Lennar Corp 10-Q for FY2021 Q2

Lennar Corp (LEN)

10-Q 2021-07-02 For: 2021-05-31

Added on April 06, 2026

About this 10-Q

Lennar Corp filed this 10-Q on July 2, 2021, covering the quarter ended May 31, 2021 (FY2021 Q2).

Headline figures

Quarter ended May 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.43B; up 21.6% from $5.29B a year earlier
Net income: $831.36M; up 60.7% from net income of $517.41M a year earlier
Diluted EPS: $2.65; up 60.6% from $1.65 a year earlier

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Delaware						95-4337490
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $.10	LEN	New York Stock Exchange
Class B Common Stock, par value $.10	LEN.B	New York Stock Exchange


	May 31,		November 30,
	2021 (1)		2020 (1)
ASSETS
Homebuilding:
Cash and cash equivalents	$	2,581,583	2,703,986
Restricted cash	35,637		15,211
Receivables, net	353,910		298,671
Inventories:
Finished homes and construction in progress	10,418,116		8,593,399
Land and land under development	7,090,880		7,495,262
Consolidated inventory not owned	910,003		836,567
Total inventories	18,418,999		16,925,228
Investments in unconsolidated entities	1,010,256		953,177
Goodwill	3,442,359		3,442,359
Other assets	1,030,681		1,190,793
	26,873,425		25,529,425
Financial Services	2,066,674		2,708,118
Multifamily	1,209,270		1,175,908
Lennar Other	1,073,858		521,726
Total assets	$	31,223,227	29,935,177


	May 31,		November 30,
	2021 (2)		2020 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,171,358	1,037,338
Liabilities related to consolidated inventory not owned	769,225		706,691
Senior notes and other debts payable, net	5,894,342		5,955,758
Other liabilities	2,281,508		2,225,864
	10,116,433		9,925,651
Financial Services	1,084,838		1,644,248
Multifamily	255,327		252,911
Lennar Other	64,531		12,966
Total liabilities	11,521,129		11,835,776
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2021 and November 30, 2020 - 400,000,000 shares; Issued: May 31, 2021 - 300,486,193 shares and November 30, 2020 - 298,942,836 shares	30,049		29,894
Class B common stock of $0.10 par value; Authorized: May 31, 2021 and November 30, 2020 - 90,000,000 shares; Issued: May 31, 2021 - 39,443,168 shares and November 30, 2020 - 39,443,168 shares	3,944		3,944
Additional paid-in capital	8,755,020		8,676,056
Retained earnings	12,241,400		10,564,994
Treasury stock, at cost; May 31, 2021 - 25,791,364 shares of Class A common stock and 1,822,016 shares of Class B common stock; November 30, 2020 - 23,864,589 shares of Class A common stock and 1,822,016 shares of Class B common stock	(1,452,874)		(1,279,227)
Accumulated other comprehensive loss	(1,431)		(805)
Total stockholders’ equity	19,576,108		17,994,856
Noncontrolling interests	125,990		104,545
Total equity	19,702,098		18,099,401
Total liabilities and equity	$	31,223,227	29,935,177


