LENNAR CORP /NEW/0000920760false00009207602024-12-182024-12-180000920760us-gaap:CommonClassAMember2024-12-182024-12-180000920760us-gaap:CommonClassBMember2024-12-182024-12-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
December 18, 2024
Date of Report (Date of earliest event reported)
LENNAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware1-1174995-4337490
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
5505 Waterford District Drive, Miami, Florida 33126
(Address of principal executive offices) (Zip Code)
(305) 559-4000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $.10LENNew York Stock Exchange
Class B Common Stock, par value $.10LEN.BNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
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 o


Item 2.02. Results of Operations and Financial Condition.
On December 18, 2024, Lennar Corporation issued a press release announcing its results of operations for the fourth quarter and fiscal year ended November 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
The following exhibit is furnished as part of this Current Report on Form 8-K.
Exhibit No.
Description of Document
99.1
104
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: December 18, 2024
Lennar Corporation
By:
/s/ Diane Bessette
Name:Diane Bessette
Title:Vice President and Chief Financial Officer
3
Exhibit 99.1


Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2024 Results
2024 Fourth Quarter Highlights – comparisons to the prior year quarter
•N
•et earnings per diluted share of $4.06 ($4.03, excluding mark-to-market gains on technology investments)
•Net earnings of $1.1 billion
•New orders decreased 3% to 16,895 homes; new orders dollar value decreased 1% to $7.2 billion
•Backlog of 11,633 homes with a dollar value of $5.4 billion
•Deliveries decreased 7% to 22,206 homes
•Total revenues of $9.9 billion
•Homebuilding operating earnings of $1.5 billion
◦Gross margin on home sales of 22.1%
◦S,G&A expenses as a % of revenues from home sales of 7.2%
◦Net margin on home sales of 14.9%
•Financial Services operating earnings of $154 million
•Multifamily operating loss of $0.2 million
•Lennar Other operating earnings of $0.5 million
•Homebuilding cash and cash equivalents of $4.7 billion
•Years supply of owned homesites of 1.1 years and controlled homesites of 82%
•No outstanding borrowings under the Company's $2.9 billion revolving credit facility
•Homebuilding debt to total capital of 7.5%
•Repurchased 3 million shares of Lennar common stock for $521 million
•In November 2024, the Company entered into a definitive agreement to acquire Rausch Coleman Homes, a residential homebuilder, which is expected to close in the first quarter of 2025
2024 Fiscal Year Highlights - comparisons to prior year
•Net earnings per diluted share of $14.31 ($13.86, excluding mark-to-market gains and other one-time items, (collectively, "adjustments"))
•Net earnings of $3.9 billion ($3.8 billion excluding adjustments)
•New orders increased 11% to 76,951 homes
•Deliveries increased 10% to 80,210 homes
•Total revenues of $35.4 billion
•Gross margin on home sales of 22.3%; net margin of 14.9%
•Redeemed/repurchased $554 million of senior notes
•Repurchased 13.6 million shares of Lennar common stock for $2.1 billion
•Homebuilding return on inventory of 29.2%
(more)

