Lennar Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Lennar Corp. has filed its annual 10-K report for the fiscal year ending November 30, 2023, detailing operations across its homebuilding, financial services, and multifamily segments.</b>

AI Summary

LENNAR CORP /NEW/ (LEN-B) filed a Annual Report (10-K) with the SEC on January 26, 2024. Lennar Corp. filed its 10-K for the fiscal year ending November 30, 2023. The filing covers the fiscal year 2023, with data from November 30, 2022, to November 30, 2023. The company's principal business is residential construction. Lennar Corp. is incorporated in Delaware. The filing includes financial data for Lennar Homebuilding, Lennar Financial Services, Lennar Multifamily, and Lennar Other segments.

Why It Matters

For investors and stakeholders tracking LENNAR CORP /NEW/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lennar's financial performance and operational activities for the fiscal year 2023, offering insights into its core business segments. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks and opportunities within the residential construction and real estate markets.

Risk Assessment

Risk Level: medium — LENNAR CORP /NEW/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but it does not contain immediate, significant positive or negative news that would drastically alter its risk profile without further analysis of the detailed financial statements and risk factors.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify specific trends, potential challenges, and opportunities for Lennar Corp.

Revenue Breakdown

Key Numbers

• 20231130 — Fiscal Year End (Conformed Period of Report)
• 20240126 — Filing Date (Filed as of Date)
• 105 — Public Document Count (Total documents in the filing)
• 1520 — SIC Code (Standard Industrial Classification for General Building Contractors - Residential Buildings)

Key Players & Entities

• LENNAR CORP /NEW/ (company) — Filer name
• 0000920760 (company) — Central Index Key
• DE (company) — State of Incorporation
• MIAMI (company) — Business Address City
• FL (company) — Business Address State
• 3055594000 (company) — Business Phone
• PACIFIC GREYSTONE CORP /DE/ (company) — Former Company Name
• 19940323 (date) — Date of Name Change

Forward-Looking Statements

• Lennar's homebuilding segment will continue to be its primary revenue driver in the next fiscal year. (LennarHomebuildingEastCentralWestHoustonandOtherMember) — high confidence, target: 2024-11-30
• The company will maintain its focus on its core residential building operations. (Lennar Corp /New/) — medium confidence, target: 2024-11-30

FAQ

Industry Context

Lennar Corp. operates in the residential construction industry, a sector sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

The filing is a standard 10-K, adhering to SEC regulations for annual financial reporting by public companies.

What Investors Should Do

1. Analyze the revenue and profitability of each business segment (Homebuilding, Financial Services, Multifamily, Other).
2. Examine the company's balance sheet and cash flow statements for liquidity and solvency.
3. Review the 'Risk Factors' section for potential headwinds and challenges facing the company and the industry.

Key Dates

• 2023-11-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-26: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the fiscal year ending November 30, 2023. Previous filings would cover prior fiscal years.

Key Financial Figures

• $33 billion — antial part of our business, generating $33 billion in revenues, or approximately 95% of co
• $446,000 — eries from unconsolidated entities, was $446,000, compared to $480,000 in fiscal 2022 an
• $480,000 — ted entities, was $446,000, compared to $480,000 in fiscal 2022 and $424,000 in fiscal 2
• $424,000 — compared to $480,000 in fiscal 2022 and $424,000 in fiscal 2021. 1 Table of Contents
• $6.6 b — dated entities at November 30, 2023 was $6.6 billion, compared to $8.7 billion at Nove
• $8.7 billion — 30, 2023 was $6.6 billion, compared to $8.7 billion at November 30, 2022. We expect that a
• $42.1 million — lding unconsolidated joint ventures was $42.1 million and $9.1 million, respectively. This is
• $9.1 m — ed joint ventures was $42.1 million and $9.1 million, respectively. This is discussed
• $17.4 b — 000 residential mortgage loans totaling $17.4 billion, compared to 37,700 residential m
• $14.4 billion — 700 residential mortgage loans totaling $14.4 billion during fiscal year 2022. Substantially
• $17.2 b — 600 residential mortgage loans totaling $17.2 billion, compared to 41,100 residential m
• $15.7 billion — 100 residential mortgage loans totaling $15.7 billion during fiscal year 2022. We finance ou
• $2.5 billion — h a total maximum borrowing capacity of $2.5 billion including an uncommitted amount of $750
• $750 million — lion including an uncommitted amount of $750 million. We expect the facilities to be renewed
• $5 million — erties. The loans generally are between $5 million and $50 million each. LMF Commercial al

Filing Documents

• len-20231130.htm (10-K) — 2996KB
• len-20231130x10kxexh21.htm (EX-21) — 864KB
• len-20231130x10kxexh221.htm (EX-22.1) — 244KB
• len-20231130x10kxexh23.htm (EX-23) — 2KB
• len-20231130x10kxexh311.htm (EX-31.1) — 9KB
• len-20231130x10kxexh312.htm (EX-31.2) — 9KB
• len-20231130x10kxexh313.htm (EX-31.3) — 10KB
• len-20231130x10kxexh32.htm (EX-32) — 6KB
• len-20231130_g1.jpg (GRAPHIC) — 6KB
• len-20231130_g2.jpg (GRAPHIC) — 121KB
• 0001628280-24-002371.txt (&nbsp;) — 16301KB
• len-20231130.xsd (EX-101.SCH) — 93KB
• len-20231130_cal.xml (EX-101.CAL) — 104KB
• len-20231130_def.xml (EX-101.DEF) — 720KB
• len-20231130_lab.xml (EX-101.LAB) — 961KB
• len-20231130_pre.xml (EX-101.PRE) — 853KB
• len-20231130_htm.xml (XML) — 2544KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Reserved

Item 6. Reserved 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81

Controls and Procedures

Item 9A. Controls and Procedures 81

Other Information

Item 9B. Other Information 83

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 83

Executive Compensation

Item 11. Executive Compensation 83

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 83

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 83 Part IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 84

Form 10-K Summary

Item 16. Form 10-K Summary 86 Signatures 87 Financial Statement Schedule 89 Table of Contents

Business

Item 1. Business. Overview of Lennar Corporation We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of multifamily rental properties and a sponsor and manager of a fund engaged in ownership of single-family rental properties. We also have investments in companies that are engaged in applying technology to improve the homebuilding industry and real estate related aspects of the financial services industry. Our homebuilding operations are the most substantial part of our business, generating $33 billion in revenues, or approximately 95% of consolidated revenues, in fiscal 2023. As of November 30, 2023, our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in: East: Alabama, Florida, New Jersey, Pennsylvania and South Carolina Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint") Our other reportable segments are Financial Services, Multifamily and Lennar Other. Financial information about our Homebuilding, Financial Services, Multifamily and Lennar Other operations is contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of this Report. About Our Company Our company was founded as a local Miami homebuilder in 1954. We completed our initial public offering in 1971 and listed our common stock on the New York Stock Exchange in 1972. During the

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