Lennar Homebuilding Investments In Unconsolidated Entities (Tables)

12 Months Ended

Nov. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

The investments in the Company's Homebuilding unconsolidated entities were as follows:


	At November 30,
(In thousands)	2024		2023
Investments in unconsolidated entities (1) (2)	$	1,344,836	1,143,909
Underlying equity in unconsolidated entities' net assets (1)	1,636,307		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 November 30, 2024 and 2023, the carrying amount of the Company's investment was $470.8 million and $422.2 million, respectively.

The details of the activity was as follows:


	Years Ended November 30,
(In thousands)	2024		2023	2022
Land sales revenues (1)	$	192,237	222,200	94,513
Management fees and reimbursement of expenses, net of deferrals	12,969		16,306	20,792

(1)The Company does not include in its Homebuilding equity in earnings (losses) from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings (losses) resulting from land sales to the Company's homebuilding divisions. Instead, the Company accounts for those earnings as a reduction of the cost of purchasing the land from the unconsolidated entities. This in effect defers recognition of the Company’s share of the unconsolidated entities’ earnings related to these sales until the Company delivers a home and title passes to a third-party homebuyer.

The details of the activity were as follows:


	Years Ended November 30,
(In thousands)	2024		2023	2022
General contractor services, net of deferrals	$	302,712	494,630	498,142
General contractor costs	286,991		471,676	478,620
Land sales to joint ventures	36,237		—	237,477
Management fee income, net of deferrals	49,419		67,901	63,823

Details of LMV I and LMV II as of and during the year ended November 30, 2024 are included below:



(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	126,784	228,496
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,218,619
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		368,170
Lennar's remaining commitments (1)	3,635		12,830
Distributions to Lennar	199,519		12,820

(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls.

Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method, of which the Company's investments in unconsolidated entities were $2.2 billion and $2.0 billion as of November 30, 2024 and 2023, respectively. Financial information relating to the Company’s unconsolidated entities was as follows:


Balance Sheets
(In thousands)	At November 30, 2024
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	410,948	323,389	95,735	830,072
Loans receivable	—		—	11,884	11,884
Real estate owned	—		—	50,621	50,621
Investment securities	—		—	2,102,204	2,102,204
Investments in partnerships	—		—	94,183	94,183
Inventories	5,501,970		—	—	5,501,970
Operating properties and equipment	37,516		4,988,704	—	5,026,220
Other assets	1,282,274		821,201	102,879	2,206,354
	$	7,232,708	6,133,294	2,457,506	15,823,508
Liabilities and equity:
Accounts payable and other liabilities	$	979,910	140,000	114,244	1,234,154

Debt (1)	1,318,759		2,905,913	295,825	4,520,497
Equity	4,934,039		3,087,381	2,047,437	10,068,857
	$	7,232,708	6,133,294	2,457,506	15,823,508


(In thousands)	At November 30, 2023
Assets:	Homebuilding		Multifamily	Lennar Other	Total
Cash and cash equivalents	$	460,851	67,755	121,110	649,716
Loans receivable	—		—	27,102	27,102
Real estate owned	—		—	102,398	102,398
Investment securities	—		—	2,267,270	2,267,270
Investments in partnerships	—		—	108,532	108,532
Inventories	5,267,619		—	—	5,267,619
Operating properties and equipment	33,151		7,528,024	—	7,561,175
Other assets	1,223,438		861,321	169,858	2,254,617
	$	6,985,059	8,457,100	2,796,270	18,238,429
Liabilities and equity:
Accounts payable and other liabilities	$	782,802	253,531	146,593	1,182,926

Debt (1)	1,412,958		4,890,267	332,124	6,635,349
Equity	4,789,299		3,313,302	2,317,553	10,420,154
	$	6,985,059	8,457,100	2,796,270	18,238,429

(1)Debt noted above is net of debt issuance costs. As of November 30, 2024 and 2023, this includes $3.2 million and $13.0 million, respectively, for Homebuilding, $16.1 million and $19.5 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.



Statements of Operations (In thousands) Years Ended:	Revenues		Costs and expenses	Other income (expense), net (1)	Net earnings (losses) of unconsolidated entities	Equity in earnings (losses) from unconsolidated entities
November 30, 2024	$	1,719,012	1,841,128	608,145	486,029	164,099
November 30, 2023	1,857,757		2,160,564	(563,222)	(866,029)	(144,610)
November 30, 2022	1,747,336		1,695,272	197,056	249,120	(36,302)

(1)Other income (expense), net included realized and unrealized gains (losses) on investments.