLC
|
|
FL
|
|
U.S. Home
|
Lennar Homes, LLC
|
|
FL
|
|
Verona Trace Club, Inc.
|
Lennar Homes, LLC
|
|
FL
|
|
Club Malibu Bay
|
Lennar Homes, LLC
|
|
FL
|
|
Copper Creek Club, Inc.
|
Lennar Homes, LLC
|
|
FL
|
|
Isles of Bayshore Club
|
Lennar Homes, LLC
|
|
FL
|
|
Club Miralago
|
Lennar Homes, LLC
|
|
FL
|
|
Club Gardens by the Hammocks
|
Lennar Homes, LLC
|
|
FL
|
|
Club Vineyards
|
Lennar International Holding, LLC
|
|
DE
|
|
|
Lennar International, LLC
|
|
DE
|
|
|
Lennar Lakeside Investor, LLC
|
|
DE
|
|
|
Lennar Layton, LLC
|
|
DE
|
|
|
Lennar Living, LLC
|
|
DE
|
|
|
Lennar Lytle, LLC
|
|
DE
|
|
|
Lennar Mare Island, LLC
|
|
CA
|
|
|
Lennar Marina A Funding, LLC
|
|
DE
|
|
|
Lennar Massachusetts Properties, Inc.
|
|
DE
|
|
|
Lennar MF Holdings, LLC
|
|
DE
|
|
|
Lennar Middletown, LLC
|
|
NJ
|
|
|
Lennar Monmouth Redevelopers, LLC
|
|
DE
|
|
|
Lennar MPA WIP, LLC
|
|
DE
|
|
|
Lennar MPA, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture GP Subsidiary, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture GP Victory Block G Mezz, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture GP, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture II GP Subsidiary, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture II GP, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture II LP, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture II Manager, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture LP, LLC
|
|
DE
|
|
|
Lennar Multifamily BTC Venture Manager, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Lennar Multifamily Builders, LLC
|
|
DE
|
|
LMC Construction, LLC
|
Lennar Multifamily Communities, LLC
|
|
DE
|
|
LMC a Lennar Company
|
Lennar Multifamily Venture DC LP
|
|
DE
|
|
|
Lennar New Jersey Holdings, LLC
|
|
DE
|
|
|
Lennar New Jersey Properties, Inc.
|
|
DE
|
|
|
Lennar New York, LLC
|
|
NY
|
|
|
Lennar Northeast Properties LLC
|
|
NJ
|
|
|
Lennar Northwest, Inc.
|
|
DE
|
|
|
Lennar OHB, LLC
|
|
NJ
|
|
|
Lennar Pacific Properties Management, Inc.
|
|
DE
|
|
|
Lennar Pacific Properties, Inc.
|
|
DE
|
|
|
Lennar Pacific, Inc.
|
|
DE
|
|
|
Lennar PI Acquisition, LLC
|
|
NJ
|
|
|
Lennar PI Property Acquisition, LLC
|
|
NJ
|
|
|
Lennar PIS Management Company, LLC
|
|
DE
|
|
|
Lennar Plumsted Urban Renewal, LLC
|
|
NJ
|
|
|
Lennar Point, LLC
|
|
NJ
|
|
|
Lennar QR Build to Core GP, LLC
|
|
DE
|
|
|
Lennar QR Build to Core LP, LLC
|
|
DE
|
|
|
Lennar Realty, Inc.
|
|
FL
|
|
|
Lennar Reno, LLC
|
|
NV
|
|
Baker-Coleman Communities
|
Lennar Reno, LLC
|
|
NV
|
|
Lennar Homes
|
Lennar Reno, LLC
|
|
NV
|
|
Lennar Communities
|
Lennar Riverwalk, LLC
|
|
DE
|
|
|
Lennar Sacramento, Inc.
|
|
CA
|
|
|
Lennar Sales Corp.
|
|
CA
|
|
|
Lennar Sierra Sunrise, LLC
|
|
CA
|
|
|
Lennar Spencer's Crossing, LLC
|
|
DE
|
|
|
Lennar Sun Ridge LLC
|
|
CA
|
|
|
Lennar Texas Holding, LLC
|
|
DE
|
|
|
Lennar Ventures, LLC
|
|
FL
|
|
|
Lennar West Valley, LLC
|
|
CA
|
|
|
Lennar Winncrest, LLC
|
|
DE
|
|
|
Lennar.com Inc.
|
|
FL
|
|
|
LEN-Ryan 1, LLC
|
|
FL
|
|
|
LEN-Touchstone, LLC
|
|
FL
|
|
|
Len-Verandahs, LLP
|
|
FL
|
|
|
LFS Holding Company, LLC
|
|
DE
|
|
|
LH Eastwind, LLC
|
|
FL
|
|
|
LHI Renaissance, LLC
|
|
FL
|
|
Club Oasis
|
LMC 10th & Acoma Holdings, LP
|
|
DE
|
|
|
LMC 144th and Grant Investor, LLC
|
|
DE
|
|
|
LMC 2401 Blake Street Holdings, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
LMC 2401 Blake Street Investor, LLC
|
|
DE
|
|
|
LMC 360 Acoma Holdings, LP
|
|
DE
|
|
|
LMC 410 S Wabash Holdings, LLC
|
|
DE
|
|
|
LMC 808 Gateway Holdings, LLC
|
|
DE
|
|
|
LMC 808 Gateway Investor, LLC
|
|
DE
|
|
|
LMC 8th Avenue Apartment Investor, LLC
|
|
DE
|
|
|
LMC 990 Bannock Holdings, LLC
|
|
DE
|
|
|
LMC Axis Westminster Holdings, LLC
|
|
DE
|
|
|
LMC Axis Westminster Investor, LLC
|
|
DE
|
|
|
LMC Berry Hill Lofts Holdings, LLC
|
|
DE
|
|
|
LMC Berry Hill Lofts Investor, LLC
|
|
DE
|
|
|
LMC Block 42 Holdings, LLC
|
|
DE
|
|
|
LMC Build to Core III Investor, LLC
|
|
DE
|
|
|
LMC Build to Core III, LLC
|
|
DE
|
|
|
LMC Burnside Holdings, LLC
|
|
DE
|
|
|
LMC Burnside Investor, LLC
|
|
DE
|
|
|
LMC Chandler and McClintock Holdings, LLC
|
|
DE
|
|
|
LMC Charlestowne Holdings, LLC
|
|
DE
|
|
|
LMC Charlotte Ballpark Developer, LLC
|
|
DE
|
|
|
LMC Cityville Oak Park Holdings, LLC
|
|
DE
|
|
|
LMC Cityville Oak Park Investor, LLC
|
|
DE
|
|
|
LMC Cobalt Holdings, LLC
|
|
DE
|
|
|
LMC Costa Mesa Holdings, LP
|
|
DE
|
|
|
LMC Crest at Park West Holdings, LP
|
|
DE
|
|
|
LMC Denver Gateway I Investor, LLC
|
|
DE
|
|
|
LMC Denver Gateway II Holdings, LLC
|
|
DE
|
|
|
LMC Development, LLC
|
|
DE
|
|
|
LMC Downtown Doral South Holdings, LLC
|
|
DE
|
|
|
LMC Durham Gateway Holdings, LP
|
|
DE
|
|
|
LMC Evans School Holdings, LLC
|
|
DE
|
|
|
LMC Gateway Investor, LLC
|
|
DE
|
|
|
LMC Gateway Venture, LLC
|
|
DE
|
|
|
LMC Gilman Square Investor, LLC
|
|
DE
|
|
|
LMC Horton Street Holdings, LLC
|
|
DE
|
|
|
LMC Huntington Crossing Holdings, LLC
|
|
DE
|
|
|
LMC Inactive Companies, LLC
|
|
DE
|
|
|
LMC Lakeside Holdings, LP
|
|
DE
|
|
|
LMC Leya Holdings, LLC
|
|
DE
|
|
|
LMC Living Illinois, LLC
|
|
DE
|
|
|
LMC Living TRS, LP
|
|
DE
|
|
|
LMC Living, Inc.
