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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2017
Commission File Number: 1-11749
 
Lennar Corporation
(Exact name of registrant as specified in its charter)
 
Delaware
 
95-4337490
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES  ý    NO  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    YES  ý    NO  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
ý
 
Accelerated filer
¨
Non-accelerated filer
¨
 
Smaller reporting company
¨
 
 
 
Emerging growth 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ¨    NO  ý
Common stock outstanding as of May 31, 2017:
Class A 203,191,983
Class B 31,303,195





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands, except shares and per share amounts)
(unaudited)
 
May 31,
 
November 30,
 
2017 (1)
 
2016 (1)
ASSETS
 
 
 
Lennar Homebuilding:
 
 
 
Cash and cash equivalents
$
747,652

 
1,050,138

Restricted cash
6,397

 
5,977

Receivables, net
82,640

 
106,976

Inventories:
 
 
 
Finished homes and construction in progress
4,670,827

 
3,951,716

Land and land under development
5,623,727

 
5,106,191

Consolidated inventory not owned
138,620

 
121,019

Total inventories
10,433,174

 
9,178,926

Investments in unconsolidated entities
995,400

 
811,723

Goodwill
136,633

 

Other assets
890,665

 
651,028

 
13,292,561

 
11,804,768

Rialto
1,364,421

 
1,276,210

Lennar Financial Services
1,444,294

 
1,754,672

Lennar Multifamily
653,229

 
526,131

Total assets
$
16,754,505

 
15,361,781

(1)
Under certain provisions of Accounting Standards Codification ("ASC") Topic 810, Consolidations, ("ASC 810") the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities ("VIEs") and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of May 31, 2017, total assets include $575.7 million related to consolidated VIEs of which $9.4 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $77.8 million in Lennar Homebuilding finished homes and construction in progress, $173.1 million in Lennar Homebuilding land and land under development, $138.6 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $12.9 million in Lennar Homebuilding other assets, $117.5 million in Rialto assets and $41.6 million in Lennar Multifamily assets.
As of November 30, 2016, total assets include $536.3 million related to consolidated VIEs of which $13.3 million is included in Lennar Homebuilding cash and cash equivalents, $0.2 million in Lennar Homebuilding receivables, net, $54.2 million in Lennar Homebuilding finished homes and construction in progress, $106.3 million in Lennar Homebuilding land and land under development, $121.0 million in Lennar Homebuilding consolidated inventory not owned, $4.6 million in Lennar Homebuilding investments in unconsolidated entities, $13.9 million in Lennar Homebuilding other assets, $213.8 million in Rialto assets and $8.8 million in Lennar Multifamily assets.

See accompanying notes to condensed consolidated financial statements.
2

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets – (Continued)
(Dollars in thousands, except shares and per share amounts)
(unaudited)

 
May 31,
 
November 30,
 
2017 (2)
 
2016 (2)
LIABILITIES AND EQUITY
 
 
 
Lennar Homebuilding:
 
 
 
Accounts payable
$
492,734

 
478,546

Liabilities related to consolidated inventory not owned
133,554

 
110,006

Senior notes and other debts payable
5,767,689

 
4,575,977

Other liabilities
902,081

 
841,449

 
7,296,058

 
6,005,978

Rialto
860,612

 
707,980

Lennar Financial Services
1,037,663

 
1,318,283

Lennar Multifamily
123,166

 
117,973

Total liabilities
9,317,499

 
8,150,214

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: May 31, 2017 and November 30, 2016
- 300,000,000 shares; Issued: May 31, 2017 - 204,147,354 shares and November 30, 2016
- 204,089,447 shares
20,415

 
20,409

Class B common stock of $0.10 par value; Authorized: May 31, 2017 and November 30, 2016
- 90,000,000 shares; Issued: May 31, 2017 - 32,982,815 shares and November 30, 2016
- 32,982,815 shares
3,298

 
3,298

Additional paid-in capital
2,867,618

 
2,805,349

Retained earnings
4,539,203

 
4,306,256

Treasury stock, at cost; May 31, 2017 - 955,371 shares of Class A common stock and
1,679,620 shares of Class B common stock; November 30, 2016 - 917,447 shares of
Class A common stock and 1,679,620 shares of Class B common stock
(109,049
)
 
