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Lennar Corp – ‘10-K’ for 11/30/98

As of: Monday, 3/1/99 · For: 11/30/98 · Accession #: 950170-99-289 · File #: 0-19984

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/01/99  Lennar Corp                       10-K       11/30/98    7:234K                                   Donnelley Fin’l/Miami/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         21    114K 
 2: EX-3.(A)    Articles of Incorporation/Organization or By-Laws     17     47K 
 3: EX-10.(N)   Material Contract                                      4     19K 
 4: EX-13       Annual or Quarterly Report to Security Holders        44    246K 
 5: EX-21       Subsidiaries of the Registrant                         4     22K 
 6: EX-23       Consent of Experts or Counsel                          1      6K 
 7: EX-27       Financial Data Schedule (Pre-XBRL)                     1      7K

10-K — Annual Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Business Certain Relationships and Related Transactions Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Directors and Executive Officers of the Registrant Executive Compensation Exhibits, Financial Statement Schedules and Reports on Form 8-K Financial Statements and Supplementary Data Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Market for the Registrant's Common Stock and Related Security Holder Matters Market Risk Properties Security Ownership of Certain Beneficial Owners and Management Selected Financial Data Submission of Matters to A Vote of Security Holders
1	1st Page - Filing Submission
2	Item 1. Business
12	Item 2. Properties
"	Item 3. Legal Proceedings
"	Item 4. Submission of Matters to A Vote of Security Holders
"	Item 5. Market for the Registrant's Common Stock and Related Security Holder Matters
13	Item 6. Selected Financial Data
"	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
"	Item 7(A). Market Risk
"	Item 8. Financial Statements and Supplementary Data
"	Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
"	Item 10. Directors and Executive Officers of the Registrant
14	Item 11. Executive Compensation
"	Item 12. Security Ownership of Certain Beneficial Owners and Management
"	Item 13. Certain Relationships and Related Transactions
15	Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

10-K 1st Page of 21 TOC ↑Top Previous Next ↓Bottom Just 1st
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES               
EXCHANGE ACT OF 1934

 For the fiscal year ended November 30, 1998

Commission file number 1-11749

LENNAR CORPORATION
(Exact name of registrant as specified in its charter)

    DELAWARE                                                  59-1281887
(State or other jurisdiction of                               (I.R.S. Employer  
incorporation or organization)                               Identification No.)

700 NORTHWEST 107TH AVENUE, MIAMI, FLORIDA 33172
(Address of principal executive offices)                     (Zip Code)         

 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (305) 559-4000

 SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                                                       Name of Each Exchange
Title of Each Class                                         on Which Registered 
-------------------                                         ------------------- 
Common Stock, par value 10 cents                        New York Stock Exchange 

 SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

NONE

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of   
1934 during the preceding 12 months (or for such shorter period that the        
registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days.      YES X     NO ____                

       Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,  
to the best of registrant's knowledge, in definitive proxy or information       
statements incorporated by reference in Part III of this Form 10-K or any       
amendment to this Form 10-K.      [X]                                           

       As of February 23, 1999, registrant had outstanding 48,417,506 shares
of common stock and 9,848,562 shares of Class B common stock (which can be      
converted into common stock). Of the total shares outstanding, 47,988,014 shares
of common stock and 29,701 shares of Class B common stock, having a combined    
aggregate market value (assuming the Class B shares were converted) on that date
of $1,152,425,160, were held by non-affiliates of the registrant.               

Documents incorporated by reference:                                            

Related                                                                         
Section                                     Documents                           
--------------------------------------------------------------------------------
II                   Pages 18 through 48 of the Annual Report to      
                      Stockholders for the year ended November 30, 1998.

 III                  Definitive Proxy Statement to be filed pursuant to
               Regulation 14A on or before March 30, 1999.

10-K 2nd Page of 21 TOC 1st Previous Next ↓Bottom Just 2nd
PART I

ITEM 1.    BUSINESS.                                                            

GENERAL DEVELOPMENT OF BUSINESS                                                 

       Lennar Corporation (together with its subsidiaries, the "Company") is one
of the nation's premier homebuilders and is a provider of residential financial 
services. The Company's homebuilding operations include the sale and            
construction of single-family attached and detached homes, as well as the       
purchase, development and sale of residential land. The purchase, development   
and sale of residential land is conducted through its own efforts and its       
partnership interests. The financial services operations provide mortgage       
financing, title insurance and closing services for Lennar homebuyers and       
others; acquire, package and resell residential mortgage loans and              
mortgage-backed securities, perform mortgage loan servicing activities and      
provide cable television and alarm monitoring services to residents of Lennar   
communities and others.                                                         

On October 31, 1997, the Company (i) distributed to the Company's 
stockholders all of the stock of LNR Property Corporation ("LNR"), to which the 
Company had transferred its commercial real estate investment and management    
activities, (ii) acquired Pacific Greystone Corporation through a merger and    
(iii) transferred a portion of its land inventory to Lennar Land Partners, of   
which the Company owns 50% and LNR owns 50%.                                    

FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS                                   

The Company operates in two industry segments - homebuilding and  
financial services. The financial information related to these industry segments
and the discontinued Investment Division segment is contained in the financial  
statements incorporated by reference to pages 28 through 46 of the Company's    
1998 Annual Report to Stockholders.                                             

NARRATIVE DESCRIPTION OF BUSINESS                                               

HOMEBUILDING

The Company and its predecessor have been building homes since 1954. The Company
believes that since its acquisition of Development Corporation of America in    
1986, it has delivered more homes in Florida each year than any other           
homebuilder. The Company has been building homes in Arizona since 1972, where it
currently is one of the leading homebuilders. In 1991, the Company began        
building homes in Dallas, Texas. In 1992, it started homebuilding operations in 
Houston, Texas. During 1995, the Company entered the California homebuilding    
market through the acquisition of Bramalea California, Inc. and expanded in this
market in 1996 through the acquisition of Renaissance Homes, Inc. and through   
several partnership investments. During 1996, the Company significantly expanded
its operations in Texas with the acquisition of the assets and operations of    
Houston-based Village Builders (a homebuilder) and Friendswood Development      
Company (a developer of master-planned communities). During 1997, the Company   
continued its expansion in California through homesite acquisitions and         
additional partnership investments. Additionally during 1997, the Company       
further expanded its operations in the California and Arizona homebuilding      
markets and entered the Nevada homebuilding market with the acquisition of      
Pacific Greystone Corporation. During 1998, the Company acquired the properties 
of two California homebuilders, ColRich Communities and Polygon Communities, and
acquired a Northern California homebuilder, Winncrest Homes. The Company has    
constructed and sold approximately 151,000 homes to date.                       

The Company's homebuilding activities in Florida are principally conducted      
through Lennar Homes, Inc. In Arizona, these activities are conducted through   
Lennar Homes of Arizona, Inc. and Greystone Homes, Inc. In Texas, these         
activities are conducted through two subsidiaries, one of which does business as
Lennar Homes of Texas, Inc. and Houston Village Builders, Inc. Homebuilding     
activities in California are principally conducted through Lennar Homes of      
California, Inc., Lennar Renaissance, Inc., Greystone Homes, Inc. and Winncrest 
Homes. In Nevada, these activities are conducted through Greystone Homes, Inc.  

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10-K 3rd Page of 21 TOC 1st Previous Next ↓Bottom Just 3rd
    The Company, through its own efforts and its partnership interests, is
involved in all phases of planning and building in its residential communities, 
including land acquisition, site planning, preparation and improvement of land, 
and design, construction and marketing of homes. The Company subcontracts       
virtually all segments of development and construction to others.               

        The Company primarily sells single-family attached and detached homes.
The homes are targeted primarily at first-time homebuyers, move-up homebuyers   
and, in some communities, active adults. The average sales price of a Lennar    
home was $194,000 in fiscal 1998.                                               

CURRENT HOMEBUILDING ACTIVITIES                                                 

The table on the following page summarizes information about the  
Company's recent homebuilding activities:                                       

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                                                        [Enlarge/Download Table]


                             HOMEBUILDING ACTIVITIES                                       

                                                           HOMESITES AT NOVEMBER 30, 1998  
                                                     --------------------------------------
                           Homes delivered             Homes completed or                  
                           in years ended              under construction                  
                             November 30,            -----------------------     Sold homes
                    -----------------------------               Available for      not yet 
Region              1998       1997      1996         Sold(1)      sale          started(1)
------------------- --------- --------- ---------    ---------- ------------     ----------

                                                                                           
Florida              3,761     3,367     3,363         825           488            719    

California           3,029       587        58       1,123           619             25    

Texas                2,484     2,075     1,832         575           599            128    

Arizona/Nevada       1,503       673       715         479            75            226    
                    --------- --------- ---------    ---------- ------------     ----------
      Totals        10,777     6,702     5,968       3,002         1,781          1,098    
                    ========= ========= =========    ========== ============     ==========

                                                        [Enlarge/Download Table]

                                      HOMESITES AT NOVEMBER 30, 1998                     
                     --------------------------------------------------------------------

                      LENNAR CORPORATION             PARTNERSHIPS                        
                     ------------------------------------------------------------------  
                         Estimated number           Estimated number                     
                       of homes that could        of homes that could                    
                        be constructed on        be constructed on land                  
                       land currently owned         currently owned or                   
                        or controlled(2)(4)      controlled(2)(3)(4)(5)        Total     
                     ------------------------   --------------------------   owned and   
Region                Owned     Controlled           Owned      Controlled   controlled  
-------------------  ---------- -------------    ------------- -----------   ----------- 

                                                                                         
Florida               6,600     2,800                17,000        2,800        29,200   

California           12,800       800                14,600        6,500        34,700   

Texas                 6,200       900                 4,300           --        11,400   

Arizona/Nevada        2,900     1,100                   600           --         4,600   
                     ---------- -------------   -------------- -----------   ----------  
      Totals         28,500     5,600                36,500        9,300        79,900   
                     ========== =============   ============== ===========   ==========  

Notes:                                                        

(1)      Although firm contracts relating to these homes were executed, there   
       can be no assurance that purchasers will meet their obligations under
the contracts.                                                

(2)      Based on current management estimates, which are subject to change.    

(3)      As of November 30, 1998, one of the Company's partnerships had equity  
         interests in other partnerships that owned and controlled approximately
10,600 homesites for sale to the Company and other builders.  

(4)      Includes homesites that are currently designated for sale to other     
builders.                                                     

(5)      Represents partnerships and similar entities in which the Company has  
      less than a controlling interest and are accounted for by the equity
method.                                                       

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MANAGEMENT AND OPERATING STRUCTURE                                              

     The Company balances its local operating structure with centralized
corporate-level management. The Company's local managers, who have significant  
experience in the homebuilding industry generally and in their respective       
markets, are responsible for operating decisions regarding land identification, 
home design, construction and marketing. Decisions related to overall Company   
strategy, acquisitions of land and businesses, financing and disbursements are  
centralized at the corporate level.                                             

PARTNERSHIPS AND SIMILAR ENTITIES                                               

    The Company views partnerships and similar entities as a means to both
expand its market opportunities and manage its risk profile. Typically, the     
Company acts as the general partner and the day-to-day manager.                 

        In October 1997, the Company, directly and through LNR, transferred to
Lennar Land Partners, which is 50% owned by the Company and 50% owned by LNR,   
parcels of land or interests in land and other assets which had a total book    
value on the Company's books of approximately $372.4 million. The Company has an
agreement with Lennar Land Partners under which, for a fee, the Company         
administers all its day-to-day activities, including overseeing planning and    
development of properties and overseeing sales of land to the Company and other 
builders. The Company is reimbursed for costs incurred related to these         
activities and certain other costs incurred on behalf of Lennar Land Partners.  
Such reimbursements totaled $7.7 million in 1998. In addition, the Company, in  
the ordinary course of business, purchases developed land at market prices from 
Lennar Land Partners. During the year ended November 30, 1998, Lennar Land      
Partners had land sale revenues of $224 million, of which $91 million was from  
sales to the Company. An Independent Directors Committee, comprised of          
non-employee members of the Board of Directors of the Company and LNR, approves 
significant transactions of Lennar Land Partners.                               

PROPERTY ACQUISITION                                                            

       The Company continuously considers the purchase of, and from time to time
acquires, land for its development and sales programs. These acquisitions may be
made directly or through the Company's partnership interests. The Company       
generally does not acquire land for speculation. In some instances, the Company 
acquires land by acquiring options enabling it to purchase parcels as they are  
needed. Although some of the Company's land is held subject to purchase money   
mortgages, most of the Company's land is not subject to mortgages. The majority 
of land acquired by partnerships is subject to purchase money mortgages.        

CONSTRUCTION AND DEVELOPMENT                                                    

     The Company supervises and controls the development and building of its
own residential communities. It employs subcontractors for site improvements and
virtually all of the work involved in the construction of homes. In almost all  
instances, the arrangements between the Company and the subcontractors commit   
the subcontractors to complete specified work in accordance with written price  
schedules. These price schedules normally change to meet changes in labor and   
material costs. The Company does not own heavy construction equipment and       
generally only has a labor force used to supervise development and construction 
and perform routine maintenance and minor amounts of other work.                

The Company generally finances construction with its own funds or 
borrowings under its unsecured working capital lines.                           

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MARKETING                                                                       

   The Company generally has an inventory of homes under construction. A
majority of these homes are sold (i.e., the Company has received executed sales 
contracts and deposits) before the Company starts construction.                 

     The Company employs sales associates who are paid salaries, commissions
or both to make onsite sales of the Company's homes. The Company also sells     
through independent brokers. The Company advertises its residential communities 
through local media and sells primarily from models that it has designed and    
constructed. In addition, the Company advertises its active adult communities in
areas where potential active adults live.                                       

MORTGAGE FINANCING                                                              

The Company's financial services subsidiaries make conventional,  
FHA-insured and VA-guaranteed mortgage loans available to qualified purchasers  
of the Company's homes. Because of the availability of mortgage loans from the  
Company's financial services subsidiaries, as well as independent mortgage      
lenders, the Company believes access to financing has not been, and is not, a   
significant problem for most purchasers of the Company's homes.                 

QUALITY SERVICE                                                                 

         The Company employs a process which is intended to provide a positive
atmosphere for each customer throughout the pre-sale, sale, building, closing   
and post-closing periods. The participation of sales representatives, on-site   
construction supervisors and post-closing customer personnel, working in a team 
effort, is intended to foster the Company's reputation for quality service and  
ultimately lead to enhanced customer retention and referrals.                   

COMPETITION                                                                     

The housing industry is highly competitive. In its activities, the
Company competes with numerous developers and builders in and near the areas    
where the Company's communities are located, including homebuilders with        
nationwide operations. Competition is on the basis of location, design, quality,
amenities and price. The Company is the largest homebuilder in Florida and a    
leading homebuilder in California, Texas, Arizona and Nevada. Some of the       
Company's principal competitors include Kaufman and Broad Home Corporation,     
Centex Corporation, D.R. Horton, Inc., Pulte Corporation and U.S. Home          
Corporation.                                                                    

FINANCIAL SERVICES

       The Company's financial services subsidiaries provide mortgage financing,
title insurance and closing services for Lennar homebuyers and others; acquire, 
package and resell residential mortgage loans and mortgage-backed securities;   
perform mortgage loan servicing activities and provide cable television and     
alarm monitoring services to residents of Lennar communities and others.        

MORTGAGE ORIGINATION                                                            

  Through a financial services subsidiary, Universal American Mortgage
Company, the Company provides conventional, FHA-insured and VA-guaranteed       
mortgage loans to buyers of the Company's homes and others from offices located 
in Florida, California, Arizona, Texas and Nevada. In 1998, loans to buyers of  
the Company's homes represented approximately 77% of the Company's $1.0 billion 
of loan originations.                                                           

   The Company sells the loans it originates into the secondary mortgage
market, generally on a non-recourse basis, and retains most of the servicing    
rights. The Company has an interest rate risk management policy under which it  
hedges its interest rate locked loan commitments and loans held for sale against
exposure to interest rate fluctuations. The Company finances its loans held for 
sale with borrowings under the financial services subsidiaries' $200 million    
line of credit (secured by the loans and by certain servicing rights) or from   
Lennar Corporation when, on a consolidated basis, this enables the Company to   
minimize its overall cost of funds.                                             

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MORTGAGE SERVICING                                                              

The Company generates earnings from servicing loans originated or 
acquired by its financial services subsidiaries. The Company services loans for 
the Government National Mortgage Association (Ginnie Mae), the Federal National 
Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation   
(Freddie Mac) and other mortgage investors. At November 30, 1998, it had a      
servicing portfolio of approximately 41,000 loans with an unpaid principal      
balance of approximately $3.2 billion.                                          

TITLE INSURANCE AND CLOSING SERVICES                                            

     The Company arranges title insurance for, and provides closing services
to, buyers of the Company's homes and others. It provided these services in     
connection with approximately 123,000 real estate transactions during 1998. The 
Company provides these services through Universal Title Insurors in Florida,    
Regency Title in Texas, TitleAmerica Insurance in Florida and Texas and North   
American Title, which was acquired in 1998, in California, Arizona and Colorado.

STRATEGIC TECHNOLOGIES                                                          

   During 1996, the Company formed Strategic Technologies, Inc. to
provide cable television and alarm monitoring services to residents of Lennar   
communities and others. At November 30, 1998, the Company had approximately     
5,300 cable television subscribers and approximately 5,300 alarm monitoring     
customers in Florida and California.                                            

OTHER ACTIVITIES

    The Company has a number of limited-purpose finance subsidiaries which
have placed mortgages and other receivables as collateral for various long-term 
financings. These subsidiaries pay the debt service on the long-term borrowings 
primarily from the cash flows generated by the related pledged collateral. The  
Company believes that the cash flows generated by these subsidiaries will be    
adequate to meet the required debt payment schedules.                           

 RELATIONSHIP WITH LNR

       In connection with the transfer of the Company's commercial real estate
investment and management business to LNR, and the spin-off of LNR to the       
Company's stockholders, the Company entered into an agreement which, among other
things, prevents the Company from engaging at least until 2002 in any of the    
businesses in which LNR was engaged, or anticipated becoming engaged, at the    
time of the spin-off, and prohibited LNR from engaging, at least until 2002, in 
any businesses in which the Company was engaged, or anticipated becoming        
engaged, at the time of the spin-off (except in limited instances in which the  
activities or anticipated activities of the Company and LNR overlapped).        
Specifically, the Company is precluded, at least until 2002, from engaging in   
the business of (i) acquiring and actively managing commercial or residential   
multi-family rental real estate, other than as an incident to, or otherwise in  
connection with, their homebuilding business, (ii) acquiring portfolios of      
commercial mortgage loans or real estate assets acquired through foreclosures of
mortgage loans, other than real estate acquired as sites of homes to be built or
sold as part of its homebuilding business, (iii) making or acquiring mortgage   
loans, other than mortgage loans secured by detached or attached homes or       
residential condominium units, (iv) constructing office buildings or other      
commercial or industrial buildings, other than small shopping centers,          
professional office buildings and similar facilities which will be adjuncts to  
its residential developments, (v) purchasing commercial mortgage-backed         
securities or real estate asset-backed securities or (vi) acting as a servicer  
or special servicer with regard to securitized commercial mortgage pools. The   
Company is not, however, prevented from owning or leasing office buildings in   
which it occupies a majority of the space; acquiring securities backed by pools 
of residential mortgages; acquiring an entity which, when it is acquired, is    
engaged in one of the prohibited activities as an incidental part of its        
activities; owning as a passive investor an interest of less than 10% of a      
publicly traded company which is engaged in a prohibited business; acquiring    
commercial paper or short-term debt instruments of entities engaged in one or   
more of the prohibited businesses; or owning an interest in, and managing,      
Lennar Land Partners.                                                           

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     Although the Company and LNR are separate companies, Stuart Miller, the
Company's President and Chief Executive Officer, is also Chairman of LNR, and   
Steven Saiontz, one of the Company's Directors, is the Chief Executive Officer  
and a Director of LNR. In addition, Leonard Miller owns stock which gives him   
voting control of both companies. There are provisions both in the by-laws of   
Lennar and in those of LNR requiring approval by an Independent Directors       
Committee of any significant transactions between the Company and LNR or any of 
its subsidiaries.                                                               

    The Company leases some office space, including its principal offices,
from LNR. The two companies have been sharing certain computers and related     
equipment and computer service personnel. However, this arrangement expires in  
1999.                                                                           

REGULATION

     Homes and residential communities built by the Company must comply with
state and local regulations relating to, among other things, zoning, treatment  
of waste, construction materials which must be used, density requirements,      
certain aspects of building design and minimum elevation of properties and other
local ordinances. These include laws requiring use of construction materials    
which reduce the need for energy-consuming heating and cooling systems. These   
laws and regulations are subject to frequent change and often increase          
construction costs. In some cases, there are laws which require that commitments
to provide roads and other offsite infrastructure be in place prior to the      
commencement of new construction. The provisions of these laws are usually      
administered by individual counties and municipalities and may result in        
additional fees and assessments or building moratoriums. In addition, certain   
new development projects, particularly in Southern California, are subject to   
assessments for schools, parks, streets and highways and other public           
improvements, the costs of which can be substantial.                            

   The residential homebuilding industry also is subject to a variety of
local, state and federal statutes, ordinances, rules and regulations concerning 
the protection of health and the environment. Environmental laws and conditions 
may result in delays, may cause the Company to incur substantial compliance and 
other costs, and can prohibit or severely restrict homebuilding activity in     
certain environmentally sensitive regions or areas. Additionally, the climate   
and geology of some parts of Florida, California and Texas present risks of     
natural disasters that could adversely affect the homebuilding industry in those
areas in general, and the Company's business in particular.                     

   In recent years, several cities and counties in which the Company has
developments have approved submission to voters of "slow growth" initiatives and
other ballot measures which could impact the affordability and availability of  
homes and land within those localities. Although many of these initiatives have 
been defeated, the Company believes that if similar initiatives are introduced  
and approved, future residential construction by the Company and others within  
certain cities or counties could be negatively impacted.                        

  In order to make it possible for purchasers of some of the Company's
homes to obtain FHA-insured or VA-guaranteed mortgages, the Company must        
construct those homes in compliance with regulations promulgated by those       
agencies.                                                                       

     The Company has registered condominium communities with the appropriate
authorities in Florida. Sales in other states would require compliance with laws
in those states regarding sales of condominium homes.                           

The Company's title insurance agency subsidiaries must comply with
applicable insurance laws and regulations. The Company's mortgage financing     
subsidiaries must comply with applicable real estate lending laws and           
regulations.                                                                    

      The Company's subsidiaries which underwrite title insurance are licensed
in the states in which they do business and must comply with laws and           
regulations in those states regarding title insurance companies. These laws and 
regulations include provisions regarding capitalization, investments, forms of  
policies and premiums.                                                          

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 MARKET RISK

The table on the following page provides information about the
Company's significant derivative financial instruments and other financial      
instruments used for purposes other than trading that are sensitive to changes  
in interest rates. For mortgage loans held for sale or disposition, mortgage    
loans, investments and mortgage notes and other debts payable, the table        
presents principal cash flows and related weighted average interest rates by    
expected maturity dates and estimated fair market value at November 30, 1998.   
Weighted average variable interest rates are based on the variable interest     
rates at November 30, 1998. For interest rate swaps and hedges, the table       
presents notional amounts and weighted average interest rates by contractual    
maturity dates and estimated fair market value at November 30, 1998. Notional   
amounts are used to calculate the contractual cash flows to be exchanged under  
the contract.                                                                   

     See Management's Discussion and Analysis of Financial Condition and
Results of Operations in Item 7 and Notes 1, 9 and 15 of Notes to Consolidated  
Financial Statements in Item 14 for a further discussion of these items and the 
Company's strategy of mitigating its interest rate risk.                        

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                                                     Information Regarding Interest Rate Sensitivity                               
                                                     Principal (Notional) Amount by Expected Maturity                              
                                                                Average Interest Rate                                              
                                            -------------------------------------------------------------------                    
                                                                                                                     Fair Market   
                                                        Years Ending November 30,                                       Value      
                                            ----------------------------------------------    There-                at November 30,
(DOLLARS IN MILLIONS)                       1999        2000      2001       2002     2003     after      Total         1998       
---------------------------------------------------------------------------------------------------------------------------------  
                                                                                                                                   
ASSETS                                                                                                                             
   Financial Services:                                                                                                             
     Mortgage loans held for sale or                                                                                               
      disposition, net:                                                                                                            
           Fixed rate                       $    -         -         -          -        -     215.0     215.0              219.4  
           Average interest rate                 -         -         -          -        -       7.0%        -                  -  
     Mortgage loans and investments:                                                                                               
           Fixed rate                       $  6.8       0.3       1.3        0.4      1.5      16.3      26.6               26.4  
           Average interest rate               5.8%      8.2%      6.9%       8.2%     6.7%      8.0%        -                  -  

LIABILITIES                                                                                                                        
   Homebuilding:                                                                                                                   
    Mortgage notes and other debts                                                                                                 
         payable:                                                                                                                  
           Fixed rate                       $ 13.7       7.7       0.7       0.2       2.5     367.6     392.4              372.8  
           Average interest rate               6.4%      9.3%      9.3%     10.0%     10.0%      5.3%        -                  -  
           Variable rate                    $  1.5         -         -     136.7         -         -     138.2              138.2  
           Average interest rate               5.4%        -         -       6.4%        -         -         -                  -  
   Financial Services:                                                                                                             
      Notes and other debts payable:                                                                                               
            Fixed rate                      $  0.3       0.3       0.5         -         -         -       1.1                1.0  
            Average interest rate              1.2%      0.3%      0.2%        -         -         -         -                  -  
            Variable rate                   $227.5       1.4       1.4       1.4       0.5         -     232.2              232.2  
            Average interest rate              6.4%      7.8%      7.8%      7.8%      7.8%        -         -                  -  

OFF-BALANCE SHEET                                                                                                                  
   FINANCIAL INSTRUMENTS                                                                                                           
     Homebuilding:                                                                                                                 
       Interest rate swaps:                                                                                                        
            Variable to fixed - notional                                                                                           
              amount                        $    -         -         -     200.0         -         -     200.0               (6.4) 
            Average pay rate                     -         -         -       6.1%        -         -         -                  -  
            Average receive rate                                         30-day LIBOR                                              
       Interest rate hedge:                                                                                                        
            Notional amount                 $200.0         -         -         -         -         -     200.0              (15.6) 
            Average pay rate                   5.8%        -         -         -         -         -         -                  -  
            Average receive rate          10-year U.S. Treasury Note rate                                                          


9 

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 CAUTIONARY STATEMENTS

     Certain statements contained in this Report may be "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995. 
Such statements involve known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially. Such factors include, but   
are not limited to, changes in general economic conditions, the market for homes
generally and in areas where the Company has developments, the availability and 
cost of land suitable for residential development, materials prices, labor      
costs, interest rates, consumer confidence, competition, environmental factors  
and governmental regulations affecting the Company's operations.                

    The following factors, among others, could particularly affect the
Company's operations and financial results and cause results to differ from     
those anticipated by "forward-looking statements" in this Report.               

REAL ESTATE, ECONOMIC AND CERTAIN OTHER CONDITIONS                              

 The residential homebuilding industry is cyclical and is highly
sensitive to changes in general economic conditions, such as levels of          
employment, consumer confidence and income, availability of financing for       
acquisition, construction and permanent mortgages, interest rate levels and     
demand for housing. Sales of new homes are also affected by the condition of the
resale market for used homes, including foreclosed homes.                       

The residential homebuilding industry has, from time to time, 
experienced fluctuating lumber prices and supply, as well as shortages of labor 
and other materials, including insulation, drywall, concrete, carpenters,       
electricians and plumbers. Delays in construction of homes due to these factors 
or to inclement weather conditions could have an adverse effect upon the        
Company's operations.                                                           

        Inflation can increase the cost of building materials, labor and other
construction related costs. Conversely, deflation can reduce the value of the   
Company's inventory and can make it more difficult to include the full cost of  
previously purchased land in home sale prices.                                  

INTEREST RATES AND MORTGAGE FINANCING                                           

      Virtually all of the purchasers of the Company's homes finance their
acquisitions through third-party lenders or the Company's financial services    
subsidiaries. In general, housing demand is adversely affected by increases in  
interest rates, housing costs and unemployment and by decreases in the          
availability of mortgage financing. In addition, various proposals for changes  
in the federal income tax laws have been discussed, some of which would remove  
or limit the deduction for home mortgage interest. If effective mortgage        
interest rates increase and the ability or willingness of prospective buyers to 
finance home purchases is adversely affected, the Company's operating results   
may also be negatively affected. The Company's homebuilding activities also are 
dependent upon the availability and cost of mortgage financing for buyers of    
homes owned by potential customers permitting those customers to sell their     
existing homes and purchase homes from the Company. Any limitations or          
restrictions on the availability of such financing could adversely affect the   
Company's sales.                                                                

VARIABILITY OF RESULTS                                                          

        The Company has historically experienced, and in the future expects to
continue to experience, variability in operating results on a quarterly basis.  
Factors which may contribute to this variability include, among others (i) the  
timing of home closings; (ii) the timing of receipt of regulatory approvals for 
the construction of homes; (iii) the condition of the real estate market and    
general economic conditions; (iv) the cyclical nature of the homebuilding       
industry; (v) the prevailing interest rates and the availability of mortgage    
financing; (vi) pricing policies of the Company's competitors; (vii) the timing 
of the opening of new residential communities; (viii) weather and (ix) the cost 
and availability of materials and labor. The Company's historical financial     
performance is not necessarily a meaningful indicator of future results and, in 
particular, the Company expects its financial results to continue to vary from  
quarter to quarter.                                                             

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DEPENDENCE ON KEY PERSONNEL                                                     

     The success of the Company depends to a significant degree on the
efforts of the Company's senior management, especially its president and chief  
executive officer and other officers. The Company's operations may be adversely 
affected if one or more members of senior management cease to be active in the  
Company. The Company has designed its compensation structure and employee       
benefit programs to encourage long-term employment of executive officers.       

YEAR 2000                                                                       

      The Company does not believe the financial impact of being sure that
all of its computer systems properly recognize the year 2000 will be material.  
However, it is possible the Company will be adversely affected by failure of    
vendors, subcontractors, suppliers or others with whom the Company does business
to make their computer systems year 2000 compliant. Also, the Company could be  
adversely affected if governmental agencies are impeded because their computer  
systems are not year 2000 compliant. For additional information on the Year 2000
issue see Management's Discussion and Analysis of Financial Condition and       
Results of Operations in Item 7.                                                

 EMPLOYEES

  At November 30, 1998, the Company employed 4,094 individuals of whom
2,167 related to homebuilding operations and 1,927 related to financial services
operations. Some of the subcontractors utilized by the Company may employ       
members of labor unions. The Company does not have collective bargaining        
agreements relating to its employees.                                           

ITEM 2.    PROPERTIES.                                                          

  For information about properties owned by the Company for use in its
homebuilding activities, see Item 1.                                            

The Company leases and maintains its executive offices, financial 
services subsidiary headquarters and principal Miami-Dade County, Florida       
homebuilding office in an office complex built by the Company and now owned by  
LNR. The leases for these offices expire in 2002. Other Company offices are     
located in Company-owned communities or in leased space.                        

ITEM 3.    LEGAL PROCEEDINGS.                                                   

 The Company and certain subsidiaries are parties to various claims,
lawsuits, legal actions and complaints arising in the ordinary course of        
business. Although the specific allegations in the lawsuits differ, in general  
the majority of the lawsuits assert that the Company failed to construct        
buildings in the community involved in accordance with plans and specifications 
and applicable construction codes, and seek reimbursement for sums allegedly    
necessary to spend to remedy the alleged construction deficiencies, or assert   
contract issues or relate to personal injuries. Suits of this type are common   
within the homebuilding industry. The Company does not believe that these       
lawsuits or threatened lawsuits will have a material effect upon the Company.   

ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.                 

Not applicable.                                                   

 PART II

ITEM 5.    MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY        
HOLDER MATTERS.                                           

       Information concerning the market data for the Company's common stock and
related security holder matters is incorporated by reference to page 48 of the  
Company's 1998 Annual Report to Stockholders.                                   

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ITEM 6.    SELECTED FINANCIAL DATA.                                             

        Selected financial data is incorporated by reference to page 18 of the
Company's 1998 Annual Report to Stockholders.                                   

ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND      
RESULTS OF OPERATIONS.                                    

     Management's discussion and analysis of financial condition and results
of operations is incorporated by reference to pages 19 through 25 of the        
Company's 1998 Annual Report to Stockholders.                                   

ITEM 7(A). MARKET RISK.                                                         

For information on the Company's market risk, see Item 1.         

ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                         

Consolidated financial statements and supplementary data about the
Company are incorporated by reference to pages 28 through 47 of the Company's   
1998 Annual Report to Stockholders.                                             

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND      
FINANCIAL DISCLOSURE.                                     

Not applicable.                                                   

PART III

ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.                  

       Information about the Company's directors is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the          
Securities and Exchange Commission not later than March 30, 1999 (120 days after
the end of the Company's fiscal year). The following people were the executive  
officers of Lennar Corporation on February 23, 1999:                            

                                                                [Download Table]


         NAME/POSITION                             AGE   YEAR OF ELECTION
         -------------                             ---   ----------------
                                                                         
Stuart A. Miller,                                                        
   President and Chief Executive Officer             41          1997    
Bruce E. Gross,                                                          
    Vice President and Chief Financial Officer       40          1997    
Marshall H. Ames,                                                        
    Vice President                                   55          1982    
Jonathan M. Jaffe,                                                       
    Vice President                                   39          1994    
David B. McCain,                                                         
    Vice President, General Counsel and Secretary    38          1998    
Allan J. Pekor,                                                          
    Vice President                                   62          1997    
Diane J. Bessette,                                                       
    Controller                                       38          1997    
Waynewright Malcolm,                                                     
    Treasurer                                        35          1997    


       The year of election represents the year that the executive officer was
elected to his/her current position.                                            

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      Mr. Stuart Miller (who is the son of Leonard Miller, the Chairman of
the Board of Directors of the Company) has been President and Chief Executive   
Officer since April 1997. Prior to that, Mr. Miller held various executive      
positions with the Company and had been a Vice President since 1985. Mr. Miller 
is also the Chairman of the Board of LNR Property Corporation.                  

     Mr. Gross has been Vice President and Chief Financial Officer since
1997. Prior to joining the Company in 1997, Mr. Gross was employed as Senior    
Vice President, Controller and Treasurer of Pacific Greystone Corporation       
since its inception in 1991.                                                    

      Mr. Ames has been a Vice President since 1982 and is also a Regional
President in the Company's Homebuilding Division.                               

         Mr. Jaffe has been a Vice President since 1994 and serves as a Regional
President in the Company's Homebuilding Division. Prior to 1994, Mr. Jaffe held 
executive positions with several of the Company's subsidiaries.                 

Mr. McCain has been employed by the Company since 1998 as Vice
President, General Counsel and Secretary. Prior to joining the Company, Mr.     
McCain was employed at John Alden Asset Management Company for more than 10     
years, where he last served as Vice President, General Counsel and Secretary.   

       Mr. Pekor has held various executive positions with the Company since
1979. Mr. Pekor presently serves as Vice President of the Company and has served
as President of Lennar Financial Services, Inc. since 1997.                     

       Ms. Bessette has been employed by the Company since 1995 and has been
the Company's Controller since 1997. Prior to joining the Company, Ms. Bessette 
was employed as a Financial Senior Manager at the Holson Burnes Group, Inc. and 
before that, was employed by Price Waterhouse LLP.                              

       Mr. Malcolm joined the Company as Treasurer in 1997. Prior to joining
the Company, Mr. Malcolm was employed as Director, Finance and Regulatory       
Affairs at Citizens Utilities Company.                                          

ITEM 11.   EXECUTIVE COMPENSATION.                                              

     The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the          
Securities and Exchange Commission not later than March 30, 1999 (120 days after
the end of the Company's fiscal year).                                          

ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.      

     The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the          
Securities and Exchange Commission not later than March 30, 1999 (120 days after
the end of the Company's fiscal year).                                          

ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.                      

     The information called for by this item is incorporated by reference to
the Company's definitive proxy statement, which will be filed with the          
Securities and Exchange Commission not later than March 30, 1999 (120 days after
the end of the Company's fiscal year).                                          

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 PART IV

ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.     

(a)   Documents filed as part of this Report.                   

     1. The following financial statements are incorporated by
reference in Item 8:                          

                                                                [Download Table]

                                                  Page in 1998 Annual     
         Financial Statements                      Report to Stockholders 
        -------------------                      -------------------------
                                                                          
Independent Auditors' Report                                  26          

Consolidated Balance Sheets as of November 30,                            
1998 and 1997                                                 28          

Consolidated Statements of Earnings for the                               
years ended November 30, 1998, 1997 and 1996                  29          

Consolidated Statements of Cash Flows for the                             
years ended November 30, 1998, 1997 and 1996                  30          

Consolidated Statements of Stockholders' Equity                           
for the years ended November 30, 1998, 1997                               
and 1996                                                      32          

Notes to Consolidated Financial Statements                    33          


             2. The following financial statement schedule is included in this
Report:                                       

                                                                [Download Table]

   Financial Statement Schedule           Page in this Report
   ---------------------------             ------------------
                                                             
Independent Auditors' Report on Schedule          18         

II  -  Valuation and Qualifying Accounts          19         


         Information required by other schedules has either been incorporated in
      the financial statements and accompanying notes or is not applicable
to the Company.                                               

   3. The following exhibits are filed with this Report or
incorporated by reference:                    

                  3(a). Amended and Restated Certificate of Incorporation, dated
April 28, 1998.                 

              3(b). Bylaws - Incorporated by reference to Form 8-K dated
      October 31, 1997, file number 1-11749.

             10(a). Amended and Restated Lennar Corporation 1997 Stock
                   Option Plan - Incorporated by reference to Annual
                     Report on Form 10-K for the year ended November 30,
1997.                         

