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 |
Large accelerated filer | R | Accelerated filer | ☐ | Emerging growth company | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
|
||||||||||||||||||||
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
|
Related Section | Documents | ||||
III |
Definitive Proxy Statement to be filed pursuant to Regulation 14A on or before March 30, 2021.
|
LENNAR CORPORATION | ||||||||||||||
FORM 10-K | ||||||||||||||
For the fiscal year ended November 30, 2020
|
||||||||||||||
Part I | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 1B. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Part II | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
Item 7. | ||||||||||||||
Item 7A. | ||||||||||||||
Item 8. | ||||||||||||||
Item 9. | ||||||||||||||
Item 9A. | ||||||||||||||
Item 9B. | ||||||||||||||
Part III | ||||||||||||||
Item 10. | ||||||||||||||
Item 11. | ||||||||||||||
Item 12. | ||||||||||||||
Item 13. | ||||||||||||||
Item 14. | ||||||||||||||
Part IV | ||||||||||||||
Item 15. | ||||||||||||||
Item 16. | ||||||||||||||
Signatures | ||||||||||||||
Financial Statement Schedule |
Name | Position | Age | ||||||
Stuart Miller | Executive Chairman | 63 | ||||||
Rick Beckwitt | Co-Chief Executive Officer and Co-President | 61 | ||||||
Jonathan M. Jaffe | Co-Chief Executive Officer and Co-President | 61 | ||||||
Diane J. Bessette | Vice President, Chief Financial Officer and Treasurer | 60 | ||||||
Mark Sustana | Vice President, General Counsel and Secretary | 59 | ||||||
David M. Collins | Vice President and Controller | 51 | ||||||
Jeff J. McCall | Executive Vice President | 49 |
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, 2020 | — | $ | — | — | 10,860,271 | ||||||||||||||||||
October 1 to October 31, 2020 | — | $ | — | — | 10,860,271 | ||||||||||||||||||
November 1 to November 30, 2020 | 12,407 | $ | 77.92 | — | 10,860,271 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Lennar Corporation | $ | 100 | 83 | 123 | 86 | 120 | 153 | ||||||||||||||||||||||||||||
Dow Jones U.S. Home Construction Index | $ | 100 | 88 | 158 | 112 | 164 | 200 | ||||||||||||||||||||||||||||
Dow Jones U.S. Total Market Index | $ | 100 | 102 | 124 | 131 | 152 | 180 |
As of or for the Years Ended November 30, | |||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Results of Operations: | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Homebuilding | $ | 20,981,136 | 20,793,216 | 19,077,597 | 11,188,876 | 9,741,337 | |||||||||||||||||||||||
Financial Services | $ | 890,311 | 824,810 | 954,631 | 891,957 | 809,694 | |||||||||||||||||||||||
Multifamily | $ | 576,328 | 604,700 | 421,132 | 394,771 | 287,441 | |||||||||||||||||||||||
Lennar Other | $ | 41,079 | 36,835 | 118,271 | 170,761 | 111,527 | |||||||||||||||||||||||
Total revenues | $ | 22,488,854 | 22,259,561 | 20,571,631 | 12,646,365 | 10,949,999 | |||||||||||||||||||||||
Operating earnings (loss): | |||||||||||||||||||||||||||||
Homebuilding | $ | 2,988,907 | 2,502,905 | 2,254,487 | 1,264,394 | 1,344,740 | |||||||||||||||||||||||
Financial Services | $ | 480,952 | 224,642 | 199,716 | 195,307 | 207,439 | |||||||||||||||||||||||
Multifamily | $ | 22,681 | 16,390 | 42,695 | 73,432 | 71,174 | |||||||||||||||||||||||
Lennar Other | $ | (10,334) | 31,469 | (33,707) | (57,633) | (60,322) | |||||||||||||||||||||||
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 | $ | 358,418 | 341,114 | 343,934 | 285,889 | 232,562 | |||||||||||||||||||||||
Earnings before income taxes | $ | 3,123,788 | 2,434,292 | 2,262,684 | 1,189,611 | 1,330,469 | |||||||||||||||||||||||
Net earnings attributable to Lennar | $ | 2,465,036 | 1,849,052 | 1,695,831 | 810,480 | 911,844 | |||||||||||||||||||||||
Diluted earnings per share | $ | 7.85 | 5.74 | 5.44 | 3.38 | 3.86 | |||||||||||||||||||||||
Cash dividends declared per each - Class A and
Class B common stock
|
$ | 0.625 | 0.16 | 0.16 | 0.16 | 0.16 | |||||||||||||||||||||||
Financial Position: | |||||||||||||||||||||||||||||
Total assets | $ | 29,935,177 | 29,359,511 | 28,566,181 | 18,745,034 | 15,361,781 | |||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||
Homebuilding | $ | 5,955,758 | 7,776,638 | 8,543,868 | 6,410,003 | 4,575,977 | |||||||||||||||||||||||
Financial Services | $ | 1,463,919 | 1,745,755 | 1,558,702 | 1,191,344 | 1,300,704 | |||||||||||||||||||||||
Lennar Other | $ | 1,906 | 15,178 | 14,488 | 371,168 | 398,859 | |||||||||||||||||||||||
Multifamily | $ | — | 36,125 | — | — | — | |||||||||||||||||||||||
Stockholders’ equity | $ | 17,994,856 | 15,949,517 | 14,581,535 | 7,872,317 | 7,026,042 | |||||||||||||||||||||||
Total equity | $ | 18,099,401 | 16,033,830 | 14,682,957 | 7,986,132 | 7,211,567 | |||||||||||||||||||||||
Shares outstanding (000s) | 312,699 | 315,893 | 324,238 | 239,964 | 239,133 | ||||||||||||||||||||||||
Stockholders’ equity per share | $ | 57.55 | 50.49 | 44.97 | 32.81 | 29.38 | |||||||||||||||||||||||
Homebuilding Data (including unconsolidated entities): | |||||||||||||||||||||||||||||
Number of homes delivered | 52,925 | 51,491 | 45,627 | 29,394 | 26,563 | ||||||||||||||||||||||||
New orders | 56,169 | 51,439 | 45,826 | 30,348 | 27,372 | ||||||||||||||||||||||||
Backlog of home sales contracts | 18,821 | 15,577 | 15,616 | 8,935 | 7,623 | ||||||||||||||||||||||||
Backlog dollar value | $ | 7,812,971 | 6,300,542 | 6,570,123 | 3,550,366 | 2,891,538 |
Year ended November 30, 2020
|
|||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 20,840,159 | — | — | — | — | 20,840,159 | ||||||||||||||||||||||||||||
Sales of land | 123,365 | — | — | — | — | 123,365 | |||||||||||||||||||||||||||||
Other revenues | 17,612 | 890,311 | 576,328 | 41,079 | — | 1,525,330 | |||||||||||||||||||||||||||||
Total revenues | 20,981,136 | 890,311 | 576,328 | 41,079 | — | 22,488,854 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 16,092,069 | — | — | — | — | 16,092,069 | |||||||||||||||||||||||||||||
Costs of land sold | 172,480 | — | — | — | — | 172,480 | |||||||||||||||||||||||||||||
Selling, general and administrative | 1,697,095 | — | — | — | — | 1,697,095 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 470,777 | 575,581 | 6,744 | 1,053,102 | ||||||||||||||||||||||||||||||
Total costs and expenses | 17,961,644 | 470,777 | 575,581 | 6,744 | — | 19,014,746 | |||||||||||||||||||||||||||||
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain | (836) | — | 21,934 | (35,037) | — | (13,939) | |||||||||||||||||||||||||||||
Financial Services gain on deconsolidation | — | 61,418 | — | — | — | 61,418 | |||||||||||||||||||||||||||||
Other expense, net | (29,749) | — | — | (9,632) | — | (39,381) | |||||||||||||||||||||||||||||
Operating earnings (loss) | 2,988,907 | 480,952 | 22,681 | (10,334) | — | 3,482,206 | |||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 358,418 | 358,418 | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | 2,988,907 | 480,952 | 22,681 | (10,334) | (358,418) | 3,123,788 |
Year ended November 30, 2019 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Corporate | Total | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Sales of homes | $ | 20,560,147 | — | — | — | — | 20,560,147 | ||||||||||||||||||||||||||||
Sales of land | 203,567 | — | — | — | — | 203,567 | |||||||||||||||||||||||||||||
Other revenues | 29,502 | 824,810 | 604,700 | 36,835 | — | 1,495,847 | |||||||||||||||||||||||||||||
Total revenues | 20,793,216 | 824,810 | 604,700 | 36,835 | — | 22,259,561 | |||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||
Costs of homes sold | 16,323,989 | — | — | — | — | 16,323,989 | |||||||||||||||||||||||||||||
Costs of land sold | 206,526 | — | — | — | — | 206,526 | |||||||||||||||||||||||||||||
Selling, general and administrative | 1,715,185 | — | — | — | — | 1,715,185 | |||||||||||||||||||||||||||||
Other costs and expenses | — | 600,168 | 599,604 | 11,794 | 1,211,566 | ||||||||||||||||||||||||||||||
Total costs and expenses | 18,245,700 | 600,168 | 599,604 | 11,794 | — | 19,457,266 | |||||||||||||||||||||||||||||
Equity in earnings (loss) from unconsolidated entities and Multifamily other gain | (13,273) | — | 11,294 | 15,372 | 13,393 | ||||||||||||||||||||||||||||||
Other expense, net | (31,338) | — | — | (8,944) | (40,282) | ||||||||||||||||||||||||||||||
Operating earnings | 2,502,905 | 224,642 | 16,390 | 31,469 | — | 2,775,406 | |||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | 341,114 | 341,114 | |||||||||||||||||||||||||||||
Earnings before income taxes | $ | 2,502,905 | 224,642 | 16,390 | 31,469 | (341,114) | 2,434,292 |
Year Ended November 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Sales of Homes
Revenue |
Costs of Sales
of Homes |
Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenues | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expenses), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 5,689,419 | 4,269,452 | 25.0 | % | $ | 929,181 | 2,587 | 6,404 | 4,189 | (9,064) | 933,297 | |||||||||||||||||||||||||||||||||||||||||
Central | 4,084,514 | 3,265,086 | 20.1 | % | 481,697 | (544) | 2,787 | 792 | (1,803) | 482,929 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 2,640,762 | 1,974,375 | 25.2 | % | 416,520 | 6,994 | 1,292 | 782 | (3,994) | 421,594 | |||||||||||||||||||||||||||||||||||||||||||
West | 8,400,942 | 6,535,718 | 22.2 | % | 1,268,716 | (34,713) | 6,083 | 4,635 | (3,227) | 1,241,494 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 24,522 | 47,438 | (93.5) | % | (45,119) | (23,439) | 1,046 | (11,234) | (11,661) | (90,407) |
Year Ended November 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Margins | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) |
Sales of Homes
Revenue |
Costs of Sales
of Homes |
Gross Margin % | Net Margins on Sales of Homes (1) | Gross Margins (Loss) on Sales of Land | Other Revenues | Equity in Earnings (Loss) from Unconsolidated Entities | Other Income (Expenses), net | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
East | $ | 5,688,262 | 4,406,966 | 22.5 | % | $ | 792,144 | 5,170 | 18,553 | (793) | 15,545 | 830,619 | |||||||||||||||||||||||||||||||||||||||||
Central | 4,089,841 | 3,335,324 | 18.4 | % | 416,910 | 6,266 | 1,946 | 178 | 6,072 | 431,372 | |||||||||||||||||||||||||||||||||||||||||||
Texas | 2,526,364 | 2,003,650 | 20.7 | % | 278,121 | 9,378 | 2,256 | 569 | (4,450) | 285,874 | |||||||||||||||||||||||||||||||||||||||||||
West | 8,203,790 | 6,520,975 | 20.5 | % | 1,062,701 | (23,900) | 4,495 | 1,263 | 6,291 | 1,050,850 | |||||||||||||||||||||||||||||||||||||||||||
Other (2) | 51,890 | 57,074 | (10.0) | % | (28,903) | 127 | 2,252 | (14,490) | (54,796) | (95,810) |
Years Ended November 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
East | 16,976 | 17,251 | $ | 5,725,481 | 5,708,859 | $ | 337,000 | 331,000 | |||||||||||||||||||||||||||||||||||||||||||||
Central | 10,684 | 10,799 | 4,084,514 | 4,089,840 | 382,000 | 379,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Texas | 9,425 | 8,193 | 2,640,762 | 2,526,364 | 280,000 | 308,000 | |||||||||||||||||||||||||||||||||||||||||||||||
West | 15,814 | 15,178 | 8,400,943 | 8,203,790 | 531,000 | 541,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 26 | 70 | 24,522 | 67,439 | 943,000 | 963,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 52,925 | 51,491 | $ | 20,876,222 | 20,596,292 | $ | 394,000 | 400,000 |
At November 30, | Years Ended November 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Active Communities | Homes | Dollar Value (In thousands) | Average Sales Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East | 323 | 346 | 17,299 | 17,196 | $ | 6,010,047 | 5,720,017 | $ | 347,000 | 333,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Central | 285 | 337 | 11,905 | 10,620 | 4,602,720 | 4,032,899 | 387,000 | 380,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Texas | 213 | 238 | 10,078 | 8,215 | 2,752,008 | 2,478,981 | 273,000 | 302,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West | 353 | 359 | 16,868 | 15,335 | 9,005,958 | 8,024,755 | 534,000 | 523,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3 | 3 | 19 | 73 | 17,917 | 66,903 | 943,000 | 916,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,177 | 1,283 | 56,169 | 51,439 | $ | 22,388,650 | 20,323,555 | $ | 399,000 | 395,000 |
November 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
East (1) | 6,013 | 5,690 | $ | 2,310,935 | 2,026,369 | $ | 384,000 | 356,000 | |||||||||||||||||||||||||||||||||||||||||||||
Central | 4,371 | 3,150 | 1,762,172 | 1,243,966 | 403,000 | 395,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Texas | 2,823 | 2,170 | 824,584 | 713,337 | 292,000 | 329,000 | |||||||||||||||||||||||||||||||||||||||||||||||
West | 5,612 | 4,558 | 2,913,432 | 2,308,417 | 519,000 | 506,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 2 | 9 | 1,848 | 8,453 | 924,000 | 939,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 18,821 | 15,577 | $ | 7,812,971 | 6,300,542 | $ | 415,000 | 404,000 |
Years Ended November 30, | |||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||||||||
Dollar value of mortgages originated | $ | 12,939,200 | 10,930,900 | ||||||||||||||
Number of mortgages originated | 40,000 | 34,800 | |||||||||||||||
Mortgage capture rate of Lennar homebuyers | 80% | 76% | |||||||||||||||
Number of title and closing service transactions | 61,100 | 59,700 |
Balance Sheet | November 30, | ||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Multifamily investments in unconsolidated entities | $ | 724,647 | 561,190 | ||||||||
Lennar's net investment in Multifamily | 906,632 | 829,537 |
Statement of Operations | November 30, | ||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Number of operating properties/investments sold through joint ventures | 5 | 3 | |||||||||
Lennar's share of gains on the sale of operating properties/investments | $ | 21,114 | 28,128 |
November 30, 2020
|
|||||||||||
(In thousands) | LMV I | LMV II | |||||||||
Lennar's carrying value of investments | $ | 328,365 | 288,476 | ||||||||
Equity commitments | 2,204,016 | 1,257,700 | |||||||||
Equity commitments called | 2,139,322 | 995,206 | |||||||||
Lennar's equity commitments | 504,016 | 381,000 | |||||||||
Lennar's equity commitments called | 496,483 | 300,393 | |||||||||
Lennar's remaining commitments | 7,533 | 80,607 | |||||||||
Distributions to Lennar during the year ended November 30, 2020
|
39,988 | — |
(Dollars in thousands) |
November 30, 2020
|
||||
Under construction/owned | 24 | ||||
Partially completed and leasing | 7 | ||||
Completed and operating | 34 | ||||
Total unconsolidated joint ventures | 65 | ||||
Total development costs | $ | 7,839,358 |
November 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Homebuilding debt | $ | 5,955,758 | 7,776,638 | ||||||||
Stockholders’ equity | 17,994,856 | 15,949,517 | |||||||||
Total capital | $ | 23,950,614 | 23,726,155 | ||||||||
Homebuilding debt to total capital | 24.9% | 32.8% | |||||||||
Homebuilding debt | $ | 5,955,758 | 7,776,638 | ||||||||
Less: Homebuilding cash and cash equivalents | 2,703,986 | 1,200,832 | |||||||||
Net Homebuilding debt | $ | 3,251,772 | 6,575,806 | ||||||||
Net Homebuilding debt to total capital (1) | 15.3% | 29.2% |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Performance letters of credit | $ | 752,096 | 715,793 | ||||||||
Surety bonds | 3,087,711 | 2,946,167 | |||||||||
Anticipated future costs primarily for site improvements related to performance surety bonds | 1,584,642 | 1,427,145 |
November 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Homebuilding average debt outstanding | $ | 7,594,961 | $ | 9,072,286 | |||||||
Average interest rate | 4.9% | 4.8% | |||||||||
Interest incurred | $ | 353,403 | $ | 422,710 |
(Dollars in thousands) | Covenant Level | Level Achieved as of November 30, 2020 | |||||||||
Minimum net worth test | $ | 8,614,526 | 12,284,420 | ||||||||
Maximum leverage ratio | 65.0% | 18.5% | |||||||||
Liquidity test (1) | 1.00 | 7.97 |
(In thousands) | Maximum Aggregate Commitment | ||||
Residential facilities maturing: | |||||
January 2021 (1) | $ | 500,000 | |||
March 2021 | 500,000 | ||||
June 2021 | 600,000 | ||||
July 2021 | 200,000 | ||||
Total - Residential facilities | $ | 1,800,000 | |||
LMF Commercial facilities maturing: | |||||
December 2020 (2) | $ | 500,000 | |||
November 2021 | 100,000 | ||||
December 2021 | 200,000 | ||||
Total - LMF Commercial facilities | $ | 800,000 | |||
Total | $ | 2,600,000 |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Borrowings under the residential facilities | $ | 1,185,797 | $1,374,063 | ||||||||
Collateral under the residential facilities | 1,231,619 | 1,423,650 | |||||||||
Borrowings under the LMF Commercial facilities | 124,617 | 216,870 |
November 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(Dollars in thousands, except price per share) | Class A | Class B | Class A | Class B | |||||||||||||||||||
Shares repurchased | 4,250,000 | 115,000 | 9,774,729 | 0 | |||||||||||||||||||
Principal | $ | 282,274 | $ | 6,155 | $ | 492,938 | $0 | ||||||||||||||||
Average price per share | $ | 66.42 | $ | 53.52 | $ | 50.41 | $0 |
(In thousands) |
November 30, 2020
|
||||||||||||||||||||||
Due from non-guarantor subsidiaries | $ | 2,655,503 | |||||||||||||||||||||
Equity method investments | 951,579 | ||||||||||||||||||||||
Total assets | 27,695,067 | ||||||||||||||||||||||
Total liabilities | 9,599,718 |
Year Ended | |||||
(In thousands) | November 30, 2020 | ||||
Total revenues | $ | 21,087,434 | |||
Operating earnings | 3,100,491 | ||||
Earnings before income taxes | 2,747,134 | ||||
Net earnings attributable to Lennar | 2,185,585 |
Principal Maturities of Homebuilding Unconsolidated JVs Debt by Period | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | Total JV Debt | 2021 | 2022 | 2023 | Thereafter | Other | |||||||||||||||||||||||||||||||||||
Debt without recourse to Lennar | $ | 1,085,071 | 252,593 | 164,396 | — | 668,082 | — | ||||||||||||||||||||||||||||||||||
Land seller and CDD debt | 7,470 | — | — | — | — | 7,470 | |||||||||||||||||||||||||||||||||||
Maximum recourse debt exposure to Lennar | 4,932 | — | 4,932 | — | — | — | |||||||||||||||||||||||||||||||||||
Debt issuance costs | (11,834) | — | — | — | — | (11,834) | |||||||||||||||||||||||||||||||||||
Total | $ | 1,085,639 | 252,593 | 169,328 | — | 668,082 | (4,364) |
November 30, 2020
|
|||||||||||
(In thousands) | LMV I | LMV II | |||||||||
Lennar's carrying value of investments | $ | 328,365 | 288,476 | ||||||||
Equity commitments | 2,204,016 | 1,257,700 | |||||||||
Equity commitments called | 2,139,322 | 995,206 | |||||||||
Lennar's equity commitments | 504,016 | 381,000 | |||||||||
Lennar's equity commitments called | 496,483 | 300,393 | |||||||||
Lennar's remaining commitments | 7,533 | 80,607 | |||||||||
Distributions to Lennar during the year ended November 30, 2020 | 39,988 | — |
Principal Maturities of Multifamily Unconsolidated JVs Debt by Period | ||||||||||||||||||||||||||||||||||||||
(In thousands) | Total JV Debt | 2021 | 2022 | 2023 | Thereafter | Other | ||||||||||||||||||||||||||||||||
Debt without recourse to Lennar | $ | 2,550,714 | 383,104 | 495,279 | 554,764 | 1,117,567 | — | |||||||||||||||||||||||||||||||
Debt issuance costs | (31,147) | — | — | — | — | (31,147) | ||||||||||||||||||||||||||||||||
Total | $ | 2,519,567 | 383,104 | 495,279 | 554,764 | 1,117,567 | (31,147) |
Controlled Homesites | |||||||||||||||||||||||||||||||||||
November 30, 2020 | Optioned | JVs | Total |
Owned
Homesites |
Total
Homesites |
Years of Supply Owned (1) | |||||||||||||||||||||||||||||
East | 33,877 | 8,397 | 42,274 | 58,561 | 100,835 | ||||||||||||||||||||||||||||||
Central | 17,525 | 110 | 17,635 | 41,950 | 59,585 | ||||||||||||||||||||||||||||||
Texas | 23,156 | — | 23,156 | 34,497 | 57,653 | ||||||||||||||||||||||||||||||
West | 24,714 | 2,848 | 27,562 | 49,357 | 76,919 | ||||||||||||||||||||||||||||||
Other | 1,137 | 7,519 | 8,656 | 2,242 | 10,898 | ||||||||||||||||||||||||||||||
Total homesites | 100,409 | 18,874 | 119,283 | 186,607 | 305,890 | 3.5 | |||||||||||||||||||||||||||||
% of total homesites | 39 | % | 61 | % |
Controlled Homesites | |||||||||||||||||||||||||||||||||||
November 30, 2019 | Optioned | JVs | Total |
Owned
Homesites |
Total
Homesites |
Years of Supply Owned (1) | |||||||||||||||||||||||||||||
East | 32,971 | 16,613 | 49,584 | 65,181 | 114,765 | ||||||||||||||||||||||||||||||
Central | 13,267 | 132 | 13,399 | 42,891 | 56,290 | ||||||||||||||||||||||||||||||
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 | 4.1 | |||||||||||||||||||||||||||||
% of total homesites | 33 | % | 67 | % |
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) | $ | 5,933,262 | 293,177 | 1,864,698 | 2,102,548 | 1,672,839 | |||||||||||||||||||||||
Financial Services - Notes and other debts payable | 1,463,919 | 1,310,414 | — | — | 153,505 | ||||||||||||||||||||||||
Lennar Other - Notes and other debts payable
|
1,906 | 1,906 | — | — | — | ||||||||||||||||||||||||
Interest commitments under interest bearing debt (2) | 1,144,118 | 296,404 | 448,383 | 260,116 | 139,215 | ||||||||||||||||||||||||
Operating leases obligations | 133,499 | 33,616 | 49,126 | 28,048 | 22,709 | ||||||||||||||||||||||||
Other contractual obligations (3) | 88,141 | 66,268 | 21,873 | — | — | ||||||||||||||||||||||||
Total contractual obligations (4) | $ | 8,764,845 | 2,001,785 | 2,384,080 | 2,390,712 | 1,988,268 |
Years Ending November 30, |
Fair Value at
November 30, |
||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2020 | |||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||||||||||||||||||||
Loans held-for-investment, net and investments held-to-maturity:
|
|||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 1.5 | 1.6 | 1.6 | 1.7 | 1.8 | 48.0 | 56.2 | 54.1 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 4.3 | % | 4.3 | % | 4.3 | % | 4.3 | % | 4.3 | % | 4.2 | % | 4.2 | % | — | ||||||||||||||||||||||||||||||||
Variable rate | $ | 0.1 | 15.2 | 0.1 | 0.1 | 0.1 | 0.8 | 16.4 | 16.7 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 2.5 | % | 6.5 | % | 2.5 | % | 2.5 | % | 2.5 | % | 2.5 | % | 6.2 | % | — | ||||||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||||||||||||||||||||||||
Senior notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 139.2 | 1,805.8 | 58.9 | 1,518.7 | 583.8 | 1,672.8 | 5,779.2 | 6,422.1 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 3.7 | % | 4.9 | % | 4.5 | % | 5.0 | % | 4.8 | % | 5.0 | % | 4.9 | % | — | ||||||||||||||||||||||||||||||||
Variable rate | $ | 154.0 | — | — | — | — | — | 154.0 | 159.7 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 5.3 | % | — | — | — | — | — | 5.3 | % | — | |||||||||||||||||||||||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | — | — | — | — | — | 153.5 | 153.5 | 154.4 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | — | — | — | — | — | 3.4 | % | 3.4 | % | — | |||||||||||||||||||||||||||||||||||||
Variable rate | $ | 1,310.4 | — | — | — | — | — | 1,310.4 | 1,310.4 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 2.7 | % | — | — | — | — | — | 2.7 | % | — | |||||||||||||||||||||||||||||||||||||
Lennar Other: | |||||||||||||||||||||||||||||||||||||||||||||||
Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 1.9 | — | — | — | — | — | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||
Average interest rate | 3.0 | % | — | — | — | — | — | 3.0 | % | — | |||||||||||||||||||||||||||||||||||||
