Lennar Corp – ‘10-K’ for 11/30/94

As of:  Tuesday, 2/28/95   ·   For:  11/30/94   ·   Accession #:  950170-95-9   ·   File #:  1-06643

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Lennar Corporation 10K                                19    117K 
 3: EX-10.(P)   Revolving Credit Agreement                            87    298K 
 4: EX-13       Annual Report to Stockholders Pages 12 Through 34     23    157K 
 5: EX-21       Lennar Corporation and Subsidiaries                    3     13K 
 6: EX-23       Consents                                               3     10K 
 7: EX-27       Financial Data Schedule                                1      6K 
 2: EX-99       Index to Exhibits                                      3     13K 

10-K   —   Lennar Corporation 10K
Document Table of Contents

10-K
1st Page of 19
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 (FEE REQUIRED)   

For the fiscal year ended November 30, 1994 

Commission file number 1-6643   

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.        YES [X]   NO [ ]                                              

As of February 6, 1995, registrant had outstanding 25,796,865 shares of common  
stock and 9,986,631 shares of Class B common stock (which can be converted into 
common stock). Of the total shares outstanding 25,341,078 shares of common stock
and 40,501 shares of Class B common stock, having a combined aggregate market   
value (assuming the Class B shares were converted) on that date of $428,314,146,
were held by non-affiliates of the registrant.                                  

Documents incorporated by reference:                                            

Related                                                                 
Section                Documents                                        
   ---------------------------------------------------------------------------
    II        Pages 12 through 34 of the Annual Report to Stockholders for the
year ended November 30, 1994.                 
III        Definitive Proxy Statement to be filed pursuant to Regulation
14 A on or before March 30, 1995.             

10-K
2nd Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 2nd
  PART I

ITEM 1.      BUSINESS                                                           

(a)  General Development of Business.                           

            Lennar Corporation (together with its subsidiaries, the "Company")
is a full service real estate company.  The Company's operations include        
homebuilding, real estate investment and financial services.  The Company's     
homebuilding operations include the construction and sale of homes, as well as  
the purchase, development and sale of residential land.  The Investment Division
is involved in the development, management and leasing, as well as the          
acquisition and sale, of commercial real estate and other real estate related   
assets.  The financial services operations consist of mortgage loan servicing   
and origination, closing and title services and investments in rated commercial 
real estate mortgage-backed securities.                                         

      In 1992, the Company, through its Investment Division, began
acquiring portfolios of commercial real estate assets, including real estate    
related loans, which it believed it could liquidate at a profit.  The Company   
had entered into a total of six partnerships as of November 30, 1994, all of    
which have been formed to acquire and manage a portfolio of assets.  The six    
partnerships include four new partnerships which were formed during 1994.       
Shortly after the end of the 1994 fiscal year, the Company formed a seventh     
partnership which consisted primarily of assets located in California and       
consequently opened an Investment Division office in Los Angeles.  The Company  
shares in the profits and losses of the partnerships and also receives fees for 
the management and disposition of the partnerships' assets.  The Company has    
also been active in acquiring additional commercial real estate assets for its  
own account during the past several years.                                      

       During 1994, the Company also began acquiring, at a discount,
portions of commercial real estate mortgage-backed securities.  The Company's   
Investment Division invests in the unrated portions of these securities and the 
Financial Services Division invests in rated portions.  The Company's Investment
Division partnerships also retain portions of these securities when they are the
issuer of the securities.  The Company's Investment Division is the special     
servicer on behalf of all the certificate holders (the majority of which are not
Lennar entities) of the commercial mortgage-backed securities which are held by 
the Company and its partnerships.                                               

            Since 1991 the Company has expanded its homebuilding operations by
entering the following new markets:  Dallas, Texas in 1991;  Houston, Texas and 
Port St. Lucie, Florida in 1992 and Sarasota, Florida in 1994.                  

(b)  Financial Information about Industry Segments.             

