Lennar Corp 10-Q for FY2021 Q3

Lennar Corp (LEN)

10-Q 2021-10-01 For: 2021-08-31

Added on April 06, 2026

About this 10-Q

Lennar Corp filed this 10-Q on October 1, 2021, covering the quarter ended August 31, 2021 (FY2021 Q3).

Headline figures

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

Revenue: $6.94B; up 18.2% from $5.87B a year earlier
Net income: $1.41B; up 111.1% from net income of $666.42M a year earlier
Diluted EPS: $4.52; up 113.2% from $2.12 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


	August 31,		November 30,
	2021 (1)		2020 (1)
ASSETS
Homebuilding:
Cash and cash equivalents	$	2,623,320	2,703,986
Restricted cash	21,519		15,211
Receivables, net	369,492		298,671
Inventories:
Finished homes and construction in progress	10,891,592		8,593,399
Land and land under development	7,210,032		7,495,262
Consolidated inventory not owned	1,004,319		836,567
Total inventories	19,105,943		16,925,228
Investments in unconsolidated entities	983,429		953,177
Goodwill	3,442,359		3,442,359
Other assets	1,034,691		1,190,793
	27,580,753		25,529,425
Financial Services	2,282,873		2,708,118
Multifamily	1,226,692		1,175,908
Lennar Other	1,653,872		521,726
Total assets	$	32,744,190	29,935,177


	August 31,		November 30,
	2021 (2)		2020 (2)
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,230,577	1,037,338
Liabilities related to consolidated inventory not owned	841,539		706,691
Senior notes and other debts payable, net	5,542,513		5,955,758
Other liabilities	2,716,872		2,225,864
	10,331,501		9,925,651
Financial Services	1,272,218		1,644,248
Multifamily	259,145		252,911
Lennar Other	101,787		12,966
Total liabilities	11,964,651		11,835,776
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: August 31, 2021 and November 30, 2020 - 400,000,000 shares; Issued: August 31, 2021 - 300,499,577 shares and November 30, 2020 - 298,942,836 shares	30,050		29,894
Class B common stock of $0.10 par value; Authorized: August 31, 2021 and November 30, 2020 - 90,000,000 shares; Issued: August 31, 2021 - 39,443,168 shares and November 30, 2020 - 39,443,168 shares	3,944		3,944
Additional paid-in capital	8,778,609		8,676,056
Retained earnings	13,570,626		10,564,994
Treasury stock, at cost; August 31, 2021 - 28,647,421 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	(1,731,741)		(1,279,227)
Accumulated other comprehensive loss	(1,300)		(805)
Total stockholders’ equity	20,650,188		17,994,856
Noncontrolling interests	129,351		104,545
Total equity	20,779,539		18,099,401
Total liabilities and equity	$	32,744,190	29,935,177