|
|
CA
|
|
|
LMC Living, LLC
|
|
DE
|
|
|
LMC Millenia Investor II, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
LMC NE Minneapolis Lot 2 Holdings, LLC
|
|
DE
|
|
|
LMC New Bern Investor, LLC
|
|
DE
|
|
|
LMC North Park Holdings, LP
|
|
DE
|
|
|
LMC Parkfield Holdings, LLC
|
|
DE
|
|
|
LMC Parkfield Investor, LLC
|
|
DE
|
|
|
LMC Righters Ferry Holdings, LLC
|
|
DE
|
|
|
LMC River North Holdings, LLC
|
|
DE
|
|
|
LMC Spring Street Investor, LLC
|
|
DE
|
|
|
LMC Stonewall Station Investor, LLC
|
|
DE
|
|
|
LMC Triangle Square Investor, LLC
|
|
DE
|
|
|
LMC Venture Developer, LLC
|
|
DE
|
|
|
LMC Verbena Holdings, LLC
|
|
DE
|
|
|
LMC West Loop Investor, LLC
|
|
DE
|
|
|
LMCFX Investor, LLC
|
|
DE
|
|
|
LMCPNW Marymoor Holdings, LLC
|
|
DE
|
|
|
LMI - Jacksonville Investor, LLC
|
|
DE
|
|
|
LMI - South Kings Development Investor, LLC
|
|
DE
|
|
|
LMI - West Seattle Holdings, LLC
|
|
DE
|
|
|
LMI - West Seattle Investor, LLC
|
|
DE
|
|
|
LMI - West Seattle, LLC
|
|
DE
|
|
|
LMI Cell Tower Investors, LLC
|
|
DE
|
|
|
LMI City Walk Investor, LLC
|
|
DE
|
|
|
LMI Collegedale Investor, LLC
|
|
DE
|
|
|
LMI Collegedale, LLC
|
|
DE
|
|
|
LMI Contractors, LLC
|
|
DE
|
|
|
LMI Glencoe Dallas Investor, LLC
|
|
DE
|
|
|
LMI Lakes West Covina Investor, LLC
|
|
DE
|
|
|
LMI Largo Park Investor, LLC
|
|
DE
|
|
|
LMI Las Colinas Station, LLC
|
|
DE
|
|
|
LMI Naperville Investor, LLC
|
|
DE
|
|
|
LMI Pacific Tower, LLC
|
|
DE
|
|
|
LMI Park Central Two, LLC
|
|
DE
|
|
|
LMI Peachtree Corners Investor, LLC
|
|
DE
|
|
|
LMI Peachtree Corners, LLC
|
|
DE
|
|
|
LMI-JC Developer, LLC
|
|
DE
|
|
|
LMI-JC, LLC
|
|
DE
|
|
|
LMV 1640 Broadway REIT-DC, LP
|
|
DE
|
|
|
LMV 1701 Ballard REIT-DC, LP
|
|
DE
|
|
|
LMV 19H REIT-DC, LP
|
|
DE
|
|
|
LMV 2026 Madison REIT-DC, LP
|
|
DE
|
|
|
LMV 85 South Union REIT-DC, LP
|
|
DE
|
|
|
LMV Annapolis REIT-DC, LP
|
|
DE
|
|
|
LMV Apache Terrace REIT-DC, LP
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
LMV ATown REIT-DC, LP
|
|
DE
|
|
|
LMV Block 42 REIT-DC, LP
|
|
DE
|
|
|
LMV Bloomington REIT-DC, LP
|
|
DE
|
|
|
LMV Bolingbrook REIT-DC, LP (DE)
|
|
DE
|
|
|
LMV Central at McDowell REIT-DC, LP
|
|
DE
|
|
|
LMV East Village I REIT-DC, LP
|
|
DE
|
|
|
LMV Edina REIT-DC, LP
|
|
DE
|
|
|
LMV Fremont WS I REIT-DC, LP
|
|
DE
|
|
|
LMV Glisan REIT-DC, LP
|
|
DE
|
|
|
LMV Grand Bay REIT-DC, LP
|
|
DE
|
|
|
LMV II Grand Bay Pod V Holdings, LP
|
|
DE
|
|
|
LMV II Kierland Holdings, LP
|
|
DE
|
|
|
LMV II NoMo Holdings, LP
|
|
DE
|
|
|
LMV II Venture Developer, LLC
|
|
DE
|
|
|
LMV II Wynwood Holdings, LP
|
|
DE
|
|
|
LMV Kirkland REIT-DC, LP
|
|
DE
|
|
|
LMV Little Italy REIT-DC, LP
|
|
DE
|
|
|
LMV M Tower REIT-DC, LP
|
|
DE
|
|
|
LMV Millenia II REIT-DC, LP
|
|
DE
|
|
|
LMV Milpitas REIT-DC, LP
|
|
DE
|
|
|
LMV NE Minneapolis REIT-DC, LP
|
|
DE
|
|
|
LMV Oak Park REIT-DC, LP
|
|
DE
|
|
|
LMV One20Fourth REIT-DC, LP
|
|
DE
|
|
|
LMV QR Build to Core Manager, LLC
|
|
DE
|
|
|
LMV Rio Bravo REIT-DC, LP
|
|
DE
|
|
|
LMV Scottsdale Quarter REIT-DC, LP
|
|
DE
|
|
|
LMV Tysons REIT-DC, LP
|
|
DE
|
|
|
LMV Vallagio III REIT-DC, LP
|
|
DE
|
|
|
LMV Victory Block G REIT-DC, LP
|
|
DE
|
|
|
LMV Warren Street REIT-DC, LP
|
|
DE
|
|
|
LNC at Meadowbrook, LLC
|
|
IL
|
|
|
LNC at Ravenna, LLC
|
|
IL
|
|
|
LNC Communities II, LLC
|
|
CO
|
|
Fortress Genesee III, LLC
|
LNC Communities IV, LLC
|
|
CO
|
|
|
LNC Communities V, LLC
|
|
CO
|
|
|
LNC Communities VI, LLC
|
|
CO
|
|
|
LNC Communities VII, LLC
|
|
CO
|
|
|
LNC Communities VIII, LLC
|
|
CO
|
|
|
LNC Pennsylvania Realty, Inc.