      10(b). Lennar Corporation 1991 Stock Option Plan -
                         Incorporated by reference to Registration Statement No.
33-45442.                     

               10(c). Lennar Corporation Employee Stock Ownership Plan and
                   Trust - Incorporated by reference to Registration
Statement No. 2-89104.        

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                  10(d). Amendment dated December 13, 1989 to Lennar Corporation
                 Employee Stock Ownership Plan - Incorporated by
                      reference to Annual Report on Form 10-K for the year
ended November 30, 1990.      

                 10(e). Lennar Corporation Employee Stock Ownership/401k Trust
                     Agreement dated December 13, 1989 - Incorporated by
                      reference to Annual Report on Form 10-K for the year
ended November 30, 1990.      

               10(f). Amendment dated April 18, 1990 to Lennar Corporation
                      Employee Stock Ownership/401k Plan - Incorporated by
                      reference to Annual Report on Form 10-K for the year
ended November 30, 1990.      

           10(g). Partnership Agreement by and between Lennar Land
                     Partners Sub, Inc. and LNR Land Partners Sub, Inc.,
                       dated October 24, 1997 - Incorporated by reference to
                        Annual Report on Form 10-K for the year ended November
30, 1997.                     

                10(h). Separation and Distribution Agreement, dated June 10,
                   1997, between Lennar Corporation and LNR Property
                         Corporation - Incorporated by reference to Registration
Statement No. 333-35671.      

                 10(i). Credit Agreement, dated October 31, 1997, by and among
                        Lennar Land Partners and the Lenders named therein and
                   a Guaranty Agreement of Lennar Corporation, dated
                        October 31, 1997 - Incorporated by reference to Annual
                     Report on Form 10-K for the year ended November 30,
1997.                         

                 10(j). Revolving Credit Agreement (Facilities A and B), dated
                October 31, 1997, among Lennar Corporation and
                     Certain Subsidiaries and the First National Bank of
                  Chicago, as agent - Incorporated by reference to
               Annual Report on Form 10-K for the year ended
November 30, 1997.            

        10(k). First Amendment to Revolving Credit Agreement
                    (Facilities A and B) dated January 20, 1998, among
                     Lennar Corporation and Certain Subsidiaries and the
            First National Bank of Chicago, as agent -
                    Incorporated by reference to Annual Report on Form
            10-K for the year ended November 30, 1997.

                10(l). Indenture, dated as of March 1, 1994, among Greystone
                  Homes, Inc., Pacific Greystone Corporation, HLDC
               Acquisition Corp., Stonegrey Corporation, PGC
                 Holdings, Inc., A-M Homes, a California Limited
                   Partnership and U.S. Trust Company of California,
                  N.A., as Trustee, relating to the 10 3/4% Senior
                    Notes due March 1, 2004 of Greystone Homes, Inc. -
                    Incorporated by reference to Annual Report on Form
                       10-K for the year ended December 31, 1996 for Pacific
                     Greystone Corporation (which was acquired by Lennar
               Corporation on October 31, 1997), file number
1-11749.                      

            10(m). Indenture, dated as of December 31, 1997, between
               Lennar Corporation and First National Bank of
                    Chicago, as trustee - Incorporated by Reference to
       Registration Statement No. 333-45527.

            10(n). Equity Draw-Down Agreement, dated March 25, 1998,
                         between Lennar Corporation and HSBC James Capel Canada,
Inc.                          

                10(o). Voting Agreement, dated June 10, 1997, between Lennar
                 Corporation, Warburg Pincus Investors, L.P. and
                 Pacific Greystone Corporation - Incorporated by
                 reference to Form 8-K dated June 10, 1997, file
number 1-11749.               

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             10(p). First Supplemental Indenture, dated as of July 29,
                     1998, between Lennar Corporation and First National
                   Bank of Chicago, as trustee (relating to Lennar's
                       Zero Coupon Senior Convertible Debentures due 2018) -
                      Incorporated by reference to Form 8-K dated July 24,
1998, file number 1-11749.    

                   13. Pages 18 through 48 of the 1998 Annual Report
to Stockholders.      

21. List of subsidiaries.     

    23. Independent Auditors' Consent.

27. Financial Data Schedule.  

(b)      Reports on Form 8-K filed during the quarter ended November 30, 1998.  
Not applicable.                                               

(c)      The exhibits to this Report are listed in Item 14(a)3.                 

(d)      The financial statement schedules required by Regulation S-X which are 
      excluded from the Annual Report to Stockholders as permitted by Rule
14a-3(b)(1) are listed in Item 14(a)2.                        

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SIGNATURES

   Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this Report to be signed on   
its behalf by the undersigned, thereunto duly authorized.                       

              LENNAR CORPORATION

                /s/ STUART A. MILLER
                                     -----------------------------------------
            Stuart A. Miller
                                  President, Chief Executive Officer and
    Director
                    Date:  February 25, 1999

       Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the Company  
and in the capacities and on the dates indicated:                               

Principal Executive Officer:                                  

Stuart A. Miller                                    /s/ STUART A. MILLER        
President, Chief Executive Officer and Director     ----------------------------
                                               Date: February 25, 1999

Principal Financial Officer:                                  

Bruce E. Gross                                      /s/ BRUCE E. GROSS          
Vice President and Chief Financial Officer          ----------------------------
                                               Date: February 25, 1999

Principal Accounting Officer:                                 

Diane J. Bessette                                   /s/ DIANE J. BESSETTE       
Controller                                          ----------------------------
                                               Date: February 25, 1999
Directors:                                                    

Irving Bolotin                                      /s/ IRVING BOLOTIN          
                                                    ----------------------------
                                               Date: February 25, 1999

Jonathan M. Jaffe                                   /s/ JONATHAN M. JAFFE       
                                                    ----------------------------
                                               Date: February 25, 1999

R. Kirk Landon                                      /s/ R. KIRK LANDON          
                                                    ----------------------------
                                               Date: February 25, 1999

Sidney Lapidus                                      /s/ SIDNEY LAPIDUS          
                                                    ----------------------------
                                               Date: February 25, 1999

Reuben S. Leibowitz                                 /s/ REUBEN S. LEIBOWITZ     
                                                    ----------------------------
                                               Date: February 25, 1999

Leonard Miller                                      /s/  LEONARD MILLER         
                                                    ----------------------------
                                               Date: February 25, 1999

Arnold P. Rosen                                     /s/ ARNOLD P. ROSEN         
                                                    ----------------------------
                                               Date: February 25, 1999