2020 (1)
|
2019 (1)
|
||||||||||
(Dollars in thousands) | |||||||||||
ASSETS | |||||||||||
Homebuilding: | |||||||||||
Cash and cash equivalents | $ | 2,703,986 | 1,200,832 | ||||||||
Restricted cash | 15,211 | 9,698 | |||||||||
Receivables, net | 298,671 | 329,124 | |||||||||
Inventories: | |||||||||||
Finished homes and construction in progress | 8,593,399 | 9,195,721 | |||||||||
Land and land under development | 7,495,262 | 8,267,647 | |||||||||
Consolidated inventory not owned | 836,567 | 313,139 | |||||||||
Total inventories | 16,925,228 | 17,776,507 | |||||||||
Investments in unconsolidated entities | 953,177 | 1,009,035 | |||||||||
Goodwill | 3,442,359 | 3,442,359 | |||||||||
Other assets | 1,190,793 | 1,021,684 | |||||||||
25,529,425 | 24,789,239 | ||||||||||
Financial Services | 2,776,987 | 3,006,024 | |||||||||
Multifamily | 1,175,908 | 1,068,831 | |||||||||
Lennar Other | 452,857 | 495,417 | |||||||||
Total assets | $ | 29,935,177 | 29,359,511 |
2020 (2)
|
2019 (2)
|
||||||||||
(Dollars in thousands except per share amounts) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Homebuilding: | |||||||||||
Accounts payable | $ | 1,037,338 | 1,069,179 | ||||||||
Liabilities related to consolidated inventory not owned | 706,691 | 260,266 | |||||||||
Senior notes and other debts payable, net | 5,955,758 | 7,776,638 | |||||||||
Other liabilities | 2,225,864 | 1,969,082 | |||||||||
9,925,651 | 11,075,165 | ||||||||||
Financial Services | 1,644,248 | 1,988,323 | |||||||||
Multifamily | 252,911 | 232,155 | |||||||||
Lennar Other | 12,966 | 30,038 | |||||||||
Total liabilities | 11,835,776 | 13,325,681 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Class A common stock of $0.10 par value per share; Authorized: 2020 and 2019 - 400,000,000 shares; Issued: 2020 - 298,942,836 shares; 2019 - 297,119,153 shares
|
29,894 | 29,712 | |||||||||
Class B common stock of $0.10 par value per share; Authorized: 2020 and 2019 - 90,000,000 shares, Issued: 2020 - 39,443,168 shares; 2019 - 39,443,064 shares
|
3,944 | 3,944 | |||||||||
Additional paid-in capital | 8,676,056 | 8,578,219 | |||||||||
Retained earnings | 10,564,994 | 8,295,001 | |||||||||
Treasury stock, at cost; 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock; 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock
|
(1,279,227) | (957,857) | |||||||||
Accumulated other comprehensive income (loss) | (805) | 498 | |||||||||
Total stockholders’ equity | 17,994,856 | 15,949,517 | |||||||||
Noncontrolling interests | 104,545 | 84,313 | |||||||||
Total equity | 18,099,401 | 16,033,830 | |||||||||
Total liabilities and equity | $ | 29,935,177 | 29,359,511 |
2020 | 2019 | 2018 | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Revenues: | |||||||||||||||||
Homebuilding | $ | 20,981,136 | 20,793,216 | 19,077,597 | |||||||||||||
Financial Services | 890,311 | 824,810 | 954,631 | ||||||||||||||
Multifamily | 576,328 | 604,700 | 421,132 | ||||||||||||||
Lennar Other | 41,079 | 36,835 | 118,271 | ||||||||||||||
Total revenues | 22,488,854 | 22,259,561 | 20,571,631 | ||||||||||||||
Costs and expenses: | |||||||||||||||||
Homebuilding | 17,961,644 | 18,245,700 | 16,936,803 | ||||||||||||||
Financial Services | 470,777 | 600,168 | 754,915 | ||||||||||||||
Multifamily | 575,581 | 599,604 | 429,759 | ||||||||||||||
Lennar Other | 6,744 | 11,794 | 115,969 | ||||||||||||||
Acquisition and integration costs related to CalAtlantic | — | — | 152,980 | ||||||||||||||
Corporate general and administrative | 358,418 | 341,114 | 343,934 | ||||||||||||||
Total costs and expenses | 19,373,164 | 19,798,380 | 18,734,360 | ||||||||||||||
Homebuilding equity in loss from unconsolidated entities | (836) | (13,273) | (90,209) | ||||||||||||||
Homebuilding other income (expense), net | (29,749) | (31,338) | 203,902 | ||||||||||||||
Financial Services gain on deconsolidation | 61,418 | — | — | ||||||||||||||
Multifamily equity in earnings from unconsolidated entities and other gain | 21,934 | 11,294 | 51,322 | ||||||||||||||
Lennar Other equity in earnings (loss) from unconsolidated entities | (35,037) | 15,372 | 24,110 | ||||||||||||||
Lennar Other expense, net | (9,632) | (8,944) | (60,119) | ||||||||||||||
Gain on sale of Rialto investment and asset management platform | — | — | 296,407 | ||||||||||||||
Earnings before income taxes | 3,123,788 | 2,434,292 | 2,262,684 | ||||||||||||||
Provision for income taxes (1) | (656,235) | (592,173) | (545,171) | ||||||||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
|
2,467,553 | 1,842,119 | 1,717,513 | ||||||||||||||
Less: Net earnings (loss) attributable to noncontrolling interests | 2,517 | (6,933) | 21,682 | ||||||||||||||
Net earnings attributable to Lennar | $ | 2,465,036 | 1,849,052 | 1,695,831 | |||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Net unrealized gain (loss) on securities available-for-sale | (851) | 1,040 | (1,634) | ||||||||||||||
Reclassification adjustments for (gains) loss included in net
earnings |
(452) | (176) | 234 | ||||||||||||||
Total other comprehensive income (loss), net of tax | $ | (1,303) | 864 | (1,400) | |||||||||||||
Total comprehensive income attributable to Lennar | $ | 2,463,733 | 1,849,916 | 1,694,431 | |||||||||||||
Total comprehensive income (loss) attributable to noncontrolling
interests |
$ | 2,517 | (6,933) | 21,682 | |||||||||||||
Basic earnings per share | $ | 7.88 | 5.76 | 5.46 | |||||||||||||
Diluted earnings per share | $ | 7.85 | 5.74 | 5.44 |
2020 | 2019 | 2018 | |||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
Class A common stock: | |||||||||||||||||
Beginning balance | $ | 29,712 | 29,499 | 20,543 | |||||||||||||
Employee stock and director plans | 182 | 213 | 183 | ||||||||||||||
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, | 29,894 | 29,712 | 29,499 | ||||||||||||||
Class B common stock: | |||||||||||||||||
Beginning balance | 3,944 | 3,944 | 3,769 | ||||||||||||||
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 | 3,944 | ||||||||||||||
Additional paid-in capital: | |||||||||||||||||
Beginning balance | 8,578,219 | 8,496,677 | 3,142,013 | ||||||||||||||
Employee stock and director plans | 576 | 415 | 3,797 | ||||||||||||||
Stock issuance in connection with CalAtlantic acquisition
|
— | — | 5,061,430 | ||||||||||||||
Amortization of restricted stock | 107,131 | 86,940 | 72,655 | ||||||||||||||
Conversion of convertible senior notes to shares of Class A common stock
|
— | — | 216,782 | ||||||||||||||
Equity adjustment related to noncontrolling interests | (9,870) | (5,813) | — | ||||||||||||||
Balance at November 30, | 8,676,056 | 8,578,219 | 8,496,677 | ||||||||||||||
Retained earnings: | |||||||||||||||||
Beginning balance | 8,295,001 | 6,487,650 | 4,840,978 | ||||||||||||||
Net earnings attributable to Lennar | 2,465,036 | 1,849,052 | 1,695,831 | ||||||||||||||
Cumulative-effect of accounting change
|
— | 9,753 | — | ||||||||||||||
Cash dividends - Class A common stock ($0.625 per share for 2020 and $0.16 per share for 2019 and 2018)
|
(171,520) | (45,418) | (43,195) | ||||||||||||||
Cash dividends - Class B common stock ($0.625 per share for 2020 and $0.16 per share for 2019 and 2018)
|
(23,523) | (6,036) | (5,964) | ||||||||||||||
Balance at November 30, | 10,564,994 | 8,295,001 | 6,487,650 | ||||||||||||||
Treasury stock, at cost: | |||||||||||||||||
Beginning balance | (957,857) | (435,869) | (136,020) | ||||||||||||||
Employee stock and directors plans | (32,855) | (29,049) | (49,939) | ||||||||||||||
Purchases of treasury stock | (288,515) | (492,939) | (249,910) | ||||||||||||||
Balance at November 30, | (1,279,227) | (957,857) | (435,869) | ||||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||||||
Beginning balance | 498 | (366) | 1,034 | ||||||||||||||
Total other comprehensive income (loss), net of tax | (1,303) | 864 | (1,400) | ||||||||||||||
Balance at November 30, | (805) | 498 | (366) | ||||||||||||||
Total stockholders’ equity | 17,994,856 | 15,949,517 | 14,581,535 | ||||||||||||||
Noncontrolling interests: | |||||||||||||||||
Beginning balance | 84,313 | 101,422 | 113,815 | ||||||||||||||
Net earnings (loss) attributable to noncontrolling interests | 2,517 | (6,933) | 21,682 | ||||||||||||||
Receipts related to noncontrolling interests | 176,617 | 27,859 | 18,126 | ||||||||||||||
Payments related to noncontrolling interests | (42,349) | (43,734) | (89,575) | ||||||||||||||
Non-cash consolidations/deconsolidations, net | (114,712) | 8,894 | — | ||||||||||||||
Non-cash purchase or activity of noncontrolling interests, net | (1,841) | (3,195) | 37,374 | ||||||||||||||
Balance at November 30, | 104,545 | 84,313 | 101,422 | ||||||||||||||
Total equity | $ | 18,099,401 | 16,033,830 | 14,682,957 |
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net earnings (including net earnings (loss) attributable to noncontrolling interests) | $ | 2,467,553 | 1,842,119 | 1,717,513 | |||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
|||||||||||||||||
Depreciation and amortization | 94,553 | 92,200 | 91,181 | ||||||||||||||
Amortization of discount/premium and accretion on debt, net | (24,775) | (26,210) | (23,544) | ||||||||||||||
Equity in (earnings) loss from unconsolidated entities
|
22,127 | (2,528) | 30,518 | ||||||||||||||
Distributions of earnings from unconsolidated entities
|
62,073 | 12,753 | 113,096 | ||||||||||||||
Share-based compensation expense | 107,131 | 86,940 | 72,655 | ||||||||||||||
Deferred income tax expense | 92,082 | 235,493 | 268,037 | ||||||||||||||
Loss on retirement of senior notes and other debts payable | 7,997 | — | — | ||||||||||||||
Gain on sale of Rialto investment and asset management platform | — | — | (296,407) | ||||||||||||||
(Gain) loss on sale of other assets, operating properties and equipment, CMBS bonds, other liabilities and real estate owned | (8,626) | (23,124) | 23,356 | ||||||||||||||
Loss on consolidation | 4,824 | 48,874 | — | ||||||||||||||
Gain on deconsolidation of previously consolidated entity | (61,418) | — | — | ||||||||||||||
Gain on sale of interest in unconsolidated entity and other Multifamily gain | (4,617) | (10,865) | (180,621) | ||||||||||||||
Gain on sale of Financial Services' portfolio/businesses | (5,014) | (2,368) | — | ||||||||||||||
Valuation adjustments and write-offs of option deposits and pre-acquisition costs, other receivables and other assets | 117,825 | 56,125 | 49,338 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Decrease (increase) in receivables | 25,868 | 312,255 | (431,183) | ||||||||||||||
Decrease (increase) in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs | 781,362 | (623,644) | (135,870) | ||||||||||||||
Decrease (increase) in other assets | 90,534 | (69,699) | (24,923) | ||||||||||||||
Decrease (increase) in loans held-for-sale | 154,852 | (431,339) | 5,805 | ||||||||||||||
Increase (decrease) in accounts payable and other liabilities | 266,488 | (14,639) | 412,796 | ||||||||||||||
Net cash provided by operating activities | $ | 4,190,819 | 1,482,343 | 1,691,747 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Net additions to operating properties and equipment | (72,752) | (86,497) | (130,439) | ||||||||||||||
Proceeds from the sale of operating properties and equipment, other assets, CMBS bonds and real estate owned | 33,934 | 79,307 | 70,854 | ||||||||||||||
Proceeds from sale of investments in unconsolidated entities
|
— | 17,790 | 225,267 | ||||||||||||||
Proceeds from sale of Financial Services' portfolio/businesses | 14,978 | 24,446 | — | ||||||||||||||
Investments in and contributions to unconsolidated entities/deconsolidation of previously consolidated entity | (486,217) | (436,325) | (405,547) | ||||||||||||||
