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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _______ To _______
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)
(305559-4000
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
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
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 every Interactive Data File required to be submitted 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 such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth 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
¨
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
Common stock outstanding as of February 29, 2020:
Class A 274,617,591
Class B 37,623,275





LENNAR CORPORATION
 
 
 
 
 
 
 
FORM 10-Q
 
 
For the period ended February 29, 2020
 
 
 
 
 
 
 
Part I
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
Item 3.
 
 
Item 4.
 
 
 
 
 
 
 
Part II
 
 
Item 1.
 
 
Item 1A.
 
 
Item 2.
 
 
Item 3 - 5.
 
 
Item 6.
 
 
 
 
 





Part I. Financial Information
Item 1. Financial Statements

Lennar Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
 
February 29,
 
November 30,
 
2020 (1)
 
2019 (1)
ASSETS
 
 
 
Homebuilding:
 
 
 
Cash and cash equivalents
$
784,950

 
1,200,832

Restricted cash
8,666

 
9,698

Receivables, net
311,817

 
329,124

Inventories:
 
 
 
Finished homes and construction in progress
10,110,009

 
9,195,721

Land and land under development
8,116,047

 
8,267,647

Consolidated inventory not owned
417,424

 
313,139

Total inventories
18,643,480

 
17,776,507

Investments in unconsolidated entities
946,716

 
1,009,035

Goodwill
3,442,359

 
3,442,359

Other assets
1,061,852

 
1,021,684

 
25,199,840

 
24,789,239

Financial Services
2,375,564

 
3,006,024

Multifamily
1,113,903

 
1,068,831

Lennar Other
484,392

 
495,417

Total assets
$
29,173,699

 
29,359,511

(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 February 29, 2020, total assets include $1.2 billion related to consolidated VIEs of which $12.9 million is included in Homebuilding cash and cash equivalents, $0.1 million in Homebuilding receivables, net, $104.4 million in Homebuilding finished homes and construction in progress, $292.5 million in Homebuilding land and land under development, $406.1 million in Homebuilding consolidated inventory not owned, $2.7 million in Homebuilding investments in unconsolidated entities, $7.3 million in Homebuilding other assets, $259.9 million in Financial Services assets and $74.2 million in Multifamily assets.
As of November 30, 2019, total assets include $980.2 million related to consolidated VIEs of which $15.5 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $97.5 million in Homebuilding finished homes and construction in progress, $283.2 million in Homebuilding land and land under development, $301.0 million in Homebuilding consolidated inventory not owned, $2.5 million in Homebuilding investments in unconsolidated entities, $10.0 million in Homebuilding other assets, $221.2 million in Financial Services assets and $49.1 million in Multifamily assets.

See accompanying notes to condensed consolidated financial statements.
3

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

 
February 29,
 
November 30,
 
2020 (2)
 
2019 (2)
LIABILITIES AND EQUITY
 
 
 
Homebuilding:
 
 
 
Accounts payable
$
1,180,708

 
1,069,179

Liabilities related to consolidated inventory not owned
365,284

 
260,266

Senior notes and other debts payable, net
8,115,498

 
7,776,638

Other liabilities
1,733,605

 
1,900,955

 
11,395,095

 
11,007,038

Financial Services
1,358,723

 
2,056,450

Multifamily
201,992

 
232,155

Lennar Other
24,512

 
30,038

Total liabilities
12,980,322

 
13,325,681

Stockholders’ equity:
 
 
 
Preferred stock

 

Class A common stock of $0.10 par value; Authorized: February 29, 2020 and November 30, 2019 - 400,000,000 shares; Issued: February 29, 2020 - 298,018,470 shares and November 30, 2019 - 297,119,153 shares
29,802

 
29,712

Class B common stock of $0.10 par value; Authorized: February 29, 2020 and November 30, 2019 - 90,000,000 shares; Issued: February 29, 2020 - 39,443,101 shares and November 30, 2019 - 39,443,064 shares
3,944

