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Delaware
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95-4337490
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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May 31,
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November 30,
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2016 (1)
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2015 (1)
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ASSETS
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Lennar Homebuilding:
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Cash and cash equivalents
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$
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Restricted cash
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Receivables, net
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Inventories:
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Finished homes and construction in progress
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Land and land under development
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Consolidated inventory not owned
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Total inventories
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Investments in unconsolidated entities
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Other assets
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Rialto
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Lennar Financial Services
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Lennar Multifamily
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Total assets
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$
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(1)
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May 31,
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November 30,
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|||
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2016 (2)
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2015 (2)
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|||
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LIABILITIES AND EQUITY
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|||
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Lennar Homebuilding:
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Accounts payable
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$
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Liabilities related to consolidated inventory not owned
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Senior notes and other debts payable
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Other liabilities
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Rialto
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Lennar Financial Services
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Lennar Multifamily
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Total liabilities
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Stockholders’ equity:
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|||
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Preferred stock
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Class A common stock of $0.10 par value; Authorized: May 31, 2016 and November 30, 2015
- 300,000,000 shares; Issued: May 31, 2016 - 188,740,334 shares and November 30, 2015 - 180,658,550 shares |
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Class B common stock of $0.10 par value; Authorized: May 31, 2016 and November 30, 2015
- 90,000,000 shares; Issued: May 31, 2016 - 32,982,815 shares and November 30, 2015 - 32,982,815 shares |
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Additional paid-in capital
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Retained earnings
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Treasury stock, at cost; May 31, 2016 - 887,259 shares of Class A common stock and
1,679,620 shares of Class B common stock; November 30, 2015 - 815,959 shares of Class A common stock and 1,679,620 shares of Class B common stock |
(
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)
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(
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)
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Accumulated other comprehensive income
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Total stockholders’ equity
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Noncontrolling interests
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Total equity
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Total liabilities and equity
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$
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(2)
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Three Months Ended
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Six Months Ended
|
|||||||||
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May 31,
|
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May 31,
|
|||||||||
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2016
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2015
|
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2016
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2015
|
|||||
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Revenues:
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|
|||||
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Lennar Homebuilding
|
$
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Lennar Financial Services
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Rialto
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Lennar Multifamily
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Total revenues
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Costs and expenses:
|
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|
|||||
|
Lennar Homebuilding
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Lennar Financial Services
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Rialto
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Lennar Multifamily
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Corporate general and administrative
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Total costs and expenses
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Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
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(
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)
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(
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)
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Lennar Homebuilding other income (expense), net
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(
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)
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Other interest expense
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(
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)
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(
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)
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(
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)
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(
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)
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Rialto equity in earnings from unconsolidated entities
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Rialto other expense, net
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(
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)
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(
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)
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(
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)
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(
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)
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Lennar Multifamily equity in earnings (loss) from unconsolidated entities
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(
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)
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(
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)
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Earnings before income taxes
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Provision for income taxes
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(
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)
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(
|
)
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(
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)
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(
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)
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|
|
Net earnings (including net earnings attributable to noncontrolling interests)
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Less: Net earnings attributable to noncontrolling interests
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|
|
Net earnings attributable to Lennar
|
$
|
|
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|
|
Other comprehensive income, net of tax:
|
|
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|
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|
|||||
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Net unrealized gain (loss) on securities available-for-sale
|
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(
|
)
|
|
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|
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|
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|
|
Reclassification adjustments for gains included in earnings, net of tax
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Other comprehensive income attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
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|
|
Other comprehensive income attributable to noncontrolling interests
|
$
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|
|
Basic earnings per share
|
$
|
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|
|
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Diluted earnings per share
|
$
|
|
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|
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|
|
Cash dividends per each Class A and Class B common share
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|||||
|
|
May 31,
|
|||||
|
|
2016
|
|
2015
|
|||
|
Cash flows from operating activities:
|
|
|
|
|||
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
$
|
|
|
|
|
|
|
Adjustments to reconcile net earnings to net cash used in operating activities:
|
|
|
|
|||
|
Depreciation and amortization
|
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Amortization of discount/premium and accretion on debt, net
|
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|
|
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|
|
Equity in earnings from unconsolidated entities
|
(
|
)
|
|
(
|
)
|
|
|
Distributions of earnings from unconsolidated entities
|
|
|
|
|
|
|
|
Share-based compensation expense
|
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|
|
|
|
|
|
Excess tax benefits from share-based awards
|
(
|
)
|
|
(
|
)
|
|
|
Deferred income tax expense
|
|
|
|
|
|
|
|
Loss (gain) on retirement of debt and notes payable
|
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|
|
(
|
)
|
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|
Gain on sale of operating property and equipment
|
|
|
|
(
|
)
|
|
|
Unrealized and realized gains on real estate owned
|
(
|
)
|
|
(
|
)
|
|
|
Impairments of loans receivable and real estate owned
|
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|
|
|
|
|
|
Valuation adjustments and write-offs of option deposits and pre-acquisition costs and other assets
|
|
|
|
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|||
|
Decrease in restricted cash
|
|
|
|
|
|
|
|
Decrease in receivables
|
|
|
|
|
|
|
|
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs
|
(
|
)
|
|
(
|
)
|
|
|
Increase in other assets
|
(
|
)
|
|
(
|
)
|
|
|
Decrease (increase) in loans held-for-sale
|
|
|
|
(
|
)
|
|
|
(Decrease) increase in accounts payable and other liabilities
|
(
|
)
|
|
|
|
|
|
Net cash used in operating activities
|
(
|
)
|
|
(
|
)
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
|
Increase in restricted cash related to LOCs
|
|
|
|
|
|
|
|
Net additions of operating properties and equipment
|
(
|
)
|
|
(
|
)
|
|
|
Proceeds from the sale of operating properties and equipment
|
|
|
|
|
|
|
|
Investments in and contributions to unconsolidated entities
|
(
|
)
|
|
(
|
)
|
|
|
Distributions of capital from unconsolidated entities
|
|
|
|
|
|
|
|
Proceeds from sales of real estate owned
|
|
|
|
|
|
|
|
Improvements to real estate owned
|
(
|
)
|
|
(
|
)
|
|
|
Receipts of principal payments on loans receivable and other
|
|
|
|
|
|
|
|
Originations of loans receivable
|
(
|
)
|
|
(
|
)
|
|
|
Purchase of investment carried at cost
|
|
|
|
(
|
)
|
|
|
Purchases of commercial mortgage-backed securities bonds
|
(
|
)
|
|
|
|
|
|
Acquisition, net of cash acquired
|
(
|
)
|
|
|
|
|
|
Purchases of Lennar Homebuilding investments available-for-sale
|
|
|
|
(
|
)
|
|
|
Decrease (increase) in Lennar Financial Services loans held-for-investment, net
|
|
|
|
(
|
)
|
|
|
Purchases of Lennar Financial Services investment securities
|
(
|
)
|
|
(
|
)
|
|
|
Proceeds from maturities/sales of Lennar Financial Services investments securities
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
$
|
(
|
)
|
|
(
|
)
|
|
|
Six Months Ended
|
|||||
|
|
May 31,
|
|||||
|
|
2016
|
|
2015
|
|||
|
Cash flows from financing activities:
|
|
|
|
|||
|
Net borrowings under unsecured revolving credit facility
|
$
|
|
|
|
|
|
|
Net (repayments) borrowings under warehouse facilities
|
(
|
)
|
|
|
|
|
|
Proceeds from senior notes
|
|
|
|
|
|
|
|
Debt issuance costs
|
(
|
)
|
|
(
|
)
|
|
|
Redemption of senior notes
|
(
|
)
|
|
(
|
)
|
|
|
Conversions and exchanges on convertible senior notes
|
(
|
)
|
|
|
|
|
|
Principal payments on Rialto notes payable including structured notes
|
(
|
)
|
|
(
|
)
|
|
|
Proceeds from other borrowings
|
|
|
|
|
|
|
|
Principal payments on other borrowings
|
(
|
)
|
|
(
|
)
|
|
|
Receipts related to noncontrolling interests
|
|
|
|
|
|
|
|
Payments related to noncontrolling interests
|
(
|
)
|
|
(
|
)
|
|
|
Excess tax benefits from share-based awards
|
|
|
|
|
|
|
|
Common stock:
|
|
|
|
|||
|
Issuances
|
|
|
|
|
|
|
|
Repurchases
|
(
|
)
|
|
(
|
)
|
|
|
Dividends
|
(
|
)
|
|
(
|
)
|
|
|
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
(
|
)
|
|
(
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
$
|
|
|
|
|
|
|
Summary of cash and cash equivalents:
|
|
|
|
|||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Supplemental disclosures of non-cash investing and financing activities:
|
|
|
|
|||
|
Lennar Homebuilding and Lennar Multifamily:
|
|
|
|
|||
|
Non-cash distributions from unconsolidated entities
|
$
|
|
|
|
|
|
|
Conversion of convertible senior notes to equity
|
$
|
|
|
|
|
|
|
Inventory acquired in satisfaction of other assets including investments available-for-sale
|
$
|
|
|
|
|
|
|
Non-cash sale of operating properties and equipment
|
$
|
|
|
|
(
|
)
|
|
Purchases of inventories and other assets financed by sellers
|
$
|
|
|
|
|
|
|
Non-cash contributions to unconsolidated entities
|
$
|
|
|
|
|
|
|
Rialto:
|
|
|
|
|||
|
Real estate owned acquired in satisfaction/partial satisfaction of loans receivable
|
$
|
|
|
|
|
|
|
Consolidation/deconsolidation of unconsolidated/consolidated entities, net:
|
|
|
|
|||
|
Inventories
|
$
|
|
|
|
|
|
|
Operating properties and equipment and other assets
|
$
|
|
|
|
(
|
)
|
|
Investments in unconsolidated entities
|
$
|
(
|
)
|
|
|
|
|
Liabilities related to consolidated inventory not owned
|
$
|
(
|
)
|
|
|
|
|
Other liabilities
|
$
|
|
|
|
|
|
|
Noncontrolling interests
|
$
|
(
|
)
|
|
|
|
|
(1)
|
|
|
|
Operating and Reporting Segments
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Homebuilding East
|
$
|
|
|
|
|
|
|
Homebuilding Central
|
|
|
|
|
|
|
|
Homebuilding West
|
|
|
|
|
|
|
|
Homebuilding Houston
|
|
|
|
|
|
|
|
Homebuilding Other
|
|
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
Corporate and unallocated
|
|
|
|
|
|
|
|
Total assets
|
$
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues:
|
|
|
|
|
|
|
|
|||||
|
Homebuilding East
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Central
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Houston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues (1)
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings (loss):
|
|
|
|
|
|
|
|
|||||
|
Homebuilding East
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Central
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Houston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Total operating earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
(3)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings of unconsolidated entities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
|
$
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(Dollars in thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Non-recourse bank debt and other debt (partner’s share of several recourse)
|
$
|
|
|
|
|
|
|
Non-recourse land seller debt and other debt
|
|
|
|
|
|
|
|
Non-recourse debt with completion guarantees
|
|
|
|
|
|
|
|
Non-recourse debt without completion guarantees
|
|
|
|
|
|
|
|
Non-recourse debt to the Company
|
|
|
|
|
|
|
|
The Company’s maximum recourse exposure (1)
|
|
|
|
|
|
|
|
Total debt
|
$
|
|
|
|
|
|
|
The Company’s maximum recourse exposure as a % of total JV debt
|
|
%
|
|
|
%
|
|
|
(1)
|
|
|
(4)
|
Stockholders' Equity
|
|
|
|
|
Stockholders’ Equity
|
|
|
|||||||||||||||||||
|
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|||||||||
|
Balance at November 30, 2015
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Employee stock and directors plans
|
|
|
|
|
|
|
—
|
|
|
|
|
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Conversions and exchanges of convertible senior notes to Class A common stock
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Tax benefit from employee stock plans, vesting of restricted stock and conversion of convertible senior notes
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Amortization of restricted stock
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Cash dividends
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
|
Receipts related to noncontrolling interests
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Payments related to noncontrolling interests
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
|
Non-cash distributions to noncontrolling interests
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
|
Non-cash consolidations, net
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Non-cash activity related to noncontrolling interests
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Other comprehensive income, net of tax
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Balance at May 31, 2016
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
|||||||||||||||||||
|
(In thousands)
|
Total
Equity
|
|
Class A
Common Stock |
|
Class B
Common Stock |
|
Additional
Paid - in Capital |
|
Treasury
Stock
|
|
Accumulated Other Comprehensive Income
|
|
Retained
Earnings
|
|
Noncontrolling
Interests
|
|||||||||
|
Balance at November 30, 2014
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Employee stock and directors plans
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Tax benefit from employee stock plans and vesting of restricted stock
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Amortization of restricted stock
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Cash dividends
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
—
|
|
|
|
Receipts related to noncontrolling interests
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
Payments related to noncontrolling interests
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
|
Non-cash deconsolidations, net
|
(
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(
|
)
|
|
|
Other comprehensive income, net of tax
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
Balance at May 31, 2015
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Provision for income taxes
|
$
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
Effective tax rate (1)
|
|
%
|
|
|
%
|
|
|
%
|
|
|
%
|
|
|
(1)
|
|
|
(6)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands, except per share amounts)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Numerator:
|
|
|
|
|
|
|
|
|||||
|
Net earnings attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: distributed earnings allocated to nonvested shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: undistributed earnings allocated to nonvested shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: net amount attributable to noncontrolling interests in Rialto's Carried Interest Incentive Plan (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: interest on 3.25% convertible senior notes due 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: undistributed earnings allocated to convertible shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: undistributed earnings reallocated to convertible shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator for diluted earnings per share
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|||||
|
Denominator for basic earnings per share - weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|||||
|
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible senior notes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings per share - weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
Lennar Financial Services Segment
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
|
|
|
Receivables, net (1)
|
|
|
|
|
|
|
|
Loans held-for-sale (2)
|
|
|
|
|
|
|
|
Loans held-for-investment, net
|
|
|
|
|
|
|
|
Investments held-to-maturity
|
|
|
|
|
|
|
|
Investments available-for-sale (3)
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
|
|
|
Other (4)
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|||
|
Notes and other debts payable
|
$
|
|
|
|
|
|
|
Other (5)
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(1)
|
Receivables, net primarily related to loans sold to investors for which the Company had not yet been paid as of
May 31, 2016
and
November 30, 2015
, respectively.