Distributions of capital from unconsolidated and consolidated entities
|
220,713 | 405,677 | 362,516 | ||||||||||||||
Proceeds from sale of commercial mortgage-backed securities bonds | 3,248 | — | — | ||||||||||||||
Receipts of principal payments on loans receivable and other | — | 2,382 | 4,339 | ||||||||||||||
Purchases of CMBS bonds | — | — | (31,068) | ||||||||||||||
Proceeds from sale of Rialto investment and asset management platform | — | — | 340,000 | ||||||||||||||
Acquisitions, net of cash and restricted cash acquired | — | — | (1,078,282) | ||||||||||||||
Increase in Financial Services loans held-for-investment, net | (3,122) | (3,516) | (3,603) | ||||||||||||||
Purchases of investment securities | (45,548) | (36,261) | (47,305) | ||||||||||||||
Proceeds from maturities/sales of investment securities | 52,918 | 52,593 | 85,237 | ||||||||||||||
Other receipts (payments), net | 1,643 | — | (145) | ||||||||||||||
Net cash (used in) provided by investing activities | $ | (280,205) | 19,596 | (593,954) | |||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(In thousands) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Net repayments under revolving lines of credit | $ | — | — | (454,700) | |||||||||||||
Net (repayments) borrowings under warehouse facilities | (281,835) | 166,552 | 272,920 | ||||||||||||||
Debt issuance costs | — | (25) | (14,661) | ||||||||||||||
Redemption of senior notes | (1,499,999) | (1,100,000) | (1,100,000) | ||||||||||||||
Conversions, exchanges and redemption of convertible senior notes
|
— | (1,288) | (59,145) | ||||||||||||||
Principal payments on Rialto notes payable including structured notes | — | — | (359,016) | ||||||||||||||
Proceeds from other borrowings | 92,688 | 88,751 | 44,374 | ||||||||||||||
Proceeds from liabilities related to consolidated inventory not owned | 346,406 | — | — | ||||||||||||||
Payments to other liabilities | (116,541) | (3,850) | (3,542) | ||||||||||||||
Principal payments on notes payable and other borrowings | (604,995) | (189,454) | (104,751) | ||||||||||||||
Receipts related to noncontrolling interests | 176,617 | 27,859 | 18,126 | ||||||||||||||
Payments related to noncontrolling interests | (42,349) | (43,734) | (89,575) | ||||||||||||||
Common stock: | |||||||||||||||||
Issuances | — | 493 | 3,061 | ||||||||||||||
Repurchases | (321,524) | (523,074) | (299,833) | ||||||||||||||
Dividends | (195,043) | (51,454) | (49,159) | ||||||||||||||
Net cash used in financing activities | $ | (2,446,575) | (1,629,224) | (2,195,901) | |||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,464,039 | (127,285) | (1,098,108) | ||||||||||||||
Cash and cash equivalents and restricted cash at beginning of year | 1,468,691 | 1,595,976 | 2,694,084 | ||||||||||||||
Cash and cash equivalents and restricted cash at end of year | $ | 2,932,730 | 1,468,691 | 1,595,976 | |||||||||||||
Summary of cash and cash equivalents and restricted cash: | |||||||||||||||||
Homebuilding | $ | 2,703,986 | 1,200,832 | 1,337,807 | |||||||||||||
Financial Services | 116,171 | 234,113 | 188,485 | ||||||||||||||
Multifamily | 38,963 | 8,711 | 7,832 | ||||||||||||||
Lennar Other | 3,918 | 2,340 | 24,334 | ||||||||||||||
Homebuilding restricted cash | 15,211 | 9,698 | 12,399 | ||||||||||||||
Financial Services restricted cash | 54,481 | 12,022 | 17,944 | ||||||||||||||
Lennar Other restricted cash | — | 975 | 7,175 | ||||||||||||||
$ | 2,932,730 | 1,468,691 | 1,595,976 | ||||||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for interest, net of amounts capitalized | $ | 97,336 | 49,870 | 128,877 | |||||||||||||
Cash paid for income taxes, net | $ | 402,180 | 261,445 | 376,609 | |||||||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||||||||
Purchases of inventories, land under development and other assets financed by sellers | $ | 120,796 | 101,300 | 163,519 | |||||||||||||
Net non-cash contributions to unconsolidated entities | 97,281 | 156,075 | 162,281 | ||||||||||||||
Non-cash sale of operating properties and equipment and other assets | — | 48,671 | — | ||||||||||||||
Non-cash right of use assets recognized due to adoption of ASU 2016-02 | 150,702 | — | — | ||||||||||||||
Non-cash lease liabilities recognized due to adoption of ASU 2016-02 | 159,717 | — | — | ||||||||||||||
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: | |||||||||||||||||
Financial Services assets | $ | (217,565) | — | — | |||||||||||||
Financial Services liabilities | 115,175 | — | — | ||||||||||||||
Financial Services noncontrolling interests | 102,390 | — | — | ||||||||||||||
Inventories | 95,476 | 187,506 | 35,430 | ||||||||||||||
Receivables | — | 102,959 | 7,198 | ||||||||||||||
Operating properties and equipment and other assets | 6,870 | 53,412 | — | ||||||||||||||
Investments in unconsolidated entities | (68,290) | 67,925 | (25,614) | ||||||||||||||
Notes payable | (44,924) | (383,212) | — | ||||||||||||||
Other liabilities | (1,455) | (19,696) | (17,014) | ||||||||||||||
Noncontrolling interests | 12,323 | (8,894) | — |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Accounts receivable | $ | 133,560 | 129,216 | ||||||||
Mortgages and notes receivable | 167,909 | 203,230 | |||||||||
301,469 | 332,446 | ||||||||||
Allowance for doubtful accounts | (2,798) | (3,322) | |||||||||
Receivables, net | $ | 298,671 | 329,124 |
At November 30, |
Communities with valuation adjustments
for the years ended November 30, |
|||||||||||||||||||||||||||||||
# of communities with potential indicator of impairment | # of communities |
Fair Value
(in thousands) |
Valuation Adjustments
(in thousands) |
|||||||||||||||||||||||||||||
2020 | 10 | 16 | $ | 79,734 | $ | 44,811 | ||||||||||||||||||||||||||
2019 | 40 | 3 | 7,910 | 2,582 | ||||||||||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Unobservable inputs | Range | Range | |||||||||||||||||||||||||||||||||||||||
Average selling price | $201,000 | - | $970,000 | $167,000 | - | $222,000 | |||||||||||||||||||||||||||||||||||
Absorption rate per quarter (homes) | 3 | - | 15 | 4 | - | 12 | |||||||||||||||||||||||||||||||||||
Discount rate | 20% | 20% |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Operating properties (1) | $ | 386,646 | 225,256 | ||||||||
Leasehold improvements | 57,084 | 63,846 | |||||||||
Furniture, fixtures and equipment | 145,307 | 159,007 | |||||||||
589,037 | 448,109 | ||||||||||
Accumulated depreciation and amortization | (177,519) | (168,582) | |||||||||
$ | 411,518 | 279,527 |
Years Ended November 30, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Interest expense in costs of homes sold | $ | 349,109 | 371,821 | 301,339 | |||||||||||||
Interest expense in costs of land sold | 2,594 | 5,554 | 3,567 | ||||||||||||||
Other interest expense (1) | 22,401 | 17,620 | 11,258 | ||||||||||||||
Total interest expense | $ | 374,104 | 394,995 | 316,164 |
Years Ended November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Warranty reserve, beginning of year | $ | 294,138 | 319,109 | ||||||||
Warranties issued | 191,311 | 189,105 | |||||||||
Adjustments to pre-existing warranties from changes in estimates (1) | 29,461 | (8,156) | |||||||||
Payments | (173,145) | (205,920) | |||||||||
Warranty reserve, end of year | $ | 341,765 | 294,138 |
Years Ended | |||||||||||||||||||||||||||||||||||
November 30, 2020 | November 30, 2019 | ||||||||||||||||||||||||||||||||||
(Dollars in thousands, except price per share) | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||||
Shares repurchased | 4,250,000 | 115,000 | 9,774,729 | — | |||||||||||||||||||||||||||||||
Principal | $ | 282,274 | $ | 6,155 | $ | 492,938 | $ | — | |||||||||||||||||||||||||||
Average price per share | $ | 66.42 | $ | 53.52 | $ | 50.41 | $ | — | |||||||||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Total compensation expense for nonvested share-based awards | $ | 107,131 | 86,940 | 72,655 | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested shares at November 30, 2019
|
3,290,863 | $ | 50.64 | ||||||||
Grants | 1,801,630 | $ | 60.10 | ||||||||
Vested | (1,425,049) | $ | 51.71 | ||||||||
Forfeited | (120,868) | $ | 50.61 | ||||||||
Nonvested shares at November 30, 2020
|
3,546,576 | $ | 55.01 |
Years Ended November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Loan origination liabilities, beginning of year | $ | 9,364 | 48,584 | ||||||||
Provision for losses | 11,924 | 3,813 | |||||||||
Payments/settlements | (13,719) | (43,033) | |||||||||
Loan origination liabilities, end of year | $ | 7,569 | 9,364 |
(In thousands) | November 30, 2020 | ||||||||||||||||||||||||||||
Assets: | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,703,986 | 116,171 | 38,963 | 3,918 | 2,863,038 | |||||||||||||||||||||||
Restricted cash | 15,211 | 54,481 | — | — | 69,692 | ||||||||||||||||||||||||
Receivables, net (1) | 298,671 | 552,779 | 86,629 | — | 938,079 | ||||||||||||||||||||||||
Inventories | 16,925,228 | — | 249,920 | — | 17,175,148 | ||||||||||||||||||||||||
Loans held-for-sale (2) | — | 1,490,105 | — | — | 1,490,105 | ||||||||||||||||||||||||
Loans held-for-investments, net | — | 72,626 | — | — | 72,626 | ||||||||||||||||||||||||
Investments held-to-maturity | — | 164,230 | — | — | 164,230 | ||||||||||||||||||||||||
Investments available-for-sale (3) | — | — | — | 53,497 | 53,497 | ||||||||||||||||||||||||
Investments in unconsolidated entities | 953,177 | 68,869 | 724,647 | 386,999 | 2,133,692 | ||||||||||||||||||||||||
Goodwill | 3,442,359 | 189,699 | — | — | 3,632,058 | ||||||||||||||||||||||||
Other assets (4) | 1,190,793 | 68,027 | 75,749 | 8,443 | 1,343,012 | ||||||||||||||||||||||||
$ | 25,529,425 | 2,776,987 | 1,175,908 | 452,857 | 29,935,177 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Notes and other debts payable, net | $ | 5,955,758 | 1,463,919 | — | 1,906 | 7,421,583 | |||||||||||||||||||||||
Other liabilities | 3,969,893 | 180,329 | 252,911 | 11,060 | 4,414,193 | ||||||||||||||||||||||||
$ | 9,925,651 | 1,644,248 | 252,911 | 12,966 | 11,835,776 |
(In thousands) | November 30, 2019 | ||||||||||||||||||||||||||||
Assets: | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,200,832 | 234,113 | 8,711 | 2,340 | 1,445,996 | |||||||||||||||||||||||
Restricted cash | 9,698 | 12,022 | — | 975 | 22,695 | ||||||||||||||||||||||||
Receivables, net (1) | 329,124 | 500,847 | 76,906 | — | 906,877 | ||||||||||||||||||||||||
Inventories | 17,776,507 | — | 315,107 | — | 18,091,614 | ||||||||||||||||||||||||
Loans held-for-sale (2) | — | 1,644,939 | — | — | 1,644,939 | ||||||||||||||||||||||||
Loans held-for-investments, net | — | 73,867 | — | — | 73,867 | ||||||||||||||||||||||||
Investments held-to-maturity | — | 190,289 | — | 54,117 | 244,406 | ||||||||||||||||||||||||
Investments available-for-sale (3) | — | 3,732 | 48,206 | — | 51,938 | ||||||||||||||||||||||||
Investments in unconsolidated entities | 1,009,035 | — | 561,190 | 403,688 | 1,973,913 | ||||||||||||||||||||||||
Goodwill | 3,442,359 | 215,516 | — | — | 3,657,875 | ||||||||||||||||||||||||
Other assets (4) | 1,021,684 | 130,699 | 58,711 | 34,297 | 1,245,391 | ||||||||||||||||||||||||
$ | 24,789,239 | 3,006,024 | 1,068,831 | 495,417 | 29,359,511 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Notes and other debts payable, net | $ | 7,776,638 | 1,745,755 | 36,125 | 15,178 | 9,573,696 | |||||||||||||||||||||||
Other liabilities | 3,298,527 | 242,568 | 196,030 | 14,860 | 3,751,985 | ||||||||||||||||||||||||
$ | 11,075,165 | 1,988,323 | 232,155 | 30,038 | 13,325,681 |
Year ended November 30, 2020 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other (1) |
Corporate and
unallocated (2) |
Total | |||||||||||||||||||||||||||||