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
	2021		2020	2021	2020
Revenues:
Homebuilding	$	6,558,509	5,505,120	17,529,606	14,626,720
Financial Services	206,973		237,068	669,789	631,992
Multifamily	167,921		115,170	476,837	370,904
Lennar Other	8,000		12,896	20,884	33,348
Total revenues	6,941,403		5,870,254	18,697,116	15,662,964
Costs and expenses:
Homebuilding	5,225,497		4,673,158	14,253,299	12,684,295
Financial Services	94,890		101,989	290,179	363,688
Multifamily	174,410		118,786	474,389	379,607
Lennar Other	9,010		2,062	18,994	3,564
Corporate general and administrative	94,942		85,998	296,190	246,815
Charitable foundation contribution	15,199		6,663	42,006	16,144
Total costs and expenses	5,613,948		4,988,656	15,375,057	13,694,113
Homebuilding equity in earnings (loss) from unconsolidated entities	2,391		(6,431)	(3,862)	(20,077)
Homebuilding other income (expense), net	(5,570)		(11,787)	3,043	(16,845)
Financial Services gain on deconsolidation	—		—	—	61,418
Multifamily equity in earnings (loss) from unconsolidated entities and other gain	(2,904)		(1,532)	9,682	4,702
Lennar Other realized and unrealized gain (loss)	495,202		—	847,377	—
Lennar Other equity in earnings (loss) from unconsolidated entities and other income (expense), net	(2,220)		(2,835)	59,954	(38,907)
Earnings before income taxes	1,814,354		859,013	4,238,253	1,959,142
Provision for income taxes	(405,136)		(189,690)	(975,354)	(382,498)
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	1,409,218		669,323	3,262,899	1,576,644
Less: Net earnings (loss) attributable to noncontrolling interests	2,330		2,905	23,279	(5,632)
Net earnings attributable to Lennar	$	1,406,888	666,418	3,239,620	1,582,276
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on securities available-for-sale	$	131	175	(495)	(209)
Reclassification adjustments for loss included in earnings, net of tax	—		—	—	(452)
Total other comprehensive income (loss), net of tax	$	131	175	(495)	(661)
Total comprehensive income attributable to Lennar	$	1,407,019	666,593	3,239,125	1,581,615
Total comprehensive income (loss) attributable to noncontrolling interests	$	2,330	2,905	23,279	(5,632)
Basic earnings per share	$	4.52	2.13	10.37	5.05
Diluted earnings per share	$	4.52	2.12	10.36	5.03


(In thousands)	August 31, 2021
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,623,320	137,021	15,302	3,498	2,779,141
Restricted cash	21,519		11,330	—	—	32,849
Receivables, net (1)	369,492		408,367	96,649	—	874,508
Inventories	19,105,943		—	351,753	—	19,457,696
Loans held-for-sale (2)	—		1,254,589	—	—	1,254,589

Investments in equity securities (3)	—		—	—	1,149,520	1,149,520
Investments available-for-sale (4)	—		—	—	41,695	41,695
Loans held-for-investment, net	—		61,283	—	—	61,283
Investments held-to-maturity	—		161,532	—	—	161,532
Investments in unconsolidated entities	983,429		—	682,819	387,453	2,053,701
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,034,691		59,052	80,169	71,706	1,245,618
	$	27,580,753	2,282,873	1,226,692	1,653,872	32,744,190
Liabilities:
Notes and other debts payable, net	$	5,542,513	1,106,447	—	1,906	6,650,866
Other liabilities	4,788,988		165,771	259,145	99,881	5,313,785
	$	10,331,501	1,272,218	259,145	101,787	11,964,651


(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 August 31, 2021
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	6,558,509	206,973	167,921	8,000	—	6,941,403
Operating earnings (loss)	1,329,833		112,083	(9,393)	491,972	—	1,924,495
Corporate general and administrative expenses	—		—	—	—	94,942	94,942
Charitable foundation contribution	—		—	—	—	15,199	15,199
Earnings (loss) before income taxes	1,329,833		112,083	(9,393)	491,972	(110,141)	1,814,354

	Three Months Ended August 31, 2020
Revenues	$	5,505,120	237,068	115,170	12,896	—	5,870,254
Operating earnings (loss)	813,744		135,079	(5,148)	7,999	—	951,674
Corporate general and administrative expenses	—		—	—	—	85,998	85,998
Charitable foundation contribution	—		—	—	—	6,663	6,663
Earnings (loss) before income taxes	813,744		135,079	(5,148)	7,999	(92,661)	859,013


	Nine Months Ended August 31, 2021
(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate and unallocated	Total
Revenues	$	17,529,606	669,789	476,837	20,884	—	18,697,116
Operating earnings	3,275,488		379,610	12,130	909,221	—	4,576,449
Corporate general and administrative expenses	—		—	—	—	296,190	296,190
Charitable foundation contribution	—		—	—	—	42,006	42,006
Earnings before income taxes	3,275,488		379,610	12,130	909,221	(338,196)	4,238,253

