v3.8.0.1
Rialto Segment (Tables)
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12 Months Ended |
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| Segment Reporting [Abstract] |
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| Schedule Of Assets And Liabilities |
Financial information relating to the Company’s operations was as follows: | | | | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Assets: | | | | | | Homebuilding East (1) | $ | 4,754,581 |
| | 3,512,990 |
| | 3,140,604 |
| Homebuilding Central | 2,037,905 |
| | 1,993,403 |
| | 1,902,581 |
| Homebuilding West | 5,165,218 |
| | 4,318,924 |
| | 4,157,616 |
| Homebuilding Other | 960,541 |
| | 907,523 |
| | 858,000 |
| Lennar Financial Services | 1,689,508 |
| | 1,754,672 |
| | 1,425,837 |
| Rialto | 1,153,840 |
| | 1,276,210 |
| | 1,505,500 |
| Lennar Multifamily | 710,725 |
| | 526,131 |
| | 415,352 |
| Corporate and unallocated | 2,272,716 |
| | 1,071,928 |
| | 1,014,019 |
| Total assets | $ | 18,745,034 |
| | 15,361,781 |
| | 14,419,509 |
| Lennar Homebuilding investments in unconsolidated entities: | | | | | | Homebuilding East | $ | 68,670 |
| | 62,900 |
| | 40,573 |
| Homebuilding Central | 25,220 |
| | 36,031 |
| | 35,925 |
| Homebuilding West | 791,995 |
| | 696,471 |
| | 649,170 |
| Homebuilding Other | 14,884 |
| | 16,321 |
| | 15,883 |
| Total Lennar Homebuilding investments in unconsolidated entities | $ | 900,769 |
| | 811,723 |
| | 741,551 |
| Rialto investments in unconsolidated entities | $ | 265,418 |
| | 245,741 |
| | 224,869 |
| Lennar Multifamily investments in unconsolidated entities | $ | 407,544 |
| | 318,559 |
| | 250,876 |
| Lennar Homebuilding goodwill (2) | $ | 136,566 |
| | — |
| | — |
| Lennar Financial Services goodwill (2) | $ | 59,838 |
| | 39,838 |
| | 38,854 |
| Rialto goodwill | $ | 5,396 |
| | 5,396 |
| | 5,396 |
|
| | (1) | Homebuilding East segment includes the provisional fair values of homebuilding assets acquired as part of the WCI acquisition. |
| | (2) | In connection with the WCI acquisition, the Company allocated $136.6 million of goodwill to the Lennar Homebuilding East reportable segment and $20.0 million to the Lennar Financial Services segment. These amounts are provisional pending completion of the fair value analysis of acquired assets and liabilities. |
| | | | | | | | | | | | Years Ended November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Revenues: | | | | | | Homebuilding East | $ | 4,612,565 |
| | 3,941,336 |
| | 3,563,678 |
| Homebuilding Central | 2,509,292 |
| | 2,283,579 |
| | 1,944,312 |
| Homebuilding West | 3,197,174 |
| | 2,757,658 |
| | 2,365,519 |
| Homebuilding Other | 881,211 |
| | 758,764 |
| | 593,436 |
| Lennar Financial Services | 770,109 |
| | 687,255 |
| | 620,527 |
| Rialto | 281,243 |
| | 233,966 |
| | 221,923 |
| Lennar Multifamily | 394,771 |
| | 287,441 |
| | 164,613 |
| Total revenues (1) | $ | 12,646,365 |
| | 10,949,999 |
| | 9,474,008 |
| Operating earnings (loss): | | | | | | Homebuilding East (2) | $ | 483,684 |
| | 617,175 |
| | 580,863 |
| Homebuilding Central | 269,462 |
| | 245,975 |
| | 208,698 |
| Homebuilding West (3) | 403,935 |
| | 396,346 |
| | 435,818 |
| Homebuilding Other | 111,958 |
| | 85,436 |
| | 46,262 |
| Lennar Financial Services | 155,524 |
| | 163,617 |
| | 127,795 |
| Rialto (4) | (22,495 | ) | | (16,692 | ) | | 33,595 |
| Lennar Multifamily (5) | 73,432 |
| | 71,174 |
| | (7,171 | ) | Total operating earnings | 1,475,500 |
| | 1,563,031 |
| | 1,425,860 |
| Corporate general and administrative expenses | 285,889 |
| | 232,562 |
| | 216,244 |
| Earnings before income taxes | $ | 1,189,611 |
| | 1,330,469 |
| | 1,209,616 |
|