Revenues | $ | 20,981,136 | 890,311 | 576,328 | 41,079 | — | 22,488,854 | ||||||||||||||||||||||||||||
Operating earnings (loss) | 2,988,907 | 480,952 | 22,681 | (10,334) | — | 3,482,206 | |||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | (358,418) | (358,418) | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | 2,988,907 | 480,952 | 22,681 | (10,334) | (358,418) | 3,123,788 |
Year ended November 30, 2019 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Corporate and
unallocated (2) |
Total | |||||||||||||||||||||||||||||
Revenues | $ | 20,793,216 | 824,810 | 604,700 | 36,835 | — | 22,259,561 | ||||||||||||||||||||||||||||
Operating earnings | 2,502,905 | 224,642 | 16,390 | 31,469 | — | 2,775,406 | |||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | (341,114) | (341,114) | |||||||||||||||||||||||||||||
Earnings before income taxes | 2,502,905 | 224,642 | 16,390 | 31,469 | (341,114) | 2,434,292 |
Year ended November 30, 2018 | |||||||||||||||||||||||||||||||||||
(In thousands) | Homebuilding |
Financial
Services |
Multifamily |
Lennar
Other |
Corporate and
unallocated (2) |
Total | |||||||||||||||||||||||||||||
Revenues | $ | 19,077,597 | 954,631 | 421,132 | 118,271 | — | 20,571,631 | ||||||||||||||||||||||||||||
Operating earnings (loss) | 2,254,487 | 199,716 | 42,695 | (33,707) | — | 2,463,191 | |||||||||||||||||||||||||||||
Gain on sale of Rialto investment and asset management platform | — | — | — | — | 296,407 | 296,407 | |||||||||||||||||||||||||||||
Acquisition and integration costs related to CalAtlantic | — | — | — | — | (152,980) | (152,980) | |||||||||||||||||||||||||||||
Corporate general and administrative expenses | — | — | — | — | (343,934) | (343,934) | |||||||||||||||||||||||||||||
Earnings (loss) before income taxes | 2,254,487 | 199,716 | 42,695 | (33,707) | (200,507) | 2,262,684 |
(In thousands) | East | Central | Texas | West | Other |
Corporate and
Unallocated |
Total
Homebuilding |
||||||||||||||||||||||||||||||||||
Balance at November 30, 2020 | $ | 5,308,114 | 3,438,600 | 2,150,916 | 10,504,374 | 1,301,618 | 2,825,803 | 25,529,425 | |||||||||||||||||||||||||||||||||
Balance at November 30, 2019 | 5,804,764 | 3,636,694 | 2,246,893 | 10,663,666 | 1,173,163 | 1,264,059 | 24,789,239 |
Year ended November 30, 2020 | |||||||||||||||||||||||||||||||||||
(In thousands) | East | Central | Texas | West | Other |
Total
Homebuilding |
|||||||||||||||||||||||||||||
Revenues | $ | 5,715,028 | 4,093,693 | 2,709,681 | 8,437,167 | 25,567 | 20,981,136 | ||||||||||||||||||||||||||||
Operating earnings (loss) | 933,297 | 482,929 | 421,594 | 1,241,494 | (90,407) | 2,988,907 | |||||||||||||||||||||||||||||
Interest expense | 93,245 | 58,777 | 29,901 | 178,498 | 13,683 | 374,104 | |||||||||||||||||||||||||||||
Depreciation and amortization | 21,504 | 13,659 | 9,366 | 50,316 | 249 | 95,094 | |||||||||||||||||||||||||||||
Net additions to (disposals of) operating properties and equipment | 955 | (11,370) | 712 | 165,869 | (32) | 156,134 |
Year ended November 30, 2019 | |||||||||||||||||||||||||||||||||||
(In thousands) | East | Central | Texas | West | Other |
Total
Homebuilding |
|||||||||||||||||||||||||||||
Revenues | $ | 5,717,858 | 4,120,085 | 2,578,962 | 8,227,304 | 149,007 | 20,793,216 | ||||||||||||||||||||||||||||
Operating earnings (loss) | 830,619 | 431,372 | 285,874 | 1,050,850 | (95,810) | 2,502,905 | |||||||||||||||||||||||||||||
Interest expense | 96,569 | 64,104 | 37,144 | 183,906 | 13,272 | 394,995 | |||||||||||||||||||||||||||||
Depreciation and amortization | 20,623 | 11,356 | 8,395 | 45,456 | 369 | 86,199 | |||||||||||||||||||||||||||||
Net additions to (disposals of) operating properties
and equipment |
(31,338) | 89 | 950 | 63,803 | (1,214) | 32,290 |
Year ended November 30, 2018 | |||||||||||||||||||||||||||||||||||
(In thousands) | East | Central | Texas | West | Other | Total Homebuilding | |||||||||||||||||||||||||||||
Revenues | $ | 5,016,944 | 3,523,807 | 2,421,399 | 8,059,850 | 55,597 | 19,077,597 | ||||||||||||||||||||||||||||
Operating earnings | 621,724 | 320,105 | 172,449 | 1,082,302 | 57,907 | 2,254,487 | |||||||||||||||||||||||||||||
Interest expense | 82,024 | 44,925 | 32,930 | 151,823 | 4,462 | 316,164 | |||||||||||||||||||||||||||||
Depreciation and amortization | 17,995 | 7,904 | 9,041 | 36,013 | 1,022 | 71,975 | |||||||||||||||||||||||||||||
Net additions to operating properties and equipment | 26,387 | 14,692 | 200 | 42,525 | 15,549 | 99,353 |
(In thousands) | Maximum Aggregate Commitment | ||||
Residential facilities maturing: | |||||
January 2021 (1) | $ | 500,000 | |||
March 2021 | 500,000 | ||||
June 2021 | 600,000 | ||||
July 2021 | 200,000 | ||||
Total - Residential facilities | $ | 1,800,000 | |||
LMF Commercial facilities maturing: | |||||
December 2020 (2) | $ | 500,000 | |||
November 2021 | 100,000 | ||||
December 2021 | 200,000 | ||||
Total - LMF Commercial facilities | $ | 800,000 | |||
Total | $ | 2,600,000 |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Borrowings under the residential facilities | $ | 1,185,797 | 1,374,063 | ||||||||
Collateral under the residential facilities | 1,231,619 | 1,423,650 | |||||||||
Borrowings under the LMF Commercial facilities | 124,617 | 216,870 |
November 30, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Investments in unconsolidated entities (1) (2) | $ | 953,177 | 1,009,035 | |||||||||||
Underlying equity in unconsolidated entities' net assets (1) | 1,269,701 | 1,313,892 |
Years Ended November 30, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Land sales revenues (1) | $ | 99,935 | 82,966 | 169,521 | ||||||||||||||||
Management fees and reimbursement of expenses, net of deferrals | 2,363 | 2,716 | 7,026 |
Years Ended November 30, | ||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
General contractor services, net of deferrals | $ | 400,808 | 355,388 | 353,194 | ||||||||||||||||
General contractor costs | 383,649 | 340,081 | 338,717 | |||||||||||||||||
Management fee income | 56,253 | 53,597 | 48,801 |
November 30, 2020
|
|||||||||||
(In thousands) | LMV I | LMV II | |||||||||
Lennar's carrying value of investments | $ | 328,365 | 288,476 | ||||||||
Equity commitments | 2,204,016 | 1,257,700 | |||||||||
Equity commitments called | 2,139,322 | 995,206 | |||||||||
Lennar's equity commitments | 504,016 | 381,000 | |||||||||
Lennar's equity commitments called | 496,483 | 300,393 | |||||||||
Lennar's remaining commitments | 7,533 | 80,607 | |||||||||
Distributions to Lennar during the year ended November 30, 2020
|
39,988 | — |
(In thousands) | November 30, 2020 | ||||||||||||||||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily |
Lennar
Other |
Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 546,013 | 111,109 | 94,801 | 173,408 | 814,222 | |||||||||||||||||||||||
Loans receivable | — | — | — | 95,281 | 95,281 | ||||||||||||||||||||||||
Real estate owned | — | — | — | 295,391 | 295,391 | ||||||||||||||||||||||||
Investment securities | — | 75,714 | — | 2,093,766 | 2,093,766 | ||||||||||||||||||||||||
Investments in partnerships | — | — | — | 260,721 | 260,721 | ||||||||||||||||||||||||
Inventories | 4,527,371 | — | — | — | 4,527,371 | ||||||||||||||||||||||||
Operating properties and equipment | 148,020 | — | 5,392,681 | 23,968 | 5,564,669 | ||||||||||||||||||||||||
Other assets | 862,875 | 164,782 | 115,968 | 1,099,099 | 2,077,942 | ||||||||||||||||||||||||
$ | 6,084,279 | 351,605 | 5,603,450 | 4,041,634 | 15,729,363 | ||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 866,812 | 159,271 | 219,522 | 31,113 | 1,117,447 | |||||||||||||||||||||||
Debt (1) | 1,085,639 | — | 2,519,567 | 292,313 | 3,897,519 | ||||||||||||||||||||||||
Equity | 4,131,828 | 192,334 | 2,864,361 | 3,718,208 | 10,714,397 | ||||||||||||||||||||||||
$ | 6,084,279 | 351,605 | 5,603,450 | 4,041,634 | 15,729,363 | ||||||||||||||||||||||||
Investments in unconsolidated entities | $ | 953,177 | 68,869 | 724,647 | 386,999 | 2,133,692 |
(In thousands) | November 30, 2019 | ||||||||||||||||||||||||||||
Assets: | Homebuilding | Financial Services | Multifamily |
Lennar
Other |
Total | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 602,480 | — | 74,726 | 122,089 | 799,295 | |||||||||||||||||||||||
Loans receivable | — | — | — | 690,270 | 690,270 | ||||||||||||||||||||||||
Real estate owned | — | — | — | 282,832 | 282,832 | ||||||||||||||||||||||||
Investment securities | — | — | — | 2,404,987 | 2,404,987 | ||||||||||||||||||||||||
Investments in partnerships | — | — | — | 768,219 | 768,219 | ||||||||||||||||||||||||
Inventories | 4,514,885 | — | — | — | 4,514,885 | ||||||||||||||||||||||||
Operating properties and equipment | — | — | 4,618,518 | — | 4,618,518 | ||||||||||||||||||||||||
Other assets | 1,007,698 | — | 66,960 | 204,009 | 1,278,667 | ||||||||||||||||||||||||
$ | 6,125,063 | — | 4,760,204 | 4,472,406 | 15,357,673 | ||||||||||||||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||||||
Accounts payable and other liabilities | $ | 816,719 | — | 212,706 | 38,770 | 1,068,195 | |||||||||||||||||||||||
Debt (1) | 1,094,588 | — | 2,113,696 | 775,648 | 3,983,932 | ||||||||||||||||||||||||
Equity | 4,213,756 | — | 2,433,802 | 3,657,988 | 10,305,546 | ||||||||||||||||||||||||
$ | 6,125,063 | — | 4,760,204 | 4,472,406 | 15,357,673 | ||||||||||||||||||||||||
Investments in unconsolidated entities | $ | 1,009,035 | — | 561,190 | 403,688 | 1,973,913 |
November 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
6.25% senior notes due December 2021
|
$ | 305,221 | 310,252 | ||||||||
4.125% senior notes due 2022
|
598,876 | 597,885 | |||||||||
5.375% senior notes due 2022
|
255,342 | 258,198 | |||||||||
4.750% senior notes due 2022
|
572,724 | 571,644 | |||||||||
4.875% senior notes due December 2023
|
397,347 | 396,553 | |||||||||
4.500% senior notes due 2024
|
647,528 | 646,802 | |||||||||
5.875% senior notes due 2024
|
443,484 | 448,158 | |||||||||
4.750% senior notes due 2025
|
498,002 | 497,558 | |||||||||
5.25% senior notes due 2026
|
406,709 | 407,921 | |||||||||
5.00% senior notes due 2027
|
352,508 | 352,892 | |||||||||
4.75% senior notes due 2027
|
894,760 | 893,046 | |||||||||
6.625% senior notes due 2020
|
— | 303,668 | |||||||||
2.95% senior notes due 2020
|
— | 299,421 | |||||||||
8.375% senior notes due 2021
|
— | 418,860 | |||||||||
4.750% senior notes due 2021
|
— | 498,893 | |||||||||
Mortgage notes on land and other debt | 583,257 | 874,887 | |||||||||
$ | 5,955,758 | 7,776,638 |
(In thousands) | November 30, | ||||||||||
2020 | 2019 | ||||||||||
Performance letters of credit | $ | 752,096 | 715,793 | ||||||||
Surety bonds | 3,087,711 | 2,946,167 | |||||||||
Anticipated future costs primarily for site improvements related to performance surety bonds | 1,584,642 | 1,427,145 |
Senior Notes Outstanding (1) | Principal Amount | Net Proceeds (2) | Price | Dates Issued | ||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
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 |
(In thousands) |
Debt
Maturities |
||||
2021 | $ | 293,177 | |||
2022 | 1,805,848 | ||||
2023 | 58,850 | ||||
2024 | 1,518,748 | ||||
2025 | 583,800 | ||||
Thereafter | 1,672,839 |
Years Ended November 30, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | 428,907 | 298,701 | 246,604 | |||||||||||||
State | 135,246 | 53,400 | 30,530 | ||||||||||||||
$ | 564,153 | 352,101 | 277,134 | ||||||||||||||
Deferred: | |||||||||||||||||
Federal | $ | 59,065 | 165,080 | 189,096 | |||||||||||||
State | 33,017 | 74,992 | 78,941 | ||||||||||||||
92,082 | 240,072 | 268,037 | |||||||||||||||
$ | 656,235 | 592,173 | 545,171 |
Percentage of Pretax Income | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Statutory rate | 21.00 | % | 21.00 | % | 22.22 | % | |||||||||||