	Three Months Ended			Six Months Ended
	May 31,			May 31,
	2021		2020	2021	2020
Revenues:
Homebuilding	$	6,028,041	4,949,484	10,971,097	9,121,600
Financial Services	218,747		196,263	462,816	394,924
Multifamily	177,473		123,117	308,916	255,734
Lennar Other	5,984		18,509	12,884	20,452
Total revenues	6,430,245		5,287,373	11,755,713	9,792,710
Costs and expenses:
Homebuilding	4,909,516		4,313,331	9,027,802	8,011,137
Financial Services	97,427		110,355	195,289	261,699
Multifamily	168,930		123,473	299,979	260,821
Lennar Other	5,732		(1,072)	9,984	1,502
Corporate general and administrative	90,717		78,183	201,248	160,817
Charitable foundation contribution	14,493		5,268	26,807	9,481
Total costs and expenses	5,286,815		4,629,538	9,761,109	8,705,457
Homebuilding equity in loss from unconsolidated entities	(1,688)		(9,100)	(6,253)	(13,646)
Homebuilding other income (expense), net	(4,362)		4,308	8,613	(5,058)
Financial Services gain on deconsolidation	—		61,418	—	61,418
Multifamily equity in earnings (loss) from unconsolidated entities and other gain	13,854		(282)	12,586	6,234
Lennar Other realized and unrealized gain (loss)	(117,570)		—	352,175	—
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net	63,221		(37,602)	62,174	(36,072)
Earnings before income taxes	1,096,885		676,577	2,423,899	1,100,129
Provision for income taxes	(260,113)		(160,479)	(570,218)	(192,808)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	836,772		516,098	1,853,681	907,321
Less: Net earnings (loss) attributable to noncontrolling interests	5,409		(1,308)	20,949	(8,537)
Net earnings attributable to Lennar	$	831,363	517,406	1,832,732	915,858
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	$	316	(338)	(626)	(384)
Reclassification adjustments for loss included in earnings, net of tax	—		(452)	—	(452)
Total other comprehensive income (loss), net of tax	$	316	(790)	(626)	(836)
Total comprehensive income attributable to Lennar	$	831,679	516,616	1,832,106	915,022
Total comprehensive income (loss) attributable to noncontrolling interests	$	5,409	(1,308)	20,949	(8,537)
Basic earnings per share	$	2.66	1.66	5.86	2.92
Diluted earnings per share	$	2.65	1.65	5.85	2.91


(In thousands)	May 31, 2021
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,581,583	130,528	22,395	3,074	2,737,580
Restricted cash	35,637		9,728	—	—	45,365
Receivables, net (1)	353,910		422,117	111,802	—	887,829
Inventories	18,418,999		—	316,760	—	18,735,759
Loans held-for-sale (2)	—		1,015,438	—	—	1,015,438

Investments in equity securities (3)	—		—	—	544,993	544,993
Investments available-for-sale (4)	—		—	—	41,563	41,563
Loans held-for-investment, net	—		77,680	—	—	77,680
Investments held-to-maturity	—		162,919	—	—	162,919
Investments in unconsolidated entities	1,010,256		—	691,330	379,236	2,080,822
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,030,681		58,565	66,983	104,992	1,261,221
	$	26,873,425	2,066,674	1,209,270	1,073,858	31,223,227
Liabilities:
Notes and other debts payable, net	$	5,894,342	928,185	—	1,906	6,824,433
Other liabilities	4,222,091		156,653	255,327	62,625	4,696,696
	$	10,116,433	1,084,838	255,327	64,531	11,521,129


(In thousands)	November 30, 2020
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,703,986	116,171	38,963	3,918	2,863,038
Restricted cash	15,211		54,481	—	—	69,692
Receivables, net (1)	298,671		552,779	86,629	—	938,079
Inventories	16,925,228		—	249,920	—	17,175,148
Loans held-for-sale (2)	—		1,490,105	—	—	1,490,105

Investments in equity securities (3)	—		—	—	68,771	68,771
Investments available-for-sale (4)	—		—	—	53,497	53,497
Loans held-for-investment, net	—		72,626	—	—	72,626
Investments held-to-maturity	—		164,230	—	—	164,230
Investments in unconsolidated entities	953,177		—	724,647	387,097	2,064,921
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,190,793		68,027	75,749	8,443	1,343,012
	$	25,529,425	2,708,118	1,175,908	521,726	29,935,177
Liabilities:
Notes and other debts payable, net	$	5,955,758	1,463,919	—	1,906	7,421,583
Other liabilities	3,969,893		180,329	252,911	11,060	4,414,193
	$	9,925,651	1,644,248	252,911	12,966	11,835,776