|
|
(2)
|
Loans held-for-sale related to unsold 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.
|
|
(4)
|
As of
May 31, 2016
and
November 30, 2015
, other assets included mortgage loan commitments carried at fair value of
$
|
|
(5)
|
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
|
364-day warehouse repurchase facility that matures August 2016 (1)
|
$
|
|
|
|
364-day warehouse repurchase facility that matures August 2016
|
|
|
|
|
364-day warehouse repurchase facility that matures October 2016 (2)
|
|
|
|
|
Total
|
$
|
|
|
|
(1)
|
Subsequent to
May 31, 2016
, the warehouse repurchase facility maturity date was extended to June 2017.
|
|
(2)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Loan origination liabilities, beginning of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments/settlements
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Loan origination liabilities, end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Segment
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Restricted cash (1)
|
|
|
|
|
|
|
|
Receivables, net (2)
|
|
|
|
|
|
|
|
Loans held-for-sale (3)
|
|
|
|
|
|
|
|
Loans receivable, net
|
|
|
|
|
|
|
|
Real estate owned - held-for-sale
|
|
|
|
|
|
|
|
Real estate owned - held-and-used, net
|
|
|
|
|
|
|
|
Investments in unconsolidated entities
|
|
|
|
|
|
|
|
Investments held-to-maturity
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|||
|
Notes and other debts payable
|
$
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(1)
|
Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
|
|
(2)
|
Receivables, net primarily relate to loans sold but not settled as of
November 30, 2015
.
|
|
(3)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Realized gains on REO sales, net
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on transfer of loans receivable to REO and impairments, net
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
REO and other expenses
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Rental and other income (loss) (1)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Rialto other expense, net
|
$
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(1)
|
Rental and other income (loss) for both the
three and six months ended May 31, 2016
, included a
$
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Nonaccrual loans: FDIC and Bank Portfolios
|
$
|
|
|
|
|
|
|
Accrual loans
|
|
|
|
|
|
|
|
Loans receivable, net
|
$
|
|
|
|
|
|
|
|
|
|
Recorded Investment
|
|
|
|||||||
|
(In thousands)
|
Unpaid
Principal Balance
|
|
With
Allowance
|
|
Without
Allowance
|
|
Total Recorded
Investment
|
|||||
|
Land
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Single family homes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded Investment
|
|
|
|||||||
|
(In thousands)
|
Unpaid
Principal Balance
|
|
With
Allowance
|
|
Without
Allowance
|
|
Total Recorded
Investment
|
|||||
|
Land
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Single family homes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans receivable
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Allowance on nonaccrual loans, beginning of the period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Allowance on nonaccrual loans, end of the period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
REO - held-for-sale, beginning of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Improvements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Impairments and unrealized losses
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Transfers from held-and-used, net (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REO - held-for-sale, end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
REO - held-and-used, net, beginning of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Improvements
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
Depreciation
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Transfers to held-for-sale (1)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
REO - held-and-used, net, end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
|
364-day warehouse repurchase facility that matures August 2016 (1)
|
$
|
|
|
|
364-day warehouse repurchase facility that matures October 2016 (one year extension) (1)
|
|
|
|
|
364-day warehouse repurchase facility that matures January 2017 (1)
|
|
|
|
|
Warehouse repurchase facility that matures December 2017 (1)
|
|
|
|
|
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2)
|
|
|
|
|
Total
|
$
|
|
|
|
(1)
|
RMF uses these facilities to finance its loan origination and securitization activities.
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
May 31,
2016 |
|
May 31,
2016 |
|
November 30,
2015 |
|||||||||||
|
(Dollars in thousands)
|
Inception Year
|
|
Equity Commitments
|
|
Equity Commitments Called
|
|
Commitment to Fund by the Company
|
|
Funds Contributed by the Company
|
|
Investment
|
|||||||||||||
|
Rialto Real Estate Fund, LP
|
2010
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
Rialto Real Estate Fund II, LP
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rialto Mezzanine Partners Fund, LP
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rialto Capital CMBS Funds
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rialto Real Estate Fund III
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rialto Credit Partnership, LP
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Rialto Real Estate Fund, LP
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Real Estate Fund II, LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Mezzanine Partners Fund, LP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Capital CMBS Funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Real Estate Fund III
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto Credit Partnership, LP
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Other investments
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto equity in earnings from unconsolidated entities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Loans receivable
|
|
|
|
|
|
|
|
Real estate owned
|
|
|
|
|
|
|
|
Investment securities
|
|
|
|
|
|
|
|
Investments in partnerships
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings of unconsolidated entities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto equity in earnings from unconsolidated entities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
Lennar Multifamily Segment
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Land under development
|
|
|
|
|
|
|
|
Consolidated inventory not
owned
|
|
|
|
|
|
|
|
Investments in unconsolidated entities
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
Liabilities related to consolidated inventory not owned
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
|
|
|
|
|
|
Operating properties and equipment
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) of unconsolidated entities
|
$
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1)
|
$
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(1)
|
|
|
(10)
|
|
|
(11)
|
|
|
(Dollars in thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Unsecured revolving credit facility
|
$
|
|
|
|
|
|
|
12.25% senior notes due 2017
|
|
|
|
|
|
|
|
4.75% senior notes due 2017
|
|
|
|
|
|
|
|
6.95% senior notes due 2018
|
|
|
|
|
|
|
|
4.125% senior notes due 2018
|
|
|
|
|
|
|
|
4.500% senior notes due 2019
|
|
|
|
|
|
|
|
4.50% senior notes due 2019
|
|
|
|
|
|
|
|
3.25% convertible senior notes due 2021
|
|
|
|
|
|
|
|
4.750% senior notes due 2021
|
|
|
|
|
|
|
|
4.750% senior notes due 2022
|
|
|
|
|
|
|
|
4.875% senior notes due 2023
|
|
|
|
|
|
|
|
4.750% senior notes due 2025
|
|
|
|
|
|
|
|
2.75% convertible senior notes due 2020
|
|
|
|
|
|
|
|
6.50% senior notes due 2016
|
|
|
|
|
|
|
|
Mortgage notes on land and other debt
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(12)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Warranty reserve, beginning of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Warranties issued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to pre-existing warranties from changes in estimates (1)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Payments
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Warranty reserve, end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
(13)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Nonvested shares
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total compensation expense for share-based awards
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
|
|
|
|
|
May 31, 2016
|
|
November 30, 2015
|
|||||||||
|
|
Fair Value
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|||||
|
(In thousands)
|
Hierarchy
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|||||
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|||||
|
Loans receivable, net
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments held-to-maturity
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services:
|
|
|
|
|
|
|
|
|
|
|||||
|
Loans held-for-investment, net
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments held-to-maturity
|
Level 2
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|||||
|
Lennar Homebuilding senior notes and other debts payable
|
Level 2
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto notes and other debts payable
|
Level 2
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services notes and other debts payable
|
Level 2
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Fair Value
Hierarchy
|
|
Fair Value at
May 31, 2016 |
|
Fair Value at
November 30, 2015 |
|||
|
Rialto Financial Assets:
|
|
|
|
|
|
|||
|
Loans held-for-sale (1)
|
Level 3
|
|
$
|
|
|
|
|
|
|
Credit default swaps (2)
|
Level 2
|
|
$
|
|
|
|
|
|
|
Rialto Financial Liabilities:
|
|
|
|
|
|
|||
|
Interest rate swaps and swap futures (3)
|
Level 1
|
|
$
|
|
|
|
|
|
|
Lennar Financial Services Assets (Liabilities):
|
|
|
|
|
|
|||
|
Loans held-for-sale (4)
|
Level 2
|
|
$
|
|
|
|
|
|
|
Investments available-for-sale
|
Level 1
|
|
$
|
|
|
|
|
|
|
Mortgage loan commitments
|
Level 2
|
|
$
|
|
|
|
|
|
|
Forward contracts
|
Level 2
|
|
$
|
(
|
)
|
|
|
|
|
Mortgage servicing rights
|
Level 3
|
|
$
|
|
|
|
|
|
|
(1)
|
The aggregate fair value of Rialto loans held-for-sale of
$
|
|
(2)
|
Rialto credit default swaps are included within Rialto's other assets.
