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Investments In Unconsolidated Entities
 12 Months Ended
Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Investments In Unconsolidated Entities Investments in Unconsolidated Entities
Homebuilding Unconsolidated Entities
The investments in the Company's Homebuilding unconsolidated entities were as follows:
November 30,
(In thousands)20222021
Investments in unconsolidated entities (1) (2)$1,173,164 972,084 
Underlying equity in unconsolidated entities' net assets (1)1,504,315 1,301,719 
(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 November 30, 2022 and 2021, the carrying amount of the Company's investment was $382.9 million and $381.6 million, respectively.
The Company’s partners generally are unrelated homebuilders, land owners/developers and financial or other strategic partners. The unconsolidated entities follow accounting principles that are in all material respects the same as those used by the Company. The Company shares in the profits and losses of these unconsolidated entities generally in accordance with its ownership interests. In many instances, the Company is appointed as the day-to-day manager under the direction of a management committee that has shared powers among the partners of the unconsolidated entities and the Company receives management fees and/or reimbursement of expenses for performing this function. The Company and/or its partners sometimes
obtain options or enter into other arrangements under which the Company can purchase portions of the land held by the unconsolidated entities. Option prices are generally negotiated prices that approximate fair value when the Company receives the options. The details of the activity was as follows:
Years Ended November 30,
(In thousands)202220212020
Land sales revenues (1)$94,513 57,944 99,935 
Management fees and reimbursement of expenses, net of deferrals20,792 16,464 2,363 
(1)The Company does not include in its Homebuilding equity in loss from unconsolidated entities its pro-rata share of unconsolidated entities’ earnings resulting from land sales to its 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 total debt of the Homebuilding unconsolidated entities in which the Company has investments was $1.4 billion and $1.2 billion as of November 30, 2022 and 2021, respectively, of which the Company's maximum recourse exposure was $9.1 million and $5.3 million as of November 30, 2022 and 2021, respectively. In most instances in which the Company has guaranteed debt of an unconsolidated entity, the Company’s partners have also guaranteed that debt and are required to contribute their share of the guarantee payments. In a repayment guarantee, the Company and its venture partners guarantee repayment of a portion or all of the debt in the event of default before the lender would have to exercise its rights against the collateral. The maintenance guarantees only apply if the value of the collateral (generally land and improvements) is less than a specified percentage of the loan balance. The Company would be required to make a payment under a maintenance guarantee to bring the value of the collateral above the specified percentage of the loan balance. In a completion guarantee, the Company and its venture partners have been required to give guarantees of completion to the lenders. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. As of November 30, 2022 and 2021, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $333.6 million and $241.0 million, respectively.
If the Company is required to make a payment under any guarantee, the payment would generally constitute a capital contribution or loan to the Homebuilding unconsolidated entity and increase the Company's investment in the unconsolidated entity and its share of any funds the entity distributes.
As of both November 30, 2022 and 2021, the fair values of the repayment guarantees, maintenance guarantees and completion guarantees were not material. The Company believes that as of November 30, 2022, in the event it becomes legally obligated to perform under a guarantee of the obligation of a Homebuilding unconsolidated entity due to a triggering event under a guarantee, the collateral would be sufficient to repay at least a significant portion of the obligation or the Company and its partners would contribute additional capital into the venture. In certain instances, the Company has placed performance letters of credit and surety bonds with municipalities with regard to obligations of its joint ventures (see Note 4 of the Notes to Consolidated Financial Statements).
In 2021, the Company formed the Upward America Venture (“Upward America”), and is managing and participating in Upward America. Upward America is an investment fund that acquires new single-family homes in high growth markets across the United States and rents them to the people who will live in them. Upward America has raised equity commitments totaling $1.6 billion, including $350 million of equity commitments raised during the first quarter of 2022. The commitments are primarily from institutional investors, including $125 million committed by Lennar. During the year ended November 30, 2022, Lennar delivered 2,418 homes to Upward America. As of November 30, 2022 and November 30, 2021, the carrying amount of the Company's investment in Upward America was $37.7 million and $13.3 million, respectively.