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Miami, December 18, 2024 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2024. Fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in the fourth quarter of 2023. Excluding mark-to-market gains on technology investments, fourth quarter net earnings attributable to Lennar in 2024 were $1.1 billion, or $4.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2023 of $1.5 billion, or $5.17 per diluted share, excluding mark-to-market losses on technology investments and other one-time items (collectively, "adjustments"). Net earnings attributable to Lennar for the year ended November 30, 2024 were $3.9 billion, or $14.31 per diluted share, compared to $3.9 billion, or $13.73 per diluted share for the year ended November 30, 2023. Excluding adjustments, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion, or $13.86 per diluted share, compared to $4.1 billion, or $14.25 per diluted share for the year ended November 30, 2023.
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "In the course of our fourth quarter, the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose almost 100 basis points through the quarter. Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates."
"Accordingly, in our fourth quarter, sales pace lagged expectations as interest rates climbed and our new orders fell short of expectations to 16,895 homes vs the low end of our guidance of 19,000 homes. Consistent with our strategy of matching sales pace with production, we adjusted sales price, incentives, and margin in order to re-ignite sales and actively manage inventory levels. We ended the quarter with two completed, unsold homes per community, which was within our historical range."
"In the fourth quarter, earnings were $1.1 billion, or $4.06 per diluted share. We delivered 22,206 homes in the quarter and our average sales price, net of incentives, per home delivered was $430,000 in the fourth quarter, slightly down from last year. Our homebuilding gross margin in the fourth quarter was 22.1%, with SG&A expenses of 7.2%, resulting in a 14.9% net margin."
"Driven by our consistent focus on cash flow, we constructively allocated capital while we continued to strengthen and fortify our balance sheet. During the quarter, we repurchased $521 million of our common stock, had no outstanding borrowings on our $2.9 billion revolving credit facility and cash of $4.7 billion, ending the quarter with homebuilding debt to total capital of 7.5%. With cash on hand exceeding our debt, and with overall liquidity of approximately $7.6 billion, our balance sheet remains extremely strong.”
"Against this backdrop, we continue to remain focused on our volume-based strategy of driving sales and cash flow while using margin as a shock absorber as we continue to migrate to an asset-light, land-light business model. This strategy is reflected in both the public filing of a registration statement on Form S-11 for the planned spin-off of Millrose Properties, Inc., as well as our previously announced acquisition of Rausch Coleman Homes as we focus on growing to drive affordability and fill the supply gap that is reflected in the marketplace."


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Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 4.6 homes and 4.2 homes per community in the fourth quarter, respectively, as we continue to move closer to an even flow operating model. Our cycle time was down to 138 days, or 14% lower year over year, as our production first focus has positively impacted our production times, while our inventory turn improved to 1.6 times reflecting broader efficiencies. Concurrently, the Lennar Marketing and Sales Machine continued to carefully match our sales pace to our production pace using our digital marketing and dynamic pricing models."
"During the quarter, we continued the migration to our land light strategy. This was evidenced by our years supply of owned homesites improving to 1.1 years from 1.4 years last year and our controlled homesite percentage increasing to 82% from 76% year over year, resulting in a return on inventory of 29.2%."
Mr. Miller concluded, "As we look ahead, we expect to deliver between 17,000 and 17,500 homes for the first quarter of 2025 and between 86,000 and 88,000 homes for the full year 2025, including the impact of the Rausch Coleman acquisition. While we remain optimistic that margins will normalize as affordability normalizes and our cost structure benefits from our volume, we expect our gross margin in the first quarter to be between 19.0% and 19.25%, and at this time, we will not guide to full year gross margin until we have a better sense of market conditions as the year unfolds.”
RESULTS OF OPERATIONS
THREE MONTHS ENDED NOVEMBER 30, 2024 COMPARED TO
THREE MONTHS ENDED NOVEMBER 30, 2023
Homebuilding
Revenues from home sales decreased 9% in the fourth quarter of 2024 to $9.5 billion from $10.4 billion in the fourth quarter of 2023. Revenues were lower primarily due to a 7% decrease in the number of home deliveries and a 3% decrease in the average sales price of homes delivered. New home deliveries decreased to 22,206 homes in the fourth quarter of 2024 from 23,795 homes in the fourth quarter of 2023. The average sales price of homes delivered was $430,000 in the fourth quarter of 2024, compared to $441,000 in the fourth quarter of 2023. The decrease in average sales price of homes delivered in the fourth quarter of 2024 compared to the same period last year was primarily due to pricing to market through an increased use of incentives and product mix.
Gross margins on home sales were $2.1 billion, or 22.1%, in the fourth quarter of 2024, compared to $2.5 billion, or 24.2%, in the fourth quarter of 2023. During the fourth quarter of 2024, gross margins decreased primarily because revenue per square foot decreased while land costs increased year over year, which was partially offset by a decrease in costs per square foot due to lower costs of materials as the Company continued to focus on construction cost savings.
Selling, general and administrative expenses were $682 million in the fourth quarter of 2024, compared to $688 million in the fourth quarter of 2023. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.2% in the fourth quarter of 2024, from 6.6% in the fourth quarter of 2023, primarily due to less leverage as a result of both lower volume and average sales price.


4-4-4
Financial Services
Operating earnings for the Financial Services segment were $154 million in the fourth quarter of 2024, compared to $168 million in the fourth quarter of 2023. The decrease in operating earnings was primarily due to lower profit per loan in the Company's mortgage business.
Other Ancillary Businesses
Operating loss for the Multifamily segment was $0.2 million in the fourth quarter of 2024, compared to operating loss of $12 million in the fourth quarter of 2023. Operating earnings for the Lennar Other segment were $0.5 million in the fourth quarter of 2024, compared to an operating loss of $125 million in the fourth quarter of 2023. The Lennar Other operating earnings for the fourth quarter of 2024 were primarily due to positive mark-to-market adjustments of $13 million on the Company's publicly traded technology investments, which was partially offset by other operating losses. The Lennar Other operating loss for the fourth quarter of 2023 was primarily due to negative mark-to-market adjustments of $36 million on the Company's publicly traded technology investments and a $65 million write-off of one of the Company’s non-public technology investments.
Tax Rate
For the quarters ended November 30, 2024 and 2023, the Company had a tax provision of $358 million and $417 million, which resulted in an overall effective income tax rate of 24.6% and 23.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate from the prior year for the three months ended November 30, 2024 was primarily due to additional state income tax expense.
OTHER TRANSACTIONS
Credit Facility
In November 2024, the Company amended and restated the credit agreement governing its unsecured revolving credit facility (the “Credit Facility”) to, among other things, increase the lenders’ commitments to $2.875 billion until May 2027 when this amount will be reduced to $2.650 billion until final maturity in November 2029. As of November 30, 2024, there were no outstanding borrowings under the Credit Facility.
Share Repurchases
During the fourth quarter of 2024, the Company repurchased 3 million shares of its common stock for $521 million at an average per share price of $173.79.
Liquidity
At November 30, 2024, the Company had $4.7 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $2.9 billion Credit Facility, thereby providing approximately $7.6 billion of available capacity.


5-5-5
Guidance
The following are the Company's expected results of its homebuilding and financial services activities:
First Quarter 2025
New Orders17,500 - 18,000
Deliveries17,000 - 17,500
Average Sales Price$410,000 - $415,000
Gross Margin % on Home Sales19.0% - 19.25%
S,G&A as a % of Home Sales8.7% - 8.8%
Financial Services Operating Earnings$100 million - $110 million



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About Lennar
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities; decreased demand for our homes, or for Multifamily rental apartments or single family homes; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; the possibility that increased tariffs will increase the cost of production materials; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies and our planned spin-off on the timelines expected or at all; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; harm to our business from information technology failures and data security breaches; changes in laws, regulations or the regulatory environment affecting our business; policy changes that may be introduced by the new administration that could affect economic conditions, tax regimes and regulatory frameworks, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed on January 26, 2024, as amended by our Annual Report on Form 10-K/A filed on April 25, 2024, and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company’s fourth quarter earnings will be held at 11:00 a.m. Eastern Time on Thursday, December 19, 2024. The call will be broadcast live on the internet and can be accessed through the Company’s website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 and entering 5723593 as the confirmation number.
###


7-7-7
LENNAR CORPORATION AND SUBSIDIARIES
Selected Revenues and Operating Information
(In thousands, except per share amounts)
(unaudited)
Three Months EndedYears Ended
November 30,November 30,
2024202320242023
Revenues:
Homebuilding$9,548,684 10,516,050 33,906,426 32,660,987 
Financial Services304,550 304,693 1,109,263 976,859 
Multifamily88,917 140,824 411,537 573,485 
Lennar Other4,737 6,616 14,226 22,035 
Total revenues$9,946,888 10,968,183 35,441,452 34,233,366 
Homebuilding operating earnings$1,495,383 1,912,639 5,342,252 5,527,707 
Financial Services operating earnings154,476 169,130 577,184 509,461 
Multifamily operating earnings (loss)(160)(12,155)42,635 (50,651)
Lennar Other operating earnings (loss)450 (125,414)(47,967)(209,788)
Corporate general and administrative expenses(170,011)(136,336)(648,986)(501,338)
Charitable foundation contribution(22,206)(23,795)(80,210)(73,087)
Earnings before income taxes1,457,932 1,784,069 5,184,908 5,202,304 
Provision for income taxes(358,058)(416,780)(1,217,253)(1,241,013)
Net earnings (including net earnings attributable to noncontrolling interests)1,099,874 1,367,289 3,967,655 3,961,291 
Less: Net earnings attributable to noncontrolling interests3,660 6,002 35,122 22,780 
Net earnings attributable to Lennar$1,096,214 1,361,287 3,932,533 3,938,511 
Basic and diluted average shares outstanding267,262 279,438 272,019 283,319 
Basic and diluted earnings per share$4.06 4.82 14.31 13.73 
Supplemental information:
Interest incurred (1)$29,254 41,434 129,310 187,640 
EBIT (2):
Net earnings attributable to Lennar$1,096,214 1,361,287 3,932,533 3,938,511 
Provision for income taxes358,058 416,780 1,217,253 1,241,013 
Interest expense included in:
Costs of homes sold39,513 69,859 160,848 240,871 
Costs of land sold29 156 373 1,588 
Homebuilding other income, net4,472 4,525 18,771 15,434 
Total interest expense44,014 74,540 179,992 257,893 
EBIT$1,498,286 1,852,607 5,329,778 5,437,417 
(1)Amount represents interest incurred related to Homebuilding debt.
(2)EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.


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LENNAR CORPORATION AND SUBSIDIARIES
Segment Information
(In thousands)
(unaudited)
Three Months EndedYears Ended
November 30,November 30,
2024202320242023
Homebuilding revenues:
Sales of homes$9,500,991 10,442,850 33,778,149 32,459,129 
Sales of land39,568 63,501 93,384 109,963 
Other homebuilding8,125 9,699 34,893 91,895 
Total revenues9,548,684 10,516,050 33,906,426 32,660,987 
Homebuilding costs and expenses:
Costs of homes sold7,400,266 7,919,724 26,255,353 24,900,470 
Costs of land sold30,162 39,413 73,802 92,142 
Selling, general and administrative682,003 687,774 2,480,309 2,231,033 
Total costs and expenses8,112,431 8,646,911 28,809,464 27,223,645 
Homebuilding net margins1,436,253 1,869,139 5,096,962 5,437,342 
Homebuilding equity in earnings (loss) from unconsolidated entities12,410 9,223 66,448 (3,886)
Homebuilding other income, net46,720 34,277 178,842 94,251 
Homebuilding operating earnings$1,495,383 1,912,639 5,342,252 5,527,707 
Financial Services revenues$304,550 304,693 1,109,263 976,859 
Financial Services costs and expenses150,074 135,563 532,079 467,398 
Financial Services operating earnings$154,476 169,130 577,184 509,461 
Multifamily revenues$88,917 140,824 411,537 573,485 
Multifamily costs and expenses101,875 130,589 521,455 573,658 
Multifamily equity in earnings (loss) from unconsolidated entities and other income, net12,798 (22,390)152,553 (50,478)
Multifamily operating earnings (loss)$(160)(12,155)42,635 (50,651)
Lennar Other revenues$4,737 6,616 14,226 22,035 
Lennar Other costs and expenses26,390 8,255 79,495 27,681 
Lennar Other equity in earnings (loss) from unconsolidated entities and
other 		9,395 (87,783)(7,878)(153,980)
Lennar Other unrealized gains (losses) from technology investments (1)12,708 (35,992)25,180 (50,162)
Lennar Other operating earnings (loss)$450 (125,414)(47,967)(209,788)
(1)The following is a detail of Lennar Other unrealized gains (losses) from mark-to-market adjustments on technology investments:
Three Months EndedYears Ended
November 30,November 30,
2024202320242023
Blend Labs (BLND)$3,553 230 9,474 (130)
Hippo (HIPO)39,448 (4,277)73,243 (19,210)
Opendoor (OPEN)3,569 (16,697)(12,587)21,762 
SmartRent (SMRT)597 (2,305)(11,609)5,914 
Sonder (SOND)(67)(151)15 (700)
Sunnova (NOVA)(34,392)(12,792)(33,356)(57,798)
$12,708 (35,992)25,180 (50,162)