|
|
(3)
|
Rialto interest rate swaps and swap futures are included within Rialto's other liabilities.
|
|
(4)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Changes in fair value included in Lennar Financial Services revenues:
|
|
|
|
|
|
|
|
|||||
|
Loans held-for-sale
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
Mortgage loan commitments
|
$
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
Forward contracts
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Investments available-for-sale
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value included in Rialto revenues:
|
|
|
|
|
|
|
|
|||||
|
Financial Assets:
|
|
|
|
|
|
|
|
|||||
|
Credit default swaps
|
$
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|||||
|
Interest rate swaps and swap futures
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value included in other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|||||
|
Lennar Financial Services investments available-for-sale
|
$
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
Three Months Ended May 31,
|
|||||||||||
|
|
2016
|
|
2015
|
|||||||||
|
|
Lennar Financial Services
|
|
Rialto
|
|
Lennar Financial Services
|
|
Rialto
|
|||||
|
(In thousands)
|
Mortgage servicing rights
|
|
Loans held-for-sale
|
|
Mortgage servicing rights
|
|
Loans held-for-sale
|
|||||
|
Beginning balance
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases/loan originations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales/loan originations sold, including those not settled
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Disposals/settlements
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Changes in fair value (1)
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Interest and principal paydowns
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Ending balance
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended May 31,
|
|||||||||||
|
|
2016
|
|
2015
|
|||||||||
|
|
Lennar Financial Services
|
|
Rialto
|
|
Lennar Financial Services
|
|
Rialto
|
|||||
|
(In thousands)
|
Mortgage servicing rights
|
|
Loans held-for-sale
|
|
Mortgage servicing rights
|
|
Loans held-for-sale
|
|||||
|
Beginning balance
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases/loan originations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales/loan originations sold, including those not settled
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Disposals/settlements
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Changes in fair value (1)
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Interest and principal paydowns
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Ending balance
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Changes in fair value for Rialto loans held-for-sale and Lennar Financial Services mortgage servicing rights are included in Rialto's and Lennar Financial Services' revenues, respectively.
|
|
|
|
|
Three Months Ended May 31,
|
|||||||||||||||||
|
|
|
|
2016
|
|
2015
|
|||||||||||||||
|
(In thousands)
|
Fair Value
Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Total Gains (Losses) (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total Gains (Losses) (1)
|
|||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Impaired loans receivable
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
Non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Finished homes and construction in progress (2)
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
Land and land under development (2)
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
REO - held-for-sale (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Upon acquisition/transfer
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
Upon management periodic valuations
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
REO - held-and-used, net (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Upon acquisition/transfer
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upon management periodic valuations
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended May 31,
|
|||||||||||||||||
|
|
|
|
2016
|
|
2015
|
|||||||||||||||
|
(In thousands)
|
Fair Value
Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Total Gains (Losses) (1)
|
|
Carrying Value
|
|
Fair Value
|
|
Total Gains (Losses) (1)
|
|||||||
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Impaired loans receivable
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
Non-financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Finished homes and construction in progress (2)
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
Land and land under development (2)
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
REO - held-for-sale (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Upon acquisition/transfer
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
Upon management periodic valuations
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
REO - held-and-used, net (4):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Upon acquisition/transfer
|
Level 3
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Upon management periodic valuations
|
Level 3
|
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
(1)
|
Represents losses due to valuation adjustments, write-offs, gains (losses) from transfers or acquisitions of real estate through foreclosure and REO impairments recorded during the
three and six months ended May 31, 2016
and
2015
.
|
|
(2)
|
Valuation adjustments were included in Lennar Homebuilding costs and expenses in the Company's condensed consolidated statement of operations for the
three and six months ended May 31, 2016
and
2015
.
|
|
(3)
|
REO held-for-sale assets are initially recorded at fair value less estimated costs to sell at the time of the transfer or acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-for-sale is based upon appraised value at the time of foreclosure or management's best estimate. In addition, management periodically performs valuations of its REO held-for-sale. The losses upon the transfer or acquisition of REO and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the
three and six months ended May 31, 2016
and
2015
.
|
|
(4)
|
REO held-and-used, net, assets are initially recorded at fair value at the time of acquisition through, or in lieu of, loan foreclosure. The fair value of REO held-and-used, net, is based upon the appraised value at the time of foreclosure or management’s best estimate. In addition, management periodically performs valuations of its REO held-and-used, net. The gains upon acquisition of REO held-and-used, net and impairments were included in Rialto other expense, net, in the Company’s condensed consolidated statement of operations for the
three and six months ended May 31, 2016
and
2015
.
|
|
|
Six Months Ended
|
||
|
|
May 31, 2015
|
||
|
Unobservable inputs
|
|
||
|
Average selling price
|
|
$
|
|
|
Absorption rate per quarter (homes)
|
|
|
|
|
Discount rate
|
|
%
|
|
|
(15)
|
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
Rialto
|
$
|
|
|
|
|
|
|
Lennar Multifamily
|
$
|
|
|
|
|
|
|
(In thousands)
|
Investments in
Unconsolidated VIEs
|
|
Lennar’s Maximum
Exposure to Loss
|
|||
|
Lennar Homebuilding (1)
|
$
|
|
|
|
|
|
|
Rialto (2)
|
|
|
|
|
|
|
|
Lennar Multifamily (3)
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(In thousands)
|
Investments in
Unconsolidated VIEs
|
|
Lennar’s Maximum
Exposure to Loss
|
|||
|
Lennar Homebuilding (1)
|
$
|
|
|
|
|
|
|
Rialto (2)
|
|
|
|
|
|
|
|
Lennar Multifamily (3)
|
|
|
|
|
|
|
|
|
$
|
|
|
|
|
|
|
(1)
|
At
May 31, 2016
, the maximum exposure to loss of Lennar Homebuilding’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs, except with regard to
$
|
|
(2)
|
At both
May 31, 2016
and
November 30, 2015
, the maximum recourse exposure to loss of Rialto’s investments in unconsolidated VIEs was limited to its investments in the unconsolidated VIEs. At
May 31, 2016
and
November 30, 2015
, investments in unconsolidated VIEs and Lennar’s maximum exposure to loss included
$
|
|
(3)
|
|
|
(16)
|
|
|
(17)
|
|
|
(18)
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total assets
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities related to consolidated inventory not owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes and other debts payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total liabilities and equity
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash and cash equivalents, restricted cash and receivables, net
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total assets
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||
|
Accounts payable and other liabilities
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities related to consolidated inventory not owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior notes and other debts payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total liabilities and equity
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Lennar Homebuilding other income (expense), net
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
Other interest expense
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Rialto equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto other expense, net
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Lennar Multifamily equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Equity in earnings from subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net unrealized gain on securities available-for-sale
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments for gains included in earnings, net of tax
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Other comprehensive income attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income attributable to noncontrolling interests
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Homebuilding equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Homebuilding other income (expense), net
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Other interest expense
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Rialto equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto other expense, net
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Lennar Multifamily equity in loss from unconsolidated entities
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Earnings (loss) before income taxes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Equity in earnings from subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net unrealized loss on securities available-for-sale
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
Reclassification adjustments for gains included in earnings, net of tax
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Other comprehensive income attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive earnings attributable to noncontrolling interests
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Lennar Homebuilding other income, net
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Other interest expense
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Rialto equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto other expense, net
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Lennar Multifamily equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Equity in earnings from subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net unrealized gain on securities available-for-sale
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments for gains included in earnings, net of tax
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Other comprehensive income attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income attributable to noncontrolling interests
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Total revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
|
Lennar Homebuilding
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Financial Services
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Rialto
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Lennar Homebuilding equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lennar Homebuilding other income (expense), net
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
Other interest expense
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Rialto equity in earnings from unconsolidated entities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rialto other expense, net
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Lennar Multifamily equity in loss from unconsolidated entities