|
|
PA
|
|
|
Longleaf Acquisition, LLC
|
|
FL
|
|
|
Lori Gardens Associates II, LLC
|
|
NJ
|
|
|
Lori Gardens Associates III, LLC
|
|
NJ
|
|
|
Lori Gardens Associates, L.L.C.
|
|
NJ
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Lorton Station, LLC
|
|
VA
|
|
|
LS College Park, LLC
|
|
DE
|
|
Lennar
|
LS Terracina, LLC
|
|
DE
|
|
Lennar
|
LV Opendoor Investor, LLC
|
|
DE
|
|
|
LV Opendoor JV, LLC
|
|
DE
|
|
|
LW D'Andrea, LLC
|
|
DE
|
|
|
Lyons Lennar Farms, LLC
|
|
FL
|
|
|
Madrona Ridge L.L.C.
|
|
IL
|
|
|
Madrona Village L.L.C.
|
|
IL
|
|
|
Madrona Village Mews L.L.C.
|
|
IL
|
|
|
Majestic Woods, LLC
|
|
NJ
|
|
|
Maple and Broadway Holdings, LLC
|
|
DE
|
|
|
Menifee Development, LLC
|
|
CA
|
|
Lennar
|
Mid-County Utilities, Inc.
|
|
MD
|
|
|
Miralago West Lennar, LLC
|
|
FL
|
|
|
Mission Viejo 12S Venture, LP
|
|
CA
|
|
|
Mission Viejo Holdings, Inc.
|
|
CA
|
|
|
Motomic Diagnostics, LLC
|
|
DE
|
|
|
Multibank 2009-1 CML-ADC Venture, LLC
|
|
DE
|
|
|
Multibank 2009-1 RES-ADC Venture, LLC
|
|
DE
|
|
|
NC Properties I, LLC
|
|
DE
|
|
|
NC Properties II, LLC
|
|
DE
|
|
|
North American Asset Development, LLC
|
|
CA
|
|
|
Northbridge L.L.C.
|
|
IL
|
|
|
OHC/Ascot Belle Meade, LLC
|
|
FL
|
|
|
One SR, L.P.
|
|
TX
|
|
|
Pace Drive Holdings, LLC
|
|
FL
|
|
|
Palm Gardens At Doral Clubhouse, LLC
|
|
FL
|
|
|
Palm Gardens at Doral, LLC
|
|
FL
|
|
|
Palm Springs Classic, LLC
|
|
DE
|
|
|
Palm Vista Preserve, LLC
|
|
FL
|
|
|
Patuxent Infrastructure, Inc.
|
|
DE
|
|
Lennar
|
PD-Len Boca Raton, LLC
|
|
DE
|
|
|
PG Properties Holding, LLC
|
|
NC
|
|
|
Pioneer Meadows Development, LLC
|
|
NV
|
|
|
Pioneer Meadows Investments, LLC
|
|
NV
|
|
|
Plaza Condominium Ventures, LLC
|
|
DE
|
|
Lennar
|
POMAC, LLC
|
|
MD
|
|
|
Portside Marina Developers, L.L.C.
|
|
NJ
|
|
|
Portside Shipyard Developers, L.L.C.
|
|
NJ
|
|
|
Portside SM Associates, L.L.C. (Roseland outside member)
|
|
NJ
|
|
|
Portside SM Holdings, L.L.C.
|
|
DE
|
|
|
Prestonfield L.L.C.
|
|
IL
|
|
|
PT Metro, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
Quail Roost Lennar, LLC
|
|
FL
|
|
|
Raintree Village II L.L.C.
|
|
IL
|
|
|
Raintree Village L.L.C.