| | (1) | Total revenues were net of sales incentives of $665.7 million ($22,700 per home delivered) for the year ended November 30, 2017, $596.3 million ($22,500 per home delivered) for the year ended November 30, 2016 and $518.1 million ($21,400 per home delivered) for the year ended November 30, 2015. |
| | (2) | Homebuilding East operating earnings for the year ended November 30, 2017 included a $140 million loss due to litigation (see Note 17). |
| | (3) | For the years ended November 30, 2017 and 2016, Homebuilding West's operating earnings included an equity in loss from unconsolidated entities of $55.2 million and $49.7 million, respectively, refer to the following table for additional details. |
| | (4) | For the year ended November 30, 2017, Rialto's operating loss included $96.2 million of gross REO and loan impairments ($44.7 million net of noncontrolling interests) as Rialto liquidated most of the remaining assets of the FDIC portfolio. For the year ended November 30, 2016, Rialto's operating loss included a $16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio. |
| | (5) | For the years ended November 30, 2017, 2016 and 2015, Lennar Multifamily's operating earnings included $85.7 million, $85.5 million and $19.5 million of equity in earnings from unconsolidated entities primarily as a result of $96.7 million, $91.0 million and $22.2 million, respectively, share of gains from the sale of seven, seven and two operating properties, respectively, by its unconsolidated entities. |
| | | | | | | | | | | | Years Ended November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Lennar Homebuilding interest expense: | | | | | | Homebuilding East | $ | 100,288 |
| | 92,541 |
| | 94,425 |
| Homebuilding Central | 55,212 |
| | 48,879 |
| | 41,280 |
| Homebuilding West | 103,100 |
| | 87,293 |
| | 70,397 |
| Homebuilding Other | 19,209 |
| | 16,348 |
| | 14,045 |
| Total Lennar Homebuilding interest expense | $ | 277,809 |
| | 245,061 |
| | 220,147 |
| Lennar Financial Services interest income, net | $ | 13,331 |
| | 12,388 |
| | 13,547 |
| Rialto interest expense | $ | 42,004 |
| | 40,303 |
| | 43,127 |
| Depreciation and amortization: | | | | | | Homebuilding East | $ | 19,922 |
| | 18,713 |
| | 16,877 |
| Homebuilding Central | 11,007 |
| | 10,328 |
| | 9,881 |
| Homebuilding West | 22,741 |
| | 19,437 |
| | 17,683 |
| Homebuilding Other | 4,772 |
| | 4,562 |
| | 4,477 |
| Lennar Financial Services | 9,992 |
| | 7,667 |
| | 6,100 |
| Rialto | 5,194 |
| | 7,590 |
| | 7,758 |
| Lennar Multifamily | 2,910 |
| | 2,472 |
| | 1,110 |
| Corporate and unallocated | 51,142 |
| | 34,966 |
| | 23,522 |
| Total depreciation and amortization | $ | 127,680 |
| | 105,735 |
| | 87,408 |
| Net additions to (disposals of) operating properties and equipment: | | | | | | Homebuilding East | $ | 2 |
| | (10,379 | ) | | 316 |
| Homebuilding Central | (48 | ) | | 2,385 |
| | (18 | ) | Homebuilding West (1) | 13,912 |
| | 24,438 |
| | (11,482 | ) | Homebuilding Other (2) | 29,927 |
| | 26,727 |
| | (72,472 | ) | Lennar Financial Services | 11,185 |
| | 6,218 |
| | 3,306 |
| Rialto | 4,115 |
| | 1,908 |
| | 9,382 |
| Lennar Multifamily | 12,657 |
| | 1,666 |
| | 2,147 |
| Corporate and unallocated | 40,023 |
| | 12,645 |
| | 27,466 |
| Total net additions (disposals of) operating properties and equipment | $ | 111,773 |
| | 65,608 |
| | (41,355 | ) | Lennar Homebuilding equity in earnings (loss) from unconsolidated entities: | | | | | | Homebuilding East | $ | 1,413 |
| | (230 | ) | | 118 |
| Homebuilding Central | (7,447 | ) | | 401 |
| | 75 |
| Homebuilding West (3) | (55,181 | ) | | (49,731 | ) | | 62,960 |
| Homebuilding Other | (493 | ) | | 285 |
| | 220 |
| Total Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | $ | (61,708 | ) | | (49,275 | ) | | 63,373 |