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Earnings (loss) before income taxes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Equity in earnings from subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net unrealized gain on securities available-for-sale
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustments for gains included in earnings, net of tax
|
$
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
Other comprehensive income attributable to Lennar
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Other comprehensive earnings attributable to noncontrolling interests
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Investments in and contributions to unconsolidated entities, net of distributions of capital
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Proceeds from sales of real estate owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipts of principal payments on loans receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originations of loans receivable
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Purchases of commercial mortgage-backed securities bonds
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Other
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Distributions of capital from guarantor and non-guarantor subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Intercompany
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net borrowings under unsecured revolving credit facility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net repayments under warehouse facilities
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Proceeds from senior notes and debt issuance costs
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
Redemption of senior notes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Conversions and exchanges of convertible senior notes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Principal payments on Rialto notes payable
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Net repayments on other borrowings
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Net payments related to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Excess tax benefits from share-based awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
|
Issuances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Dividends
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Net decrease in cash and cash equivalents
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
Lennar
Corporation
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating Adjustments
|
|
Total
|
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net earnings (including net earnings attributable to noncontrolling interests)
|
$
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
Distributions of earnings from guarantor and non-guarantor subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Other adjustments to reconcile net earnings (including net earnings attributable to noncontrolling interests) to net cash provided by (used in) operating activities
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Proceeds from sale of operating properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in and contributions to unconsolidated entities, net of distributions of capital
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Proceeds from sales of real estate owned
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipts of principal payments on loans receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Distribution of capital from guarantor and non-guarantor subsidiaries
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Intercompany
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||
|
Net borrowings under unsecured revolving credit facility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings under warehouse facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from senior notes and debt issuance costs
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
Redemption of senior notes
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Principal repayments on Rialto notes payable including structured notes
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Net proceeds (repayments) on other borrowings
|
|
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Net payments related to noncontrolling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Excess tax benefit from share-based awards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock:
|
|
|
|
|
|
|
|
|
|
||||||
|
Issuances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
Dividends
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Intercompany
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Lennar Homebuilding revenues:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
$
|
2,429,568
|
|
|
2,081,113
|
|
|
4,184,259
|
|
|
3,484,681
|
|
|
Sales of land
|
21,317
|
|
|
34,699
|
|
|
53,107
|
|
|
72,789
|
|
|
|
Total Lennar Homebuilding revenues
|
2,450,885
|
|
|
2,115,812
|
|
|
4,237,366
|
|
|
3,557,470
|
|
|
|
Lennar Homebuilding costs and expenses:
|
|
|
|
|
|
|
|
|||||
|
Costs of homes sold
|
1,868,045
|
|
|
1,585,259
|
|
|
3,223,790
|
|
|
2,664,055
|
|
|
|
Costs of land sold
|
19,468
|
|
|
31,204
|
|
|
42,080
|
|
|
57,229
|
|
|
|
Selling, general and administrative
|
224,775
|
|
|
209,019
|
|
|
414,623
|
|
|
369,373
|
|
|
|
Total Lennar Homebuilding costs and expenses
|
2,112,288
|
|
|
1,825,482
|
|
|
3,680,493
|
|
|
3,090,657
|
|
|
|
Lennar Homebuilding operating margins
|
338,597
|
|
|
290,330
|
|
|
556,873
|
|
|
466,813
|
|
|
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities
|
(9,633
|
)
|
|
6,494
|
|
|
(6,633
|
)
|
|
35,393
|
|
|
|
Lennar Homebuilding other income (expense), net
|
14,925
|
|
|
(217
|
)
|
|
15,444
|
|
|
6,116
|
|
|
|
Other interest expense
|
(1,193
|
)
|
|
(3,818
|
)
|
|
(2,350
|
)
|
|
(7,889
|
)
|
|
|
Lennar Homebuilding operating earnings
|
342,696
|
|
|
292,789
|
|
|
563,334
|
|
|
500,433
|
|
|
|
Lennar Financial Services revenues
|
175,940
|
|
|
169,885
|
|
|
299,896
|
|
|
294,712
|
|
|
|
Lennar Financial Services costs and expenses
|
131,852
|
|
|
130,832
|
|
|
240,877
|
|
|
240,132
|
|
|
|
Lennar Financial Services operating earnings
|
44,088
|
|
|
39,053
|
|
|
59,019
|
|
|
54,580
|
|
|
|
Rialto revenues
|
44,838
|
|
|
67,931
|
|
|
88,549
|
|
|
109,128
|
|
|
|
Rialto costs and expenses
|
50,203
|
|
|
67,506
|
|
|
93,110
|
|
|
108,287
|
|
|
|
Rialto equity in earnings from unconsolidated entities
|
6,864
|
|
|
7,328
|
|
|
8,361
|
|
|
9,992
|
|
|
|
Rialto other expense, net
|
(19,585
|
)
|
|
(872
|
)
|
|
(20,276
|
)
|
|
(1,144
|
)
|
|
|
Rialto operating earnings (loss)
|
(18,086
|
)
|
|
6,881
|
|
|
(16,476
|
)
|
|
9,689
|
|
|
|
Lennar Multifamily revenues
|
74,152
|
|
|
38,976
|
|
|
113,668
|
|
|
75,433
|
|
|
|
Lennar Multifamily costs and expenses
|
73,217
|
|
|
47,260
|
|
|
120,237
|
|
|
89,221
|
|
|
|
Lennar Multifamily equity in earnings (loss) from unconsolidated entities
|
14,008
|
|
|
(422
|
)
|
|
33,694
|
|
|
(600
|
)
|
|
|
Lennar Multifamily operating earnings (loss)
|
14,943
|
|
|
(8,706
|
)
|
|
27,125
|
|
|
(14,388
|
)
|
|
|
Total operating earnings
|
383,641
|
|
|
330,017
|
|
|
633,002
|
|
|
550,314
|
|
|
|
Corporate general and administrative expenses
|
(55,802
|
)
|
|
(50,207
|
)
|
|
(103,470
|
)
|
|
(93,861
|
)
|
|
|
Earnings before income taxes
|
$
|
327,839
|
|
|
279,810
|
|
|
529,532
|
|
|
456,453
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Homebuilding revenues:
|
|
|
|
|
|
|
|
|||||
|
East:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
$
|
953,350
|
|
|
831,449
|
|
|
1,600,137
|
|
|
1,418,497
|
|
|
Sales of land
|
948
|
|
|
6,786
|
|
|
13,215
|
|
|
30,421
|
|
|
|
Total East
|
954,298
|
|
|
838,235
|
|
|
1,613,352
|
|
|
1,448,918
|
|
|
|
Central:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
409,028
|
|
|
301,338
|
|
|
679,072
|
|
|
506,078
|
|
|
|
Sales of land
|
10,283
|
|
|
1,171
|
|
|
15,458
|
|
|
6,939
|
|
|
|
Total Central
|
419,311
|
|
|
302,509
|
|
|
694,530
|
|
|
513,017
|
|
|
|
West:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
718,029
|
|
|
608,301
|
|
|
1,264,458
|
|
|
990,961
|
|
|
|
Sales of land
|
30
|
|
|
19,060
|
|
|
4,940
|
|
|
19,173
|
|
|
|
Total West
|
718,059
|
|
|
627,361
|
|
|
1,269,398
|
|
|
1,010,134
|
|
|
|
Houston:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
182,328
|
|
|
182,633
|
|
|
312,721
|
|
|
307,563
|
|
|
|
Sales of land
|
7,348
|
|
|
7,014
|
|
|
15,576
|
|
|
13,341
|
|
|
|
Total Houston
|
189,676
|
|
|
189,647
|
|
|
328,297
|
|
|
320,904
|
|
|
|
Other:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
166,833
|
|
|
157,391
|
|
|
327,871
|
|
|
261,581
|
|
|
|
Sales of land
|
2,708
|
|
|
669
|
|
|
3,918
|
|
|
2,916
|
|
|
|
Total Other
|
169,541
|
|
|
158,060
|
|
|
331,789
|
|
|
264,497
|
|
|
|
Total homebuilding revenues
|
$
|
2,450,885
|
|
|
2,115,812
|
|
|
4,237,366
|
|
|
3,557,470
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Operating earnings:
|
|
|
|
|
|
|
|
|||||
|
East:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
$
|
139,432
|
|
|
134,754
|
|
|
217,937
|
|
|
217,228
|
|
|
Sales of land
|
(152
|
)
|
|
665
|
|
|
6,089
|
|
|
7,991
|
|
|
|
Equity in earnings (loss) from unconsolidated entities
|
(154
|
)
|
|
263
|
|
|
(124
|
)
|
|
202
|
|
|
|
Other income (expense), net (1)
|
4,583
|
|
|
(2,894
|
)
|
|
5,264
|
|
|
(4,019
|
)
|
|
|
Other interest expense
|
(771
|
)
|
|
(1,222
|
)
|
|
(1,522
|
)
|
|
(3,303
|
)
|
|
|
Total East
|
142,938
|
|
|
131,566
|
|
|
227,644
|
|
|
218,099
|
|
|
|
Central:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
46,617
|
|
|
30,485
|
|
|
67,722
|
|
|
46,234
|
|
|
|
Sales of land
|
(89
|
)
|
|
214
|
|
|
(107
|
)
|
|
1,611
|
|
|
|
Equity in earnings from unconsolidated entities
|
—
|
|
|
16
|
|
|
42
|
|
|
55
|
|
|
|
Other income (expense), net
|
(708
|
)
|
|
660
|
|
|
(1,377
|
)
|
|
(904
|
)
|
|
|
Other interest expense
|
(141
|
)
|
|
(660
|
)
|
|
(278
|
)
|
|
(1,229
|
)
|
|
|
Total Central
|
45,679
|
|
|
30,715
|
|
|
66,002
|
|
|
45,767
|
|
|
|
West:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
114,452
|
|
|
95,129
|
|
|
199,080
|
|
|
142,912
|
|
|
|
Sales of land
|
(41
|
)
|
|
620
|
|
|
946
|
|
|
312
|
|
|
|
Equity in earnings (loss) from unconsolidated entities (2)
|
(9,733
|
)
|
|
6,121
|
|
|
(6,862
|
)
|
|
34,947
|
|
|
|
Other income, net
|
9,410
|
|
|
1,863
|
|
|
10,027
|
|
|
9,069
|
|
|
|
Other interest expense
|
(281
|
)
|
|
(1,401
|
)
|
|
(550
|
)
|
|
(2,415
|
)
|
|
|
Total West
|
113,807
|
|
|
102,332
|
|
|
202,641
|
|
|
184,825
|
|
|
|
Houston:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
21,006
|
|
|
21,080
|
|
|
32,647
|
|
|
34,826
|
|
|
|
Sales of land
|
1,485
|
|
|
2,074
|
|
|
3,022
|
|
|
4,017
|
|
|
|
Equity in earnings (loss) from unconsolidated entities
|
1
|
|
|
(2
|
)
|
|
2
|
|
|
10
|
|
|
|
Other income (expense), net
|
591
|
|
|
(225
|
)
|
|
284
|
|
|
1,224
|
|
|
|
Other interest expense
|
—
|
|
|
(189
|
)
|
|
—
|
|
|
(324
|
)
|
|
|
Total Houston
|
23,083
|
|
|
22,738
|
|
|
35,955
|
|
|
39,753
|
|
|
|
Other:
|
|
|
|
|
|
|
|
|||||
|
Sales of homes
|
15,241
|
|
|
5,387
|
|
|
28,460
|
|
|
10,053
|
|
|
|
Sales of land
|
646
|
|
|
(78
|
)
|
|
1,077
|
|
|
1,629
|
|
|
|
Equity in earnings from unconsolidated entities
|
253
|
|
|
96
|
|
|
309
|
|
|
179
|
|
|
|
Other income, net
|
1,049
|
|
|
379
|
|
|
1,246
|
|
|
746
|
|
|
|
Other interest expense
|
—
|
|
|
(346
|
)
|
|
—
|
|
|
(618
|
)
|
|
|
Total Other
|
17,189
|
|
|
5,438
|
|
|
31,092
|
|
|
11,989
|
|
|
|
Total homebuilding operating earnings
|
$
|
342,696
|
|
|
292,789
|
|
|
563,334
|
|
|
500,433
|
|
|
(1)
|
Other expense, net for the
three and six months ended May 31, 2015
primarily related to a loss on a strategic sale of an operating property from one of our consolidated joint ventures, partially offset by noncontrolling interests.
|
|
(2)
|
Lennar Homebuilding equity in loss for the
three and six months ended May 31, 2016
was primarily attributable to our share of costs associated with the FivePoint combination. This was partially offset by
$6.7 million
and
$12.7 million
, respectively, of equity in earnings from one of our unconsolidated entities primarily due to sales of homesites to third parties. Lennar Homebuilding equity in earnings from unconsolidated entities for the
three and six months ended May 31, 2015
, included
$11.6 million
and
$43.0 million
, respectively, of equity in earnings from one of our unconsolidated entities primarily due to the sale of a commercial property and homesites to third parties, partially offset by our share of net operating losses from various unconsolidated entities.
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
3,032
|
|
|
2,708
|
|
|
$
|
953,671
|
|
|
833,146
|
|
|
$
|
315,000
|
|
|
308,000
|
|
|
Central
|
1,217
|
|
|
951
|
|
|
409,027
|
|
|
301,339
|
|
|
336,000
|
|
|
317,000
|
|
||
|
West
|
1,503
|
|
|
1,353
|
|
|
727,384
|
|
|
624,042
|
|
|
484,000
|
|
|
461,000
|
|
||
|
Houston
|
613
|
|
|
636
|
|
|
182,328
|
|
|
182,633
|
|
|
297,000
|
|
|
287,000
|
|
||
|
Other
|
359
|
|
|
367
|
|
|
166,833
|
|
|
157,391
|
|
|
465,000
|
|
|
429,000
|
|
||
|
Total
|
6,724
|
|
|
6,015
|
|
|
$
|
2,439,243
|
|
|
2,098,551
|
|
|
$
|
363,000
|
|
|
349,000
|
|
|
|
Six Months Ended
|
||||||||||||||||||
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
5,096
|
|
|
4,694
|
|
|
$
|
1,601,426
|
|
|
1,420,464
|
|
|
$
|
314,000
|
|
|
303,000
|
|
|
Central
|
2,041
|
|
|
1,632
|
|
|
679,072
|
|
|
506,079
|
|
|
333,000
|
|
|
310,000
|
|
||
|
West
|
2,671
|
|
|
2,279
|
|
|
1,286,918
|
|
|
1,006,702
|
|
|
482,000
|
|
|
442,000
|
|
||
|
Houston
|
1,070
|
|
|
1,097
|
|
|
312,721
|
|
|
307,563
|
|
|
292,000
|
|
|
280,000
|
|
||
|
Other
|
678
|
|
|
615
|
|
|
327,870
|
|
|
261,581
|
|
|
484,000
|
|
|
425,000
|
|
||
|
Total
|
11,556
|
|
|
10,317
|
|
|
$
|
4,208,007
|
|
|
3,502,389
|
|
|
$
|
364,000
|
|
|
339,000
|
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Sales Incentives
(In thousands)
|
|
Average Sales Incentives Per
Home Delivered
|
|
Sales Incentives
as a % of Revenue
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
$
|
67,305
|
|
|
62,041
|
|
|
$
|
22,200
|
|
|
23,000
|
|
|
6.6
|
%
|
|
6.9
|
%
|
|
Central
|
25,121
|
|
|
21,772
|
|
|
20,600
|
|
|
22,900
|
|
|
5.8
|
%
|
|
6.7
|
%
|
||
|
West
|
25,518
|
|
|
20,405
|
|
|
17,100
|
|
|
15,300
|
|
|
3.4
|
%
|
|
3.2
|
%
|
||
|
Houston
|
21,482
|
|
|
17,023
|
|
|
35,000
|
|
|
26,800
|
|
|
10.5
|
%
|
|
8.5
|
%
|
||
|
Other
|
6,722
|
|
|
7,606
|
|
|
18,700
|
|
|
20,700
|
|
|
3.9
|
%
|
|
4.6
|
%
|
||
|
Total
|
$
|
146,148
|
|
|
128,847
|
|
|
$
|
21,800
|
|
|
21,500
|
|
|
5.7
|
%
|
|
5.8
|
%
|
|
|
Six Months Ended
|
||||||||||||||||||
|
|
Sales Incentives
(In thousands)
|
|
Average Sales Incentives Per
Home Delivered
|
|
Sales Incentives
as a % of Revenue
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
$
|
111,353
|
|
|
109,108
|
|
|
$
|
21,900
|
|
|
23,300
|
|
|
6.5
|
%
|
|
7.1
|
%
|
|
Central
|
43,704
|
|
|
38,073
|
|
|
21,400
|
|
|
23,300
|
|
|
6.0
|
%
|
|
7.0
|
%
|
||
|
West
|
43,986
|
|
|
36,061
|
|
|
16,700
|
|
|
16,000
|
|
|
3.4
|
%
|
|
3.5
|
%
|
||
|
Houston
|
36,907
|
|
|
27,360
|
|
|
34,500
|
|
|
24,900
|
|
|
10.6
|
%
|
|
8.2
|
%
|
||
|
Other
|
13,888
|
|
|
11,885
|
|
|
20,500
|
|
|
19,300
|
|
|
4.1
|
%
|
|
4.3
|
%
|
||
|
Total
|
$
|
249,838
|
|
|
222,487
|
|
|
$
|
21,700
|
|
|
21,600
|
|
|
5.6
|
%
|
|
6.0
|
%
|
|
(1)
|
Sales incentives relate to home deliveries during the period, excluding deliveries by unconsolidated entities.
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
3,568
|
|
|
3,179
|
|
|
$
|
1,109,894
|
|
|
982,831
|
|
|
$
|
311,000
|
|
|
309,000
|
|
|
Central
|
1,489
|
|
|
1,217
|
|
|
516,765
|
|
|
398,694
|
|
|
347,000
|
|
|
328,000
|
|
||
|
West
|
1,781
|
|
|
1,756
|
|
|
834,570
|
|
|
818,981
|
|
|
469,000
|
|
|
466,000
|
|
||
|
Houston (3)
|
651
|
|
|
684
|
|
|
199,262
|
|
|
203,386
|
|
|
306,000
|
|
|
297,000
|
|
||
|
Other
|
473
|
|
|
435
|
|
|
221,393
|
|
|
185,542
|
|
|
468,000
|
|
|
427,000
|
|
||
|
Total
|
7,962
|
|
|
7,271
|
|
|
$
|
2,881,884
|
|
|
2,589,434
|
|
|
$
|
362,000
|
|
|
356,000
|
|
|
|
Six Months Ended
|
||||||||||||||||||
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East
|
6,096
|
|
|
5,509
|
|
|
$
|
1,907,942
|
|
|
1,708,851
|
|
|
$
|
313,000
|
|
|
310,000
|
|
|
Central
|
2,617
|
|
|
2,129
|
|
|
901,450
|
|
|
685,369
|
|
|
344,000
|
|
|
322,000
|
|
||
|
West
|
3,071
|
|
|
2,946
|
|
|
1,458,418
|
|
|
1,346,565
|
|
|
475,000
|
|
|
457,000
|
|
||
|
Houston (3)
|
1,153
|
|
|
1,204
|
|
|
344,748
|
|
|
349,109
|
|
|
299,000
|
|
|
290,000
|
|
||
|
Other
|
819
|
|
|
770
|
|
|
377,195
|
|
|
328,321
|
|
|
461,000
|
|
|
426,000
|
|
||
|
Total
|
13,756
|
|
|
12,558
|
|
|
$
|
4,989,753
|
|
|
4,418,215
|
|
|
$
|
363,000
|
|
|
352,000
|
|
|
(2)
|
New orders represent the number of new sales contracts executed with homebuyers, net of cancellations, during the
three and six months ended May 31, 2016
and
2015
.
|
|
(3)
|
The decrease in new orders in Homebuilding Houston was primarily due to less demand driven by volatility in the energy sector during both the
three and six months ended May 31, 2016
and
2015
.
|
|
|
Homes
|
|
Dollar Value (In thousands)
|
|
Average Sales Price
|
||||||||||||||
|
|
May 31,
|
|
May 31,
|
|
May 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
East (4)
|
3,963
|
|
|
3,603
|
|
|
$
|
1,287,728
|
|
|
1,173,900
|
|
|
$
|
325,000
|
|
|
326,000
|
|
|
Central
|
1,946
|
|
|
1,458
|
|
|
699,991
|
|
|
490,007
|
|
|
360,000
|
|
|
336,000
|
|
||
|
West
|
1,754
|
|
|
1,658
|
|
|
843,871
|
|
|
777,451
|
|
|
481,000
|
|
|
469,000
|
|
||
|
Houston
|
781
|
|
|
937
|
|
|
240,079
|
|
|
267,415
|
|
|
307,000
|
|
|
285,000
|
|
||
|
Other (5)
|
570
|
|
|
417
|
|
|
264,101
|
|
|
180,390
|
|
|
463,000
|
|
|
433,000
|
|
||
|
Total
|
9,014
|
|
|
8,073
|
|
|
$
|
3,335,770
|
|
|
2,889,163
|
|
|
$
|
370,000
|
|
|
358,000
|
|
|
(4)
|
During the
six months ended May 31, 2016
, we acquired 111 homes in backlog.
|
|
(5)
|
During the
six months ended May 31, 2016
, we acquired 57 homes in backlog.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
May 31,
|
|
May 31,
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
|
East
|
12
|
%
|
|
15
|
%
|
|
13
|
%
|
|
15
|
%
|
|
Central
|
16
|
%
|
|
18
|
%
|
|
16
|
%
|
|
17
|
%
|
|
West
|
13
|
%
|
|
11
|
%
|
|
13
|
%
|
|
12
|
%
|
|
Houston (1)
|
21
|
%
|
|
24
|
%
|
|
22
|
%
|
|
25
|
%
|
|
Other
|
8
|
%
|
|
10
|
%
|
|
9
|
%
|
|
11
|
%
|
|
Total
|
14
|
%
|
|
15
|
%
|
|
14
|
%
|
|
16
|
%
|
|
(1)
|
The cancellation rate in Homebuilding Houston remained higher than historical cancellation rates due to volatility in the energy sector.
|
|
|
May 31,
|
||||
|
|
2016
|
|
2015
|
||
|
East
|
293
|
|
|
291
|
|
|
Central
|
136
|
|
|
130
|
|
|
West
|
128
|
|
|
117
|
|
|
Houston
|
81
|
|
|
74
|
|
|
Other
|
54
|
|
|
55
|
|
|
Total
|
692
|
|
|
667
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||||||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||||||||||||
|
East:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Sales of homes
|
$
|
953,350
|
|
|
|
|
831,449
|
|
|
|
|
1,600,137
|
|
|
|
|
1,418,497
|
|
|
|
||
|
Costs of homes sold
|
721,121
|
|
|
|
|
612,011
|
|
|
|
|
1,214,516
|
|
|
|
|
1,049,315
|
|
|
|
|||
|
Gross margins on home sales
|
232,229
|
|
|
24.4%
|
|
219,438
|
|
|
26.4%
|
|
385,621
|
|
|
24.1
|
%
|
|
369,182
|
|
|
26.0
|
%
|
|
|
Central:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Sales of homes
|
409,028
|
|
|
|
|
301,338
|
|
|
|
|
679,072
|
|
|
|
|
506,078
|
|
|
|
|||
|
Costs of homes sold
|
326,478
|
|
|
|
|
238,388
|
|
|
|
|
544,772
|
|
|
|
|
403,215
|
|
|
|
|||
|
Gross margins on home sales
|
82,550
|
|
|
20.2%
|
|
62,950
|
|
|
20.9%
|
|
134,300
|
|
|
19.8
|
%
|
|
102,863
|
|
|
20.3
|
%
|
|
|
West:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Sales of homes
|
718,029
|
|
|
|
|
608,301
|
|
|
|
|
1,264,458
|
|
|
|
|
990,961
|
|
|
|
|||
|
Costs of homes sold
|
546,428
|
|
|
|
|
459,781
|
|
|
|
|
959,254
|
|
|
|
|
754,267
|
|
|
|
|||
|
Gross margins on home sales
|
171,601
|
|
|
23.9%
|
|
148,520
|
|
|
24.4%
|
|
305,204
|
|
|
24.1
|
%
|
|
236,694
|
|
|
23.9
|
%
|
|
|
Houston:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Sales of homes
|
182,328
|
|
|
|
|
182,633
|
|
|
|
|
312,721
|
|
|
|
|
307,563
|
|
|
|
|||
|
Costs of homes sold
|
142,032
|
|
|
|
|
141,822
|
|
|
|
|
245,900
|
|
|
|
|
238,749
|
|
|
|
|||
|
Gross margins on home sales
|
40,296
|
|
|
22.1%
|
|
40,811
|
|
|
22.3%
|
|
66,821
|
|
|
21.4
|
%
|
|
68,814
|
|
|
22.4
|
%
|
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Sales of homes
|
166,833
|
|
|
|
|
157,391
|
|
|
|
|
327,871
|
|
|
|
|
261,581
|
|
|
|
|||
|
Costs of homes sold
|
131,986
|
|
|
|
|
133,256
|
|
|
|
|
259,348
|
|
|
|
|
218,508
|
|
|
|
|||
|
Gross margins on home sales
|
34,847
|
|
|
20.9%
|
|
24,135
|
|
|
15.3%
|
|
68,523
|
|
|
20.9
|
%
|
|
43,073
|
|
|
16.5
|
%
|
|
|
Total gross margins on home sales
|
$
|
561,523
|
|
|
23.1%
|
|
495,854
|
|
|
23.8%
|
|
960,469
|
|
|
23.0
|
%
|
|
820,626
|
|
|
23.5
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues
|
$
|
175,940
|
|
|
169,885
|
|
|
299,896
|
|
|
294,712
|
|
|
Costs and expenses
|
131,852
|
|
|
130,832
|
|
|
240,877
|
|
|
240,132
|
|
|
|
Operating earnings
|
$
|
44,088
|
|
|
39,053
|
|
|
59,019
|
|
|
54,580
|
|
|
Dollar value of mortgages originated
|
$
|
2,355,000
|
|
|
2,402,000
|
|
|
4,019,000
|
|
|
4,030,000
|
|
|
Number of mortgages originated
|
8,500
|
|
|
8,800
|
|
|
14,600
|
|
|
15,000
|
|
|
|
Mortgage capture rate of Lennar homebuyers
|
83
|
%
|
|
82
|
%
|
|
82
|
%
|
|
81
|
%
|
|
|
Number of title and closing service transactions
|
29,400
|
|
|
30,700
|
|
|
51,800
|
|
|
53,400
|
|
|
|
Number of title policies issued
|
71,300
|
|
|
62,600
|
|
|
132,600
|
|
|
119,500
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Revenues
|
$
|
44,838
|
|
|
67,931
|
|
|
88,549
|
|
|
109,128
|
|
|
Costs and expenses (1)
|
50,203
|
|
|
67,506
|
|
|
93,110
|
|
|
108,287
|
|
|
|
Rialto equity in earnings from unconsolidated entities
|
6,864
|
|
|
7,328
|
|
|
8,361
|
|
|
9,992
|
|
|
|
Rialto other expense, net
|
(19,585
|
)
|
|
(872
|
)
|
|
(20,276
|
)
|
|
(1,144
|
)
|
|
|
Operating earnings (loss) (2)
|
$
|
(18,086
|
)
|
|
6,881
|
|
|
(16,476
|
)
|
|
9,689
|
|
|
(1)
|
Costs and expenses included loan impairments of
$4.4 million
and
$6.7 million
for the
three and six months ended May 31, 2016
, respectively, and
$1.6 million
and
$2.8 million
for the
three and six months ended May 31, 2015
, respectively, primarily associated with the segment's FDIC loans portfolio (before noncontrolling interests).