	Three Months Ended May 31, 2021
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	6,028,041	218,747	177,473	5,984	—	6,430,245
Operating earnings (loss)	1,112,475		121,320	22,397	(54,097)	—	1,202,095
Corporate general and administrative expenses	—		—	—	—	90,717	90,717
Charitable foundation contribution	—		—	—	—	14,493	14,493
Earnings (loss) before income taxes	1,112,475		121,320	22,397	(54,097)	(105,210)	1,096,885

	Three Months Ended May 31, 2020
Revenues	$	4,949,484	196,263	123,117	18,509	—	5,287,373
Operating earnings (loss)	631,361		147,326	(638)	(18,021)	—	760,028
Corporate general and administrative expenses	—		—	—	—	78,183	78,183
Charitable foundation contribution	—		—	—	—	5,268	5,268
Earnings (loss) before income taxes	631,361		147,326	(638)	(18,021)	(83,451)	676,577


	Six Months Ended May 31, 2021
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	10,971,097	462,816	308,916	12,884	—	11,755,713
Operating earnings	1,945,655		267,527	21,523	417,249	—	2,651,954
Corporate general and administrative expenses	—		—	—	—	201,248	201,248
Charitable foundation contribution	—		—	—	—	26,807	26,807
Earnings (loss) before income taxes	1,945,655		267,527	21,523	417,249	(228,055)	2,423,899

	Six Months Ended May 31, 2020
Revenues	$	9,121,600	394,924	255,734	20,452	—	9,792,710
Operating earnings (loss)	1,091,759		194,643	1,147	(17,122)	—	1,270,427
Corporate general and administrative expenses	—		—	—	—	160,817	160,817
Charitable foundation contribution	—		—	—	—	9,481	9,481
Earnings (loss) before income taxes	1,091,759		194,643	1,147	(17,122)	(170,298)	1,100,129



(In thousands)	East		Central	Texas	West	Other	Corporate and Unallocated	Total Homebuilding
May 31, 2021	$	5,749,998	3,713,952	2,510,950	11,131,940	1,326,516	2,440,069	26,873,425
November 30, 2020	5,308,114		3,438,600	2,150,916	10,504,374	1,301,618	2,825,803	25,529,425


(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
June 2021 (1)	$	600,000
July 2021	200,000
December 2021	500,000
April 2022	100,000
Total - Residential facilities	$	1,400,000
LMF Commercial facilities maturing
November 2021	$	100,000
December 2021 (2)	611,438


Total - LMF Commercial facilities	$	711,438
Total	$	2,111,438


(Dollars in thousands)	May 31, 2021			November 30, 2020
Carrying value	$	162,919		164,230
Outstanding debt, net of debt issuance costs	152,396			153,505
Incurred interest rate	3.4		%	3.4	%


	May 31, 2021
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051


	May 31, 2021
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	291,018	330,037
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,142,446		1,168,546
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	497,413		352,934
Lennar's remaining commitments	6,603		28,066
Distributions to Lennar during the six months ended May 31, 2021	40,581		1,165


			Three Months Ended May 31, 2021
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income (loss)		Retained Earnings	Noncontrolling Interests
Balance at February 28, 2021	$	19,017,451	30,047	3,944	8,724,192	(1,348,710)	(1,747)		11,488,520	121,205
Net earnings (including net earnings attributable to noncontrolling interests)	836,772		—	—	—	—	—		831,363	5,409
Employee stock and directors plans	(4,537)		2	—	1,165	(5,704)	—		—	—
Purchases of treasury stock	(98,460)		—	—	—	(98,460)	—		—	—




Amortization of restricted stock	32,276		—	—	32,276	—	—		—	—
Cash dividends	(78,483)		—	—	—	—	—	—	(78,483)	—