 
3,944

Additional paid-in capital
8,609,944

 
8,578,219

Retained earnings
8,654,213

 
8,295,001

Treasury stock, at cost; February 29, 2020 - 23,400,879 shares of Class A common stock and 1,819,826 shares of Class B common stock; November 30, 2019 - 18,964,973 shares of Class A common stock and 1,704,630 shares of Class B common stock
(1,253,756
)
 
(957,857
)
Accumulated other comprehensive income
452

 
498

Total stockholders’ equity
16,044,599

 
15,949,517

Noncontrolling interests
148,778

 
84,313

Total equity
16,193,377

 
16,033,830

Total liabilities and equity
$
29,173,699

 
29,359,511

(2)
Under certain provisions of ASC 810, the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated VIEs and liabilities of consolidated VIEs as to which neither Lennar Corporation, or any of its subsidiaries, has any obligations.
As of February 29, 2020, total liabilities include $669.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.9 million is included in Homebuilding accounts payable, $353.5 million in Homebuilding liabilities related to consolidated inventory not owned, $68.3 million in Homebuilding senior notes and other debts payable, $8.9 million in Homebuilding other liabilities, $218.5 million in Financial Services liabilities and $11.3 million in Multifamily liabilities.
As of November 30, 2019, total liabilities include $549.7 million related to consolidated VIEs as to which there was no recourse against the Company, of which $13.7 million is included in Homebuilding accounts payable, $247.5 million in Homebuilding liabilities related to consolidated inventory not owned, $47.1 million in Homebuilding senior notes and other debt payable, $8.9 million in Homebuilding other liabilities, $231.1 million in Financial Services liabilities and $1.4 million in Multifamily liabilities.

See accompanying notes to condensed consolidated financial statements.
4

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


 
Three Months Ended
 
February 29,
 
February 28,
 
2020
 
2019
Revenues:
 
 
 
Homebuilding
$
4,172,116

 
3,623,721

Financial Services
198,661

 
143,311

Multifamily
132,617

 
97,394

Lennar Other
1,943

 
3,656

Total revenues
4,505,337

 
3,868,082

Costs and expenses:
 
 
 
Homebuilding
3,697,806

 
3,238,835

Financial Services
151,344

 
124,339

Multifamily
137,348

 
101,178

Lennar Other
2,574

 
1,622

Corporate general and administrative
86,847

 
79,343

Total costs and expenses
4,075,919

 
3,545,317

Homebuilding equity in loss from unconsolidated entities
(4,546
)
 
(13,756
)
Homebuilding other expense, net
(9,366
)
 
(1,535
)
Multifamily equity in earnings from unconsolidated entities and other gain
6,516

 
10,581

Lennar Other equity in earnings from unconsolidated entities
119

 
8,330

Lennar Other income (expense), net
1,411

 
(7,261
)
Earnings before income taxes
423,552

 
319,124

Provision for income taxes
(32,329
)
 
(79,700
)
Net earnings (including net loss attributable to noncontrolling interests)
391,223

 
239,424

Less: Net loss attributable to noncontrolling interests
(7,229
)
 
(486
)
Net earnings attributable to Lennar
$
398,452

 
239,910

Other comprehensive income (loss), net of tax:
 
 
 
Net unrealized gain (loss) on securities available-for-sale
$
(46
)
 
208

Total other comprehensive income (loss), net of tax
$
(46
)
 
208

Total comprehensive income attributable to Lennar
$
398,406

 
240,118

Total comprehensive loss attributable to noncontrolling interests
$
(7,229
)
 
(486
)
Basic earnings per share
$
1.27

 
0.74

Diluted earnings per share
$
1.27

 
0.74







See accompanying notes to condensed consolidated financial statements.
5

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


 
Three Months Ended
 
February 29,
 
February 28,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net earnings (including net loss attributable to noncontrolling interests)
$
391,223

 
239,424

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
 
 
 
Depreciation and amortization
20,414

 
18,362

Amortization of discount/premium and accretion on debt, net
(6,943
)
 
(7,048
)
Equity in loss from unconsolidated entities
2,572

 
5,710

Distributions of earnings from unconsolidated entities
36,922

 
3,489

Share-based compensation expense
31,855

 
16,899

Deferred income tax expense
57,006

 
65,879

Gain on sale of other assets, operating properties and equipment and real estate owned
(2,910
)
 