       The Company operates principally in three industry segments -
homebuilding, real estate investment and financial services.  The financial     
information related to these industry segments is contained in the financial    
statements incorporated by reference to pages 19 through 33 of the Company's    
1994 Annual Report to Stockholders.                                             

(c)  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 each year delivered more homes in Florida
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 the Dallas/Fort Worth area of                   

1 

10-K
3rd Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 3rd
Texas, in 1992 it started homebuilding operations in Houston, Texas and Port St.
Lucie, Florida and in late 1994 the Company began homebuilding operations in    
Sarasota, Florida.  The Company has constructed and sold over 100,000 homes to  
date.                                                                           

          The Company's homebuilding activities in Florida are principally
conducted through Lennar Homes, Inc.  In Arizona and Texas, they are conducted  
through Lennar Homes of Arizona, Inc. and Lennar Homes of Texas, Inc.,          
respectively.                                                                   

           The Company is involved in all phases of planning and building in
its residential communities, including land acquisition, site planning,         
preparation of land, improvement of undeveloped and partially developed acreage,
and design, construction and marketing of homes.  The Company subcontracts      
virtually all segments of development and construction to others.               

         The Company sells single-family attached and detached homes and
condominiums in buildings generally one to five stories in height.  Homes sold  
by the Company are primarily in the moderate price range for the areas in which 
they are located.  They are targeted primarily at first time homebuyers, move-up
homebuyers and, in some communities, retirees.  The average sales price of a    
Lennar home was $126,200 in fiscal 1994.                                        

CURRENT HOMEBUILDING ACTIVITIES                       

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

2 

10-K
4th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 4th
LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES
Real Estate Activities

                                                        [Enlarge/Download Table]

                                                                                     NOVEMBER 30, 1994                              
                                                       -----------------------------------------------------------------------------
                                  HOMES DELIVERED                                                                  ESTIMATED NUMBER 
                                  IN YEARS ENDED       HOMES COMPLETED OR UNDER CONSTRUCTION                     OF HOMES THAT COULD
                                   NOVEMBER 30,        -------------------------------------     SOLD HOMES       BE CONSTRUCTED ON 
                              ---------------------                      AVAILABLE FOR            NOT YET           LAND CURRENTLY  
REGION AND TYPE OF PRODUCTS    1994    1993    1992        SOLD (1)          SALE                STARTED (1)       OWNED (2) (3) (4)
---------------------------   -----   -----   -----        --------      -------------           -----------     -------------------
                                                                                                                                    

Florida                                                                                                                             

  Single-Family Detached      2,471   2,145   1,520           586             342                    425                 16,720     
  Single-Family Attached        426     796     317           131             102                     31                  3,040     
  Multifamily                   820     772     444           107             145                     42                  6,460     

Arizona                                                                                                                             

  Single-Family Detached        586     596     525           163              63                     60                  1,950     
  Single-Family Attached         46      11      --            12              21                      3                    120     
  Multifamily                    --      --      11            --              --                     --                     40     

Texas                                                                                                                               

  Single-Family Detached        616     304     140           116             174                     27                  2,830     
  Single-Family Attached         --      --      --            --              --                     --                     --     
  Multifamily                    --      --      --            --              --                     --                     --     
                              -----   -----   -----         -----           -----                  -----                 ------     
           Totals             4,965   4,624   2,957         1,115             847                    588                 31,160     
                              =====   =====   =====         =====           =====                  =====                 ======     

Joint Ventures (Florida)         --      10      82            --              --                     --                     --     
                              =====   =====   =====         =====           =====                  =====                 ======     

<FN>                                                                                                                                
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) The Company owns additional property which it may in the future decide to                                                       
    develop or sell.                                                                                                                
(4) As of November 30, 1994, the Company had contracts or options to purchase                                                       
    approximately 8,100 additional homesites.                                                                                       

</FN>                                                                                                                               

3 

10-K
5th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 5th
PROPERTY ACQUISITION                                  

           The Company continuously considers the purchase of, and from time
to time acquires, land for its development and sales programs.  It 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 
or is mortgaged to secure $50 million of term loans, most of the Company's land 
(including most of the land on which it currently is building or expects to     
build during the next year) is not subject to mortgages.  The Company believes  
its land inventory gives it a competitive advantage, particularly in Florida.   

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 has only a small 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, not with secured          
construction loans.                                                             

MARKETING                                             

             The Company always 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 retirement   
communities in areas in which potential retirees 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.                 

COMPETITION                                           

             The housing industry is highly competitive.  In its activities, the
Company competes with other developers and builders in and near the areas where 
the Company's communities are located, including a number of homebuilders with  
nationwide operations.  The Company has for the past 25 years been one of the   
largest homebuilders in South Florida and for the past several years has        
delivered more homes in the State of Florida                                    

4 

10-K
6th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 6th
than any other homebuilder. Further, the Company is a leading homebuilder in    
Arizona and is increasing its market position in the Dallas and Houston, Texas  
areas. Nonetheless, the Company is subject to intense competition from a large  
number of homebuilders in all of its market areas.                              