|
|
IL
|
|
|
Ral-Len BM, LLC
|
|
DE
|
|
|
Ral-Len, LLC
|
|
DE
|
|
|
Rannel Capital WeWork Series D, LLC
|
|
DE
|
|
|
Rannel Holdings, LLC
|
|
DE
|
|
|
Rannel Interests, LLC
|
|
DE
|
|
|
Rannel Investments, LLC
|
|
DE
|
|
|
Rannel Mortgage Investments, LLC
|
|
DE
|
|
|
Rannel Proprietary Investments, LLC
|
|
DE
|
|
|
RCCF GP II, LLC
|
|
DE
|
|
|
RCCF GP III, LLC
|
|
DE
|
|
|
RCCF GP III, LLC
|
|
DE
|
|
|
RCCF GP IV, LLC
|
|
DE
|
|
|
RCCF GP IV, LLC
|
|
DE
|
|
|
RCCF GP, LLC
|
|
DE
|
|
|
Renaissance Joint Venture
|
|
FL
|
|
|
Reserve @ Pleasant Grove II LLC
|
|
NJ
|
|
Lennar
|
Reserve @ Pleasant Grove LLC
|
|
NJ
|
|
|
Reserve at River Park, LLC
|
|
NJ
|
|
|
Reserve at South Harrison, LLC (inactive but not legally dissolved)
|
|
NJ
|
|
|
RES-FL EIGHT, LLC
|
|
FL
|
|
|
RES-FL SEVEN, LLC
|
|
FL
|
|
|
RES-FL VISION ONE, LLC
|
|
FL
|
|
|
RES-FL VISION TWO, LLC
|
|
FL
|
|
|
RES-GA CASCADE, LLC
|
|
GA
|
|
|
RES-GA DIAMOND MEADOWS, LLC
|
|
GA
|
|
|
RES-GA KAP, LLC
|
|
GA
|
|
|
RES-GA SOUTHERN PLANTATION, LLC
|
|
GA
|
|
|
RES-GA THIRTEEN, LLC
|
|
GA
|
|
|
RES-GA TWELVE, LLC
|
|
GA
|
|
|
RES-GA WEST, LLC
|
|
FL
|
|
|
RES-IL ONE, LLC
|
|
FL
|
|
|
RES-NC ONE, LLC
|
|
FL
|
|
|
RES-PA LSJ, LLC
|
|
PA
|
|
|
RES-PA POM, LLC
|
|
PA
|
|
|
RES-TX BOULEVARD, LLC
|
|
FL
|
|
|
RH Insurance Company, Inc.
|
|
HI
|
|
|
RH MOA BBCMS 2017-C1, LLC
|
|
DE
|
|
|
RH MOA CF 2017-C8, LLC
|
|
DE
|
|
|
RH MOA U 2017-C4, LLC
|
|
DE
|
|
|
RH MOA U 2017-C6, LLC
|
|
DE
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
RH MOA, LLC
|
|
DE
|
|
|
RIAL 2014-LT5 CLASS B, LLC
|
|
DE
|
|
|
RIAL 2014-LT5, LLC
|
|
DE
|
|
|
Rialto Commercial Mortgage Securities, LLC
|
|
DE
|
|
|
Rialto Credit Partnership GP, LLC
|
|
DE
|
|
|
Rialto Mezz Partners GP, LLC
|
|
DE
|
|
|
Rialto Mortgage Finance, LLC
|
|
DE
|
|
|
Rialto Partners GP II, LLC
|
|
DE
|
|
|
Rialto Partners GP III - Debt, LLC
|
|
DE
|
|
|
Rialto Partners GP III - Property, LLC
|
|
DE
|
|
|
Rialto Partners GP, LLC
|
|
DE
|
|
|
Rialto RSSF GP, LLC
|
|
DE
|
|
|
Riverwalk at Lago Mar, LLC
|
|
FL
|
|
Lennar
|
RL BB FINANCIAL, LLC
|
|
DE
|
|
|
RL BB INACTIVE, LLC
|
|
DE
|
|
|
RL BB-AL, LLC
|
|
AL
|
|
|
RL BB-FL ALHI, LLC
|
|
FL
|
|
|
RL BB-GA RMH, LLC
|
|
GA
|
|
|
RL BB-GA, LLC
|
|
GA
|
|
|
RL BB-IL, LLC
|
|
IL
|
|
|
RL BB-IN AA, LLC
|
|
DE
|
|
|
RL BB-IN KRE OP, LLC
|
|
DE
|
|
|
RL BB-IN KRE RE, LLC
|
|
DE
|
|
|
RL BB-IN KRE, LLC
|
|
DE
|
|
|
RL BB-MS, LLC
|
|
MS
|
|
|
RL BB-NC, LLC
|
|
NC
|
|
|
RL BB-OH, LLC
|
|
OH
|
|
|
RL BB-SC BROOKSA, LLC
|
|
SC
|
|
|
RL BB-SC CLR II, LLC
|
|
SC
|
|
|
RL BB-SC CLR III, LLC