(108,961
)
Accumulated other comprehensive income (loss)
1,086

 
(309
)
Total stockholders’ equity
7,322,571

 
7,026,042

Noncontrolling interests
114,435

 
185,525

Total equity
7,437,006

 
7,211,567

Total liabilities and equity
$
16,754,505

 
15,361,781

(2)
As of May 31, 2017, total liabilities include $144.1 million related to consolidated VIEs as to which there was no recourse against the Company, of which $4.7 million is included in Lennar Homebuilding accounts payable, $133.6 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $1.1 million in Lennar Homebuilding other liabilities and $4.7 million in Rialto liabilities.
As of November 30, 2016, total liabilities include $126.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $3.6 million is included in Lennar Homebuilding accounts payable, $110.0 million in Lennar Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Lennar Homebuilding other liabilities and $10.3 million in Rialto liabilities.

See accompanying notes to condensed consolidated financial statements.
3

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Dollars in thousands, except per share amounts)
(unaudited)


 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
 
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
Lennar Homebuilding
$
2,885,741

 
2,450,885

 
4,904,435

 
4,237,366

Lennar Financial Services
208,363

 
175,940

 
356,406

 
299,896

Rialto
67,988

 
44,838

 
149,994

 
88,549

Lennar Multifamily
99,800

 
74,152

 
188,485

 
113,668

Total revenues
3,261,892

 
2,745,815

 
5,599,320

 
4,739,479

Costs and expenses:
 
 
 
 
 
 
 
Lennar Homebuilding
2,535,483

 
2,112,288

 
4,337,044

 
3,680,493

Lennar Financial Services
164,636

 
131,852

 
292,015

 
240,877

Rialto
59,076

 
50,203

 
125,989

 
93,110

Lennar Multifamily
102,698

 
73,217

 
195,347

 
120,237

Corporate general and administrative
66,774

 
55,802

 
127,473

 
103,470

Total costs and expenses
2,928,667

 
2,423,362

 
5,077,868

 
4,238,187

Lennar Homebuilding equity in loss from unconsolidated entities
(21,506
)
 
(9,633
)
 
(33,040
)
 
(6,633
)
Lennar Homebuilding other income, net
3,828

 
13,732

 
9,567

 
13,094

Lennar Homebuilding loss due to litigation

 

 
(140,000
)
 

Rialto equity in earnings from unconsolidated entities
5,730

 
6,864

 
6,452

 
8,361

Rialto other expense, net
(21,104
)
 
(19,585
)
 
(37,762
)
 
(20,276
)
Lennar Multifamily equity in earnings from unconsolidated entities
9,427

 
14,008

 
32,574

 
33,694

Earnings before income taxes
309,600

 
327,839

 
359,243

 
529,532

Provision for income taxes
(108,892
)
 
(103,801
)
 
(128,861
)
 
(160,042
)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
200,708

 
224,038

 
230,382

 
369,490

Less: Net earnings (loss) attributable to noncontrolling interests
(12,937
)
 
5,569

 
(21,343
)
 
6,941

Net earnings attributable to Lennar
$
213,645

 
218,469

 
251,725

 
362,549

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Net unrealized gains on securities available-for-sale
419

 
919

 
1,391

 
482

Reclassification adjustments for (gains) loss included in earnings, net of tax
4

 
(6
)
 
4

 
(6
)
Other comprehensive income attributable to Lennar
$
214,068

 
219,382

 
253,120

 
363,025

Other comprehensive income (loss) attributable to noncontrolling interests
$
(12,937
)
 
5,569

 
(21,343
)
 
6,941

Basic earnings per share
$
0.91

 
1.01

 
1.07

 
1.69

Diluted earnings per share
$
0.91

 
0.95

 
1.07

 
1.58

Cash dividends per each Class A and Class B common share
$
0.04

 
0.04

 
0.08

 
0.08




See accompanying notes to condensed consolidated financial statements.
4

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Six Months Ended
 
May 31,
 
2017
 
2016
Cash flows from operating activities:
 
 
 
Net earnings (including net earnings (loss) attributable to noncontrolling interests)
$
230,382

 
369,490

Adjustments to reconcile net earnings to net cash used in operating activities:
 
 
 
Depreciation and amortization
29,418

 
22,752

Amortization of discount/premium and accretion on debt, net
5,059

 
8,054

Equity in earnings from unconsolidated entities
(5,986
)
 
(35,422
)
Distributions of earnings from unconsolidated entities
44,412

 
43,740

Share-based compensation expense
24,817

 
22,266

Excess tax benefits from share-based awards
(1,980
)
 