| Rialto equity in earnings from unconsolidated entities | $ | 25,447 |
| | 18,961 |
| | 22,293 |
| Lennar Multifamily equity in earnings from unconsolidated entities | $ | 85,739 |
| | 85,519 |
| | 19,518 |
|
| | (1) | For the year ended November 30, 2017, net disposals of operating properties and equipment included the sale of an operating property with a basis of $47.0 million. For the year ended November 30, 2015, net disposals of operating properties and equipment included the sale of an operating property with a basis of $59.4 million. |
| | (2) | For the year ended November 30, 2015, net disposals of operating properties and equipment included the sale of an operating property with a basis of $73.3 million. |
| | (3) | For the year ended November 30, 2017, equity in loss included the Company's share of operational net losses from unconsolidated entities driven by general and administrative expenses and valuation adjustments, partially offset by profits from land sales. For the year ended November 30, 2016, equity in loss included the Company's share of costs associated with the FivePoint combination (described in Note 5) and operational net losses from the new FivePoint unconsolidated entity, totaling $42.6 million, partially offset by $12.7 million of equity in earnings primarily due to sales of homesites to third parties by one of the Company's unconsolidated entities. For the year ended November 30, 2015, equity in earnings included $82.8 million of equity in earnings from one of the Company's unconsolidated entities. |
The assets and liabilities related to the Lennar Financial Services segment were as follows: | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 117,410 |
| | 123,964 |
| Restricted cash | 12,006 |
| | 17,053 |
| Receivables, net (1) | 313,252 |
| | 409,528 |
| Loans held-for-sale (2) | 937,516 |
| | 939,405 |
| Loans held-for-investment, net | 44,193 |
| | 30,004 |
| Investments held-to-maturity | 52,327 |
| | 41,991 |
| Investments available-for-sale (3) | 57,439 |
| | 53,570 |
| Goodwill (4) | 59,838 |
| | 39,838 |
| Other (5) | 95,527 |
| | 99,319 |
| | $ | 1,689,508 |
| | 1,754,672 |
| Liabilities: | | | | Notes and other debts payable | $ | 937,431 |
| | 1,077,228 |
| Other (6) | 240,383 |
| | 241,055 |
| | $ | 1,177,814 |
| | 1,318,283 |
|
| | (2) | Loans held-for-sale related to unsold loans carried at fair value. |
| | (3) | Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss). |
| | (4) | As of November 30, 2017, goodwill included $20 million related to the WCI acquisition. The amount provided herein is provisional, pending completion of the fair value analysis of WCI's acquired assets and liabilities assumed. |
| | (5) | As of November 30, 2017 and 2016, other assets included mortgage loan commitments carried at fair value of $9.9 million and $7.4 million, respectively, and mortgage servicing rights carried at fair value of $31.2 million and $23.9 million, respectively. In addition, other assets also included forward contracts carried at fair value of $1.7 million and $26.5 million as of November 30, 2017 and November 30, 2016, respectively. |
| | (6) | As of November 30, 2017 and 2016, other liabilities included $57.7 million and $57.4 million, respectively, of certain of the Company’s self-insurance reserves related to construction defects, general liability and workers’ compensation. |
The assets and liabilities related to the Rialto segment were as follows: | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 241,861 |
| | 148,827 |
| Restricted cash | 22,466 |
| | 9,935 |
| Receivables, net (1) | — |
| | 204,518 |
| Loans held-for-sale (2) | 236,018 |
| | 126,947 |
| Loans receivable, net | 1,933 |