State income taxes, net of federal income tax benefit | 4.00 | 4.17 | 3.81 | ||||||||||||||
Tax credits (1) | (4.46) | (1.49) | (1.60) | ||||||||||||||
Nondeductible compensation | 0.57 | 0.45 | — | ||||||||||||||
Domestic production activities deduction | — | — | (1.71) | ||||||||||||||
Tax reserves and interest expense, net | — | (0.03) | (0.39) | ||||||||||||||
Deferred tax asset valuation allowance, net | — | (0.02) | (0.03) | ||||||||||||||
Accounting method changes | — | — | (1.47) | ||||||||||||||
Changes in tax law (2) | — | — | 3.06 | ||||||||||||||
Other | (0.09) | 0.18 | 0.44 | ||||||||||||||
Effective rate | 21.02 | % | 24.26 | % | 24.33 | % |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Deferred tax assets: | |||||||||||
Inventory valuation adjustments | $ | 136,868 | 201,408 | ||||||||
Reserves and accruals | 161,984 | 148,477 | |||||||||
Net operating loss carryforwards | 88,021 | 108,250 | |||||||||
Capitalized expenses | 130,910 | 72,054 | |||||||||
Investments in unconsolidated entities | 67,405 | 55,306 | |||||||||
Other assets | 76,715 | 84,454 | |||||||||
Total deferred tax assets | 661,903 | 669,949 | |||||||||
Valuation allowance | (4,411) | (4,341) | |||||||||
Total deferred tax assets after valuation allowance | 657,492 | 665,608 | |||||||||
Deferred tax liabilities: | |||||||||||
Capitalized expenses | 181,729 | 152,208 | |||||||||
Deferred income | 240,903 | 198,503 | |||||||||
Other liabilities | 47,478 | 35,432 | |||||||||
Total deferred tax liabilities | 470,110 | 386,143 | |||||||||
Net deferred tax assets | $ | 187,382 | 279,465 |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Net deferred tax assets: (1) | |||||||||||
Homebuilding | $ | 119,467 | 224,859 | ||||||||
Financial Services | 1,024 | 17,551 | |||||||||
Multifamily | 38,155 | 34,291 | |||||||||
Lennar Other | 28,736 | 2,764 | |||||||||
Net deferred tax assets | $ | 187,382 | 279,465 |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Valuation allowance (1) | $ | (4,411) | (4,341) | ||||||||
Federal tax effected NOL carryforwards (2) | 36,264 | 39,080 | |||||||||
State tax effected NOL carryforwards (3) | 51,757 | 69,170 |
Years Ended November 30, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Gross unrecognized tax benefits, beginning of year | $ | 12,856 | 14,667 | 12,285 | |||||||||||||
Lapse of statute of limitations | (349) | (1,811) | (2,052) | ||||||||||||||
Decreases due to tax positions taken during prior period | — | — | (2,805) | ||||||||||||||
Decreases due to settlements with tax authorities | (222) | — | (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 | $ | 12,285 | 12,856 | 14,667 |
November 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Accrued interest and penalties, beginning of the year | $ | 55,333 | 52,942 | ||||||||
Accrual of interest and penalties (primarily related to state audits) | 2,802 | 3,029 | |||||||||
Reduction of interest and penalties | (371) | (638) | |||||||||
Accrued interest and penalties, end of the year | $ | 57,764 | 55,333 |
Years Ended November 30, | |||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2018 | ||||||||||||||
Numerator: | |||||||||||||||||
Net earnings attributable to Lennar | $ | 2,465,036 | 1,849,052 | 1,695,831 | |||||||||||||
Less: distributed earnings allocated to nonvested shares | 1,658 | 420 | 429 | ||||||||||||||
Less: undistributed earnings allocated to nonvested shares | 26,731 | 15,722 | 14,438 | ||||||||||||||
Numerator for basic earnings per share | 2,436,647 | 1,832,910 | 1,680,964 | ||||||||||||||
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1) | 8,971 | 4,204 | 3,320 | ||||||||||||||
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 | $ | 2,427,676 | 1,828,706 | 1,677,729 | |||||||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share - weighted average common shares outstanding | 309,406 | 318,419 | 307,968 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Share-based payments | 1 | 3 | 48 | ||||||||||||||
Convertible senior notes | — | — | 549 | ||||||||||||||
Denominator for diluted earnings per share - weighted average common shares outstanding | 309,407 | 318,422 | 308,565 | ||||||||||||||
Basic earnings per share | $ | 7.88 | 5.76 | 5.46 | |||||||||||||
Diluted earnings per share | $ | 7.85 | 5.74 | 5.44 |
November 30, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
(In thousands) | Hierarchy | Amount | Value | Amount | Value | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||
Loans held-for-investment, net | Level 3 | $ | 72,626 | 70,808 | 73,867 | 69,708 | |||||||||||||||||||||||
Investments held-to-maturity | Level 3 | 164,230 | 196,047 | 166,012 | 195,962 | ||||||||||||||||||||||||
Investments held-to-maturity | Level 2 | — | — | 24,277 | 24,257 | ||||||||||||||||||||||||
Lennar Other: | |||||||||||||||||||||||||||||
Investments held-to-maturity | Level 3 | — | — | 54,117 | 56,415 | ||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Homebuilding senior notes and other debts payable | Level 2 | $ | 5,955,758 | 6,581,798 | 7,776,638 | 8,144,632 | |||||||||||||||||||||||
Financial Services notes and other debts payable | Level 2 | 1,463,919 | 1,464,850 | 1,745,755 | 1,745,782 | ||||||||||||||||||||||||
Multifamily note payable | Level 2 | — | — | 36,125 | 36,125 | ||||||||||||||||||||||||
Lennar Other notes and other debts payable | Level 2 | 1,906 | 1,906 | 15,178 | 15,178 | ||||||||||||||||||||||||
Fair Value at November 30, | |||||||||||||||||
(In thousands) |
Fair
Value Hierarchy |
2020 | 2019 | ||||||||||||||
Financial Services Assets: | |||||||||||||||||
Residential loans held-for-sale | Level 2 | $ | 1,296,517 | 1,447,715 | |||||||||||||
LMF Commercial loans held-for-sale
|
Level 3 | 193,588 | 197,224 | ||||||||||||||
Mortgage servicing rights | Level 3 | 2,113 | 24,679 | ||||||||||||||
Lennar Other: | |||||||||||||||||
Investments available-for-sale | Level 3 | 53,497 | — |
November 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(In thousands) | Aggregate Principal Balance | Change in Fair Value | Aggregate Principal Balance | Change in Fair Value | |||||||||||||||||||||||||||||||
Residential loans held-for-sale | $ | 1,232,548 | 63,969 | 1,405,511 | 42,204 | ||||||||||||||||||||||||||||||
LMF Commercial loans held-for-sale
|
194,362 | (774) | 196,275 | 949 |
November 30, 2020 | |||||
Unobservable inputs | |||||
Mortgage prepayment rate | 18 | % | |||
Discount rate | 12 | % | |||
Delinquency rate | 4 | % |
Years Ended November 30, | |||||||||||||||||
(In thousands) | 2020 | 2019 | 2018 | ||||||||||||||
Changes in fair value included in Financial Services revenues: | |||||||||||||||||
Loans held-for-sale | $ | 21,765 | 4,891 | 8,621 | |||||||||||||
Mortgage loan commitments | 12,774 | (85) | 6,500 | ||||||||||||||
Forward contracts | (9,805) | 6,504 | (12,041) | ||||||||||||||
Changes in fair value included in other comprehensive income (loss), net of tax:
|
|||||||||||||||||
Lennar Other investments available-for-sale | (805) | — | — | ||||||||||||||
Financial Services investments available-for-sale | (46) | 1,040 | (1,634) |
Years Ended November 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
(In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | |||||||||||||||||||||||||||||||
Beginning of year | $ | 24,679 | 197,224 | 37,206 | 61,691 | ||||||||||||||||||||||||||||||
Purchases/loan originations | 2,378 | 703,777 | 3,417 | 1,593,655 | |||||||||||||||||||||||||||||||
Sales/loan originations sold, including those not settled
|
— | (705,089) | — | (1,447,818) | |||||||||||||||||||||||||||||||
Disposals/settlements (1) | (10,322) | — | (5,326) | (9,920) | |||||||||||||||||||||||||||||||
Changes in fair value (2) | (14,622) | (25) | (10,618) | 430 | |||||||||||||||||||||||||||||||
Interest and principal paydowns | — | (2,299) | — | (814) | |||||||||||||||||||||||||||||||
End of year | $ | 2,113 | 193,588 | 24,679 | 197,224 |
Years Ended November 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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) | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-financial assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Homebuilding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finished homes and construction in progress (2)
|
Level 3 | $ | 176,637 | 148,684 | (27,953) | 218,942 | 205,201 | (13,741) | 4,019 | 3,473 | (546) | ||||||||||||||||||||||||||||||||||||||||||||||||
Land and land under development (2)
|
Level 3 | 182,227 | 92,355 | (89,872) | 121,564 | 82,816 | (38,748) | 96,093 | 62,850 | (33,243) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (2)
|
Level 3 | — | — | — | 60,363 | 56,727 | (3,636) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Lennar Other: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REO, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upon management periodic valuations
|
Level 3 | — | — | — | — | — | — | 58,721 | 25,632 | (33,089) | |||||||||||||||||||||||||||||||||||||||||||||||||
November 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
(In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss (1) |
Investments in
Unconsolidated VIEs |
Lennar’s Maximum Exposure to Loss (1) | |||||||||||||||||||
Homebuilding | $ | 89,654 | 89,828 | 80,939 | 81,118 | ||||||||||||||||||
Multifamily (2) | 619,540 | 717,271 | 533,018 | 768,651 | |||||||||||||||||||
Financial Services (3) | 233,099 | 287,253 | 166,012 | 166,012 | |||||||||||||||||||
Lennar Other | 7,154 | 7,154 | 60,882 | 60,882 | |||||||||||||||||||
$ | 949,447 | 1,101,506 | 840,851 | 1,076,663 |
(Dollars in thousands) | November 30, 2020 | ||||
Right-of-use assets | $ | 113,390 | |||
Lease liabilities | $ | 122,836 | |||
Weighted-average remaining lease term (in years) | 2.6 | ||||
Weighted-average discount rate | 3.1% |
(Dollars in thousands) | Lease Payments | ||||
2021 | $ | 33,616 | |||
2022 | 27,525 | ||||
2023 | 21,601 | ||||
2024 | 15,982 | ||||
2025 and thereafter | 34,775 | ||||
Total future minimum lease payments (1) | $ | 133,499 | |||
Less: Interest (2) | 10,663 | ||||
Present value of lease liabilities (2) | $ | 122,836 |
First | Second | Third | Fourth | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Revenues | $ | 4,505,337 | 5,287,373 | 5,870,254 | 6,825,890 | ||||||||||||||||||
Gross profit from sales of homes | 848,988 | 1,062,310 | 1,262,550 | 1,574,242 | |||||||||||||||||||
Earnings before income taxes | 423,552 | 676,577 | 859,013 | 1,164,646 | |||||||||||||||||||
Net earnings attributable to Lennar | 398,452 | 517,406 | 666,418 | 882,760 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | 1.27 | 1.66 | 2.13 | 2.82 | |||||||||||||||||||
Diluted | 1.27 | 1.65 | 2.12 | 2.82 | |||||||||||||||||||
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 |
/s/ Deloitte & Touche LLP
|
||
Miami, Florida
|
||
January 22, 2021 |
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 | — | $ | — | 7,209,217 | |||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | ||||||||||||||
Total | — | $ | — | 7,209,217 |
Financial Statements |
Page in
this Report |
||||
Financial Statement Schedule |
Page in
this Report |
||||
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 | |||||
10.1* | |||||
10.2* | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6* | |||||
10.7* | |||||
10.8* |
|
||||
10.9* | |||||
10.10* | |||||
10.11* | |||||
10.12** | |||||
21** | |||||
23** | |||||
31.1** | |||||
31.2** | |||||
31.3** | |||||
32** | |||||
101 |
The following financial statements from Lennar Corporation Annual Report on Form 10-K for the year ended November 30, 2020, filed on January 22, 2021, 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, 2020 was formatted in iXBRL.