|
|
SC
|
|
|
RL BB-SC CLR IV, LLC
|
|
SC
|
|
|
RL BB-SC CLR, LLC
|
|
SC
|
|
|
RL BB-SC CRRC, LLC
|
|
SC
|
|
|
RL BB-SC RACEDAY, LLC
|
|
SC
|
|
|
RL BB-TN BRISTOL, LLC
|
|
TN
|
|
|
RL BB-TN RACEDAY TOWER, LLC
|
|
TN
|
|
|
RL BB-TN, LLC
|
|
TN
|
|
|
RL BB-TX, LLC
|
|
TX
|
|
|
RL BB-WV, LLC
|
|
WV
|
|
|
RL CMBS Holdings, LLC
|
|
DE
|
|
|
RL CML 2009-1 Investments, LLC
|
|
DE
|
|
|
RL REGI Alabama, LLC
|
|
AL
|
|
|
RL REGI ARKANSAS, LLC
|
|
AR
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
RL REGI FINANCIAL, LLC
|
|
FL
|
|
|
RL REGI Florida, LLC
|
|
FL
|
|
|
RL REGI GEORGIA, LLC
|
|
GA
|
|
|
RL REGI INACTIVE, LLC
|
|
DE
|
|
|
RL REGI KANSAS, LLC
|
|
KS
|
|
|
RL REGI MISSISSIPPI, LLC
|
|
MS
|
|
|
RL REGI MISSOURI, LLC
|
|
MO
|
|
|
RL REGI NORTH CAROLINA, LLC
|
|
NC
|
|
|
RL REGI SOUTH CAROLINA, LLC
|
|
SC
|
|
|
RL REGI TENNESSEE, LLC
|
|
TN
|
|
|
RL REGI VIRGINIA, LLC
|
|
VA
|
|
|
RL REGI-AL HP, LLC
|
|
AL
|
|
|
RL REGI-AL VRC, LLC
|
|
AL
|
|
|
RL REGI-FL CRC, LLC
|
|
FL
|
|
|
RL REGI-FL ESH, LLC
|
|
FL
|
|
|
RL REGI-FL FT. PIERCE, LLC
|
|
FL
|
|
|
RL REGI-FL GDL, LLC
|
|
FL
|
|
|
RL REGI-FL ITALIA, LLC
|
|
FL
|
|
|
RL REGI-FL MRED, LLC
|
|
FL
|
|
|
RL REGI-FL RDI, LLC
|
|
FL
|
|
|
RL REGI-FL SARASOTA, LLC
|
|
FL
|
|
|
RL REGI-FL TPL, LLC
|
|
FL
|
|
|
RL REGI-FL VARC, LLC
|
|
FL
|
|
|
RL REGI-GA DRAD, LLC
|
|
GA
|
|
|
RL REGI-GA HAY DB, LLC
|
|
GA
|
|
|
RL REGI-GA MHU, LLC
|
|
GA
|
|
|
RL REGI-GA MPD, LLC
|
|
GA
|
|
|
RL REGI-GA RLR, LLC
|
|
GA
|
|
|
RL REGI-MO GMB, LLC
|
|
MO
|
|
|
RL REGI-MO MOSCOW MILLS, LLC
|
|
MO
|
|
|
RL REGI-MS Double H, LLC
|
|
MS
|
|
|
RL REGI-MS OCEAN SPRINGS, LLC
|
|
MS
|
|
|
RL REGI-NC CIL, LLC
|
|
NC
|
|
|
RL REGI-NC LITTLE WING, LLC
|
|
NC
|
|
|
RL REGI-NC Mland, LLC
|
|
NC
|
|
|
RL REGI-NC MLD, LLC
|
|
NC
|
|
|
RL REGI-NC RALEIGH, LLC
|
|
NC
|
|
|
RL REGI-NC SUGARM, LLC
|
|
NC
|
|
|
RL REGI-NM, LLC
|
|
NM
|
|
|
RL REGI-SC CTL, LLC
|
|
SC
|
|
|
RL REGI-SC LAKE E, LLC
|
|
SC
|
|
|
RL REGI-SC TDG, LLC
|
|
SC
|
|
|
RL REGI-SC TIG, LLC
|
|
SC
|
|
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
RL REGI-TN OAK, LLC
|
|
TN
|
|
|
RL REGI-TN SEVIERVILLE, LLC
|
|
TN
|
|
|
RL RES 2009-1 Investments, LLC
|
|
DE
|
|
|
RMF Alliance, LLC
|
|
DE
|
|
|
RMF Commercial, LLC
|
|
DE
|
|
|
RMF Partner, LLC
|
|
DE
|
|
|
RMF PR New York, LLC
|
|
DE
|
|
|
RMF SUB 1, LLC
|
|
DE
|
|
|
RMF SUB 2, LLC
|
|
DE
|
|
|
RMF SUB 3, LLC
|
|
DE
|
|
|
RMF SUB 4, LLC
|
|
DE
|
|
|
RMF SUB 5, LLC
|
|
DE
|
|
|
RMV, LLC
|
|
MD
|
|
|
Rocking Horse Minerals, LLC
|
|
CO
|
|
|
Rutenberg Homes of Texas, Inc.