| | 111,608 |
| Real estate owned, net | 86,047 |
| | 243,703 |
| Investments in unconsolidated entities | 265,418 |
| | 245,741 |
| Investments held-to-maturity | 179,659 |
| | 71,260 |
| Other | 120,438 |
| | 113,671 |
| | $ | 1,153,840 |
| | 1,276,210 |
| Liabilities: | | | | Notes and other debts payable (3) | $ | 625,081 |
| | 622,335 |
| Other | 94,975 |
| | 85,645 |
| | $ | 720,056 |
| | 707,980 |
|
| | (1) | Receivables, net primarily related to loans sold but not settled as of November 30, 2016. |
| | (2) | Loans held-for-sale related to unsold loans originated by RMF carried at fair value and loans in the FDIC Portfolios carried at lower of cost or market. |
| | (3) | As of November 30, 2017 and 2016, notes and other debts payable primarily included $349.4 million and $348.7 million, respectively, related to Rialto's 7.00% senior notes due 2018 (the "7.00% Senior Notes"), and $162.1 million and $223.5 million, respectively, related to Rialto's warehouse repurchase facilities. |
The assets and liabilities related to the Lennar Multifamily segment were as follows: | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 8,676 |
| | 6,600 |
| Receivables (1) | 69,678 |
| | 58,929 |
| Land under development | 208,618 |
| | 139,713 |
| Investments in unconsolidated entities | 407,544 |
| | 318,559 |
| Other assets | 16,209 |
| | 2,330 |
| | $ | 710,725 |
| | 526,131 |
| Liabilities: | | | | Accounts payable and other liabilities | $ | 149,715 |
| | 117,973 |
| | $ | 149,715 |
| | 117,973 |
|
| | (1) | Receivables primarily related to general contractor services, net of deferrals and management fee income receivables due from unconsolidated entities as of November 30, 2017 and 2016. |
|
| Schedule of Line of Credit Facilities |
At November 30, 2017, the Lennar Financial Services segment warehouse facilities were as follows: | | | | | (In thousands) | Maximum Aggregate Commitment | 364-day warehouse repurchase facility that matures December 2017 (1) (2) | $ | 400,000 |
| 364-day warehouse repurchase facility that matures March 2018 (3) | 150,000 |
| 364-day warehouse repurchase facility that matures June 2018 | 600,000 |
| 364-day warehouse repurchase facility that matures September 2018 | 300,000 |
| Total | $ | 1,450,000 |
|
| | (1) | Maximum aggregate commitment includes an uncommitted amount of $250 million. |
| | (2) | Subsequent to November 30, 2017, the warehouse repurchase facility maturity was extended to December 2018. |
| | (3) | Maximum aggregate commitment includes an uncommitted amount of $75 million |
At November 30, 2017, Rialto warehouse facilities were as follows: | | | | | (In thousands) | Maximum Aggregate Commitment | Warehouse repurchase facility that matures December 2017 (1) | $ | 200,000 |
| 364-day warehouse repurchase facility that matures January 2018 (2) | 250,000 |
| 364-day warehouse repurchase facility that matures October 2018 | 400,000 |
| 364-day warehouse repurchase facility that matures November 2018 (one year extension) | 200,000 |
| Total - Loans origination and securitization business (RMF) | $ | 1,050,000 |
| Warehouse repurchase facility that matures August 2018 (two - one year extensions) (3) | 100,000 |
| Totals | $ | 1,150,000 |
|
| | (1) | Subsequent to November 30, 2017, the warehouse repurchase facility maturity date was extended to December 2019. |
| | (2) | Subsequent to November 30, 2017, the warehouse repurchase facility maturity date was extended to December 2018 and maximum aggregate commitment of the facility was reduced to $200 million. |