Multifamily Unconsolidated Entities
The unconsolidated joint ventures in which the Multifamily segment has investments usually finance their activities with a combination of partner equity and debt financing. In connection with many of the bank loans to Multifamily unconsolidated joint ventures, the Company (or entities related to them) has been required to give guarantees of completion and cost over-runs to the lenders and partners. Those completion guarantees may require that the guarantors complete the construction of the improvements for which the financing was obtained. Additionally, the Company guarantees the construction costs of the project as construction cost over-runs would be paid by the Company. Generally, these payments would increase the Company's investment in the entities and would increase its share of funds the entities distribute after the achievement of certain thresholds. As of both November 30, 2022 and 2021, the fair value of the completion guarantees was immaterial. As of November 30, 2022 and 2021, Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $1.0 billion and $855.2 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. 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:
Years Ended November 30,
(In thousands)202220212020
General contractor services, net of deferrals$498,142 549,400 400,808 
General contractor costs478,620 533,398 383,649 
Land sales to joint ventures237,477 15,105 83,944 
Management fee income63,823 56,573 56,253 
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. During the first quarter of 2022, the Multifamily segment completed the initial closing of the Fund. The Multifamily segment expects the Fund to have almost $1.0 billion in equity and Lennar's stated ownership percentage in the Fund is 4%. The Company has a $26.0 million investment in the Fund as of November 30, 2022 . Additional dollars will be committed as opportunities are identified by the Fund.
Details of LMV I and LMV II as of and during the year ended November 30, 2022 are included below:
(In thousands)LMV ILMV II
Lennar's carrying value of investment$217,099 293,831 
Equity commitments2,204,016 1,257,700 
Equity commitments called2,152,324 1,206,664 
Lennar's equity commitments504,016 381,000 
Lennar's equity commitments called499,919 365,807 
Lennar's remaining commitments4,097 15,193 
Distributions to Lennar25,576 12,555 
Lennar Other Unconsolidated Entities
Lennar Other's unconsolidated entities includes fund investments the Company retained when it sold the Rialto assets and investment management platform in 2018, as well as strategic investments in technology companies and investment funds. The Company's investment in the Rialto funds and investment vehicles totaled $185.1 million and $200.6 million as of November 30, 2022 and November 30, 2021, respectively. The Company also had strategic technology investments in unconsolidated entities and investment funds of $131.5 million and $145.6 million, as of November 30, 2022 and November 30, 2021, respectively.
Condensed Financial Information of Unconsolidated Entities
Summarized condensed financial information on a combined 100% basis related to the Company's unconsolidated entities that are accounted for under the equity method was as follows:
(In thousands)November 30, 2022
Assets:HomebuildingMultifamilyLennar
Other		Total
Cash and cash equivalents$366,276 53,121 413,698 833,095 
Loans receivable— — 25,045 25,045 
Real estate owned— — 213,103 213,103 
Investment securities— — 2,543,715 2,543,715 
Investments in partnerships— — 165,599 165,599 
Inventories5,391,285 1,000 — 5,392,285 
Operating properties and equipment56,687 7,090,294 — 7,146,981 
Other assets1,378,156 523,152 223,821 2,125,129 
$7,192,404 7,667,567 3,584,981 18,444,952 
Liabilities and equity:
Accounts payable and other liabilities$994,603 245,266 170,649 1,410,518 
Debt (1)1,383,302 4,318,774 333,317 6,035,393 
Equity4,814,499 3,103,527 3,081,015 10,999,041 
$7,192,404 7,667,567 3,584,981 18,444,952 
Investments in unconsolidated entities$1,173,164 648,126 316,523 2,137,813 
(In thousands)November 30, 2021
Assets:HomebuildingMultifamilyLennar
Other		Total
Cash and cash equivalents$460,901 25,972 430,807 917,680 
Loans receivable— — 65,971 65,971 
Real estate owned— — 279,200 279,200 
Investment securities— — 2,461,788 2,461,788 
Investments in partnerships— — 346,042 346,042 
Inventories4,666,454 — — 4,666,454 
Operating properties and equipment44,802 6,406,500 — 6,451,302 
Other assets1,044,771 111,750 219,680 1,376,201 
$6,216,928 6,544,222 3,803,488 16,564,638 
Liabilities and equity:
Accounts payable and other liabilities$904,078 240,928 179,879 1,324,885 
Debt (1)1,216,721 3,407,362 399,632 5,023,715 
Equity4,096,129 2,895,932 3,223,977 10,216,038 
$6,216,928 6,544,222 3,803,488 16,564,638 
Investments in unconsolidated entities$972,084 654,029 346,270 1,972,383 
(1)Debt noted above is net of debt issuance costs. As of November 30, 2022 and 2021, this includes $18.4 million and $11.9 million, respectively, for Homebuilding, $26.4 million and $23.4 million, respectively, for Multifamily and an immaterial amount of debt issuance costs for Lennar Other.
(In thousands)
Statement of Operations

Years Ended:		Revenues Cost and expensesOther income (expense), net (1) Net earnings (loss) of unconsolidated entitiesEquity in earnings (loss) from unconsolidated entities
November 30, 2022$1,747,336 1,695,272 197,056 249,120 (36,302)
November 30, 20211,383,266 1,448,775 187,625 122,116 48,993 
November 30, 20201,362,686 1,221,873 (244,680)(103,867)(13,939)
(1)Other income (expense), net included realized and unrealized gains (losses) on investments.