|
|
TX
|
|
|
Rutenberg Homes, Inc. (Florida)
|
|
FL
|
|
|
Rye Hill Company, LLC
|
|
NY
|
|
|
Ryland Homes Nevada Holdings, LLC
|
|
DE
|
|
Lennar
|
Ryland Homes Nevada, LLC
|
|
DE
|
|
Lennar
|
Ryland Homes of California, Inc.
|
|
DE
|
|
Lennar
|
S. Florida Construction II, LLC
|
|
FL
|
|
|
S. Florida Construction III, LLC
|
|
FL
|
|
|
S. Florida Construction, LLC
|
|
FL
|
|
|
San Felipe Indemnity Co., Ltd.
|
|
|
|
|
San Lucia, LLC
|
|
FL
|
|
|
San Simeon Lennar, LLC
|
|
FL
|
|
|
SC 521 Indian Land Reserve South, LLC
|
|
DE
|
|
|
SC 521 Indian Land Reserve, LLC
|
|
DE
|
|
|
Schulz Ranch Developers, LLC
|
|
DE
|
|
|
Seminole/70th, LLC
|
|
FL
|
|
|
Siena at Old Orchard L.L.C.
|
|
IL
|
|
|
Sierra Vista Communities, LLC
|
|
CA
|
|
|
Silver Springs Lennar, LLC
|
|
DE
|
|
|
South Development, LLC
|
|
FL
|
|
|
Southbank Holding, LLC
|
|
FL
|
|
|
Spanish Springs Development, LLC
|
|
NV
|
|
|
SPIC CPCO, Inc.
|
|
DE
|
|
Lennar
|
SPIC CPDB, Inc.
|
|
DE
|
|
Lennar
|
SPIC CPRB, Inc.
|
|
DE
|
|
Lennar
|
SPIC Del Sur, LLC
|
|
DE
|
|
Lennar
|
SPIC Dublin, LLC
|
|
DE
|
|
Lennar
|
SPIC Mesa, LLC
|
|
DE
|
|
Lennar
|
SPIC NC Fremont, LLC
|
|
DE
|
|
Lennar
|
SPIC Otay, LLC
|
|
DE
|
|
Lennar
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
SPIC Springs, LLC
|
|
DE
|
|
Lennar
|
St. Charles Active Adult Community, LLC
|
|
MD
|
|
|
St. Charles Community, LLC
|
|
DE
|
|
|
Standard Pacific 1, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific Investment Corp.
|
|
DE
|
|
Lennar
|
Standard Pacific of Colorado, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific of Florida
|
|
FL
|
|
Lennar
|
Standard Pacific of Florida GP, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific of Las Vegas, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific of Orange County, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific of Tampa GP, Inc.
|
|
DE
|
|
Lennar
|
Standard Pacific of Tampa, GP
|
|
DE
|
|
Lennar
|
Standard Pacific of the Carolinas, LLC
|
|
DE
|
|
Lennar
|
Standard Pacific of Tonner Hills, LLC
|
|
DE
|
|
Lennar
|
Standard Pacific of Walnut Hills, Inc.
|
|
DE
|
|
Lennar
|
Stoney Holdings, LLC
|
|
FL
|
|
|
Storey Lake Club, LLC
|
|
FL
|
|
|
Storey Park Club, LLC
|
|
FL
|
|
|
Strategic Holdings, Inc. d/b/a Lennar Communications Ventures (LCV)
|
|
NV
|
|
Lennar Communications Ventures
|
Strategic Technologies, LLC
|
|
FL
|
|
Strategic Cable Technologies - Texas, Inc.
|
Summerfield Venture L.L.C.
|
|
IL
|
|
|
SunStreet Energy Group, LLC
|
|
DE
|
|
|
SunStreet Manager, LLC
|
|
DE
|
|
|
Talega Associates, LLC
|
|
DE
|
|
Lennar
|
TCO QVI, LLC
|
|
DE
|
|
|
Temecula Valley, LLC
|
|
DE
|
|
|
Terra Division, LLC
|
|
MN
|
|
|
Terra/Winding Creek, LLC
|
|
TX
|
|
Lennar
|
The Baywinds Land Trust
|
|
FL
|
|
Baywinds Land Trust D/B/A Club Vineyards
|
The Bridges at Rancho Santa Fe Sales Company, Inc.