| | (3) | Rialto uses this warehouse repurchase facility to finance the origination of floating rate accrual loans, which are reported as accrual loans within loans receivable, net. There were no borrowings under this facility as of November 30, 2017. Borrowings under this facility were $43.3 million as of November 30, 2016. |
|
| Schedule of Unconsolidated Entities |
The total debt of the Lennar Homebuilding unconsolidated entities in which the Company has investments was as follows: | | | | | | | | | November 30, | (Dollars in thousands) | 2017 | | 2016 | Non-recourse bank debt and other debt (partner’s share of several recourse) | $ | 64,197 |
| | 48,945 |
| Non-recourse land seller debt and other debt (1) | 1,997 |
| | 323,995 |
| Non-recourse debt with completion guarantees | 255,903 |
| | 147,100 |
| Non-recourse debt without completion guarantees | 351,800 |
| | 320,372 |
| | 673,897 |
| | 840,412 |
| | 69,181 |
| | 52,438 |
| Debt issuance costs | (5,747 | ) | | (4,186 | ) | Total debt | $ | 737,331 |
| | 888,664 |
| The Company’s maximum recourse exposure as a % of total JV debt | 9 | % | | 6 | % |
| | (1) | Non-recourse land seller debt and other debt as of November 30, 2016, included a $320 million non-recourse note related to a transaction between one of the Company's unconsolidated entities and another unconsolidated joint venture, which was settled in December 2016. |
| | (2) | As of November 30, 2017 and 2016, the Company's maximum recourse exposure was primarily related to the Company providing a repayment guarantee on three unconsolidated entities' debt and two unconsolidated entities' debt, respectively. |
Summarized condensed financial information on a combined 100% basis related to Lennar Homebuilding’s unconsolidated entities that are accounted for by the equity method was as follows: Statements of Operations | | | | | | | | | | | | Years Ended November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Revenues | $ | 471,899 |
| | 439,874 |
| | 1,309,517 |
| Costs and expenses | 616,217 |
| | 578,831 |
| | 969,509 |
| Other income | 23,253 |
| | — |
| | 49,343 |
| Net earnings (loss) of unconsolidated entities | $ | (121,065 | ) | | (138,957 | ) | | 389,351 |
| Lennar Homebuilding equity in earnings (loss) from unconsolidated entities | $ | (61,708 | ) | | (49,275 | ) | | 63,373 |
|
Balance Sheets | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 953,261 |
| | 221,334 |
| Inventories | 3,751,525 |
| | 3,889,795 |
| Other assets | 1,061,507 |
| | 1,334,116 |
| | $ | 5,766,293 |
| | 5,445,245 |
| Liabilities and equity: | | | | Accounts payable and other liabilities | $ | 832,151 |
| | 791,245 |
| Debt (1) | 737,331 |
| | 888,664 |
| Equity | 4,196,811 |
| | 3,765,336 |
| | $ | 5,766,293 |
| | 5,445,245 |
|
| | (1) | Debt presented above is net of debt issuance costs of $5.7 million and $4.2 million, as of November 30, 2017 and 2016, respectively. |
Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 95,552 |
| | 230,229 |
| Loans receivable | 538,317 |
| | 406,812 |
| Real estate owned | 348,601 |
| | 439,191 |
| Investment securities | 1,849,795 |
| | 1,379,155 |
| Investments in partnerships | 393,874 |
| | 398,535 |
| Other assets | 42,949 |
| | 29,036 |
| | $ | 3,269,088 |
| | 2,882,958 |
| Liabilities and equity: | | | | Accounts payable and other liabilities | $ | 48,374 |
| | 36,131 |
| Notes payable (1) | 576,810 |
| | 532,264 |
| Equity | 2,643,904 |
| | 2,314,563 |
| | $ | 3,269,088 |
| | 2,882,958 |
|
| | (1) | Notes payable are net of debt issuance costs of $3.1 million and $2.9 million, as of November 30, 2017 and 2016, respectively. |
Statements of Operations | | | | | | | | | | | | Years Ended November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Revenues | $ | 238,981 |
| | 200,346 |
| | 170,921 |
| Costs and expenses | 104,343 |
| | 96,343 |
| | 97,162 |