	Nine Months Ended August 31, 2020
Revenues	$	14,626,720	631,992	370,904	33,348	—	15,662,964
Operating earnings (loss) (1)	1,905,503		329,722	(4,001)	(9,123)	—	2,222,101
Corporate general and administrative expenses	—		—	—	—	246,815	246,815
Charitable foundation contribution	—		—	—	—	16,144	16,144
Earnings (loss) before income taxes	1,905,503		329,722	(4,001)	(9,123)	(262,959)	1,959,142



(In thousands)	East		Central	Texas	West	Other	Corporate and Unallocated	Total Homebuilding
August 31, 2021	$	5,909,905	3,889,907	2,714,717	11,281,110	1,369,977	2,415,137	27,580,753
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:
October 2021	$	200,000
December 2021	500,000
April 2022	100,000
July 2022	600,000
Total - Residential facilities	$	1,400,000
LMF Commercial facilities maturing
November 2021	$	100,000
December 2021 (1)	411,438
July 2023	50,000

Total - LMF Commercial facilities	$	561,438
Total	$	1,961,438


(Dollars in thousands)	August 31, 2021			November 30, 2020
Carrying value	$	161,532		164,230
Outstanding debt, net of debt issuance costs	151,124			153,505
Incurred interest rate	3.4		%	3.4	%


	August 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


	August 31, 2021
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	274,093	333,778
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,148,090		1,196,418
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	498,730		361,381
Lennar's remaining commitments	5,286		19,619
Distributions to Lennar during the nine months ended August 31, 2021	54,393		1,307


			Three Months Ended August 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 May 31, 2021	$	19,702,098	30,049	3,944	8,755,020	(1,452,874)	(1,431)	12,241,400	125,990
Net earnings (including net earnings attributable to noncontrolling interests)	1,409,218		—	—	—	—	—	1,406,888	2,330
Employee stock and directors plans	(32,426)		1	—	55	(32,482)	—	—	—
Purchases of treasury stock	(246,385)		—	—	—	(246,385)	—	—	—




Amortization of restricted stock	24,752		—	—	24,752	—	—	—	—
Cash dividends	(77,662)		—	—	—	—	—	(77,662)	—

Receipts related to noncontrolling interests	4,670		—	—	—	—	—	—	4,670
Payments related to noncontrolling interests	(3,633)		—	—	—	—	—	—	(3,633)
Non-cash purchase or activity of noncontrolling interests, net	(1,224)		—	—	(1,218)	—	—	—	(6)



Total other comprehensive income, net of tax	131		—	—	—	—	131	—	—
Balance at August 31, 2021	$	20,779,539	30,050	3,944	8,778,609	(1,731,741)	(1,300)	13,570,626	129,351


	Nine Months Ended
	August 31,
	2021		2020
Cash flows from operating activities:
Net earnings (including net earnings (loss) attributable to noncontrolling interests)	$	3,262,899	1,576,644
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	65,845		68,771
Amortization of discount/premium on debt, net	(6,257)		(18,632)
Equity in (earnings) loss from unconsolidated entities	(64,571)		50,971
Distributions of earnings from unconsolidated entities	40,552		39,036
Share-based compensation expense	105,386		83,799

Deferred income tax expense	288,259		124,906

Loans held-for-sale unrealized loss	26,156		—
Lennar Other unrealized/realized gain	(847,377)		—
Gain on sale of other assets and operating properties and equipment	(18,596)		(15,846)
Loss on consolidation	—		4,824
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	16,020		76,630
Changes in assets and liabilities:

Decrease in receivables	131,282		264,643
(Increase) decrease in inventories, excluding valuation adjustments and write-offs of option deposits and pre-acquisition costs	(2,252,820)		113,429
Increase in other assets	(154,005)		(124,641)
Decrease in loans held-for-sale	209,262		557,757
Increase in accounts payable and other liabilities	514,007		165,646
Net cash provided by operating activities	1,312,347		2,896,844
Cash flows from investing activities:

Net additions of operating properties and equipment	(39,959)		(42,856)
Proceeds from the sale of operating properties and equipment, other assets	36,882		33,096


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2021		2020	2021	2020
Loan origination liabilities, beginning of period	$	9,454	10,880	7,569	9,364
Provision for losses	1,147		1,234	3,227	3,149


Payments/settlements	(237)		(24)	(432)	(423)
Loan origination liabilities, end of period	$	10,364	12,090	10,364	12,090


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
	2021		2020	2021	2020
Hippo (HIPO) mark to market	$	324,855	—	324,855	—
SmartRent (SMRT) mark to market	100,793		—	100,793	—
Opendoor (OPEN) mark to market	37,301		—	272,756	—
Sunnova (NOVA) mark to market	23,870		—	(14,465)	—
Blend Labs (BLND) mark to market	6,852		—	6,852	—
Gain on sale of solar business	1,531		—	153,006	—
Other realized gain	—		—	3,580	—
	$	495,202	—	847,377	—


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(In thousands)	2021		2020	2021	2020

General contractor services, net of deferrals	$	138,038	101,103	402,328	299,468
General contractor costs	137,860		97,181	391,096	287,646
Management fee income	13,822		14,067	42,881	42,464


	Fair Value Hierarchy	Fair Value at
(In thousands)		August 31, 2021		November 30, 2020
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,141,460	1,296,517
LMF Commercial loans held-for-sale	Level 3	113,129		193,588



Mortgage servicing rights	Level 3	2,382		2,113
Lennar Other:
Investments in equity securities	Level 1	$	1,085,571	—
Investments available-for-sale	Level 3	41,695		53,497



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

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


	Three Months Ended
	August 31, 2021			August 31, 2020
(In thousands)	Mortgage servicing rights		LMF Commercial loans held-for-sale	Mortgage servicing rights	LMF Commercial loans held-for-sale
Beginning balance	$	2,602	163,920	1,238	159,885
Purchases/loan originations	56		178,669	563	164,380
Sales/loan originations sold, including those not settled	—		(226,357)	—	(164,527)
Disposals/settlements	(127)		(4,092)	(34)	—
Changes in fair value (2)	(149)		1,391	(411)	(1,165)
Interest and principal paydowns	—		(402)	—	(1,542)
Ending balance	$	2,382	113,129	1,356	157,031


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

August 31, 2021	1,192	8	1	$	17,117	$	11,849
August 31, 2020	1,194	28	14	76,115		40,364


	Nine Months Ended August 31,

	2021	2020
Unobservable inputs		Range
Average selling price	$635,000		201,000	-	970,000
Absorption rate per quarter (homes)	11		3	-	15
Discount rate	20%	20%


(In thousands)	Lease Payments
2021	$	7,982
2022	34,360
2023	28,283
2024	23,113
2025	18,702
2026 and thereafter	74,108
Total future minimum lease payments (1)	$	186,548
Less: Interest (2)	21,453
Present value of lease liabilities (2)	$	165,095


	Three Months Ended August 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	$	1,655,301	1,174,592	29.0	%	350,305	3,147	1,867	3,493	(1,917)	356,895
Central	1,262,540		974,843	22.8	%	196,103	95	589	526	(84)	197,229
Texas	818,869		570,228	30.4	%	184,267	1,835	365	7	(466)	186,008
West	2,764,857		2,004,108	27.5	%	603,721	600	1,600	4,263	(1,369)	608,815
Other (2)	4,141		8,632	(108.5)	%	(14,807)	—	3,325	(5,898)	(1,734)	(19,114)
Totals	$	6,505,708	4,732,403	27.3	%	1,319,589	5,677	7,746	2,391	(5,570)	1,329,833


	Three Months Ended
	Homes		Dollar Value (In thousands)			Average Sales Price
	August 31,		August 31,			August 31,
	2021	2020	2021		2020	2021		2020
East	4,568	4,309	$	1,660,357	1,488,022	$	363,000	345,000
Central	3,211	2,767	1,262,540		1,062,799	393,000		384,000
Texas	2,747	2,598	818,869		719,467	298,000		277,000
West	4,669	4,165	2,764,856		2,205,235	592,000		529,000
Other	4	3	4,141		2,590	1,035,000		863,000
Total	15,199	13,842	$	6,510,763	5,478,113	$	428,000	396,000


	Three Months Ended
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price
	August 31,		August 31,		August 31,			August 31,
	2021	2020	2021	2020	2021		2020	2021		2020
East	329	340	5,308	4,655	$	2,100,466	1,631,349	$	396,000	350,000
Central	281	297	3,189	3,375	1,352,814		1,298,792	424,000		385,000
Texas	233	217	3,203	2,746	988,644		743,553	309,000		271,000
West	350	341	4,571	4,786	3,006,501		2,580,328	658,000		539,000
Other	3	3	6	2	5,974		1,452	996,000		726,000
Total	1,196	1,198	16,277	15,564	$	7,454,399	6,255,474	$	458,000	402,000


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


Multifamily investments in unconsolidated entities	$	682,819	724,647
Lennar's net investment in Multifamily	950,636		906,632


Statements of Operations	Three Months Ended			Nine Months Ended
	August 31,			August 31,
(Dollars in thousands)	2021		2020	2021	2020


Number of operating properties/investments sold through joint ventures	—		—	1	2
Lennar's share of gains on the sale of operating properties/investments	$	—	—	14,784	3,001


(Dollars in thousands)	Covenant Level			Level Achieved as of August 31, 2021
Minimum net worth test	$	9,781,069		13,563,839
Maximum leverage ratio	65.0		%	17.0	%
Liquidity test	1.00			9.78


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



Debt without recourse to Lennar	$	1,199,582	—	256,958	65,591	877,033	—
Land seller and CDD and other debt	5,837		—	—	—	—	5,837
Maximum recourse debt exposure to Lennar	3,599		—	3,599	—	—	—
Debt issuance costs	(13,089)		—	—	—	—	(13,089)
Total	$	1,195,929	—	260,557	65,591	877,033	(7,252)


	Controlled Homesites							Years of
August 31, 2021	Optioned	JVs	Total		Owned Homesites		Total Homesites	Supply Owned (1)
East	74,056	—	74,056		54,069		128,125
Central	27,772	—	27,772		42,407		70,179
Texas	53,434	—	53,434		40,274		93,708
West	50,867	—	50,867		51,587		102,454
Other	3,657	6,594	10,251		2,056		12,307
Total homesites	209,786	6,594	216,380		190,393		406,773	3.3
% of total homesites			53	%	47	%


	Three Months Ending November 30,			Years Ending November 30,														Fair Value at Aug 31,
(Dollars in millions)	2021			2022		2023		2024		2025		2026		Thereafter		Total		2021
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	19.9		1,559.0		99.5		1,560.5		591.8		402.9		1,294.6		5,528.2		6,040.7
Average interest rate	4.2		%	4.5	%	4.2	%	5.0	%	4.8	%	5.2	%	4.9	%	4.8	%	—


Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		151.1		151.1		152.0
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	939.5		11.4		4.4		—		—		—		—		955.3		955.3
Average interest rate	2.1		%	2.2	%	2.3	%	—		—		—		—		2.1	%	—




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)
June 1 to June 30, 2021	390,000	$	97.33	390,000	23,100,000
July 1 to July 31, 2021	1,794,778	$	97.62	1,794,778	21,305,222
August 1 to August 31, 2021	635,739	$	103.17	315,222	20,990,000


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 August 31, 2021, filed on October 1, 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 August 31, 2021 was formatted in iXBRL.


		Lennar Corporation
		(Registrant)

Date:	October 1, 2021	/s/ Diane Bessette
		Diane Bessette
		Vice President, Chief Financial Officer and Treasurer

Date:	October 1, 2021	/s/ David Collins
		David Collins
		Vice President and Controller