XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.1

Investments in Unconsolidated Entities (Tables) | 3 Months Ended
--- | ---
Feb. 28, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Entities | The investments in the Company's Homebuilding unconsolidated entities were as follows:
(In thousands) |  | February 28, 2023 |  | November 30, 2022
Investments in unconsolidated entities (1) (2) |  | $ | 1,178,802 |  |  | 1,173,164 |
Underlying equity in unconsolidated entities' net assets (1) |  | 1,524,006 |  |  | 1,504,315 |
(1)The basis difference was primarily as a result of the Company contributing its investment in three strategic joint ventures with a higher fair value than book value for an investment in the FivePoint entity. (2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of February 28, 2023 and November 30, 2022, the carrying amount of the Company's investment was $395.3 million and $382.9 million, respectively. In many instances, the Multifamily segment is appointed as the construction, development and property manager for its Multifamily unconsolidated entities and receives fees for performing this function. The Multifamily segment also provides general contractor services for construction of some of the rental properties owned by unconsolidated entities in which the Company has investments. The details of the activity were as follows:
| Three Months Ended |  |
| February 28, |  |
(In thousands) | 2023 |  | 2022 |  |  |  |
General contractor services, net of deferrals | $ | 125,402 |  |  | 117,263 |  |  |  |  |
General contractor costs | 120,733 |  |  | 113,233 |  |  |  |  |
Land sales to joint ventures | — |  |  | 131,553 |  |  |  |  |
Management fee income, net of deferrals | 18,121 |  |  | 13,127 |  |  |  |  |
The Multifamily segment includes Multifamily Venture Fund I ("LMV I"), Multifamily Venture Fund II LP ("LMV II") and Canada Pension Plan Investments Fund (the "Fund"), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1 billion in equity and Lennar's ownership percentage in the Fund is 4%. The Company currently has a $20.3 million investment in the Fund. Additional dollars will be committed as opportunities are identified by the Fund Details of LMV I and LMV II as of and during the three months ended February 28, 2023 are included below:
| February 28, 2023
(In thousands) | LMV I |  | LMV II
Lennar's carrying value of investments | $ | 211,275 |  |  | 290,766 |
Equity commitments | 2,204,016 |  |  | 1,257,700 |
Equity commitments called | 2,154,328 |  |  | 1,141,649 |
Lennar's equity commitments | 504,016 |  |  | 381,000 |
Lennar's equity commitments called | 500,381 |  |  | 366,804 |
Lennar's remaining commitments (1) | 3,635 |  |  | 14,196 |
Distributions to Lennar during the three months ended February 28, 2023 | — |  |  | — |
(1)While there are remaining commitments with LMV I, there are no plans for additional capital calls.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration