Lennar Corp Files 2024 10-K
Ticker: LEN-B · Form: 10-K · Filed: Jan 23, 2025 · CIK: 920760
Sentiment: neutral
Topics: 10-K, real-estate, construction, financials
TL;DR
Lennar's 2024 10-K is in. Full financials for homebuilding, financial services, and multifamily segments are out.
AI Summary
Lennar Corporation filed its 2024 10-K report, detailing its fiscal year ending November 30, 2024. The company, a major homebuilder, operates across various segments including homebuilding, financial services, and multifamily construction. The filing provides financial data and operational insights for the period, with the company headquartered in Miami, Florida.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Lennar's financial health and operational performance for the fiscal year 2024, crucial for understanding the company's position in the residential construction market.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 2024 — Fiscal Year (Reporting period for the 10-K)
- 2023 — Previous Fiscal Year (Comparative period for financial data)
Key Players & Entities
- LENNAR CORP /NEW/ (company) — Filer
- 0000920760 (company) — Central Index Key
- MIAMI (location) — Headquarters City
- FL (location) — Headquarters State
- 3055594000 (phone_number) — Business Phone
- PACIFIC GREYSTONE CORP /DE/ (company) — Former Company Name
- 19940323 (date) — Date of Former Company Name Change
- 20241130 (date) — Fiscal Year End
FAQ
What were Lennar's total revenues for the fiscal year ending November 30, 2024?
The filing does not explicitly state total revenues in the provided snippet, but it covers the fiscal year ending 2024-11-30.
What is Lennar Corporation's primary business activity?
Lennar Corporation is primarily involved in general building contracting for residential buildings, as indicated by its SIC code [1520].
Where is Lennar Corporation headquartered?
Lennar Corporation is headquartered in Miami, Florida, with its business address at 5505 Waterford District Drive.
When did Lennar Corporation change its name from Pacific Greystone Corp?
Lennar Corporation changed its name from Pacific Greystone Corp on March 23, 1994.
What are the main segments of Lennar's business as indicated by the filing?
The filing indicates segments such as Lennar Homebuilding (East, Central, West, Houston, and Other), Lennar Financial Services, and Lennar Multifamily.
Filing Stats: 4,483 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2025-01-23 17:25:12
Key Financial Figures
- $34 billion — antial part of our business, generating $34 billion in revenues, or approximately 96% of co
- $423,000 — eries from unconsolidated entities, was $423,000, compared to $446,000 in fiscal 2023 an
- $446,000 — ted entities, was $423,000, compared to $446,000 in fiscal 2023 and $480,000 in fiscal 2
- $480,000 — compared to $446,000 in fiscal 2023 and $480,000 in fiscal 2022. 1 Table of Contents
- $5.4 b — dated entities at November 30, 2024 was $5.4 billion, compared to $6.6 billion at Nove
- $6.6 billion — 30, 2024 was $5.4 billion, compared to $6.6 billion at November 30, 2023. We expect that a
- $44.2 million — lding unconsolidated joint ventures was $44.2 million and $42.1 million, respectively. This i
- $42.1 m — ed joint ventures was $44.2 million and $42.1 million, respectively. This is discussed
- $5.0 billion — expected total aggregate value between $5.0 billion and $6.0 billion, as well as approximat
- $6.0 b — ggregate value between $5.0 billion and $6.0 billion, as well as approximately $1.0 bi
- $1.0 billion — $6.0 billion, as well as approximately $1.0 billion of cash. To consummate the Millrose Spi
- $19.8 b — 600 residential mortgage loans totaling $19.8 billion, compared to 47,000 residential m
- $17.4 billion — 000 residential mortgage loans totaling $17.4 billion during fiscal year 2023. Substantially
Filing Documents
- len-20241130.htm (10-K) — 2990KB
- len-20241130x10kxexh19.htm (EX-19) — 291KB
- len-20241130x10kxexh21.htm (EX-21) — 888KB
- len-20241130x10kxexh221.htm (EX-22.1) — 231KB
- len-20241130x10kxexh23.htm (EX-23) — 2KB
- len-20241130x10kxexh311.htm (EX-31.1) — 10KB
- len-20241130x10kxexh312.htm (EX-31.2) — 10KB
- len-20241130x10kxexh313.htm (EX-31.3) — 10KB
- len-20241130x10kxexh32.htm (EX-32) — 7KB
- len-20241130_g1.jpg (GRAPHIC) — 6KB
- len-20241130_g2.jpg (GRAPHIC) — 124KB
- 0001628280-25-002404.txt ( ) — 17381KB
- len-20241130.xsd (EX-101.SCH) — 99KB
- len-20241130_cal.xml (EX-101.CAL) — 105KB
- len-20241130_def.xml (EX-101.DEF) — 757KB
- len-20241130_lab.xml (EX-101.LAB) — 1017KB
- len-20241130_pre.xml (EX-101.PRE) — 941KB
- len-20241130_htm.xml (XML) — 2617KB
Risk Factors
Item 1A. Risk Factors 11
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 22
Cybersecurity
Item 1C. Cybersecurity 23
Properties
Item 2. Properties 24
Legal Proceedings
Item 3. Legal Proceedings 24
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 24 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 24
Reserved
Item 6. Reserved 26
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 48
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87
Controls and Procedures
Item 9A. Controls and Procedures 87
Other Information
Item 9B. Other Information 89
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 89 Part III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 89
Executive Compensation
Item 11. Executive Compensation 89
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 89
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 89
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 89 Part IV
Exhibit and Financial Statement Schedules
Item 15. Exhibit and Financial Statement Schedules 90
Form 10-K Summary
Item 16. Form 10-K Summary 92 Signatures 93 Financial Statement Schedule 95 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 $34 billion in revenues, or approximately 96% of consolidated revenues, in fiscal 2024. As of November 30, 2024, our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in: East: Alabama, Florida, New Jersey and Pennsylvania Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia Texas: Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions 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