(7,039
)
Deferred income tax expense
13,197

 
45,538

Loss on retirement of debt and notes payable

 
415

Unrealized and realized gains on real estate owned
(3,374
)
 
(12,838
)
Impairments of loans receivable, loans held-for-sale and real estate owned
45,803

 
15,871

Valuation adjustments and write-offs of option deposits and pre-acquisition costs
12,343

 
2,699

Changes in assets and liabilities:
 
 
 
Decrease in restricted cash
13,968

 
14,764

Decrease in receivables
16,817

 
236,084

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(655,183
)
 
(868,779
)
Increase in other assets
(13,502
)
 
(28,014
)
Decrease in loans held-for-sale
140,372

 
93,690

Decrease in accounts payable and other liabilities
(56,322
)
 
(98,653
)
Net cash used in operating activities
(159,759
)
 
(175,382
)
Cash flows from investing activities:
 
 
 
Net additions of operating properties and equipment
(47,043
)
 
(39,216
)
Investments in and contributions to unconsolidated entities
(315,755
)
 
(210,225
)
Distributions of capital from unconsolidated entities
96,499

 
103,009

Proceeds from sales of real estate owned
55,521

 
43,412

Improvements to real estate owned
(392
)
 
(1,717
)
Purchases of real estate owned
(148
)
 

Receipts of principal payments on loans receivable and other
19,487

 
5,484

Originations of loans receivable
(14,055
)
 
(16,864
)
Purchases of commercial mortgage-backed securities bonds
(40,357
)
 
(33,005
)
Acquisition, net of cash acquired
(611,103
)
 
(600
)
(Increase) decrease in Lennar Financial Services loans held-for-investment, net
(2,719
)
 
1,060

Purchases of Lennar Financial Services investment securities
(26,811
)
 
(11,646
)
Proceeds from maturities/sales of Lennar Financial Services investments securities
13,340

 
10,681

Net cash used in investing activities
$
(873,536
)
 
(149,627
)




See accompanying notes to condensed consolidated financial statements.
5

Lennar Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)


 
Six Months Ended
 
May 31,
 
2017
 
2016
Cash flows from financing activities:
 
 
 
Net borrowings under unsecured revolving credit facility
$

 
375,000

Net repayments under warehouse facilities
(144,265
)
 
(230,206
)
Proceeds from senior notes
1,250,000

 
499,024

Debt issuance costs
(14,060
)
 
(3,796
)
Redemption of senior notes
(400,000
)
 
(250,000
)
Conversions and exchanges on convertible senior notes

 
(233,893
)
Proceeds from Rialto notes payable
35,460

 

Principal payments on Rialto notes payable
(10,120
)
 
(2,999
)
Proceeds from other borrowings
65,096

 
15,657

Principal payments on other borrowings
(30,600
)
 
(103,189
)
Receipts related to noncontrolling interests
320

 
167

Payments related to noncontrolling interests
(47,909
)
 
(73,195
)
Excess tax benefits from share-based awards
1,980

 
7,039

Common stock:
 
 
 
Issuances
693

 
594

Repurchases
(83
)
 
(971
)
Dividends
(18,778
)
 
(17,191
)
Net cash provided by (used in) financing activities
687,734

 
(17,959
)
Net decrease in cash and cash equivalents
(345,561
)
 
(342,968
)
Cash and cash equivalents at beginning of period
1,329,529

 
1,158,445

Cash and cash equivalents at end of period
$
983,968

 
815,477

Summary of cash and cash equivalents:
 
 
 
Lennar Homebuilding
$
747,652

 
601,192

Rialto
119,592

 
103,622

Lennar Financial Services
107,436

 
105,596

Lennar Multifamily
9,288

 
5,067

 
$
983,968

 
815,477

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Lennar Homebuilding and Lennar Multifamily:
 
 
 
Non-cash contributions to unconsolidated entities
$
63,014

 
25,420

Non-cash distributions from unconsolidated entities
$

 
16,331

Conversion of convertible senior notes to equity
$

 
67,535

Purchases of inventories and other assets financed by sellers
$
78,948

 
53,287

Rialto:
 
 
 
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable
$
272

 
7,703

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Inventories
$

 
111,347

Investments in unconsolidated entities
$

 
(2,445
)
Liabilities related to consolidated inventory not owned
$

 
(96,424
)
Noncontrolling interests
$

 
(12,478
)