(938
)
Gain on sale of interest in unconsolidated entity and other Multifamily gain
(4,661
)
 
(10,865
)
Gain on sale of Financial Services' businesses

 
(1,663
)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs
24,515

 
6,910

Changes in assets and liabilities:
 
 
 
Decrease in receivables
245,694

 
394,682

Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
(777,012
)
 
(1,073,322
)
(Increase) decrease in other assets
(121,506
)
 
49,015

Decrease in loans held-for-sale
474,243

 
156,720

Increase (decrease) in accounts payable and other liabilities
11,564

 
(387,677
)
Net cash provided by (used in) operating activities
382,976

 
(524,423
)
Cash flows from investing activities:
 
 
 
Net additions of operating properties and equipment
(17,909
)
 
(27,395
)
Proceeds from the sale of operating properties and equipment and other assets
13,067

 

Proceeds from sale of investment in unconsolidated entity

 
17,790

Proceeds from sale of Financial Services' businesses

 
24,446

Investments in and contributions to unconsolidated entities
(78,607
)
 
(133,917
)
Distributions of capital from unconsolidated entities
86,324

 
70,080

Proceeds from sale of commercial mortgage-backed securities bonds
3,248

 

Decrease (increase) in Financial Services loans held-for-investment, net
2,733

 
(11,208
)
Purchases of investment securities
(8,107
)
 
(31,305
)
Proceeds from maturities/sales of investments securities
10,753

 
9,442

Other receipts, net
1,677

 
4,079

Net cash provided by (used in) investing activities
$
13,179

 
(77,988
)






See accompanying notes to condensed consolidated financial statements.
6

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


 
Three Months Ended
 
February 29,
 
February 28,
 
2020
 
2019
Cash flows from financing activities:
 
 
 
Net borrowings under revolving line of credit
$
300,000

 
725,000

Net repayments under warehouse facilities
(755,602
)
 
(508,655
)
Proceeds from other borrowings
27,577

 
10,452

Principal payments on notes payable and other borrowings
(93,250
)
 
(92,983
)
Payments related to other liabilities
(5,480
)
 
(447
)
Receipts related to noncontrolling interests
88,913

 
8,348

Payments related to noncontrolling interests
(16,734
)
 
(11,297
)
Common stock:
 
 
 
Issuances

 
607

Repurchases
(295,988
)
 
(49,143
)
Dividends
(39,240
)
 
(12,860
)
Net cash (used in) provided by financing activities
$
(789,804
)
 
69,022

Net decrease in cash and cash equivalents and restricted cash
(393,649
)
 
(533,389
)
Cash and cash equivalents and restricted cash at beginning of period
1,468,691

 
1,595,978

Cash and cash equivalents and restricted cash at end of period
$
1,075,042

 
1,062,589

Summary of cash and cash equivalents and restricted cash:
 
 
 
Homebuilding
$
793,616

 
865,426

Financial Services
260,606

 
166,751

Multifamily
15,790

 
13,594

Lennar Other
5,030

 
16,818

 
$
1,075,042

 
1,062,589

Supplemental disclosures of non-cash investing and financing activities:
 
 
 
Homebuilding and Multifamily:
 
 
 
Purchases of inventories and other assets financed by sellers
$
75,365

 
46,144

Non-cash contributions to unconsolidated entities
$
13,859

 

Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
 
 
 
Operating properties and equipment and other assets
$
(667
)
 
51,603

Investments in unconsolidated entities
$

 
(4,755
)
Notes payable
$

 
(36,110
)
Other liabilities
$
182

 
(1,844
)
Noncontrolling interests
$
485

 
(8,894
)

