Lennar Corp 10-Q for FY2022 Q2

Lennar Corp (LEN)

10-Q 2022-07-01 For: 2022-05-31

Added on April 06, 2026

About this 10-Q

Lennar Corp filed this 10-Q on July 1, 2022, covering the quarter ended May 31, 2022 (FY2022 Q2).

Headline figures

Quarter ended May 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $1.32B; up 58.9% from net income of $831.36M a year earlier
Diluted EPS: $4.49; up 69.4% from $2.65 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


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,
	2022 (1)		2021 (1)
	(Unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,314,741	2,735,213
Restricted cash	28,440		21,927
Receivables, net	508,638		490,278
Inventories:
Finished homes and construction in progress	12,811,985		10,446,139
Land and land under development	7,590,237		7,108,142
Consolidated inventory not owned	1,687,277		1,161,023
Total inventories	22,089,499		18,715,304
Investments in unconsolidated entities	1,083,813		972,084
Goodwill	3,442,359		3,442,359
Other assets	1,226,192		1,090,654
	29,693,682		27,467,819
Financial Services	2,359,675		2,964,367
Multifamily	1,277,607		1,311,747
Lennar Other	975,238		1,463,845
Total assets	$	34,306,202	33,207,778


	May 31,		November 30,
	2022 (2)		2021 (2)
	(Unaudited)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,555,283	1,321,247
Liabilities related to consolidated inventory not owned	1,414,663		976,602
Senior notes and other debts payable, net	4,645,791		4,652,338
Other liabilities	2,997,475		2,920,055
	10,613,212		9,870,242
Financial Services	1,470,688		1,906,343
Multifamily	323,799		288,930
Lennar Other	108,729		145,981
Total liabilities	12,516,428		12,211,496
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2022 and November 30, 2021 - 400,000,000 shares; Issued: May 31, 2022 - 255,820,840 shares and November 30, 2021 - 300,500,075 shares	25,582		30,050
Class B common stock of $0.10 par value; Authorized: May 31, 2022 and November 30, 2021 - 90,000,000 shares; Issued: May 31, 2022 - 36,601,215 shares and November 30, 2021 - 39,443,168 shares	3,660		3,944
Additional paid-in capital	5,355,182		8,807,891
Retained earnings	16,288,698		14,685,329
Treasury stock, at cost; May 31, 2022 - 833,604 shares of Class A common stock and 202,063 shares of Class B common stock; November 30, 2021 - 38,586,961 shares of Class A common stock and 1,922,016 shares of Class B common stock	(76,615)		(2,709,448)
Accumulated other comprehensive income (loss)	1,748		(1,341)
Total stockholders’ equity	21,598,255		20,816,425
Noncontrolling interests	191,519		179,857
Total equity	21,789,774		20,996,282
Total liabilities and equity	$	34,306,202	33,207,778


	Three Months Ended			Six Months Ended
	May 31,			May 31,
	2022		2021	2022	2021
Revenues:
Homebuilding	$	7,977,982	6,028,041	13,730,187	10,971,097
Financial Services	200,166		218,747	376,867	462,816
Multifamily	176,021		177,473	443,380	308,916
Lennar Other	4,527		5,984	11,778	12,884
Total revenues	8,358,696		6,430,245	14,562,212	11,755,713
Costs and expenses:
Homebuilding	6,105,153		4,909,516	10,747,051	9,027,802
Financial Services	96,231		97,427	182,141	195,289
Multifamily	175,152		168,930	438,889	299,979
Lennar Other	8,236		5,732	13,643	9,984
Corporate general and administrative	105,207		90,717	218,868	201,248
Charitable foundation contribution	16,549		14,493	29,087	26,807
Total costs and expenses	6,506,528		5,286,815	11,629,679	9,761,109
Homebuilding equity in earnings (loss) from unconsolidated entities	4,862		(1,688)	4,576	(6,253)
Homebuilding other income (expense), net	2,720		(4,362)	2,549	8,613

Multifamily equity in earnings (loss) from unconsolidated entities and other gain	(201)		13,854	1,604	12,586
Lennar Other equity in earnings (loss) from unconsolidated entities, other income (expense), net, and other gain (loss)	(26,750)		218,276	(36,558)	217,229
Lennar Other unrealized gains (losses) from technology investments	(77,965)		(272,625)	(473,135)	197,120
Earnings before income taxes	1,754,834		1,096,885	2,431,569	2,423,899
Provision for income taxes	(432,276)		(260,113)	(599,696)	(570,218)
Net earnings (including net earnings attributable to noncontrolling interests)	1,322,558		836,772	1,831,873	1,853,681
Less: Net earnings attributable to noncontrolling interests	1,802		5,409	7,536	20,949
Net earnings attributable to Lennar	$	1,320,756	831,363	1,824,337	1,832,732
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	$	62	316	804	(626)
Reclassification adjustments for gain included in earnings, net of tax	—		—	2,285	—
Total other comprehensive income (loss), net of tax	$	62	316	3,089	(626)
Total comprehensive income attributable to Lennar	$	1,320,818	831,679	1,827,426	1,832,106
Total comprehensive income attributable to noncontrolling interests	$	1,802	5,409	7,536	20,949
Basic earnings per share	$	4.50	2.66	6.17	5.86
Diluted earnings per share	$	4.49	2.65	6.16	5.85


(In thousands)	May 31, 2022
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,314,741	138,662	61,190	2,151	1,516,744
Restricted cash	28,440		8,225	—	—	36,665
Receivables, net (1)	508,638		492,268	111,109	—	1,112,015
Inventories	22,089,499		—	400,422	—	22,489,921
Loans held-for-sale (2)	—		1,272,111	—	—	1,272,111

Investments in equity securities (3)	—		—	—	576,649	576,649
Investments available-for-sale (4)	—		—	—	34,822	34,822
Loans held-for-investment, net	—		28,231	—	—	28,231
Investments held-to-maturity	—		155,820	—	—	155,820
Investments in unconsolidated entities	1,083,813		—	638,559	325,310	2,047,682
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,226,192		74,659	66,327	36,306	1,403,484
	$	29,693,682	2,359,675	1,277,607	975,238	34,306,202
Liabilities:
Notes and other debts payable, net	$	4,645,791	1,321,965	16,631	—	5,984,387
Accounts payable and other liabilities	5,967,421		148,723	307,168	108,729	6,532,041
	$	10,613,212	1,470,688	323,799	108,729	12,516,428


(In thousands)	November 30, 2021
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,735,213	167,021	16,850	2,660	2,921,744
Restricted cash	21,927		12,012	—	—	33,939
Receivables, net (1)	490,278		708,165	98,405	—	1,296,848
Inventories	18,715,304		—	454,093	—	19,169,397
Loans held-for-sale (2)	—		1,636,351	—	—	1,636,351

Investments in equity securities (3)	—		—	—	1,006,599	1,006,599
Investments available-for-sale (4)	—		—	—	41,654	41,654
Loans held-for-investment, net	—		44,582	—	—	44,582
Investments held-to-maturity	—		157,808	—	—	157,808
Investments in unconsolidated entities	972,084		—	654,029	346,270	1,972,383
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,090,654		48,729	88,370	66,662	1,294,415
	$	27,467,819	2,964,367	1,311,747	1,463,845	33,207,778
Liabilities:
Notes and other debts payable, net	$	4,652,338	1,726,026	—	—	6,378,364
Accounts payable and other liabilities	5,217,904		180,317	288,930	145,981	5,833,132
	$	9,870,242	1,906,343	288,930	145,981	12,211,496


	Three Months Ended May 31, 2022
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and Unallocated	Total
Revenue	$	7,977,982	200,166	176,021	4,527	—	8,358,696
Operating earnings (loss)	1,880,411		103,935	668	(108,424)	—	1,876,590
Corporate general and administrative expenses	—		—	—	—	105,207	105,207
Charitable foundation contribution	—		—	—	—	16,549	16,549
Earnings (loss) before income taxes	1,880,411		103,935	668	(108,424)	(121,756)	1,754,834

	Three Months Ended May 31, 2021
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


	Six Months Ended May 31, 2022
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and Unallocated	Total
Revenues (1)	$	13,730,187	376,867	443,380	11,778	—	14,562,212
Operating earnings (loss)	2,990,261		194,726	6,095	(511,558)	—	2,679,524
Corporate general and administrative expenses	—		—	—	—	218,868	218,868
Charitable foundation contribution	—		—	—	—	29,087	29,087
Earnings (loss) before income taxes	2,990,261		194,726	6,095	(511,558)	(247,955)	2,431,569

	Six Months Ended May 31, 2021
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



(In thousands)	East		Central	Texas	West	Other	Corporate and Unallocated	Total Homebuilding
May 31, 2022	$	6,968,448	4,266,709	3,576,083	12,276,620	1,486,178	1,119,644	29,693,682
November 30, 2021	5,854,057		3,782,847	2,801,192	11,171,741	1,443,163	2,414,819	27,467,819


(In thousands)	Maximum Aggregate Commitment
Residential facilities maturing:
July 2022	$	400,000
October 2022	200,000
December 2022	700,000
May 2023	200,000
Total - Residential facilities	$	1,500,000
LMF Commercial facilities maturing
November 2022	$	100,000
December 2022	400,000
July 2023	50,000

Total - LMF Commercial facilities	$	550,000
Total	$	2,050,000


(Dollars in thousands)	May 31, 2022			November 30, 2021
Carrying value	$	155,820		157,808
Outstanding debt, net of debt issuance costs	145,633			147,474
Incurred interest rate	3.4		%	3.4	%


	May 31, 2022
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, 2022
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	230,599	308,540
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,151,149		1,206,115
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	499,630		364,348
Lennar's remaining commitments	4,386		16,652
Distributions to Lennar during the six months ended May 31, 2022	18,934		6,279


			Three Months Ended May 31, 2022
(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 February 28, 2022	$	20,847,432	30,243	3,944	8,855,151	(3,290,748)	1,686	15,078,788	168,368
Net earnings (including net earnings attributable to noncontrolling interests)	1,322,558		—	—	—	—	—	1,320,756	1,802
Employee stock and directors plans	(2,533)		6	—	994	(3,533)	—	—	—
Retirement of treasury stock	—		(4,667)	(284)	(3,533,425)	3,538,376	—	—	—
Purchases of treasury stock	(320,710)		—	—	—	(320,710)	—	—	—




Amortization of restricted stock	35,053		—	—	35,053	—	—	—	—
Cash dividends	(110,846)		—	—	—	—	—	(110,846)	—

Receipts related to noncontrolling interests	11,111		—	—	—	—	—	—	11,111
Payments related to noncontrolling interests	(3,708)		—	—	—	—	—	—	(3,708)
Non-cash purchase or activity of noncontrolling interests, net	11,355		—	—	(2,591)	—	—	—	13,946



Total other comprehensive income, net of tax	62		—	—	—	—	62	—	—
Balance at May 31, 2022	$	21,789,774	25,582	3,660	5,355,182	(76,615)	1,748	16,288,698	191,519


	Six Months Ended
	May 31,
	2022		2021
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	1,831,873	1,853,681
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	39,519		44,743
Amortization of discount/premium on debt, net	(959)		(4,718)
Equity in earnings (loss) from unconsolidated entities	21,559		(67,618)
Distributions of earnings from unconsolidated entities	11,050		15,594
Share-based compensation expense	116,510		80,635

Deferred income tax (benefit) expense	(82,461)		136,636

Loans held-for-sale unrealized loss	27,037		30,352
Lennar Other unrealized (gains) losses from technology investments and other gain (loss)	482,829		(352,175)
Gain on sale of other assets and operating properties and equipment	(7,572)		(18,596)



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


Valuation adjustments and write-offs of option deposits and pre-acquisition costs	14,611		13,576
Changes in assets and liabilities:

Decrease in receivables	126,247		117,910
Increase in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(3,114,358)		(1,576,420)
Increase in other assets	(26,053)		(180,914)
Decrease in loans held-for-sale	336,083		444,413
Increase in accounts payable and other liabilities	276,695		184,716
Net cash provided by operating activities	52,610		718,120
Cash flows from investing activities:

Net additions of operating properties and equipment	(10,866)		(24,354)
Proceeds from the sale of operating properties and equipment, other assets	18,247		32,002


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2022		2021	2022	2021
Loan origination liabilities, beginning of period	$	12,471	8,433	11,670	7,569
Provision for losses	—		1,114	966	2,080


Payments/settlements	(187)		(93)	(352)	(195)
Loan origination liabilities, end of period	$	12,284	9,454	12,284	9,454


	Three Months Ended			Six Months Ended
	May 31,			May 31,
(In thousands)	2022		2021	2022	2021

General contractor services, net of deferrals	$	125,606	148,891	242,869	264,290
General contractor costs	118,802		142,783	232,035	253,236
Management fee income	16,327		14,188	29,454	29,059


	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2022		November 30, 2021
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,187,906	1,636,283
LMF Commercial loans held-for-sale	Level 3	84,205		68



Mortgage servicing rights	Level 3	3,221		2,492
Lennar Other:
Investments in equity securities	Level 1	$	400,401	906,539
Investments available-for-sale	Level 3	34,822		41,654



Unobservable inputs	As of May 31, 2022	As of November 30, 2021

Mortgage prepayment rate	8%	13%
Discount rate	13%	13%
Delinquency rate	6%	4%


	Six Months Ended
	May31,
	2022			2021
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale	Mortgage servicing rights	LMF Commercial loans held-for-sale
Beginning balance	2,492		68	2,113	193,588
Purchases/loan originations	181		408,495	443	420,796
Sales/loan originations sold, including those not settled	—		(323,467)	—	(438,705)
Disposals/settlements	(265)		—	(1,095)	(7,300)
Changes in fair value (1)	813		(445)	1,141	(3,942)
Interest and principal paydowns	—		(446)	—	(517)
Ending balance	$	3,221	84,205	2,602	163,920


			Communities with valuation adjustments
At or for the Six Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)

May 31, 2022	1,218	6	—	$	—	$	—
May 31, 2021	1,221	10	1	17,117		11,849


(In thousands)	Lease Payments
2022	$	17,586
2023	30,964
2024	25,374
2025	21,181
2026	16,416
2027 and thereafter	66,826
Total future minimum lease payments (1)	$	178,347
Less: Interest (2)	19,774
Present value of lease liabilities (2)	$	158,573


	Three Months Ended May 31, 2022
	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 (Loss) on Sales of Land	Other Revenue	Equity in Earnings (Loss) from Unconsolidated Entities	Other Income (Expense), net	Operating Earnings (Loss)
East	$	2,209,967	1,510,758	31.6	%	546,589	(619)	1,195	(659)	7,313	553,819
Central	1,283,763		981,832	23.5	%	206,893	—	226	302	(626)	206,795
Texas	1,093,533		747,861	31.6	%	272,934	473	255	—	(805)	272,857
West	3,367,261		2,360,554	29.9	%	846,340	(145)	678	2,571	(1,595)	847,849
Other (2)	9,159		9,778	(6.8)	%	(6,411)	—	4,421	2,648	(1,567)	(909)
Totals	$	7,963,683	5,610,783	29.5	%	1,866,345	(291)	6,775	4,862	2,720	1,880,411


	Three Months Ended
	Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,			May 31,
	2022	2021	2022		2021	2022		2021
East	5,198	4,480	$	2,225,725	1,560,934	$	428,000	348,000
Central	2,944	2,761	1,283,763		1,093,190	436,000		396,000
Texas	3,288	2,747	1,093,533		790,391	333,000		288,000
West	5,110	4,502	3,367,261		2,543,263	659,000		565,000
Other	9	3	9,159		2,857	1,018,000		952,000
Total	16,549	14,493	$	7,979,441	5,990,635	$	483,000	414,000


	Three Months Ended
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price
	May 31,		May 31,		May 31,			May 31,
	2022	2021	2022	2021	2022		2021	2022		2021
East	354	351	5,973	5,351	$	2,753,770	1,987,929	$	461,000	372,000
Central	315	297	3,576	3,416	1,663,354		1,399,730	465,000		410,000
Texas	205	232	3,375	3,250	1,189,263		1,000,013	352,000		308,000
West	348	342	4,858	5,135	3,482,679		3,172,569	717,000		618,000
Other	3	3	10	5	9,203		5,146	920,000		1,029,000
Total	1,225	1,225	17,792	17,157	$	9,098,269	7,565,387	$	511,000	441,000


Balance Sheets
(In thousands)	May 31, 2022		November 30, 2021


Multifamily investments in unconsolidated entities	$	638,559	654,029
Lennar's net investment in Multifamily	934,022		976,676


Statement of Operations	Three Months Ended			Six Months Ended
	May 31,			May 31,
(Dollars in thousands)	2022		2021	2022	2021
Number of operating properties/investments sold through joint ventures	—		1	—	1
Lennar's share of gains on the sale of operating properties/investments	$	—	14,784	—	14,784


(Dollars in thousands)	Covenant Level			Level Achieved as of May 31, 2022
Minimum net worth test	$	10,919,391		15,123,049
Maximum leverage ratio	65.0		%	19.5	%
Liquidity test	1.00			15.15


	Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Debt		2022	2023	2024	Thereafter	Other



Debt without recourse to Lennar	$	1,222,548	83,023	108,857	374,337	656,331	—
Land seller and other debt	13,508		—	—	—	—	13,508
Maximum recourse debt exposure to Lennar	3,303		—	—	—	3,303	—
Debt issuance costs	(13,828)		—	—	—	—	(13,828)
Total	$	1,225,531	83,023	108,857	374,337	659,634	(320)


	Controlled Homesites							Years of
May 31, 2022	Optioned	JVs	Total		Owned Homesites		Total Homesites	Supply Owned (1)
East	109,986	—	109,986		54,610		164,596
Central	42,281	—	42,281		41,674		83,955
Texas	90,443	—	90,443		44,388		134,831
West	70,434	—	70,434		49,997		120,431
Other	—	5,758	5,758		2,028		7,786
Total homesites	313,144	5,758	318,902		192,697		511,599	3.1
% of total homesites			62	%	38	%


	Six Months Ending November 30,			Years Ending November 30,														Fair Value at May 31,
(Dollars in millions)	2022			2023		2024		2025		2026		2027		Thereafter		Total		2022
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	648.0		150.5		1,531.6		593.0		404.5		1,265.3		43.2		4,636.1		4,716.6
Average interest rate	4.6		%	3.8	%	5.0	%	4.8	%	5.2	%	4.8	%	6.5	%	4.8	%	—


Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		145.6		145.6		145.1
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,172.1		4.2		—		—		—		—		—		1,176.3		1,176.3
Average interest rate	2.8		%	3.1	%	—		—		—		—		—		2.8	%	—
Multifamily:
Notes payable:
Fixed rate	$	13.5		—		—		—		—		—		—		13.5		13.5
Average interest rate	0.0		%	—		—		—		—		—		—		0.0	%	—
Variable rate	$	—		—		3.1		—		—		—		—		3.1		3.1
Average interest rate	—			—		3.6	%	—		—		—		—		3.6	%	—


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, 2022	813,374	$	84.18	804,500	15,336,460
April 1 to April 30, 2022	2,307,257	$	77.64	2,275,000	28,224,847
May 1 to May 31, 2022	1,022,370	$	74.91	1,020,500	27,204,347


10.1			Eighth Amended and Restated Credit Agreement, dated as of May 23, 2022, among Lennar Corporation, as borrower, JPMorgan Chase Bank, N.A., as issuing lender and administrative agent, the several lenders from time to time parties thereto, and the other parties and agents thereto - Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated May 23, 2022.
10.2			Eighth Amended and Restated Guarantee Agreement, dated as of May 23, 2022, among certain of Lennar Corporation’s subsidiaries in favor of guaranteed parties referred to therein - Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated May 23, 2022.
10.3***			Lennar Corporation 2016 Equity Incentive Plan, as Amended and Restated effective January 12, 2022 - Incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 1, 2022.
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, 2022, filed on July 1, 2022, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
104**			Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)


		Lennar Corporation
		(Registrant)

Date:	July 1, 2022	/s/ Diane Bessette
		Diane Bessette
		Vice President, Chief Financial Officer and Treasurer

Date:	July 1, 2022	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	July 1, 2022	/s/ Rick Beckwitt
		Name:	Rick Beckwitt
		Title:	Co-Chief Executive Officer and Co-President


Date:	July 1, 2022	/s/ Jonathan M. Jaffe
		Name:	Jonathan M. Jaffe
		Title:	Co-Chief Executive Officer and Co-President