See accompanying notes to condensed consolidated financial statements.
6



Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(unaudited)
(1)
Basis of Presentation
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Lennar Corporation and all subsidiaries, partnerships and other entities in which Lennar Corporation has a controlling interest and VIEs (see Note 16) in which Lennar Corporation is deemed to be the primary beneficiary (the "Company"). The Company’s investments in both unconsolidated entities in which a significant, but less than controlling, interest is held and in VIEs in which the Company is not deemed to be the primary beneficiary, are accounted for by the equity method. All intercompany transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2016. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made.
The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three and six months ended May 31, 2017 are not necessarily indicative of the results to be expected for the full year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassifications/Revisions
As a result of the Company's change in reportable segments during fiscal year 2016, the Company restated certain prior year amounts in the condensed consolidated financial statements to conform with the 2017 presentation (see Note 3). In addition, certain prior year amounts in the condensed consolidated financial statements have been reclassified to conform with the 2017 presentation. These reclassifications had no impact on the Company's condensed consolidated financial statements.


7



(2)
Business Acquisition
On February 10, 2017, the Company acquired WCI Communities, Inc. ("WCI") a homebuilder of luxury single and multifamily homes, including a small percentage of luxury high-rise tower units, with operations in Florida. WCI stockholders received $642.6 million in cash. The cash consideration was funded primarily from working capital and from proceeds from the issuance of 4.125% senior notes due 2022 (see Note 12).
Based on an evaluation of the provisions of ASC Topic 805, Business Combinations, ("ASC 805"), Lennar Corporation was determined to be the acquirer for accounting purposes. The following table summarizes the provisional purchase price allocation based on the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition, which are subject to change within a measurement period of up to one year from the acquisition date pursuant to ASC 805. The purchase price allocation is provisional pending completion of the fair value analysis of acquired assets and liabilities assumed:
(In thousands)
 
Assets:
 
Cash and cash equivalents, restricted cash and receivables, net
$
42,079

Inventories
619,458

Intangible assets (1)
59,283

Goodwill (2)
156,633

Deferred tax assets, net
81,752

Other assets
66,173

Total assets
1,025,378

Liabilities:
 
Accounts payable
26,735

Senior notes and other debts payable
282,793

Other liabilities
73,228

Total liabilities
382,756

Total purchase price
$
642,622

(1)
Intangible assets include non-compete agreements and a trade name. The amortization period for these intangible assets is six months for the non-compete agreements and 20 years for the trade name.
(2)
Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed, and it is not deductible for income tax purposes. As of the merger date, goodwill consisted primarily of purchasing and other synergies resulting from the merger, expected production, savings in corporate and division overhead costs and expected expanded opportunities for growth through a higher-end more luxurious product, greater presence in the state of Florida and customer diversity. The provisional amount of goodwill allocated to the Company's Homebuilding East segment was $136.6 million and to the Lennar Financial Services segment was $20.0 million. These provisional amounts were based on the relative fair value of each acquired reporting unit in accordance with ASC 350, Intangibles-Goodwill and Other.
Lennar Homebuilding revenue and net earnings attributable to Lennar for the three and six months ended May 31, 2017 included $182.8 million and $202.3 million, respectively, of home sales revenue and $21.9 million and $13.2 million, respectively, of pre-tax earnings from WCI since the date of acquisition, which included transaction-related expenses of $8.0 million and $19.0 million, respectively, comprised mainly of severance costs, general and administrative expenses, and amortization expense related to non-compete agreements and trade name since the date of acquisition. These transaction expenses were included primarily within Lennar Homebuilding selling, general and administrative expenses in the accompanying condensed consolidated statement of operations for the three and six months ended May 31, 2017. The pro-forma effect of the acquisition on the results of operations is not presented as this acquisition was not considered material.