|
|
(2)
|
Operating loss for the
three and six months ended May 31, 2016
included net loss attributable to noncontrolling interests of
$4.3 million
and
$4.6 million
, respectively. Operating earnings for the
three and six months ended May 31, 2015
included net loss attributable to noncontrolling interests of
$0.7 million
and
$2.5 million
, respectively.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||
|
|
May 31,
|
|
May 31,
|
|||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|||||
|
Realized gains on REO sales, net
|
$
|
5,492
|
|
|
4,544
|
|
|
9,238
|
|
|
7,674
|
|
|
Unrealized losses on transfer of loans receivable to REO and impairments, net
|
(5,396
|
)
|
|
(2,212
|
)
|
|
(5,549
|
)
|
|
(4,768
|
)
|
|
|
REO and other expenses
|
(12,123
|
)
|
|
(15,167
|
)
|
|
(26,958
|
)
|
|
(28,409
|
)
|
|
|
Rental and other income (loss) (1)
|
(7,558
|
)
|
|
11,963
|
|
|
2,993
|
|
|
24,359
|
|
|
|
Rialto other expense, net
|
$
|
(19,585
|
)
|
|
(872
|
)
|
|
(20,276
|
)
|
|
(1,144
|
)
|
|
(1)
|
Rental and other income (loss) for both the
three and six months ended May 31, 2016
, included a
$16.0 million
write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. The hospital is managed by a third-party management company.
|
|
Private Equity Vehicle
|
Inception Year
|
Commitment
|
|
Rialto Real Estate Fund, LP
|
2010
|
$700 million (including $75 million by us)
|
|
Rialto Real Estate Fund II, LP
|
2012
|
$1.3 billion (including $100 million by us)
|
|
Rialto Mezzanine Partners Fund, LP
|
2013
|
$300 million (including $34 million by us)
|
|
Rialto Capital CMBS Funds
|
2014
|
$112 million (including $47 million by us)
|
|
Rialto Real Estate Fund III
|
2015
|
$818 million (including $100 million by us)
|
|
Rialto Credit Partnership, LP
|
2016
|
$220 million (including $20 million by us)
|
|
(Dollars in thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|
May 31,
2015 |
||||
|
Lennar Homebuilding debt
|
$
|
5,316,235
|
|
|
5,025,130
|
|
|
5,263,221
|
|
|
Stockholders’ equity
|
6,118,366
|
|
|
5,648,944
|
|
|
5,138,738
|
|
|
|
Total capital
|
$
|
11,434,601
|
|
|
10,674,074
|
|
|
10,401,959
|
|
|
Lennar Homebuilding debt to total capital
|
46.5
|
%
|
|
47.1
|
%
|
|
50.6
|
%
|
|
|
Lennar Homebuilding debt
|
$
|
5,316,235
|
|
|
5,025,130
|
|
|
5,263,221
|
|
|
Less: Lennar Homebuilding cash and cash equivalents
|
601,192
|
|
|
893,408
|
|
|
638,992
|
|
|
|
Net Lennar Homebuilding debt
|
$
|
4,715,043
|
|
|
4,131,722
|
|
|
4,624,229
|
|
|
Net Lennar Homebuilding debt to total capital (1)
|
43.5
|
%
|
|
42.2
|
%
|
|
47.4
|
%
|
|
|
(1)
|
Net Lennar Homebuilding debt to total capital is a non-GAAP financial measure defined as net Lennar Homebuilding debt (Lennar Homebuilding debt less Lennar Homebuilding cash and cash equivalents) divided by total capital (net Lennar Homebuilding debt plus stockholders' equity). We believe the ratio of net Lennar Homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in our Lennar Homebuilding operations. However, because net Lennar 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 our GAAP results.
|
|
(Dollars in thousands)
|
Covenant Level
|
|
Level Achieved as of May 31, 2016
|
|||
|
Minimum net worth test
|
$
|
2,770,824
|
|
|
4,947,459
|
|
|
Maximum leverage ratio
|
65.0
|
%
|
|
47.0
|
%
|
|
|
Liquidity test (1)
|
1.00
|
|
|
2.22
|
|
|
|
(1)
|
We are only required to maintain either (1) liquidity in an amount equal to or greater than 1.00x consolidated interest incurred for the last twelve months then ended or (2) an interest coverage ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. Although we are in compliance with our debt covenants for both calculations, we have only disclosed our liquidity test.
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
|
364-day warehouse repurchase facility that matures August 2016 (1)
|
$
|
600,000
|
|
|
364-day warehouse repurchase facility that matures August 2016
|
300,000
|
|
|
|
364-day warehouse repurchase facility that matures October 2016 (2)
|
450,000
|
|
|
|
Total
|
$
|
1,350,000
|
|
|
(1)
|
Subsequent to
May 31, 2016
, the warehouse repurchase facility maturity date was extended to June 2017.
|
|
(2)
|
Maximum aggregate commitment includes an uncommitted amount of
$250 million
.
|
|
(In thousands)
|
Maximum Aggregate Commitment
|
||
|
364-day warehouse repurchase facility that matures August 2016 (1)
|
$
|
250,000
|
|
|
364-day warehouse repurchase facility that matures October 2016 (one year extension) (1)
|
400,000
|
|
|
|
364-day warehouse repurchase facility that matures January 2017 (1)
|
250,000
|
|
|
|
Warehouse repurchase facility that matures December 2017 (1)
|
100,000
|
|
|
|
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2)
|
100,000
|
|
|
|
Total
|
$
|
1,100,000
|
|
|
(1)
|
RMF uses these facilities to finance its loan origination and securitization activities.
|
|
(2)
|
In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were
$53.8 million
and
$36.3 million
as of
May 31, 2016
and
November 30, 2015
, respectively.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
|
May 31,
|
|
May 31,
|
||||||||||
|
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
Revenues
|
$
|
208,636
|
|
|
180,790
|
|
|
308,362
|
|
|
623,747
|
|
|
|
Costs and expenses
|
201,370
|
|
|
154,139
|
|
|
298,570
|
|
|
453,018
|
|
||
|
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,943
|
|
||
|
Net earnings of unconsolidated entities
|
$
|
7,266
|
|
|
26,651
|
|
|
9,792
|
|
|
173,672
|
|
|
|
Our share of net earnings (loss) (1)
|
$
|
(3,278
|
)
|
|
6,433
|
|
|
(3,302
|
)
|
|
45,930
|
|
|
|
Lennar Homebuilding equity in earnings (loss) from unconsolidated entities (2)
|
$
|
(9,633
|
)
|
|
6,494
|
|
|
(6,633
|
)
|
|
35,393
|
|
|
|
Our cumulative share of net earnings - deferred at May 31, 2016 and 2015, respectively
|
|
|
|
|
$
|
46,842
|
|
|
23,173
|
|
|||
|
Our investments in unconsolidated entities
|
|
|
|
|
$
|
785,883
|
|
|
688,467
|
|
|||
|
Equity of the unconsolidated entities
|
|
|
|
|
$
|
3,235,415
|
|
|
2,371,233
|
|
|||
|
Our investment % in the unconsolidated entities (3)
|
|
|
|
|
24
|
%
|
|
29
|
%
|
||||
|
(1)
|
For the
three and six months ended May 31, 2016
, our share of net loss is primarily due to deferred equity in earnings related to sales of homesites by one unconsolidated entity to us.
|
|
(2)
|
For the
three and six months ended May 31, 2016
, equity in loss was primarily attributable to our share of costs associated with the FivePoint combination.
|
|
(3)
|
Our share of profit and cash distributions from the sales of land could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return or cash flow milestones are achieved.
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
373,846
|
|
|
248,980
|
|
|
Inventories
|
3,081,630
|
|
|
3,059,054
|
|
|
|
Other assets
|
921,025
|
|
|
465,404
|
|
|
|
|
$
|
4,376,501
|
|
|
3,773,438
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
283,492
|
|
|
288,192
|
|
|
Debt
|
857,594
|
|
|
792,886
|
|
|
|
Equity
|
3,235,415
|
|
|
2,692,360
|
|
|
|
|
$
|
4,376,501
|
|
|
3,773,438
|
|
|
(Dollars in thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Debt
|
$
|
857,594
|
|
|
792,886
|
|
|
Equity
|
3,235,415
|
|
|
2,692,360
|
|
|
|
Total capital
|
$
|
4,093,009
|
|
|
3,485,246
|
|
|
Debt to total capital of our unconsolidated entities
|
21.0
|
%
|
|
22.7
|
%
|
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Land development
|
$
|
743,895
|
|
|
691,850
|
|
|
Homebuilding
|
41,988
|
|
|
49,701
|
|
|
|
Total investments
|
$
|
785,883
|
|
|
741,551
|
|
|
(Dollars in thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Non-recourse bank debt and other debt (partner’s share of several recourse)
|
$
|
49,606
|
|
|
50,411
|
|
|
Non-recourse land seller debt and other debt
|
323,995
|
|
|
324,000
|
|
|
|
Non-recourse debt with completion guarantees
|
141,811
|
|
|
146,760
|
|
|
|
Non-recourse debt without completion guarantees
|
301,331
|
|
|
260,734
|
|
|
|
Non-recourse debt to Lennar
|
816,743
|
|
|
781,905
|
|
|
|
Lennar's maximum recourse exposure (1)
|
40,851
|
|
|
10,981
|
|
|
|
Total debt
|
$
|
857,594
|
|
|
792,886
|
|
|
Lennar’s maximum recourse exposure as a % of total JV debt
|
5
|
%
|
|
1
|
%
|
|
|
(1)
|
The increase in our maximum recourse exposure was primarily related to us providing a repayment guarantee on an unconsolidated entity's debt.