INVESTMENT  

           The Company has been engaged for more than 20 years in developing
and managing commercial and residential income-producing properties.  Currently,
through its Investment Division, the Company owns and manages more than 2,800   
rental apartment units (which are approximately 90% occupied) and more than 2.3 
million square feet of low rise office buildings, warehouses and neighborhood   
retail centers (which are approximately 89% occupied), as well as a 297 room    
hotel, a mobile home park, and golf and other recreational facilities in various
communities. At times, when properties reach what the Company believes to be    
optimum value, the Company sells them.                                          

           Since 1992, the Investment Division has been acquiring, by itself
and through partnerships, portfolios of real estate assets which it believes it 
can liquidate at a profit and from which it can generate rental, interest and   
other income during the several year liquidation process. By November 30, 1994, 
the Investment Division had entered into six partnerships. The Company's equity 
interests in these partnerships range from 9.9% to 50%. In addition to the      
Company's participating in the partnerships' purchases of portfolios of real    
estate assets, the Investment Division oversees the management of those         
portfolios, for which it receives management fees. A portfolio may consist of a 
combination of performing loans, non-performing loans and real estate. With     
regard to performing loans, either principal and interest payments are collected
until the loans are paid in full, or the loans are used as collateral for non-  
recourse debt (which has the effect of accelerating the partnerships' cash      
realization). With regard to non-performing loans, the partnerships attempt to  
renegotiate the terms with the borrowers or they pursue other remedies,         
depending on the circumstances. These loans either become performing, are paid  
off, or the partnerships become the owners of the underlying real estate. This  
real estate is then managed and value enhanced until it can be sold.            

            In several instances, loans held by partnerships have been sold to
pools, which have obtained funding by issuing rated and unrated securities      
entitling the holders to the future proceeds of the loans. Often, the           
partnerships retain the unrated portions of the securities issued. During 1994, 
the Investment Division began acquiring, at substantial discounts from their    
face amounts, unrated portions of commercial real estate debt securities issued 
by others. The Investment Division is the special servicer on behalf of all     
certificate holders of these securities, both those issued by the partnerships  
and by others. The principal business of the special servicer is the management 
of real estate loans requiring attention.                                       

FINANCIAL SERVICES          

          The Company's financial services subsidiaries originate mortgage
loans, service mortgage loans which they and other lenders originate, purchase  
and re-sell mortgage loan pools, arrange title insurance and provide closing    
services for homebuyers.                                                        

MORTGAGE ORIGINATION                                  

       Through two of the financial services subsidiaries, Universal
American Mortgage Company and AmeriStar Financial Services, Inc., 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, North Carolina and Maryland. In 1994, loans to buyers of the    
Company's homes represented approximately 15% of the Company's $941 million of  
loan originations.                                                              

5 

             The Company sells the loans it originates in the secondary mortgage
market, generally on a non-recourse basis, but usually retains 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 market interest rate fluctuations. The Company finances its loans   
held for sale with borrowings under the financial services subsidiaries' $80    
million lines of credit (secured by the loans and by certain servicing rights)  
or from Lennar Corporation when, on a consolidated basis, this minimized the    
overall cost of funds.                                                          

MORTGAGE SERVICING                                    

       The Company obtains significant 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 (Fanny Mae), the Federal Home Loan    
Mortgage Corporation (Freddie Mac) and other mortgage investors.  At November   
30, 1994, it had a servicing portfolio of approximately 45,200 loans with an    
unpaid principal balance of approximately $3.4 billion.                         

             Revenues from servicing mortgage loans include servicing fees, late
charges and other ancillary fees and all, or in some states, part of the        
interest on sums held in escrow for tax, insurance and other payments.  However,
proposed Federal legislation, if enacted, would establish uniform regulations   
regarding payment of interest on escrow accounts and otherwise regulate escrow  
accounts in ways which would reduce the benefit a mortgage servicer derives from
those accounts.                                                                 

MORTGAGE ASSET ACQUISITION AND DISPOSITION            

           The Company, from time to time, purchases pools of mortgage loans
originated by financial institutions and then re-sells the loans in the         
secondary market.  The benefits to the Company from these transactions include  
gains from the sales of the loans and retention of the right to service the     
loans after they are sold in the secondary market.  In addition, during 1994,   
the Financial Services Division expanded its investment activities by acquiring 
rated portions of commercial mortgage-backed securities for which Lennar's      
Investment Division is the special servicer.                                    