8



(3)
Operating and Reporting Segments
The Company’s operating segments are aggregated into reportable segments, based primarily upon similar economic characteristics, geography and product type. The Company’s reportable segments consist of:
(1) Homebuilding East
(2) Homebuilding Central
(3) Homebuilding West
(4) Lennar Financial Services
(5) Rialto
(6) Lennar Multifamily
Information about homebuilding activities in states which are not economically similar to other states in the same geographic area is grouped under "Homebuilding Other," which is not considered a reportable segment.
Evaluation of segment performance is based primarily on operating earnings (loss) before income taxes. Operations of the Company’s homebuilding segments primarily include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through the Company’s unconsolidated entities. Operating earnings (loss) for the homebuilding segments consist of revenues generated from the sales of homes and land, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, selling, general and administrative expenses incurred by the segment and loss due to litigation.
The Company’s reportable homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida(1), Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia
Central: Arizona, Colorado and Texas
West: California and Nevada
Other: Illinois, Minnesota, Oregon, Tennessee and Washington
(1)
Florida includes information related to WCI from the date of acquisition (February 10, 2017) to May 31, 2017.
Operations of the Lennar Financial Services segment include primarily mortgage financing, title insurance and closing services for both buyers of the Company’s homes and others. It also includes a real estate brokerage business acquired as part of the WCI transaction. The Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, the majority of which are sold on a servicing released, non-recourse basis. After the loans are sold, the Company retains potential liability for possible claims by purchasers that it breached certain limited industry-standard representations and warranties in the loan sale agreements. Lennar Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title insurance, closing services and real estate brokerage, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Lennar Financial Services segment operates generally in the same states as the Company’s homebuilding operations as well as in other states.
Operations of the Rialto segment include raising, investing and managing third-party capital, originating and securitizing commercial mortgage loans as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to diverse portfolios of real estate loans, properties and real estate related securities as well as providing strategic real estate capital. Rialto’s operating earnings consist of revenues generated primarily from gains from securitization transactions and interest income from the Rialto Mortgage Finance ("RMF") business, interest income associated with portfolios of real estate loans acquired and other portfolios of real estate loans and assets acquired, asset management, due diligence and underwriting fees derived from the real estate investment funds managed by the Rialto segment, fees for sub-advisory services, other income (expense), net and equity in earnings (loss) from unconsolidated entities, less the costs incurred by the segment for managing portfolios, costs related to RMF and other general and administrative expenses.
Operations of the Lennar Multifamily segment include revenues generated from the sales of land, revenue from construction activities and management fees generated from joint ventures and equity in earnings (loss) from unconsolidated entities, less the cost of sales of land, expenses related to construction activities and general and administrative expenses.
Each reportable segment follows the same accounting policies described in Note 1 – "Summary of Significant Accounting Policies" to the consolidated financial statements in the Company’s Form 10-K for the year ended November 30, 2016. Operational results of each segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented.

9



Financial information relating to the Company’s operations was as follows:
(In thousands)
May 31,
2017
 
November 30,
2016
Assets:
 
 
 
Homebuilding East (1)
$
4,764,611

 
3,512,990

Homebuilding Central
2,032,627

 
1,993,403

Homebuilding West
4,684,956

 
4,318,924

Homebuilding Other
903,137

 
907,523

Rialto
1,364,421

 
1,276,210

Lennar Financial Services
1,444,294

 
1,754,672

Lennar Multifamily
653,229

 
526,131

Corporate and unallocated
907,230

 
1,071,928

Total assets
$
16,754,505

 
15,361,781

Lennar Homebuilding goodwill (2)
$
136,633

 

Rialto goodwill
$
5,396

 
5,396

Lennar Financial Services goodwill (2)
$
59,838

 
39,838


(1)
Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition.
(2)
In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities.
 
Three Months Ended
 
Six Months Ended
 
May 31,
 
May 31,
(In thousands)
2017
 
2016
 
2017
 
2016
Revenues:
 
 
 
 
 
 
 
Homebuilding East
$
1,194,890

 
954,298

 
1,962,616

 
1,613,352

Homebuilding Central
682,342

 
608,987

 
1,198,523

 
1,022,827

Homebuilding West
770,194

 
718,059

 
1,322,992

 
1,269,398

Homebuilding Other
238,315

 
169,541

 
420,304

 
331,789

Lennar Financial Services
208,363

 
175,940

 
356,406

 
299,896

Rialto
67,988

 
44,838

 
149,994

 
88,549

Lennar Multifamily
99,800

 
74,152

 
188,485

 
113,668

Total revenues (1)
$
3,261,892

 
2,745,815

 
5,599,320

 
4,739,479

Operating earnings (loss):
 
 
 
 
 
 
 
Homebuilding East (2)
$
153,707

 
142,938

 
97,998

 
227,644

Homebuilding Central
75,944

 
68,762

 
128,802

 
101,957

Homebuilding West
71,224

 
113,807

 
124,584

 
202,641

Homebuilding Other
31,705

 
17,189

 
52,534

 
31,092

Lennar Financial Services