|
||||
LENNAR CORPORATION | ||||||||
/S/ RICK BECKWITT | ||||||||
Rick Beckwitt | ||||||||
Co-Chief Executive Officer, Co-President and Director | ||||||||
Date: | January 22, 2021 |
LENNAR CORPORATION | ||||||||
/S/ JONATHAN M. JAFFE | ||||||||
Jonathan M. Jaffe | ||||||||
Co-Chief Executive Officer, Co-President and Director | ||||||||
Date: | January 22, 2021 |
Principal Executive Officer: | ||||||||
Rick Beckwitt | /S/ RICK BECKWITT | |||||||
Co-Chief Executive Officer, Co-President and Director | Date: | January 22, 2021 | ||||||
Jonathan M. Jaffe | /S/ JONATHAN M. JAFFE | |||||||
Co-Chief Executive Officer, Co-President and Director | Date: | January 22, 2021 | ||||||
Principal Financial Officer: | ||||||||
Diane Bessette | /S/ DIANE BESSETTE | |||||||
Vice President, Chief Financial Officer and Treasurer | Date: | January 22, 2021 | ||||||
Principal Accounting Officer: | ||||||||
David Collins | /S/ DAVID COLLINS | |||||||
Vice President and Controller | Date: | January 22, 2021 | ||||||
Directors: | ||||||||
Irving Bolotin | /S/ IRVING BOLOTIN | |||||||
Date: | January 22, 2021 | |||||||
Steven L. Gerard | /S/ STEVEN L. GERARD | |||||||
Date: | January 22, 2021 | |||||||
Theron I. ("Tig") Gilliam, Jr. | /S/ THERON I. ("TIG") GILLIAM, JR. | |||||||
Date: | January 22, 2021 | |||||||
Sherrill W. Hudson | /S/ SHERRILL W. HUDSON | |||||||
Date: | January 22, 2021 | |||||||
Sidney Lapidus | /S/ SIDNEY LAPIDUS | |||||||
Date: | January 22, 2021 | |||||||
Teri McClure | /S/ TERI MCCLURE | |||||||
Date: | January 22, 2021 | |||||||
Stuart Miller | /S/ STUART MILLER | |||||||
Date: | January 22, 2021 | |||||||
Armando Olivera | /S/ ARMANDO OLIVERA | |||||||
Date: | January 22, 2021 | |||||||
Jeffrey Sonnenfeld | /S/ JEFFREY SONNENFELD | |||||||
Date: | January 22, 2021 | |||||||
Scott Stowell | /S/ SCOTT STOWELL | |||||||
Date: | January 22, 2021 |
/s/ Deloitte & Touche LLP
|
||
Miami, Florida
|
||
January 22, 2021 |
Additions | |||||||||||||||||||||||||||||
(In thousands) |
Beginning
balance |
Charged to costs and expenses | Charged (credited) to other accounts | Deductions |
Ending
balance |
||||||||||||||||||||||||
Year ended November 30, 2020 | |||||||||||||||||||||||||||||
Allowances deducted from assets to which they apply:
|
|||||||||||||||||||||||||||||
Allowances for doubtful accounts and notes and other receivables
|
$ | 3,379 | 661 | (568) | (1,078) | 2,394 | |||||||||||||||||||||||
Allowance for loan losses and loans receivable
|
$ | 4,122 | 795 | 17 | (922) | 4,012 | |||||||||||||||||||||||
Allowance against net deferred tax assets
|
$ | 4,341 | 70 | — | — | 4,411 | |||||||||||||||||||||||
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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
208 Meadowview Farms, Ltd. | TX | |||||||||||||
301 South Glendora Avenue Apartments Investors, LLC | DE | |||||||||||||
308 Furman, Ltd. | TX | |||||||||||||
360 Developers, LLC | FL | |||||||||||||
5151 East, LLC | DE | |||||||||||||
Akron 42, LLC | MN | |||||||||||||
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 | |||||||||||||
Ballpark Village LLC | DE | |||||||||||||
Barnsboro Associates, LLC | NJ | |||||||||||||
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 | |||||||||||||
BHCSP LLC | DE | Lennar | ||||||||||||
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 | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
CalAtlantic National Title Solutions, LLC | MD | |||||||||||||
CalAtlantic Title, Inc. | MD | Lennar | ||||||||||||
CalAtlantic Title, LLC | UT | |||||||||||||
Camarillo Village Park, LLC | CA | Lennar | ||||||||||||
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 | |||||||||||||
Carson Creek El Dorado, LLC | CA | |||||||||||||
Cary Woods, LLC | IL | |||||||||||||
Casa Marina Development, LLC | FL | |||||||||||||
Central Park West Holdings, LLC | DE | |||||||||||||
Chatelaine Ventures, LLC | DE | Lennar | ||||||||||||
Cherrytree II LLC | MD | |||||||||||||
CL Doral, LLC | FL | |||||||||||||
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 | |||||||||||||
Discovery SL, LLC | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
Downtown Doral Retail Holdings, LLC | DE | |||||||||||||
DTC Holdings of Florida, LLC | FL | |||||||||||||
Eagle Bend Commercial, LLC | CO | |||||||||||||
Eastport Home & Land Company LLC | DE | |||||||||||||
El at Franklin, LLC | NJ | |||||||||||||
El at Jackson, LLC | DE | |||||||||||||
EL at Marlboro 79, LLC | DE | |||||||||||||
El at Monroe, LLC | DE | |||||||||||||
EL Ventures, LLC | DE | |||||||||||||
Elkhorn Ranch Venture, LLC | CO | |||||||||||||
Energy Asset HoldCo, LLC | DE | |||||||||||||
Essential Housing Bonds, LLC | DE | |||||||||||||
Essential Housing Financing, LLC | DE | |||||||||||||
Estates Seven, LLC | DE | |||||||||||||
Eureka Escondido, LLC | DE | |||||||||||||
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 | |||||||||||||
Fifth Wall Ventures SPV VII, L.P. | DE | |||||||||||||
FLORDADE LLC | FL | |||||||||||||
Florida SL, LLC | FL | |||||||||||||
Folsom Ventures, LLC | DE | |||||||||||||
Fox-Maple Associates, LLC | NJ | |||||||||||||
Friendswood Development Company, LLC | TX | Maple Ridge Asociates, LLC | ||||||||||||
Garco Investments, LLC | FL | |||||||||||||
GDI MANAGER, LLC | DE | |||||||||||||
Geraci Land Acquisition, LLC | FL | Lennar | ||||||||||||
Goose Creek Estates, LLC | VA | |||||||||||||
Greenbriar at River Valley, Ltd. | OH | |||||||||||||
Greenbriar Investor, 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 Hills Irvine, LLC | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
Heritage of Auburn Hills, L.L.C. | MI | |||||||||||||
Heritage Pkwy East Holdings, LLC | FL | |||||||||||||
Hewitts Landing Trustee, LLC | MA | |||||||||||||
Hickory Ridge, Ltd. | TX | |||||||||||||
Hingham Properties, LLC | DE | |||||||||||||
HLL II Development, L.L.C. | TX | |||||||||||||
Homefed SPIC Otay, LLC | DE | Lennar | ||||||||||||
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 | |||||||||||||
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 Oceanaire Development, LLC | DE | |||||||||||||
LB/L – Duc III Antioch 330, LLC | DE | Lennar | ||||||||||||
LC Miramar, LLC | DE | |||||||||||||
LCD Asante, LLC | DE | |||||||||||||
LCI Downtown Doral Investor, LLC | DE | |||||||||||||
LCI North DeKalb Investor GP, LLC | DE | |||||||||||||
LCI North DeKalb Investor LP, LLC | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
LCS Communications, LLC | DE | |||||||||||||
LCS RT Communications, 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 Medley at Angeline Club, LLC | FL | |||||||||||||
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 | |||||||||||||
Len X, LLC | FL | |||||||||||||
LEN-Abbott Square, LLC | FL | |||||||||||||
Lenalto CMBS, LLC | DE | |||||||||||||
Len-Angeline, LLC | FL | |||||||||||||
Lenbrook, LLC | VA | |||||||||||||
LEN-CG South, LLC | FL | |||||||||||||
LenCom, LLC | DE | |||||||||||||
Lencore, 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 | |||||||||||||
LenFive, LLC | DE | |||||||||||||
LENH I, LLC | FL | |||||||||||||
Len-Hawks Point, LLC | FL | |||||||||||||
Len-Land West, LLC | DE | |||||||||||||
Len-Land, LLC | DE | |||||||||||||
Len-Medley at Mirada Club, 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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 Double B North Valleys Investments, LLC | NV | |||||||||||||
Lennar Ewing, LLC | NJ | |||||||||||||
Lennar Financial Services, LLC | FL | |||||||||||||
Lennar Flamingo, LLC | FL | |||||||||||||
Lennar Fresno, Inc. | CA | |||||||||||||
Lennar Gardens, LLC | FL | |||||||||||||
Lennar Georgia, Inc. | GA | |||||||||||||
Lennar Greer Ranch Venture, 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 Idaho, LLC | DE | |||||||||||||
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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 | 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 | ||||||||||||
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. |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 Imperial Holdings Limited Partnership | DE | |||||||||||||
Lennar Insurance Agency, LLC | TX | |||||||||||||
Lennar Intergulf (150 Ocean), LLC | DE | |||||||||||||
Lennar International Holding, LLC | DE | |||||||||||||
Lennar International, LLC | DE | |||||||||||||
Lennar Lakeside Investor, LLC | DE | |||||||||||||
Lennar Layton, LLC | DE | |||||||||||||
Lennar Little Falls Townhomes Redevelopers Urban Renewal, LLC | NJ | |||||||||||||
Lennar Living, LLC | DE | |||||||||||||
Lennar LTL Member, 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 Mortgage, LLC | FL | |||||||||||||
Lennar MPA WIP, LLC | DE | |||||||||||||
Lennar MPA, LLC | DE | |||||||||||||
Lennar Multifamily BTC Venture GP East Village I Mezz, 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 | |||||||||||||
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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 Port Imperial South, LLC | DE | |||||||||||||
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 South Sutter, LLC | CA | |||||||||||||
Lennar Spencer's Crossing, LLC | DE | |||||||||||||
Lennar Sun Ridge LLC | CA | |||||||||||||
Lennar Texas Holding, LLC | DE | |||||||||||||
Lennar Title Group, LLC | FL | |||||||||||||
Lennar Title, Inc. | MD | |||||||||||||
Lennar Title, LLC | NC | |||||||||||||
Lennar Trading Company, LLC | TX | |||||||||||||
Lennar West Valley, LLC | CA | |||||||||||||
Lennar Winncrest, LLC | DE | |||||||||||||
Lennar.com Inc. | FL | |||||||||||||
Lennar-LNR Platinum Triangle, LLC | DE | |||||||||||||
LEN-Southshore Bay, LLC | FL | |||||||||||||
LEN-Touchstone, LLC | FL | |||||||||||||
Len-Verandahs, LLP | FL | |||||||||||||
LFS Holding Company, LLC | DE | |||||||||||||
LH Eastwind, LLC | FL | |||||||||||||
L-H Housing, LLC | DE | |||||||||||||
LHI Renaissance, LLC | FL | Club Oasis | ||||||||||||
Library Tower, L.L.C. | IL | |||||||||||||
LMC 10th & Acoma Holdings, LP | DE | |||||||||||||
LMC 2401 Blake Street Holdings, LLC | DE | |||||||||||||
LMC 2401 Blake Street Investor, LLC | DE | |||||||||||||
LMC 360 Acoma Holdings, LLC | DE | |||||||||||||
LMC 360 Acoma Investor, LLC | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 Artemas Holdings, 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 Cormac GP, LLC | DE | |||||||||||||
LMC Cormac Investor, LP | DE | |||||||||||||
LMC Costa Mesa 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 Durham Gateway Lawson GP, LLC | DE | |||||||||||||
LMC Durham Gateway Lawson Investor, LP | DE | |||||||||||||
LMC Evans School Holdings, LLC | DE | |||||||||||||
LMC Evans School North Holdings, LLC | DE | |||||||||||||
LMC Gateway Investor, LLC | DE | |||||||||||||
LMC Gateway Venture, LLC | DE | |||||||||||||
LMC Grayson Holdings, LLC | DE | |||||||||||||
LMC Grayson Investor, LLC | DE | |||||||||||||
LMC Grayson JV, LLC | DE | |||||||||||||
LMC Grayson Property Owner, 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 Lakeside Holdings, LP | 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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