INSURANCE AND CLOSING SERVICES                        

        The Company arranges title insurance for, and provides closing
services to, buyers of the Company's homes and others in Florida. It provided   
these services in connection with approximately 4,800 real estate transactions  
during 1994. In addition, during 1994 the Company formed TitleAmerica Insurance 
Corporation, a title insurance underwriter, which provides title insurance to   
buyers of the Company's homes and others.                                       

6 

10-K
7th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 7th
OTHER ACTIVITIES  

           Lennar 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.                           

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, certain aspects  
of building design and minimum elevation of properties and other local          
ordinances.  These include laws in Florida and other states requiring use of    
construction materials which reduce the need for energy-consuming heating and   
cooling systems.  The State of Florida has also adopted a law which requires    
that commitments to provide roads and other offsite infrastructure be in place  
prior to the commencement of new construction. The provisions of this law are   
currently being implemented and administered by individual counties and         
municipalities throughout the state and may result in additional fees and       
assessments or building moratoriums  It is difficult to predict the impact of   
this law on future operations, or what changes may take place in the law in the 
future.  However, the Company believes that most of its Florida land presently  
meets the criteria under the law, and it has the financial resources to provide 
for development of the balance of its land in compliance with the law.          

             As a result of Hurricane Andrew in 1992, there have been changes to
various building codes within Florida.  These changes have resulted in higher   
construction costs.  To date, these additional costs have been recoverable      
through increased selling prices without any apparent significant adverse effect
on sales volume.                                                                

           Virtually all areas of the United States have adopted regulations
intended to assure that construction and other activities will not have an      
adverse effect on local ecology and other environmental conditions.  These      
regulations have had an effect on the manner in which the Company has developed 
certain properties and may have a continuing influence on the Company's         
development activities in the future.                                           

    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.  It has registered some of its Florida      
communities with authorities in New Jersey and New York.  Sales in other states 
would require compliance with laws in those states regarding sales of           
condominium homes.                                                              

          The Company's title insurance agency subsidiary must comply with
the applicable insurance laws and regulations.                                  

       The Company's subsidiary which underwrites title insurance is
licensed in the State of Florida, and must comply with Florida laws and         
regulations regarding title insurance companies. These laws and regulations     
include provisions regarding capitalization, investments, forms of policies and 
premiums.                                                                       

EMPLOYEES       

          At November 30, 1994, the Company employed 1,575 individuals, of
whom 419 were management, supervisory and other professional personnel, 166 were
construction supervisory personnel, 273 were real estate salespersons, 140 were 
hospitality personnel and 577 were professional support personnel, accounting,  
office clerical and skilled workers.                                            

7 

10-K
8th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 8th
       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 residential and commercial activities, see Item 1.                          

         The Company maintains its executive offices, financial services
subsidiary headquarters, Investment Division headquarters, Dade County          
Homebuilding Division offices and Dade County mortgage and title company branch 
offices at 700 and 730 Northwest 107th Avenue, Miami, Florida in office         
buildings built and owned by the Company.  These offices occupy approximately   
60,000 square feet.  Other Company offices are located in Company-owned         
communities or retail centers, or in leased space.                              

ITEM 3.      LEGAL PROCEEDINGS.                                                 

   The Company is a defendant in various lawsuits brought by
condominium and homeowner associations in communities constructed by the        
Company.  Although the specific allegations in the lawsuits differ, in general, 
each of the lawsuits asserts that the Company failed to construct buildings in  
the community involved in accordance with plans and specifications and          
applicable construction codes, and each of them seeks reimbursement for sums the
plaintiff association claims it will have to spend to remedy the alleged        
construction deficiencies. Associations in other communities have threatened    
similar suits. The Company views suits of this type as a normal incident to the 
business of building homes. The Company does not believe that these lawsuits or 
threatened lawsuits will have a material effect upon the Company.               

             During 1993 and 1994, the Company settled two lawsuits and a number
of claims in which owners of approximately 675 homes built by the Company sought
damages as a result of Hurricane Andrew.  Other homeowners or homeowners'       
insurers are not precluded from making similar claims against the Company.  Five
insurance companies have contacted the Company seeking reimbursement for sums   
paid by them with regard to homes built by the Company and damaged by the storm.
The Company has settled all outstanding claims with four of these insurance     
companies which represented the majority of the claims made.  In addition to the
claims, there are three pending lawsuits in which homeowners or homeowners'     
insurers seek damages.  Other claims of this type may be asserted.  The         
Company's insurers have asserted that their policies cover some, but not all    
aspects of these claims.  However, to date, the Company's insurers have made all
payments required under settlements.  Even if the Company were required to make 
any payments with regard to Hurricane Andrew related claims, the Company        
believes that the amount it would pay would not be material to its results of   
operations or financial position.                                               

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

            No matters were submitted to a vote of security holders during the
fourth quarter of fiscal 1994.                                                  

8 

10-K
9th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 9th
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  
34 of the Company's 1994 Annual Report to Stockholders.                         

ITEM 6.      SELECTED FINANCIAL DATA.                                           

            Selected Financial Data is incorporated by reference to page 13 of
the Company's 1994 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 14 through 18 of the
Company's 1994 Annual Report to Stockholders.                                   

ITEM 8.      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                       

            Consolidated financial statements and supplementary data about the
Company are incorporated by reference to pages 19 through 33 of the Company's   
1994 Annual Report to Stockholders.                                             

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

       On April 5, 1994, the Company's Board of Directors, acting on
the recommendation of the Audit Committee, approved the retention of            
Deloitte & Touche to audit the Company's financial statements at                
November 30, 1994 and for the year ending on that date. KPMG Peat Marwick       
audited the Company's financial statements for the year ended                   
November 30, 1993 and for a number of years before that. The decision to        
replace KPMG Peat Marwick with Deloitte & Touche was based solely               
on cost considerations. Early in fiscal 1994, the Company invited               
KPMG Peat Marwick and three other firms it considered to be                     
qualified to submit proposals for the audit of the Company's                    
financial statements for the five fiscal years ending November                  
30, 1994 through 1998. Upon review of the proposals, the Company                
selected Deloitte & Touche, because it submitted the lowest cost                
proposal.                                                                       

Neither KPMG Peat Marwick's report on the financial   
statements of the Company and its subsidiary for the fiscal                     
year ended November 30, 1993, nor its report on the financial                   
statements for the year ended November 30, 1992, contained an                   
adverse opinion or a disclaimer of an opinion, or was qualified                 
or modified as to uncertainty, audit scope or accounting principles.            
Neither in connection with the audits by KPMG Peat Marwick of                   
the financial statements for those years, nor during any subsequent             
interim period, were there disagreements on any matter of accounting            
principles or practices, financial statement disclosure or auditing             
scope or procedure, which disagreements, if not resolved to                     
the satisfaction of KPMG Peat Marwick, would have caused it                     
to make reference to the subject matter of the disagreements                    
in connection with its reports.                                                 

Deloitte & Touche has, for a number of years, assisted
the Company in the preparation of tax returns and with regard                   
to other tax related matters. The Company did not during the                    
Company's two most recent fiscal years, or during any subsequent                
interim period, consult Deloitte & Touche regarding either (i)                  
the application of accounting principles to a specific transaction              
or the type of audit opinion that might be rendered on the Company's            
financial statements on which Deloitte & Touche provided a written              
report or written or oral advice which Deloitte & Touche concluded              
was an important factor considered by the Company in reaching                   
a decision as to the accounting, auditing or financial reporting                
issue, or (ii) any matter that was the subject of a disagreement                
or an event of the type described in Item 304 (a) (l) (v) of                    
Regulation S-K.                                                                 

9 

10-K
10th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 10th
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, 1995 (120 days  
after the end of the Company's fiscal year).  The following people were the     
executive officers of Lennar Corporation on February 6, 1995:                   

                                                                [Download Table]

     Name/Position                   Age        Year of Election
     -------------                   ---        ----------------
                                                                