See accompanying notes to condensed consolidated financial statements.
7



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 variable interest entities ("VIEs") (see Note 10 of the Notes to the Condensed Consolidated Financial Statements) 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, 2019. 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 months ended February 29, 2020 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.
Cash and Cash Equivalents
Homebuilding cash and cash equivalents as of February 29, 2020 and November 30, 2019 included $502.2 million and $565.8 million, respectively, of cash held in escrow for approximately three days.
Share-based Payments
During the three months ended February 29, 2020, the Company granted employees 0.9 million nonvested shares. During the three months ended February 28, 2019, the Company granted employees an immaterial number of nonvested shares.
Recently Adopted Accounting Pronouncements
In March 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which provides guidance for accounting for leases. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term greater than 12 months regardless of the lease classification. The lease classification determined whether the lease expense was recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU 2016-02 was effective for the Company beginning December 1, 2019. The Company elected the available practical expedients on adoption. Additionally, in preparation for adoption of the standard, the Company has implemented internal controls and key system functionality to enable the preparation of financial information. The standard did not have a material impact on our condensed consolidated statements of operations and comprehensive income (loss) or our condensed consolidated statements of cash flows. As a result of the adoption, as of February 29, 2020, the Company has recorded $143.7 million of ROU assets and $150.8 million of lease liabilities on its condensed consolidated balance sheets within other assets and other liabilities of the respective segments.
(2)
Operating and Reporting Segments
The Company's homebuilding operations construct and sell homes primarily for first-time, move-up and active adult homebuyers primarily under the Lennar brand name. In addition, the Company's homebuilding operations purchase, develop and sell land to third parties. The Company's chief operating decision makers manage and assess the Company’s performance at a regional level. Therefore, the Company performed an assessment of its operating segments in accordance with ASC 280, Segment Reporting, and determined that the following are its operating and reportable segments:


8

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)


(1) Homebuilding East
(2) Homebuilding Central
(3) Homebuilding Texas
(4) Homebuilding West
(5) Financial Services
(6) Multifamily
(7) Lennar Other
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)
February 29, 2020
Assets:
Homebuilding
 
Financial
Services
 
Multifamily
 
Lennar
Other
 
Total
Cash and cash equivalents
$
784,950

 
246,712

 
15,790

 
5,030

 
1,052,482

Restricted cash
8,666

 
13,894

 

 

 
22,560

Receivables, net (1)
311,817

 
281,941

 
80,319

 

 
674,077

Inventories
18,643,480

 

 
357,051

 

 
19,000,531

Loans held-for-sale (2)

 
1,170,696

 

 

 
1,170,696

Loans held-for-investment, net

 
70,763

 

 

 
70,763

Investments held-to-maturity

 
183,945

 

 

 
183,945

Investments available-for-sale (3)

 
7,922

 

 
53,402

 
61,324

Investments in unconsolidated entities
946,716

 

 
589,646

 
406,179

 
1,942,541

Goodwill
3,442,359

 
215,516

 

 

 
3,657,875

Other assets (4)
1,061,852

 
184,175

 
71,097

 
19,781

 
1,336,905

 
$
25,199,840

 
2,375,564

 
1,113,903

 
484,392

 
29,173,699

Liabilities:
 
 
 
 
 
 
 
 
 
Notes and other debts payable, net
$
8,115,498

 
990,152

 

 
15,178

 
9,120,828

Other liabilities (5)
3,279,597

 
368,571

 
201,992

 
9,334

 
3,859,494

 
$
11,395,095

 
1,358,723

 
201,992

 
24,512

 
12,980,322

(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-investment, 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 (5)
3,230,400

 
310,695

 
196,030

 
14,860

 
3,751,985

 
$
11,007,038

 
2,056,450

 
232,155

 
30,038

 
13,325,681

(1)
Receivables, net for Financial Services primarily related to loans sold to investors for which the Company had not yet been paid as of February 29, 2020 and November 30, 2019, respectively.
(2)
Loans held-for-sale related to unsold residential and commercial loans carried at fair value.
(3)
Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) on the condensed consolidated balance sheet.