LMC NE Minneapolis Lot 2 Holdings, LP | DE | |||||||||||||
LMC New Bern Investor, LLC | DE | |||||||||||||
LMC North Park Holdings, LLC | DE | |||||||||||||
LMC Righters Ferry Holdings, LLC | DE | |||||||||||||
LMC River North Holdings, LLC | DE | |||||||||||||
LMC Sarasota Quay Holdings, LLC | DE | |||||||||||||
LMC Sky Mountain Holdings, LLC | DE | |||||||||||||
LMC Spring Street Investor, LLC | DE | |||||||||||||
LMC Stadium Square II Investor, LLC | DE | |||||||||||||
LMC Stadium Square II, LLC | DE | |||||||||||||
LMC Stonewall Station Investor, LLC | DE | |||||||||||||
LMC Towne Investor, LLC | DE | |||||||||||||
LMC Towne Property Owner, LLC | DE | |||||||||||||
LMC Triangle Square Investor, LLC | DE | |||||||||||||
LMC Venture Developer, LLC | DE | |||||||||||||
LMC Verbena Holdings, LLC | DE | |||||||||||||
LMC West Loop Investor, LLC | DE | |||||||||||||
LMC Winslow Investor, LLC | DE | |||||||||||||
LMCFX Investor, LLC | DE | |||||||||||||
LMCPNW Marymoor Holdings, LLC | DE | |||||||||||||
LMF Commercial Mortgage Securities, LLC | DE | |||||||||||||
LMF Commercial, LLC | DE | |||||||||||||
LMI - Jacksonville Investor, LLC | DE | |||||||||||||
LMI - South Kings Development Investor, 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 Pacific Tower, LLC | DE | |||||||||||||
LMI Park Central Investor Two, 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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 | |||||||||||||
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 Hackensack Holdings Urban Renewal Owner, L.P | DE | |||||||||||||
LMV II Kierland 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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
Lori Gardens Associates III, LLC | NJ | |||||||||||||
Lori Gardens Associates, L.L.C. | NJ | |||||||||||||
Lorton Station, LLC | VA | |||||||||||||
Lots 3-4 Member, LLC | DE | |||||||||||||
LR JVA-3 Associates, LLC | DE | |||||||||||||
LR JV-C Associates, LLC | DE | |||||||||||||
LR Overlook Phase II, LLC | DE | |||||||||||||
LR Port Imperial South BB, LLC | DE | |||||||||||||
LS College Park, LLC | DE | Lennar | ||||||||||||
LS Terracina, LLC | DE | Lennar | ||||||||||||
LSFR, LLC | DE | |||||||||||||
LV Opendoor Investor, LLC | DE | |||||||||||||
LV Opendoor JV, LLC | DE | |||||||||||||
LW D'Andrea, LLC | DE | |||||||||||||
LYNX VENETIAN POINTE 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 | ||||||||||||
Mesa Canyon Community Partners, LLC | DE | 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 | |||||||||||||
North Valleys Investment Group, LLC | NV | |||||||||||||
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 | ||||||||||||
PDC Fairway Village, Ltd. | TX | |||||||||||||
PDC Moroney Farms, Ltd. | TX |
Company Name | State of Incorporation | DBAs | ||||||||||||
PD-Len Boca Raton, LLC | DE | |||||||||||||
PG Properties Holding, LLC | NC | |||||||||||||
Pine Ridge Residential, LLC | CO | Lennar | ||||||||||||
Pioneer Meadows Development LLC | NV | |||||||||||||
Pioneer Meadows Investments, LLC | NV | |||||||||||||
Placer Vineyards, LLC | CA | |||||||||||||
Platinum Triangle Partners, LLC | DE | |||||||||||||
Plaza Condominium Ventures, LLC | DE | Lennar | ||||||||||||
POMAC, LLC | MD | |||||||||||||
Port Imperial South Building 14, LLC | NJ | |||||||||||||
Portside Marina Developers, L.L.C. | NJ | |||||||||||||
Portside Shipyard Developers, L.L.C. | NJ | |||||||||||||
Portside SM Associates, L.L.C. | NJ | |||||||||||||
Portside SM Holdings, L.L.C. | DE | |||||||||||||
Prestonfield L.L.C. | IL | |||||||||||||
Providence Lakes, LLP | FL | |||||||||||||
PT Metro, LLC | DE | |||||||||||||
Quail Roost Lennar, LLC | FL | |||||||||||||
Quarrystone Board, LLC | DE | |||||||||||||
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 Credit Partnership GP, LLC | DE | |||||||||||||
Rannel Holdings, LLC | DE | |||||||||||||
Rannel Interests, LLC | DE | |||||||||||||
Rannel Investments, LLC | DE | |||||||||||||
Rannel Mezz Partners GP, LLC | DE | |||||||||||||
Rannel Mortgage Investments, LLC | DE | |||||||||||||
Rannel Partners GP III - Debt, LLC | DE | |||||||||||||
Rannel Partners GP, LLC | DE | |||||||||||||
Rannel Proprietary Investments, LLC | DE | |||||||||||||
Rannel RSSF GP, LLC | DE | |||||||||||||
RCCF GP II, LLC | DE | |||||||||||||
RCCF GP III, LLC | DE | |||||||||||||
RCCF GP IV, LLC | DE | |||||||||||||
RCCF GP, LLC | DE | |||||||||||||
Renaissance Joint Venture | FL | |||||||||||||
RES Inactive, LLC | DE | |||||||||||||
Reserve @ Pleasant Grove II LLC | NJ | Lennar | ||||||||||||
Reserve @ Pleasant Grove LLC | NJ | |||||||||||||
Reserve at River Park, LLC | NJ | |||||||||||||
RES-FL EIGHT, LLC | FL | |||||||||||||
RES-FL SEVEN, LLC | FL |
Company Name | State of Incorporation | DBAs | ||||||||||||
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-IL ONE, LLC | FL | |||||||||||||
RES-NC ONE, LLC | FL | |||||||||||||
RES-PA LSJ, LLC | PA | |||||||||||||
RES-PA POM, LLC | PA | |||||||||||||
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 | |||||||||||||
RH MOA, LLC | DE | |||||||||||||
RIAL 2014-LT5 CLASS B, LLC | DE | |||||||||||||
RIAL 2014-LT5, LLC | DE | |||||||||||||
Rialto Partners GP III - Property, LLC | DE | |||||||||||||
Riego 1700, LLC | DE | |||||||||||||
Rivendell Joint Venture | FL | |||||||||||||
Riverwalk at Lago Mar, LLC | FL | Lennar | ||||||||||||
RL BB FINANCIAL, LLC | DE | |||||||||||||
RL BB INACTIVE, LLC | DE | |||||||||||||
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 CMBS Holdings, LLC | DE | |||||||||||||
RL CML 2009-1 Investments, LLC | DE | |||||||||||||
RL REGI Alabama II, LLC | AL | |||||||||||||
RL REGI FINANCIAL, LLC | FL | |||||||||||||
RL REGI GEORGIA, LLC | GA | |||||||||||||
RL REGI INACTIVE, LLC | DE | |||||||||||||
RL REGI VIRGINIA, LLC | VA | |||||||||||||
RL REGI-FL CRC, LLC | FL | |||||||||||||
RL REGI-FL TPL, LLC | FL | |||||||||||||
RL REGI-TN OAK, 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 |
Company Name | State of Incorporation | DBAs | ||||||||||||
RMF SUB 4, LLC | DE | |||||||||||||
RMF SUB 5, LLC | DE | |||||||||||||
RMV, LLC | MD | |||||||||||||
Rocking Horse Minerals, LLC | CO | |||||||||||||
R-Ranch Development, LLC | FL | |||||||||||||
Runkle Canyon, LLC | DE | |||||||||||||
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. | Bermuda (non-US) | |||||||||||||
San Lucia, LLC | FL | |||||||||||||
San Simeon Lennar, LLC | FL | |||||||||||||
Santa Clarita 700, LLC | DE | |||||||||||||
Savannah Development, Ltd. | TX | |||||||||||||
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 | |||||||||||||
Sossaman Estates, LLC | AZ | |||||||||||||
South Development, LLC | FL | |||||||||||||
South Sutter, LLC | CA | |||||||||||||
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 | ||||||||||||
SPIC Springs, LLC | DE | Lennar | ||||||||||||
ST Lender, LLC | DE | |||||||||||||
St. Charles Active Adult Community, LLC | MD | |||||||||||||
St. Charles Community, LLC | DE | |||||||||||||
Standard Pacific 1, Inc. | DE | Lennar |
Company Name | State of Incorporation | DBAs | ||||||||||||
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 | |||||||||||||
Stoney Way Wholesale, LLC | DE | |||||||||||||
Stoneybrook Clubhouse, Inc. | FL | |||||||||||||
Stoneybrook Joint Venture | FL | |||||||||||||
Storey Lake Club, LLC | FL | |||||||||||||
Storey Park Club, LLC | FL | |||||||||||||
Strategic Holdings, Inc. | 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 Energy Master Tenant Holdings, LLC | DE | |||||||||||||
SunStreet Energy Tenant, LLC | DE | |||||||||||||
SunStreet Manager, LLC | DE | |||||||||||||
Talega Associates, LLC | DE | Lennar | ||||||||||||
Talega Village, LLC | DE | Lennar | ||||||||||||
TCO QVI, LLC | DE | |||||||||||||
Temecula Valley, LLC | DE | |||||||||||||
Terra Division, LLC | MN | |||||||||||||
The Baywinds Land Trust | FL | Baywinds Land Trust D/B/A Club Vineyards | ||||||||||||
The Bridges at Rancho Santa Fe Sales Company, Inc. | CA | |||||||||||||
The Crossvine at Connerton, LLC | FL | |||||||||||||
The Greenbriar Project Owner, LLC | DE | |||||||||||||
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 | |||||||||||||
TI Lot 8, LLC | DE | |||||||||||||
TICD Hold Co., LLC | DE | |||||||||||||
TIH Hold Co., LLC | DE | |||||||||||||
Titlezoom Company | FL | |||||||||||||
Tonner Hills SSP, LLC | DE | Lennar | ||||||||||||
Treasure Island Member, LLC | DE | |||||||||||||
Treviso Holding, LLC | FL | |||||||||||||
Two Lakes Lennar, LLC | DE |
Company Name | State of Incorporation | DBAs | ||||||||||||
U.S. Home Corporation | DE | Lennar | ||||||||||||
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 | |||||||||||||
Upward America Fund Manager, LLC | DE | |||||||||||||
USH - Flag, LLC | FL | |||||||||||||
USH Equity Corporation | NV | |||||||||||||
USH Leasing II, LLC | DE | |||||||||||||
USH Leasing, LLC | DE | |||||||||||||
USH LEE, LLC | FL | |||||||||||||
USH/SVA Star Valley LLC | AZ | |||||||||||||
UST Lennar GP PIS 10, LLC | DE | |||||||||||||
UST Lennar GP PIS 12, LLC | DE | |||||||||||||
UST Lennar GP PIS 14, LLC | DE | |||||||||||||
UST Lennar GP PIS 19, LLC | DE | |||||||||||||
UST Lennar GP PIS 7, LLC | DE | |||||||||||||
UST Lennar HW Scala SF Joint Venture, a Delaware general partnership | DE | |||||||||||||
UST Lennar PIS 10, LP | DE | |||||||||||||
UST Lennar PIS 12, LP | DE | |||||||||||||
UST Lennar PIS 14, LP | DE | |||||||||||||
UST Lennar PIS 19, LP | DE | |||||||||||||
UST Lennar PIS 7, LP | DE | |||||||||||||
UST Lennar PIS Joint Venture, LP | DE | |||||||||||||
Venetian Lennar LLC | FL | |||||||||||||
VII Crown Farm Investor, LLC | DE | |||||||||||||
Vineyard Land, LLC | DE | |||||||||||||
Vineyard Point 2009, LLC | CA | |||||||||||||
Vista Las Flores Corp. | DE | Lennar | ||||||||||||
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 Valley, LLC | CA | |||||||||||||
West Van Buren L.L.C. | IL | |||||||||||||
Westchase, Inc. | NV | |||||||||||||
Westchase, Ltd. | TX |
Company Name | State of Incorporation | DBAs | ||||||||||||
Westfield Homes USA, Inc. | DE | Lennar | ||||||||||||
White Course Lennar, LLC | FL | |||||||||||||
Wild Plum JV, LLC | DE | Lennar | ||||||||||||
Willow Springs Properties, L.L.C. | AZ | |||||||||||||
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 | ||||||||||||
/S/ RICK BECKWITT
|
|||||
Name: Rick Beckwitt
Title: Co-Chief Executive Officer and Co-President |
/S/ JONATHAN M. JAFFE
|
|||||
Name: Jonathan M. Jaffe
Title: Co-Chief Executive Officer and Co-President |
/S/ DIANE BESSETTE
|
|||||
Name: Diane Bessette | |||||
Title: Vice President, Chief Financial Officer and Treasurer |
/S/ RICK BECKWITT
|
|||||
Name: Rick Beckwitt | |||||
Title: Co-Chief Executive Officer and Co-President | |||||
/S/ JONATHAN M. JAFFE
|
|||||
Name: Jonathan M. Jaffe | |||||
Title: Co-Chief Executive Officer and Co-President | |||||
/S/ DIANE BESSETTE
|
|||||
Name: Diane Bessette | |||||
Title: Vice President, Chief Financial Officer and Treasurer |