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets
|
$
|
429,785
|
|
|
139,389
|
|
|
Liabilities
|
$
|
357,774
|
|
|
45,214
|
|
|
Equity
|
$
|
72,011
|
|
|
94,175
|
|
|
|
Principal Maturities of Unconsolidated JVs by Period
|
|||||||||||||||||
|
(In thousands)
|
Total JV Debt
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Other Debt (1)
|
|||||||
|
Maximum recourse debt exposure to Lennar
|
$
|
40,851
|
|
|
829
|
|
|
9,015
|
|
|
—
|
|
|
31,007
|
|
|
—
|
|
|
Debt without recourse to Lennar
|
816,743
|
|
|
7,979
|
|
|
73,968
|
|
|
145,826
|
|
|
264,975
|
|
|
323,995
|
|
|
|
Total
|
$
|
857,594
|
|
|
8,808
|
|
|
82,983
|
|
|
145,826
|
|
|
295,982
|
|
|
323,995
|
|
|
(1)
|
Represents land seller debt and other debt of which $320 million is due in December 2016.
|
|
(Dollars in thousands)
|
Lennar’s
Investment
|
|
Total JV
Assets
|
|
Maximum
Recourse
Debt
Exposure
to Lennar
|
|
Total
Debt
Without
Recourse
to
Lennar
|
|
Total JV
Debt
|
|
Total JV
Equity
|
|
JV
Debt to
Total
Capital
Ratio
|
|||||||||
|
Top Ten JVs (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
FivePoint (2)
|
$
|
255,481
|
|
|
1,123,148
|
|
|
—
|
|
|
65,352
|
|
|
65,352
|
|
|
959,272
|
|
|
6
|
%
|
|
|
Heritage Fields El Toro
|
146,091
|
|
|
1,515,721
|
|
|
—
|
|
|
9,887
|
|
|
9,887
|
|
|
1,377,934
|
|
|
1
|
%
|
||
|
Heritage Hills Irvine
|
56,838
|
|
|
486,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158,947
|
|
|
—
|
|
||
|
Runkle Canyon
|
47,963
|
|
|
140,568
|
|
|
—
|
|
|
43,586
|
|
|
43,586
|
|
|
95,926
|
|
|
31
|
%
|
||
|
Treasure Island Community Development
|
42,559
|
|
|
118,039
|
|
|
—
|
|
|
25,744
|
|
|
25,744
|
|
|
85,149
|
|
|
23
|
%
|
||
|
Ballpark Village
|
34,215
|
|
|
102,738
|
|
|
—
|
|
|
25,235
|
|
|
25,235
|
|
|
70,430
|
|
|
26
|
%
|
||
|
Krome Groves Land Trust
|
21,404
|
|
|
89,619
|
|
|
9,015
|
|
|
19,240
|
|
|
28,255
|
|
|
59,126
|
|
|
32
|
%
|
||
|
Willow Springs Properties
|
18,998
|
|
|
34,176
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,264
|
|
|
—
|
|
||
|
MS Rialto Residential Holdings
|
18,819
|
|
|
76,153
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,953
|
|
|
—
|
|
||
|
LS Terracina
|
17,412
|
|
|
35,161
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,824
|
|
|
—
|
|
||
|
10 largest JV investments
|
659,780
|
|
|
3,722,243
|
|
|
9,015
|
|
|
189,044
|
|
|
198,059
|
|
|
2,947,825
|
|
|
6
|
%
|
||
|
Other JVs
|
126,103
|
|
|
654,258
|
|
|
31,836
|
|
|
303,704
|
|
|
335,540
|
|
|
287,590
|
|
|
54
|
%
|
||
|
Total
|
$
|
785,883
|
|
|
4,376,501
|
|
|
40,851
|
|
|
492,748
|
|
|
533,599
|
|
|
3,235,415
|
|
|
14
|
%
|
|
|
Land seller debt and other debt (3)
|
|
|
|
|
—
|
|
|
323,995
|
|
|
323,995
|
|
|
|
|
|
||||||
|
Total JV debt
|
|
|
|
|
$
|
40,851
|
|
|
816,743
|
|
|
857,594
|
|
|
|
|
|
|||||
|
(1)
|
The 10 largest joint ventures presented above represent the majority of total JVs assets, debt and equity. In addition, all of the joint ventures presented in the table above operate in our Homebuilding West segment except for Krome Groves Land Trust, which operates in our Homebuilding East segment and Willow Springs Properties, which operates in our Homebuilding Central segment.
|
|
(2)
|
The amounts presented above for the newly formed FivePoint entity are preliminary and will be adjusted when additional information is obtained once this new entity completes its accounting for the business combination and up to the measurement period (a period of up to one year from the FivePoint combination).
|
|
(3)
|
The Heritage Hills Irvine JV has a $320 million non-recourse note payable to Heritage Fields El Toro, which is included in land seller debt and other debt line item in the table.
|
|
|
|
|
|
|
|
|
|
|
May 31,
2016 |
|
May 31,
2016 |
|
November 30,
2015 |
|||||||||||
|
(In thousands)
|
Inception Year
|
|
Equity Commitments
|
|
Equity Commitments Called
|
|
Commitment to Fund by the Company
|
|
Funds Contributed by the Company
|
|
Investment
|
|||||||||||||
|
Rialto Real Estate Fund, LP
|
2010
|
|
$
|
700,006
|
|
|
$
|
700,006
|
|
|
$
|
75,000
|
|
|
$
|
75,000
|
|
|
$
|
63,182
|
|
|
68,570
|
|
|
Rialto Real Estate Fund II, LP
|
2012
|
|
1,305,000
|
|
|
1,305,000
|
|
|
100,000
|
|
|
100,000
|
|
|
97,417
|
|
|
99,947
|
|
|||||
|
Rialto Mezzanine Partners Fund, LP
|
2013
|
|
300,000
|
|
|
300,000
|
|
|
33,799
|
|
|
33,799
|
|
|
28,206
|
|
|
32,344
|
|
|||||
|
Rialto Capital CMBS Funds
|
2014
|
|
111,753
|
|
|
111,753
|
|
|
47,057
|
|
|
47,057
|
|
|
46,712
|
|
|
23,233
|
|
|||||
|
Rialto Real Estate Fund III
|
2015
|
|
818,248
|
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|
1,685
|
|
|
—
|
|
|||||
|
Rialto Credit Partnership, LP
|
2016
|
|
220,000
|
|
|
8,900
|
|
|
19,999
|
|
|
809
|
|
|
797
|
|
|
—
|
|
|||||
|
Other investments
|
|
|
|
|
|
|
|
|
|
|
741
|
|
|
775
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
$
|
238,740
|
|
|
224,869
|
|
||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
|
May 31,
|
|
May 31,
|
||||||||||
|
(In thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
Rialto Real Estate Fund, LP
|
$
|
1,540
|
|
|
2,520
|
|
|
6,093
|
|
|
$
|
5,964
|
|
|
Rialto Real Estate Fund II, LP
|
85
|
|
|
2,244
|
|
|
85
|
|
|
5,291
|
|
||
|
Rialto Mezzanine Partners Fund, LP
|
225
|
|
|
—
|
|
|
300
|
|
|
—
|
|
||
|
Rialto Capital CMBS Funds
|
634
|
|
|
—
|
|
|
951
|
|
|
—
|
|
||
|
|
$
|
2,484
|
|
|
4,764
|
|
|
7,429
|
|
|
$
|
11,255
|
|
|
(In thousands)
|
Hypothetical Carried Interest
|
|
Paid as Advanced Tax Distribution
|
|
Hypothetical Carried Interest, Net
|
||||
|
Rialto Real Estate Fund, LP
|
$
|
163,925
|
|
|
50,373
|
|
|
113,552
|
|
|
Rialto Real Estate Fund II, LP (1)
|
33,987
|
|
|
9,469
|
|
|
24,518
|
|
|
|
|
$
|
197,912
|
|
|
59,842
|
|
|
138,070
|
|
|
(1)
|
Net of interests of participating employees (refer to paragraph below).
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
122,120
|
|
|
188,147
|
|
|
Loans receivable
|
388,105
|
|
|
473,997
|
|
|
|
Real estate owned
|
597,915
|
|
|
506,609
|
|
|
|
Investment securities
|
1,231,257
|
|
|
1,092,476
|
|
|
|
Investments in partnerships
|
421,272
|
|
|
429,979
|
|
|
|
Other assets
|
42,889
|
|
|
30,340
|
|
|
|
|
$
|
2,803,558
|
|
|
2,721,548
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
24,702
|
|
|
29,462
|
|
|
Notes payable
|
524,416
|
|
|
374,498
|
|
|
|
Equity
|
2,254,440
|
|
|
2,317,588
|
|
|
|
|
$
|
2,803,558
|
|
|
2,721,548
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
|
May 31,
|
|
May 31,
|
||||||||||
|
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
Revenues
|
$
|
51,240
|
|
|
39,320
|
|
|
95,536
|
|
|
81,058
|
|
|
|
Costs and expenses
|
20,704
|
|
|
25,082
|
|
|
41,603
|
|
|
48,087
|
|
||
|
Other income, net (1)
|
26,710
|
|
|
55,477
|
|
|
11,548
|
|
|
61,351
|
|
||
|
Net earnings of unconsolidated entities
|
$
|
57,246
|
|
|
69,715
|
|
|
65,481
|
|
|
94,322
|
|
|
|
Rialto equity in earnings from unconsolidated entities
|
$
|
6,864
|
|
|
7,328
|
|
|
8,361
|
|
|
9,992
|
|
|
|
Rialto's investments in unconsolidated entities
|
|
|
|
|
$
|
238,740
|
|
|
195,135
|
|
|||
|
Equity of the unconsolidated entities
|
|
|
|
|
$
|
2,254,440
|
|
|
1,995,022
|
|
|||
|
Rialto's investment % in the unconsolidated entities
|
|
|
|
|
11
|
%
|
|
10
|
%
|
||||
|
(1)
|
Other income, net, included realized and unrealized gains (losses) on investments.