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LENNAR CORPORATION AND SUBSIDIARIES
Summary of Deliveries, New Orders and Backlog
(Dollars in thousands, except average sales price)
(unaudited)
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:
East: Alabama, Florida, New Jersey and Pennsylvania
Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia
Texas: Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions
For the Three Months Ended November 30,
202420232024202320242023
Deliveries:HomesDollar ValueAverage Sales Price
East5,593 6,446 $2,279,183 2,735,523 $408,000 424,000 
Central6,035 6,030 2,377,184 2,419,976 394,000 401,000 
Texas4,845 5,160 1,215,228 1,363,557 251,000 264,000 
West5,721 6,145 3,682,454 3,976,322 644,000 647,000 
Other12 14 5,354 8,412 446,000 601,000 
Total22,206 23,795 $9,559,403 10,503,790 $430,000 441,000 
Of the total homes delivered listed above, 112 homes with a dollar value of $58 million and an average sales price of $522,000 represent home deliveries from unconsolidated entities for the three months ended November 30, 2024, compared to 139 home deliveries with a dollar value of $61 million and an average sales price of $438,000 for the three months ended November 30, 2023.
At November 30,For the Three Months Ended November 30,
20242023202420232024202320242023
New Orders:Active CommunitiesHomesDollar ValueAverage Sales Price
East347 305 3,791 4,690 $1,522,100 1,931,297 $402,000 412,000 
Central404 323 4,254 3,932 1,665,471 1,537,804 392,000 391,000 
Texas285 246 4,158 4,185 1,044,596 1,070,282 251,000 256,000 
West409 384 4,689 4,549 2,944,098 2,738,131 628,000 602,000 
Other2 2 3 10 2,898 6,495 966,000 649,000 
Total1,447 1,260 16,895 17,366 $7,179,163 7,284,009 $425,000 419,000 
Of the total new orders listed above, 81 homes with a dollar value of $41 million and an average sales price of $512,000 represent new orders in 11 active communities from unconsolidated entities for the three months ended November 30, 2024, compared to 69 new orders with a dollar value of $36 million and an average sales price of $516,000 in five active communities for the three months ended November 30, 2023.
For the Years Ended November 30,
202420232024202320242023
Deliveries:HomesDollar ValueAverage Sales Price
East21,325 20,266 $8,623,347 8,805,485 $404,000 434,000 
Central19,084 16,809 7,617,693 7,041,528 399,000 419,000 
Texas18,844 16,591 4,763,692 4,692,906 253,000 283,000 
West20,914 19,388 12,938,104 12,052,131 619,000 622,000 
Other43 33 21,739 23,236 506,000 704,000 
Total80,210 73,087 $33,964,575 32,615,286 $423,000 446,000 
Of the total homes delivered listed above, 383 homes with a dollar value of $186 million and an average sales price of $487,000 represent home deliveries from unconsolidated entities for the year ended November 30, 2024, compared to 340 home deliveries with a dollar value of $156 million and an average sales price of $459,000 for the year ended November 30, 2023.










10-10-10
For the Years Ended November 30,
202420232024202320242023
New Orders:HomesDollar ValueAverage Sales Price
East18,205 18,685 $7,420,362 7,931,099 $408,000 424,000 
Central19,018 15,403 7,558,829 6,324,097 397,000 411,000 
Texas19,019 15,789 4,804,674 4,331,763 253,000 274,000 
West20,668 19,199 12,874,054 11,897,996 623,000 620,000 
Other41 35 20,562 23,600 502,000 674,000 
Total76,951 69,111 $32,678,481 30,508,555 $425,000 441,000 
Of the total new orders listed above, 315 homes with a dollar value of $176 million and an average sales price of $558,000 represent new orders from unconsolidated entities for the year ended November 30, 2024, compared to 321 new orders with a dollar value of $153 million and an average sales price of $476,000 for the year ended November 30, 2023.
At November 30,
202420232024202320242023
Backlog:HomesDollar ValueAverage Sales Price
East3,460 6,580 $1,513,713 2,708,322 $437,000 412,000 
Central3,097 3,163 1,316,754 1,375,617 425,000 435,000 
Texas2,070 1,895 525,299 475,941 254,000 251,000 
West3,005 3,251 2,016,669 2,072,342 671,000 637,000 
Other1 3 349 1,528 349,000 509,000 
Total11,633 14,892 $5,372,784 6,633,750 $462,000 445,000 
Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $64 million and an average sales price of $807,000 represent the backlog from unconsolidated entities at November 30, 2024, compared to 147 homes with a backlog dollar value of $74 million and an average sales price of $507,000 at November 30, 2023.


























