XML 33 R21.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Investments in Unconsolidated Entities (Tables)
 6 Months Ended
May 31, 2024
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)May 31, 2024November 30, 2023
Investments in unconsolidated entities (1) (2)$1,263,905 1,143,909 
Underlying equity in unconsolidated entities' net assets (1)1,573,738 1,436,239 
(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 FivePoint.
(2)Included in the Company's recorded investments in Homebuilding unconsolidated entities is the Company's 40% ownership of FivePoint. As of May 31, 2024 and November 30, 2023, the carrying amount of the Company's investment was $448.1 million and $422.2 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. Each Multifamily real estate investment trust, JV and fund has unilateral decision-making rights related to development and other sales activity through its executive committee or asset management committee. 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. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:
Three Months EndedSix Months Ended
(In thousands)May 31, 2024May 31, 2023May 31, 2024May 31, 2023
General contractor services, net of deferrals$84,434 128,371 186,070 253,773 
General contractor costs79,995 122,064 175,684 242,797 
Management fee income, net of deferrals13,669 17,494 29,710 35,615 
Details of LMV I and LMV II as of and during the six months ended May 31, 2024 are included below:
May 31, 2024
(In thousands)LMV ILMV II
Lennar's carrying value of investments$162,904 255,908 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,154,328 1,218,619 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called500,381 368,170 
Lennar's remaining commitments (1)3,635 12,830 
Distributions to Lennar during the six months ended May 31, 20247,245 208 
(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.