9

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)


(4)
As of February 29, 2020 and November 30, 2019, Financial Services other assets included mortgage loan commitments carried at fair value of $31.2 million and $16.3 million, respectively, and mortgage servicing rights carried at fair value of $12.6 million and $24.7 million, respectively.
(5)
As of February 29, 2020 and November 30, 2019, Financial Services other liabilities included $62.0 million and $60.7 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. In addition, as of February 29, 2020 and November 30, 2019, Financial Services other liabilities also included forward contracts carried at fair value of $13.2 million and $3.9 million, respectively.
Financial information relating to the Company’s segments was as follows:
 
Three Months Ended February 29, 2020
(In thousands)
Homebuilding
 
Financial Services
 
Multifamily
 
Lennar Other
 
Corporate and
unallocated
 
Total
Revenues
$
4,172,116

 
198,661

 
132,617

 
1,943

 

 
4,505,337

Operating earnings
460,398

 
47,317

 
1,785

 
899

 

 
510,399

Corporate general and administrative expenses

 

 

 

 
86,847

 
86,847

Earnings before income taxes
460,398

 
47,317

 
1,785

 
899

 
(86,847
)
 
423,552

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended February 28, 2019
Revenues
$
3,623,721

 
143,311

 
97,394

 
3,656

 

 
3,868,082

Operating earnings
369,595

 
18,972

 
6,797

 
3,103

 

 
398,467

Corporate general and administrative expenses

 

 

 

 
79,343

 
79,343

Earnings before income taxes
369,595

 
18,972

 
6,797

 
3,103

 
(79,343
)
 
319,124


Homebuilding Segments
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, other revenues from management fees and forfeited deposits, equity in earnings (loss) from unconsolidated entities and other income (expense), net, less the cost of homes sold and land sold, and selling, general and administrative expenses incurred by the segment.
The Company’s reportable Homebuilding segments and all other homebuilding operations not required to be reported separately have homebuilding divisions located in:
East: Florida, New Jersey, North Carolina, Pennsylvania and South Carolina
Central: Georgia, Illinois, Indiana, Maryland, Minnesota and Virginia
Texas: Texas
West: Arizona, California, Colorado, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint")
The assets related to the Company’s homebuilding segments were as follows:
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
East
 
Central
 
Texas
 
West
 
Other
 
Corporate and Unallocated
 
Total Homebuilding
Balance at February 29, 2020
$
6,867,299

 
2,779,966

 
2,388,579

 
11,083,548

 
1,141,924

 
938,524

 
25,199,840

Balance at November 30, 2019
$
6,708,586

 
2,732,872

 
2,246,893

 
10,663,666

 
1,173,163

 
1,264,059

 
24,789,239


10

Lennar Corporation and Subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) (Continued)


Financial information relating to the Company’s homebuilding segments was as follows:
 
Three Months Ended February 29, 2020
(In thousands)
East
 
Central
 
Texas
 
West
 
Other
 
Total Homebuilding
Revenues
$
1,406,866

 
534,976

 
473,228

 
1,748,769

 
8,277

 
4,172,116

Operating earnings (loss)
175,005

 
29,472

 
53,073

 
224,907

 
(22,059
)
 
460,398

 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended February 28, 2019
Revenues
$
1,226,814

 
435,067

 
418,517

 
1,540,896

 
2,427

 
3,623,721

Operating earnings (loss)
135,383

 
30,926

 
32,278

 
190,661

 
(19,653
)
 
369,595


Financial Services
Operations of the Financial Services segment include primarily mortgage financing, title and closing services primarily for buyers of the Company’s homes. It also includes originating and selling into securitizations commercial mortgage loans through its LMF Commercial business, formerly Rialto Mortgage Finance ("RMF"). The Financial Services segment sells substantially all of the loans it originates within a short period of time 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. Financial Services’ operating earnings consist of revenues generated primarily from mortgage financing, title and closing services, and property and casualty insurance, less the cost of such services and certain selling, general and administrative expenses incurred by the segment. The Financial Services segment operates generally in the same states as the Company’s homebuilding operations.
At February 29, 2020, the Financial Services warehouse facilities were all 364-day repurchase facilities and used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
(In thousands)
Maximum Aggregate Commitment
Residential facilities maturing:
 
March 2020 (1)
$
100,000

May 2020
300,000

June 2020
300,000

October 2020
500,000

Total - Residential facilities
$
1,200,000

LMF Commercial facilities maturing
 
November 2020
$
200,000

December 2020
650,000

December 2020 (two - one year extensions) (2)
50,000

Total - LMF Commercial facilities
$
900,000

Total
$
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