11-11-11
LENNAR CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(unaudited)
November 30,
20242023
ASSETS
Homebuilding:
Cash and cash equivalents$4,662,643 6,273,724 
Restricted cash11,799 13,481 
Receivables, net1,053,211 887,992 
Inventories:
Finished homes and construction in progress10,884,861 10,455,666 
Land and land under development4,750,025 4,904,541 
Inventory owned15,634,886 15,360,207 
Consolidated inventory not owned4,084,665 2,992,528 
Inventory owned and consolidated inventory not owned19,719,551 18,352,735 
Deposits and pre-acquisition costs on real estate3,625,372 2,002,154 
Investments in unconsolidated entities1,344,836 1,143,909 
Goodwill3,442,359 3,442,359 
Other assets1,734,698 1,512,038 
35,594,469 33,628,392 
Financial Services3,516,550 3,566,546 
Multifamily1,306,818 1,381,513 
Lennar Other894,944 657,852 
Total assets$41,312,781 39,234,303 
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable$1,839,440 1,631,401 
Liabilities related to consolidated inventory not owned3,563,934 2,540,894 
Senior notes and other debts payable, net2,258,283 2,816,482 
Other liabilities3,201,552 2,739,217 
10,863,209 9,727,994 
Financial Services2,140,708 2,447,039 
Multifamily181,883 278,177 
Lennar Other105,756 79,127 
Total liabilities13,291,556 12,532,337 
Stockholders’ equity:
Preferred stock— — 
Class A common stock of $0.10 par value25,998 25,848 
Class B common stock of $0.10 par value3,660 3,660 
Additional paid-in capital5,729,434 5,570,009 
Retained earnings25,753,078 22,369,368 
Treasury stock(3,649,564)(1,393,100)
Accumulated other comprehensive income7,529 4,879 
Total stockholders’ equity27,870,135 26,580,664 
Noncontrolling interests151,090 121,302 
Total equity28,021,225 26,701,966 
Total liabilities and equity$41,312,781 39,234,303 



12-12-12
LENNAR CORPORATION AND SUBSIDIARIES
Supplemental Data
(Dollars in thousands)
(unaudited)
November 30,
20242023
Homebuilding debt$2,258,283 2,816,482 
Stockholders' equity27,870,135 26,580,664 
Total capital$30,128,418 29,397,146 
Homebuilding debt to total capital7.5 %9.6 %
Homebuilding debt$2,258,283 2,816,482 
Less: Homebuilding cash and cash equivalents4,662,643 6,273,724 
Net homebuilding debt$(2,404,360)(3,457,242)
Net homebuilding debt to total capital (1)(9.4)%(15.0)%
(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

v3.24.4
Cover page Cover Page
Dec. 18, 2024
Entity Information [Line Items]  
Entity Incorporation, State or Country Code DE
Document Type 8-K
Document Period End Date Dec. 18, 2024
Entity Registrant Name LENNAR CORP /NEW/
Entity Address, Address Line One 5505 Waterford District Drive
Entity Address, City or Town Miami
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33126
City Area Code (305)
Local Phone Number 559-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000920760
Amendment Flag false
Entity File Number 1-11749
Entity Tax Identification Number 95-4337490
Class A Common Stock, par value $.10  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock, par value $.10
Trading Symbol LEN
Security Exchange Name NYSE
Class B Common Stock, par value $.10  
Entity Information [Line Items]  
Title of 12(b) Security Class B Common Stock, par value $.10
Trading Symbol LEN.B
Security Exchange Name NYSE
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