|
|
CA
|
|
|
The Bridges Club at Rancho Santa Fe, Inc.
|
|
CA
|
|
|
The LNC Northeast Group, Inc.
|
|
DE
|
|
|
The Oasis Club at LEN-CG South, LLC
|
|
DE
|
|
|
The Preserve at Coconut Creek, LLC
|
|
FL
|
|
|
The Vistas Club at LEN-CG South, LLC
|
|
FL
|
|
|
TICD Hold Co., LLC
|
|
DE
|
|
|
TIH Hold Co., LLC
|
|
DE
|
|
|
Titlezoom Company
|
|
FL
|
|
|
Treasure Island Holdings, LLC
|
|
DE
|
|
|
Treasure Island Member, LLC
|
|
DE
|
|
|
Treviso Holding, LLC
|
|
FL
|
|
|
Two Lakes Lennar, LLC
|
|
DE
|
|
|
U.S. Home Corporation
|
|
DE
|
|
Lennar
|
LIST OF SUBSIDARIES AS OF NOVEMBER 30, 2019
|
||||
Company Name
|
|
State of Incorporation
|
|
DBAs
|
U.S. Home Corporation
|
|
DE
|
|
Lennar Corporation
|
U.S. Home of Arizona Construction Co.
|
|
AZ
|
|
|
U.S. Home Realty, Inc.
|
|
TX
|
|
|
U.S. Insurors, Inc.
|
|
FL
|
|
|
U.S.H. Realty, Inc.
|
|
MD
|
|
|
UAMC Holding Company, LLC
|
|
DE
|
|
|
UB 2018‐C14 MOA, LLC
|
|
DE
|
|
|
USH - Flag, LLC
|
|
FL
|
|
|
USH Equity Corporation
|
|
NV
|
|
|
USH Leasing II, LLC
|
|
DE
|
|
|
USH Leasing, LLC
|
|
DE
|
|
|
USH LEE, LLC
|
|
FL
|
|
|
UST Lennar HW Scala SF Joint Venture, a Delaware general partnership
|
|
DE
|
|
|
Venetian Lennar LLC
|
|
FL
|
|
|
VII Crown Farm Investor, LLC
|
|
DE
|
|
|
Vineyard Land, LLC
|
|
DE
|
|
|
Vineyard Point 2009, LLC
|
|
CA
|
|
|
Vista Palms Clubhouse, LLC
|
|
DE
|
|
|
Waterview at Hanover, LLC
|
|
NJ
|
|
|
WCI Communities, Inc.
|
|
DE
|
|
|
WCI Communities, LLC
|
|
DE
|
|
|
WCI Towers Northeast USA, Inc.
|
|
DE
|
|
|
WCI Westshore, LLC
|
|
DE
|
|
|
WCP, LLC
|
|
SC
|
|
|
West Lake Village, LLC
|
|
NJ
|
|
|
West Seattle Project X, LLC
|
|
DE
|
|
|
West Van Buren L.L.C.
|
|
IL
|
|
|
Westchase, Inc.
|
|
NV
|
|
|
Westchase, Ltd.
|
|
TX
|
|
|
Westfield Homes USA, Inc.
|
|
DE
|
|
Lennar
|
White Course Lennar, LLC
|
|
FL
|
|
|
Wild Plum JV, LLC
|
|
DE
|
|
Lennar
|
Willowbrook Investors, LLC
|
|
NJ
|
|
|
Winncrest Natomas, LLC
|
|
NV
|
|
|
WIP Lennar OHB, LLC
|
|
NJ
|
|
|
Woodbridge Multifamily Developer I, LLC
|
|
DE
|
|
|
Wright Farm, L.L.C.
|
|
VA
|
|
|
YLRichards4Acres 2015, LLC
|
|
CA
|
|
Lennar
|
1.
|
I have reviewed this annual report on Form 10-K of Lennar Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
/S/ RICK BECKWITT
|
|
Name: Rick Beckwitt
Title: Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Lennar Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
/S/ DIANE BESSETTE
|
|
Name: Diane Bessette
|
|
Title: Vice President, Chief Financial Officer and Treasurer
|
|
/S/ RICK BECKWITT
|
|
Name: Rick Beckwitt
|
|
Title: Chief Executive Officer
|
|
|
|
/S/ DIANE BESSETTE
|
|
Name: Diane Bessette
|
|
Title: Vice President, Chief Financial Officer and Treasurer
|