Lennar Homebuilding Investments In Unconsolidated Entities (Tables)

12 Months Ended

Nov. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

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


	November 30,
(In thousands)	2023		2022
Investments in unconsolidated entities (1) (2)	$	1,143,909	1,173,164
Underlying equity in unconsolidated entities' net assets (1)	1,436,239		1,504,315

(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, 2023 and 2022, the carrying amount of the Company's investment was $422.2 million and $382.9 million, respectively.

The details of the activity was as follows:


	Years Ended November 30,
(In thousands)	2023		2022	2021
Land sales revenues (1)	$	222,200	94,513	57,944
Management fees and reimbursement of expenses, net of deferrals	16,306		20,792	16,464

(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 details of the activity were as follows:


	Years Ended November 30,
(In thousands)	2023		2022	2021
General contractor services, net of deferrals	$	494,630	498,142	549,400
General contractor costs	471,676		478,620	533,398
Land sales to joint ventures	—		237,477	15,105
Management fee income, net of deferrals	67,901		63,823	56,573

Details of LMV I and LMV II as of and during the year ended November 30, 2023 are included below:



(In thousands)	LMV I		LMV II
Lennar's carrying value of investment	$	193,829	267,874
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 during the year ended November 30, 2023	—		—

(1)While there are remaining commitments with LMV I, 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 $2.0 billion and $2.1 billion as of November 30, 2023 and 2022, respectively. Financial information relating to the Company’s unconsolidated entities was as follows:


(In thousands)	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


(In thousands)	November 30, 2022
Assets:	Homebuilding		Multifamily	Lennar 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
Inventories	5,391,285		1,000	—	5,392,285
Operating properties and equipment	56,687		7,090,294	—	7,146,981
Other assets	1,378,156		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
Equity	4,814,499		3,103,527	3,081,015	10,999,041
	$	7,192,404	7,667,567	3,584,981	18,444,952

(1)Debt noted above is net of debt issuance costs. As of November 30, 2023 and 2022, this includes $13.0 million and $18.4 million, respectively, for Homebuilding, $19.5 million and $26.4 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 expenses	Other income (expense), net (1)	Net earnings (loss) of unconsolidated entities	Equity in earnings (loss) from unconsolidated entities
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)
November 30, 2021	1,383,266		1,448,775	187,625	122,116	48,993

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