| Other income, net (1) | 109,927 |
| | 49,342 |
| | 144,941 |
| Net earnings of unconsolidated entities | $ | 244,565 |
| | 153,345 |
| | 218,700 |
| Rialto equity in earnings from unconsolidated entities | $ | 25,447 |
| | 18,961 |
| | 22,293 |
|
| | (1) | Other income, net included realized and unrealized gains (losses) on investments. |
The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | Inception Year | | Equity Commitments | | Equity Commitments Called | | | | | | Investment | Rialto Real Estate Fund, LP | 2010 | | $ | 700,006 |
| | $ | 700,006 |
| | $ | 75,000 |
| | $ | 75,000 |
| | $ | 41,860 |
| | 58,116 |
| Rialto Real Estate Fund II, LP | 2012 | | 1,305,000 |
| | 1,305,000 |
| | 100,000 |
| | 100,000 |
| | 86,904 |
| | 96,192 |
| Rialto Mezzanine Partners Fund, LP | 2013 | | 300,000 |
| | 300,000 |
| | 33,799 |
| | 33,799 |
| | 19,189 |
| | 23,643 |
| Rialto Capital CMBS Funds | 2014 | | 119,174 |
| | 119,174 |
| | 52,474 |
| | 52,474 |
| | 54,018 |
| | 50,519 |
| Rialto Real Estate Fund III | 2015 | | 1,887,000 |
| | 569,482 |
| | 140,000 |
| | 40,104 |
| | 41,223 |
| | 9,093 |
| Rialto Credit Partnership, LP | 2016 | | 220,000 |
| | 159,886 |
| | 19,999 |
| | 14,534 |
| | 13,288 |
| | 5,794 |
| Other investments | | | | | | | | | | | 8,936 |
| | 2,384 |
| | | | | | | | | | | | $ | 265,418 |
| | 245,741 |
|
Summarized condensed financial information on a combined 100% basis related to Lennar Multifamily's investments in unconsolidated entities that are accounted for by the equity method was as follows: Balance Sheets | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Assets: | | | | Cash and cash equivalents | $ | 37,073 |
| | 43,658 |
| Operating properties and equipment | 2,952,070 |
| | 2,210,627 |
| Other assets | 36,772 |
| | 33,703 |
| | $ | 3,025,915 |
| | 2,287,988 |
| Liabilities and equity: | | | | Accounts payable and other liabilities | $ | 212,123 |
| | 196,617 |
| Notes payable (1) | 879,047 |
| | 577,085 |
| Equity | 1,934,745 |
| | 1,514,286 |
| | $ | 3,025,915 |
| | 2,287,988 |
|
| | (1) | Notes payable are net of debt issuance costs of $17.6 million and $12.3 million, as of November 30, 2017 and 2016, respectively. |
Statements of Operations | | | | | | | | | | | | Years Ended November 30, | (In thousands) | 2017 | | 2016 | | 2015 | Revenues | $ | 67,578 |
| | 45,287 |
| | 16,309 |
| Costs and expenses | 108,610 |
| | 68,976 |
| | 27,190 |
| Other income, net | 207,793 |
| | 191,385 |
| | 43,340 |
| Net earnings of unconsolidated entities | $ | 166,761 |
| | 167,696 |
| | 32,459 |
| Lennar Multifamily equity in earnings from unconsolidated entities (1) | $ | 85,739 |
| | 85,519 |
| | 19,518 |
|
| | (1) | During the year ended November 30, 2017, 2016 and 2015, the Lennar Multifamily segment sold seven, seven and two operating properties, respectively, through its unconsolidated entities resulting in the segment's $96.7 million, $91.0 million and $22.2 million share of gains, respectively. |
The Company’s recorded investments in unconsolidated entities were as follows: | | | | | | | | | November 30, | (In thousands) | 2017 | | 2016 | Lennar Homebuilding | $ | 900,769 |
| | 811,723 |
| Rialto | $ | 265,418 |
| | 245,741 |
| Lennar Multifamily | $ | 407,544 |
| | 318,559 |
|
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- DefinitionTabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
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- DefinitionTabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.
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- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.
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- References
+ Details
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