Receipts related to noncontrolling interests	5,009		—	—	—	—	—		—	5,009
Payments related to noncontrolling interests	(5,829)		—	—	—	—	—		—	(5,829)
Non-cash purchase or activity of noncontrolling interests, net	(2,417)		—	—	(2,613)	—	—		—	196



Total other comprehensive income, net of tax	316		—	—	—	—	316		—	—
Balance at May 31, 2021	$	19,702,098	30,049	3,944	8,755,020	(1,452,874)	(1,431)		12,241,400	125,990


	Six Months Ended
	May 31,
	2021		2020
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$	1,853,681	907,321
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	44,743		44,464
Amortization of discount/premium and accretion on debt, net	(4,718)		(13,839)
Equity in (earnings) loss from unconsolidated entities	(67,618)		40,355
Distributions of earnings from unconsolidated entities	15,594		38,000
Share-based compensation expense	80,635		55,141

Deferred income tax expense	136,636		79,738

Loans held-for-sale unrealized loss	30,352		2,223
Lennar Other unrealized/realized gain	(352,175)		—
Gain on sale of other assets and operating properties and equipment	(18,596)		(13,126)

Gain on deconsolidation of previously consolidated entity	—		(61,418)

Gain on sale of interest in unconsolidated entity and other Multifamily gain	(1,167)		(4,661)
Gain on sale of Financial Services' portfolio/businesses	(2,528)		(5,014)


Valuation adjustments and write-offs of option deposits and pre-acquisition costs	13,576		65,098
Changes in assets and liabilities:

Decrease (increase) in receivables	117,910		(7,758)
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(1,576,420)		(159,138)
Increase in other assets	(180,914)		(148,087)
Decrease in loans held-for-sale	444,413		479,360
Increase in accounts payable and other liabilities	184,716		12,144
Net cash provided by operating activities	718,120		1,310,803
Cash flows from investing activities:

Net additions of operating properties and equipment	(24,362)		(25,731)
Proceeds from the sale of operating properties and equipment, other assets	32,002		29,727


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2021		2020	2021	2020
Loan origination liabilities, beginning of period	$	8,433	9,996	7,569	9,364
Provision for losses	1,114		1,139	2,080	1,915


Payments/settlements	(93)		(255)	(195)	(399)
Loan origination liabilities, end of period	$	9,454	10,880	9,454	10,880


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2021		2020	2021	2020

General contractor services, net of deferrals	$	148,891	104,471	264,290	198,365
General contractor costs	142,783		100,284	253,236	190,465
Management fee income	14,188		14,574	29,059	28,397


(Dollars in thousands)	May 31, 2021		November 30, 2020

6.25% senior notes due December 2021 (1)	$	302,705	305,221
4.125% senior notes due 2022	599,371		598,876
5.375% senior notes due 2022	253,914		255,342
4.750% senior notes due 2022	573,300		572,724
4.875% senior notes due December 2023	397,948		397,347
4.500% senior notes due 2024	647,890		647,528
5.875% senior notes due 2024	441,147		443,484
4.750% senior notes due 2025	498,224		498,002
5.25% senior notes due 2026	406,103		406,709
5.00% senior notes due 2027	352,316		352,508
4.75% senior notes due 2027	895,135		894,760
Mortgage notes on land and other debt	526,289		583,257
	$	5,894,342	5,955,758


	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2021		November 30, 2020
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	851,518	1,296,517
LMF Commercial loans held-for-sale	Level 3	163,920		193,588



Mortgage servicing rights	Level 3	2,602		2,113
Lennar Other:
Investments in equity securities	Level 1	$	461,238	—
Investments available-for-sale	Level 3	41,563		53,497



Unobservable inputs	As of May 31, 2021	As of November 30, 2020

Mortgage prepayment rate	13%	18%
Discount rate	14%	12%
Delinquency rate	3%	4%


	Three Months Ended
	May 31, 2021			May 31, 2020
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale	Mortgage servicing rights	LMF Commercial loans held-for-sale
Beginning balance	$	1,499	123,148	12,576	300,402
Purchases/loan originations	20		201,296	607	5,400
Sales/loan originations sold, including those not settled	—		(155,740)	—	(143,285)
Disposals/settlements (1)	(58)		(7,300)	(8,908)	—
Changes in fair value (2)	1,141		2,825	(3,037)	(2,334)
Interest and principal paydowns	—		(309)	—	(298)
Ending balance	$	2,602	163,920	1,238	159,885


			Communities with valuation adjustments
	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)
At or for the Six Months Ended
May 31, 2021	1,221	10	1	$	17,117	$	11,849
May 31, 2020	1,241	41	9	69,137		32,072


(In thousands)	Lease Payments
2021	$	17,932
2022	32,834
2023	26,699
2024	21,552
2025	17,530
2026 and thereafter	71,177
Total future minimum lease payments (1)	$	187,724
Less: Interest (2)	21,963
Present value of lease liabilities (2)	$	165,761


	Three Months Ended May 31, 2021
	Gross Margins					Operating Earnings (Loss)
($ in thousands)	Sales of Homes Revenue		Costs of Sales of Homes	Gross Margin %		Net Margins on Sales of Homes (1)	Gross Margins on Sales of Land	Other Revenue	Equity in Earnings (Loss) from Unconsolidated Entities	Other Income (Expense), net	Operating Earnings (Loss)
East	$	1,551,030	1,115,010	28.1	%	307,978	1,335	1,768	(59)	(1,195)	309,827
Central	1,093,190		846,427	22.6	%	157,429	774	579	317	(51)	159,048
Texas	790,391		551,067	30.3	%	173,803	1,837	562	387	(532)	176,057
West	2,543,263		1,893,148	25.6	%	491,223	1,860	1,311	(921)	(662)	492,811
Other (2)	2,857		15,721	(450.3)	%	(26,239)	—	4,305	(1,412)	(1,922)	(25,268)
Totals	$	5,980,731	4,421,373	26.1	%	1,104,194	5,806	8,525	(1,688)	(4,362)	1,112,475


	Three Months Ended
	Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,			May 31,
	2021	2020	2021		2020	2021		2020
East	4,480	3,814	$	1,560,934	1,282,553	$	348,000	336,000
Central	2,761	2,579	1,093,190		984,247	396,000		382,000
Texas	2,747	2,462	790,391		694,110	288,000		282,000
West	4,502	3,804	2,543,263		1,957,435	565,000		515,000
Other	3	13	2,857		13,013	952,000		1,001,000
Total	14,493	12,672	$	5,990,635	4,931,358	$	413,000	389,000


	Three Months Ended
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,		May 31,			May 31,
	2021	2020	2021	2020	2021		2020	2021		2020
East	351	344	5,351	4,126	$	1,987,929	1,360,519	$	372,000	330,000
Central	297	325	3,416	2,699	1,399,730		1,024,724	410,000		380,000
Texas	232	221	3,250	2,582	1,000,013		670,139	308,000		260,000
West	342	352	5,135	3,608	3,172,569		1,802,705	618,000		500,000
Other	3	3	5	—	5,146		—	1,029,000		—
Total	1,225	1,245	17,157	13,015	$	7,565,387	4,858,087	$	441,000	373,000


Balance Sheets
(In thousands)	May 31, 2021		November 30, 2020


Multifamily investments in unconsolidated entities	$	691,330	724,647
Lennar's net investment in Multifamily	936,941		906,632


Statements of Operations	Three Months Ended			Six Months Ended
	May 31,			May 31,
(Dollars in thousands)	2021		2020	2021	2020


Number of operating properties/investments sold through joint ventures	1		—	1	2
Lennar's share of gains on the sale of operating properties/investments	$	14,784	—	14,784	3,000


(Dollars in thousands)	Covenant Level			Level Achieved as of May 31, 2021
Minimum net worth test	$	9,290,371		13,075,167
Maximum leverage ratio	65.0		%	18.8	%
Liquidity test	1.00			9.09


	Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Debt		2021	2022	2023	Thereafter	Other



Debt without recourse to Lennar	$	1,204,527	97,054	224,668	19,255	863,550	—
Land seller and CDD and other debt	11,208		—	—	—	—	11,208
Maximum recourse debt exposure to Lennar	3,599		—	3,599	—	—	—
Debt issuance costs	(13,118)		—	—	—	—	(13,118)
Total	$	1,206,216	97,054	228,267	19,255	863,550	(1,910)


	Controlled Homesites							Years of
May 31, 2021	Optioned	JVs	Total		Owned Homesites		Total Homesites	Supply Owned (1)
East	55,537	5,750	61,287		55,218		116,505
Central	24,283	92	24,375		41,816		66,191
Texas	43,447	—	43,447		38,332		81,779
West	52,347	3,444	55,791		51,336		107,127
Other	4	7,569	7,573		2,235		9,808
Total homesites	175,618	16,855	192,473		188,937		381,410	3.3
% of total homesites			50	%	50	%


	Six Months Ending November 30,			Years Ending November 30,														Fair Value at May 31,
(Dollars in millions)	2021			2022		2023		2024		2025		2026		Thereafter		Total		2021
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	355.2		1,539.7		99.0		1,557.2		591.8		402.9		1,297.5		5,843.3		6,381.0
Average interest rate	5.6		%	4.5	%	4.2	%	5.0	%	4.8	%	5.2	%	4.7	%	4.8	%	—
Variable rate	$	33.0		—		—		—		—		—		—		33.0		33.3
Average interest rate	4.6		%	—		—		—		—		—		—		4.6	%	—
Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		152.4		152.4		153.3
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	775.8		—		—		—		—		—		—		775.8		775.8
Average interest rate	2.4		%	—		—		—		—		—		—		2.4	%	—




Lennar Other:
Notes and other debts payable:
Fixed rate	$	1.9		—		—		—		—		—		—		1.9		1.9
Average interest rate	3.0		%	—		—		—		—		—		—		3.0	%	—


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, 2021	67,370	$	82.60	—	24,490,000
April 1 to April 30, 2021	—	$	—	—	24,490,000
May 1 to May 31, 2021	1,001,313	$	98.45	1,000,000	23,490,000


10.1***			2021 Award Agreements under the Company’s 2016 Incentive Compensation Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Ms. Bessette, Mr. McCall and Mr. Sustana - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated February 26, 2021.
10.2***			Form of 2021 Award Agreement under the Company’s 2016 Equity Incentive Plan for Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Ms. Bessette and Mr. McCall - Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated February 26, 2021.
31.1*			Rule 13a-14(a) certification by Rick Beckwitt.
31.2*			Rule 13a-14(a) certification by Jonathan M. Jaffe.
31.3*			Rule 13a-14(a) certification by Diane Bessette.
32.*			Section 1350 certifications by Rick Beckwitt, Jonathan M. Jaffe, and Diane Bessette.
101.*			The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2021, filed on July 2, 2021, were formatted in iXBRL (Inline 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.
101.INS*			iXBRL Instance Document.
101.SCH*			iXBRL Taxonomy Extension Schema Document.
101.CAL*			iXBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*			iXBRL Taxonomy Extension Definition.
101.LAB*			iXBRL Taxonomy Extension Label Linkbase Document.
101.PRE*			iXBRL Taxonomy Presentation Linkbase Document.
104**			The cover page from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2021 was formatted in iXBRL.


		Lennar Corporation
		(Registrant)

Date:	July 2, 2021	/s/ Diane Bessette
		Diane Bessette
		Vice President, Chief Financial Officer and Treasurer

Date:	July 2, 2021	/s/ David Collins
		David Collins
		Vice President and Controller