|
|
(In thousands)
|
May 31,
2016 |
|
November 30,
2015 |
|||
|
Assets:
|
|
|
|
|||
|
Cash and cash equivalents
|
$
|
58,962
|
|
|
39,579
|
|
|
Operating properties and equipment
|
1,748,003
|
|
|
1,398,244
|
|
|
|
Other assets
|
41,778
|
|
|
25,925
|
|
|
|
|
$
|
1,848,743
|
|
|
1,463,748
|
|
|
Liabilities and equity:
|
|
|
|
|||
|
Accounts payable and other liabilities
|
$
|
241,079
|
|
|
179,551
|
|
|
Notes payable
|
578,662
|
|
|
466,724
|
|
|
|
Equity
|
1,029,002
|
|
|
817,473
|
|
|
|
|
$
|
1,848,743
|
|
|
1,463,748
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||
|
|
May 31,
|
|
May 31,
|
||||||||||
|
(Dollars in thousands)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
|
Revenues
|
$
|
9,649
|
|
|
3,075
|
|
|
17,963
|
|
|
5,169
|
|
|
|
Costs and expenses
|
14,058
|
|
|
5,081
|
|
|
25,730
|
|
|
8,075
|
|
||
|
Other income, net
|
30,272
|
|
|
—
|
|
|
70,394
|
|
|
—
|
|
||
|
Net earnings (loss) of unconsolidated entities
|
$
|
25,863
|
|
|
(2,006
|
)
|
|
62,627
|
|
|
(2,906
|
)
|
|
|
Lennar Multifamily equity in earnings (loss) from unconsolidated entities (1)
|
$
|
14,008
|
|
|
(422
|
)
|
|
$
|
33,694
|
|
|
(600
|
)
|
|
Lennar Multifamily's investments in unconsolidated entities
|
|
|
|
|
$
|
304,171
|
|
|
129,818
|
|
|||
|
Equity of the unconsolidated entities
|
|
|
|
|
$
|
1,029,002
|
|
|
528,408
|
|
|||
|
Lennar Multifamily's investment % in the unconsolidated entities (2)
|
|
|
|
|
|
30
|
%
|
|
25
|
%
|
|||
|
(1)
|
For the
three months ended May 31, 2016
, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's
$15.4 million
share of a gain as a result of the sale of an operating property by one of its unconsolidated entities. For the
six months ended May 31, 2016
, Lennar Multifamily equity in earnings from unconsolidated entities included the segment's
$35.8 million
share of gains as a result of the sale of
two
operating properties by its unconsolidated entities.
|
|
(2)
|
Our share of profit and cash distributions from sales of operating properties could be higher compared to our ownership interest in unconsolidated entities if certain specified internal rate of return milestones are achieved.
|
|
|
Controlled Homesites
|
|
|
|
|
|||||||||
|
May 31, 2016
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned
Homesites
|
|
Total
Homesites
|
|||||
|
East
|
17,819
|
|
|
470
|
|
|
18,289
|
|
|
55,271
|
|
|
73,560
|
|
|
Central
|
5,632
|
|
|
1,135
|
|
|
6,767
|
|
|
19,822
|
|
|
26,589
|
|
|
West
|
2,383
|
|
|
4,466
|
|
|
6,849
|
|
|
37,531
|
|
|
44,380
|
|
|
Houston
|
1,272
|
|
|
—
|
|
|
1,272
|
|
|
11,498
|
|
|
12,770
|
|
|
Other
|
1,572
|
|
|
—
|
|
|
1,572
|
|
|
6,662
|
|
|
8,234
|
|
|
Total homesites
|
28,678
|
|
|
6,071
|
|
|
34,749
|
|
|
130,784
|
|
|
165,533
|
|
|
|
Controlled Homesites
|
|
|
|
|
|||||||||
|
May 31, 2015
|
Optioned
|
|
JVs
|
|
Total
|
|
Owned
Homesites
|
|
Total
Homesites
|
|||||
|
East
|
17,830
|
|
|
503
|
|
|
18,333
|
|
|
53,798
|
|
|
72,131
|
|
|
Central
|
4,951
|
|
|
1,135
|
|
|
6,086
|
|
|
21,039
|
|
|
27,125
|
|
|
West
|
1,803
|
|
|
4,829
|
|
|
6,632
|
|
|
39,254
|
|
|
45,886
|
|
|
Houston
|
2,166
|
|
|
—
|
|
|
2,166
|
|
|
12,161
|
|
|
14,327
|
|
|
Other
|
1,611
|
|
|
—
|
|
|
1,611
|
|
|
6,845
|
|
|
8,456
|
|
|
Total homesites
|
28,361
|
|
|
6,467
|
|
|
34,828
|
|
|
133,097
|
|
|
167,925
|
|
|
•
|
In March 2016, we issued
$500 million
aggregate principal amount of
4.750%
Senior Notes. We used the net proceeds from the sales of the
4.750%
Senior Notes to retire our
6.50%
senior notes due April 2016 for 100% of the outstanding principal amount, plus accrued and unpaid interest.
|
|
•
|
During the
six months ended May 31, 2016
, all of the
$234 million
aggregate outstanding principal amount of the
2.75%
Convertible Senior Notes were converted and exchanged by the holders.
|
|
•
|
During the
six months ended May 31, 2016
, holders converted approximately
$68 million
in aggregate principal amount of the
3.25%
Convertible Senior Notes.
|
|
•
|
As of
May 31, 2016
, we had
$375 million
of outstanding borrowings under the Credit Facility. The maturity for
$1.3 billion
of the Credit Facility was in June 2019, with the remainder maturing in June 2018.
|
|
•
|
As of
May 31, 2016
, borrowings under Rialto's and Lennar Financial Services' warehouse repurchase facilities were
$111.1 million
and
$854.1 million
, respectively.
|
|
|
Payments Due by Period
|
|||||||||||||||||
|
(In thousands)
|
Total
|
|
Six Months ending November 30, 2016
|
|
December 1, 2016 through November 30, 2017
|
|
December 1, 2017 through November 30, 2019
|
|
December 1, 2019 through November 30, 2021
|
|
Thereafter
|
|||||||
|
Lennar Homebuilding - Senior notes and other debts payable (1)
|
$
|
5,350,841
|
|
|
46,818
|
|
|
519,273
|
|
|
2,411,003
|
|
|
855,201
|
|
|
1,518,546
|
|
|
Lennar Financial Services - Notes and other debts payable
|
854,055
|
|
|
854,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Rialto - Notes and other debts payable (2)
|
546,265
|
|
|
151,945
|
|
|
41,771
|
|
|
352,549
|
|
|
—
|
|
|
—
|
|
|
|
Interest commitments under interest bearing debt (3)
|
1,149,106
|
|
|
150,698
|
|
|
266,862
|
|
|
374,409
|
|
|
199,249
|
|
|
157,888
|
|
|
|
(1)
|
Some of the senior notes and other debts payable are convertible senior notes, which have been included in this table based on maturity dates, but they are putable to, or callable by, us at earlier dates than the maturity dates disclosed in this table. The amounts presented in the table above exclude debt issuance costs and any discounts/premiums.
|
|
(2)
|
Amount includes notes payable and other debts payable of $351.3 million related to Rialto's 7.00% Senior Notes,
$30.3 million
related to Rialto's
5
-year senior unsecured note,
$111.1 million
related to the Rialto warehouse repurchase financing agreements and
$29.0 million
related to Rialto's structured note offerings with an estimated final payment date of August 15, 2017. These amounts exclude debt issuance costs.
|
|
(3)
|
Interest commitments on variable interest-bearing debt are determined based on the interest rates as of
May 31, 2016
.
|
|
|
Six Months Ending November 30,
|
|
Years Ending November 30,
|
|
|
|
|
|
Fair Value at May 31,
|
||||||||||||||||||
|
(Dollars in millions)
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
|
2016
|
||||||||||
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Lennar Homebuilding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Senior notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Fixed rate
|
$
|
29.3
|
|
|
435.2
|
|
|
657.0
|
|
|
1,377.9
|
|
|
2.8
|
|
|
840.7
|
|
|
1,518.5
|
|
|
4,861.4
|
|
|
5,297.5
|
|
|
Average interest rate
|
3.9
|
%
|
|
11.4
|
%
|
|
5.6
|
%
|
|
4.4
|
%
|
|
3.7
|
%
|
|
4.2
|
%
|
|
4.8
|
%
|
|
5.3
|
%
|
|
—
|
|
|
|
Variable rate
|
$
|
17.5
|
|
|
84.1
|
|
|
42.3
|
|
|
333.8
|
|
|
0.6
|
|
|
11.1
|
|
|
—
|
|
|
489.4
|
|
|
507.8
|
|
|
Average interest rate
|
3.5
|
%
|
|
3.2
|
%
|
|
2.3
|
%
|
|
2.3
|
%
|
|
4.5
|
%
|
|
7.2
|
%
|
|
—
|
|
|
2.7
|
%
|
|
—
|
|
|
|
Rialto:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Fixed rate
|
$
|
40.8
|
|
|
11.5
|
|
|
1.3
|
|
|
351.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
404.9
|
|
|
424.5
|
|
|
Average interest rate
|
4.6
|
%
|
|
0.6
|
%
|
|
5.9
|
%
|
|
7.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.6
|
%
|
|
—
|
|
|
|
Variable rate
|
$
|
111.1
|
|
|
30.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
141.4
|
|
|
141.3
|
|
|
Average interest rate
|
5.1
|
%
|
|
4.5
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.9
|
%
|
|
—
|
|
|
|
Lennar Financial Services:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Notes and other debts payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Variable rate
|
$
|
854.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
854.1
|
|
|
854.1
|
|
|
Average interest rate
|
2.7
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.7
|
%
|
|
—
|
|
|
|
Period:
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
|
|
Maximum Number of Shares that may yet be Purchased under the Plans or Programs (2)
|
|||||
|
March 1 to March 31, 2016
|
13,238
|
|
|
$
|
43.63
|
|
|
—
|
|
|
6,218,968
|
|
|
April 1 to April 30, 2016
|
3,864
|
|
|
$
|
45.31
|
|
|
—
|
|
|
6,218,968
|
|
|
May 1 to May 31, 2016
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
6,218,968
|
|
|
(1)
|
Represents shares of Class A common stock withheld by us to cover withholding taxes due, at the election of certain holders of nonvested shares, with market value approximating the amount of withholding taxes due.
|
|
(2)
|
In June 2001, our Board of Directors authorized a stock repurchase program under which we were authorized to purchase up to
20 million
shares of our outstanding Class A common stock or Class B common stock. This repurchase authorization has no expiration date.
|
|
31.1.
|
Rule 13a-14(a) certification by Stuart A. Miller, Chief Executive Officer.
|
|
31.2.
|
Rule 13a-14(a) certification by Bruce Gross, Vice President and Chief Financial Officer.
|
|
32.
|
Section 1350 certifications by Stuart A. Miller, Chief Executive Officer, and Bruce Gross, Vice President and Chief Financial Officer.
|
|
101.
|
The following financial statements from Lennar Corporation Quarterly Report on Form 10-Q for the quarter ended May 31, 2016, filed on July 1, 2016, were formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
|
|
|
|
Lennar Corporation
|
|
|
|
(Registrant)
|
|
|
|
|
|
7/1/2016
|
|
/s/ Bruce Gross
|
|
|
|
Bruce Gross
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
|
7/1/2016
|
|
/s/ David M. Collins
|
|
|
|
David M. Collins
|
|
|
|
Controller
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Customers
| Customer name | Ticker |
|---|---|
| Apartment Investment and Management Company | AIV |
| The Hanover Insurance Group, Inc. | THG |
| Markel Corporation | MKL |
| W. R. Berkley Corporation | WRB |
Suppliers
| Supplier name | Ticker |
|---|---|
| Omega Flex, Inc. | OFLX |
| The Home Depot, Inc. | HD |
| Honeywell International Inc. | HON |
| Caterpillar Inc. | CAT |
| Deere & Company | DE |
| 3M Company | MMM |
| Ecolab Inc. | ECL |
| Waste Management, Inc. | WM |
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|