Steven J. Saiontz                                   /s/ STEVEN J. SAIONTZ       
                                                    ----------------------------
                                               Date: February 25, 1999

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INDEPENDENT AUDITORS' REPORT                                                    

To the Board of Directors and Stockholders of                                   
Lennar Corporation:                                                     

We have audited the consolidated financial statements of Lennar Corporation (the
"Corporation") as of November 30, 1998 and 1997 and for each of the three years 
in the period ended November 30, 1998, and have issued our report thereon dated 
January 8, 1999; such financial statements and report are included in your 1998 
Annual Report to Stockholders and are incorporated herein by reference. Our     
audits also included the financial statement schedule of Lennar Corporation,    
listed in Item 14(a)2. The financial statement schedule is the responsibility of
the Corporation's management. Our responsibility is to express an opinion based 
on our audits. In our opinion, such financial statement schedule, when          
considered in relation to the basic financial statements taken as a whole,      
presents fairly in all material respects the information set forth therein.     

/s/ Deloitte & Touche LLP                                                       

DELOITTE  & TOUCHE LLP                                                          
Certified Public Accountants                                                    
Miami, Florida                                                                  

January 8, 1999                                                                 

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                                                        [Enlarge/Download Table]

                       LENNAR CORPORATION AND SUBSIDIARIES           SCHEDULE II                                                

                        Valuation and Qualifying Accounts                                                                       

                  Years ended November 30, 1998, 1997 and 1996                                                                  

                                                                             Additions                                          
                                                                     ---------------------------                                
                                                                       Charged       Charged                                    
                                                        Beginning      to costs     (credited) to                     Ending    
                     Description                         balance     and expenses  other accounts   (Deductions)      balance   
------------------------------------------------------ -----------   ------------- --------------   -------------    -----------
                                                                                                                                
Year ended November 30, 1998                                                                                                    

   Allowances deducted from assets to which they apply:                                                                         

       Allowances for doubtful accounts and notes                                                                               
          receivable                                   $ 1,952,000      1,505,000       1,091,000        (473,000)     4,075,000
                                                       ===========   ============  ==============   =============    ===========
       Deferred income and unamortized discounts       $    85,000            --          146,000              --        231,000
                                                       ============= ============= ==============   =============    ===========
       Loan loss reserve                               $ 3,531,000       722,000              --       (1,163,000)     3,090,000
                                                       ============= ============= ==============   =============    ===========
       Valuation allowance                             $ 2,176,000            --          290,000        (563,000)     1,903,000
                                                       ============= ============= ==============   =============    ===========
       Deferred tax asset valuation                                                                                             
          allowance                                    $ 7,659,000            --              --               --      7,659,000
                                                       ============= ============= ==============   =============    ===========
Year ended November 30, 1997                                                                                                    
   Allowances deducted from assets to which they apply:                                                                         

       Allowances for doubtful accounts and notes                                                                               
          receivable                                   $ 3,037,000       552,000               --      (1,637,000)(A)  1,952,000
                                                       ============= ============= ==============   =============    ===========

       Deferred income and unamortized discounts       $   601,000            --               --        (516,000)(A)     85,000
                                                       ============= ============= ==============   =============    ===========
       Loan loss reserve                               $ 5,840,000     1,220,000               --      (3,529,000)(A)  3,531,000
                                                       ============= ============= ==============   =============    ===========
       Valuation allowance                             $ 2,745,000     1,119,000               --      (1,688,000)     2,176,000
                                                       ============= ============= ==============   =============    ===========
       Deferred tax asset valuation                                                                                             
            allowance                                  $        --            --        7,659,000              --      7,659,000
                                                       ============= ============= ==============   =============    ===========
Year ended November 30, 1996                                                                                                    

   Allowances deducted from assets to which they apply:                                                                         

       Allowances for doubtful accounts and notes                                                                               
           receivable                                  $ 2,372,000     1,202,000           97,000        (634,000)     3,037,000
                                                       ============= ============= ==============   =============    ===========

       Deferred income and unamortized discounts       $   601,000       116,000         (116,000)             --        601,000
                                                       ============= ============= ==============   =============    ===========
       Loan loss reserve                               $ 3,730,000     2,490,000          896,000      (1,276,000)     5,840,000
                                                       ============= ============= ==============   =============    ===========
       Valuation allowance                             $ 1,286,000     3,341,000               --      (1,882,000)     2,745,000
                                                       ============= ============= ==============   =============    ===========

(A)      Includes amounts that were distributed in connection with the spin-off 
     of the commercial real estate investment and management business as
follows:                                                      

                                                                [Download Table]


                                                                 
Allowances for doubtful accounts and notes receivable  $  739,000
Deferred income and unamortized discounts              $  493,000
Loan loss reserve                                      $1,996,000

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EXHIBIT INDEX 

EXHIBIT       DESCRIPTION                                                       

3(a).        Amended and Restated Certificate of Incorporation, dated April   
28, 1998.                                           

10(n).        Equity Drawn-Down Agreement, dated March 25, 1998, between Lennar 
Corporation and HSBC James Capel Canada, Inc.       

13.           Pages 18 through 48 of the 1998 Annual Report to Stockholders.    

21.           List of subsidiaries.                                             

23.           Independent Auditors' Consent.                                    

27.           Financial Data Schedule.                                          

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10-K’ Filing	Date	First	Last	Other Filings

	3/1/04	16
	3/30/99	1	14
Filed on:	3/1/99
	2/25/99	18
	2/23/99	1	13
	1/8/99	19
For Period End:	11/30/98	1	20
	7/29/98	17
	7/24/98	17
	4/28/98	15	21
	3/25/98	16	21
	1/20/98	16
	12/31/97	16
	11/30/97	15	20	10-K405
	10/31/97	2	16	8-K
	10/24/97	16
	6/10/97	16
	12/31/96	16
	11/30/96	15	20	10-K405, 10-K405/A
	3/1/94	16		DEF 14A
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Filing Submission 0000950170-99-000289 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Lennar Corp – ‘10-K’ for 11/30/98

As of: Monday, 3/1/99 · For: 11/30/98 · Accession #: 950170-99-289 · File #: 0-19984

Previous ‘10-K’: ‘10-K’ on 2/28/95 for 11/30/94 · Latest ‘10-K’: This Filing

Annual Report — Form 10-KFiling Table of Contents

10-K — Annual ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Annual Report — Form 10-K
Filing Table of Contents

10-K — Annual Report
Document Table of Contents