Leonard Miller,                                                 
  Chairman of the Board and                                     
  President                           62              1969      
Robert B. Cole,                                                 
  Secretary                           84              1969      
Irving Bolotin,                                                 
  Senior Vice President               62              1969      
Allan J. Pekor,                                                 
  Financial Vice President            58              1979      
Sherman J. Kronick,                                             
  Vice President                      68              1979      
Marshall H. Ames,                                               
  Vice President                      51              1982      
Stuart A. Miller,                                               
  Vice President                      37              1985      
Jeffrey P. Krasnoff,                                            
  Vice President                      39              1986      
Jonathan M. Jaffe                                               
  Vice President                      35              1994      
M. Eugene Saleda,                                               
  Treasurer                           59              1977      
James T. Timmons,                                               
  Controller                          29              1993      
Steven J. Saiontz,                                              
  President, Lennar Financial                                   
  Services, Inc.                      36              1987      

       Mr. Leonard Miller has been the Chief Executive Officer and a
director of the Company since it was founded.                                   

         Mr. Cole was, until December 1983, a member of Mershon, Sawyer,
Johnston, Dunwody & Cole, a firm of attorneys in Miami, Florida.  Since then he 
has been of counsel to that firm and has been a consultant to the Company on    
business and legal affairs, as well as Chairman of the Company's Executive      
Committee and the Company's Secretary and General Counsel.                      

         Messrs. Bolotin, Pekor, Kronick, Ames, Krasnoff and Saleda have
each held substantially their present positions with the Company for more than  
five years.                                                                     

            Mr. Stuart Miller (who is the son of Leonard Miller) and Mr. Jaffe
have held various executive positions with the Company for more than five years.
Mr. Stuart Miller has been a Vice President since 1985, and currently heads the 
Company's Homebuilding and Investment Divisions. Mr. Jaffe has been a Vice      
President since 1994 and currently heads the Company's South Florida            
homebuilding region.                                                            

10

10-K
11th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 11th
            Mr. Timmons has been employed by the Company since 1992. He became
its controller in 1993. Prior to joining the Company Mr. Timmons was employed as
a Financial Auditor with Burger King Corporation and, before that, was employed 
by KPMG Peat Marwick.                                                           

        Mr. Saiontz (who is the son-in-law of Leonard Miller) has held
substantially the same position with the Company for more than five years.      

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, 1995 (120 days  
after the end of the Company's fiscal year).                                    

ITEM 12.     SECURITY HOLDINGS 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, 1995 (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, 1995 (120 days  
after the end of the Company's fiscal year).                                    

11

10-K
12th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 12th
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:                                      

                                                       Page in 1994 Annual
                    Financial Statement               Report to Stockholders
                    -------------------               ----------------------

  Independent Auditors' Report                          12

Consolidated Balance Sheets as of                     
  November 30, 1994 and 1993                            19

Consolidated Statements of Earnings for               
the years ended November 30, 1994, 1993               
  and 1992                                              20

Consolidated Statements of Cash Flows                 
for the years ended November 30, 1994,                
  1993 and 1992                                         21

Consolidated Statements of Stockholders'              
Equity for the years ended November 30,               
  1994, 1993 and 1992                                   22

   Notes to Consolidated Financial Statements          23-33

      2. Predecessor Independent Auditors' Report on the financial
                statements and financial statement schedules is included in this
report on page 17.                              

             3. The following financial statement schedules are included in this
Report:                                         

                   Financial Statement Schedule              Page in This Report
                   ----------------------------              -------------------

  Independent Auditors' Report on Schedules             16

  VIII - Valuation and Qualifying Accounts              18

XI - Real Estate and Accumulated                  
           Depreciation                                 19

   XII - Mortgage Loans on Real Estate                  20

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

12

10-K
13th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 13th
 3. The following exhibits are filed with this Report or
incorporated by reference:                      

              3(a). Certificate of Incorporation - Incorporated by reference
                      to Registration Statement No. 2-36239 and definitive proxy
                  statements dated February 29, 1980, February 28, 1985,
March 24, 1987 and March 1, 1989.   

            3(b). Bylaws - Incorporated by reference to Annual Report on
           Form 10-K for the year ended November 30, 1989.

               10(a). Revolving Credit Agreement dated December 11, 1991 between
                    The First National Bank of Chicago, as agent, and Lennar
                  Corporation and certain subsidiaries - Incorporated by
                      reference to Annual Report on Form 10-K for the year ended
November 30, 1991.                  

             10(b). Lennar Corporation 1980 Stock Option Plan - Incorporated
               by reference to Registration Statement No. 2-73630.

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

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

            10(e). 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(f). 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(g). 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(h). Term Loan Agreement between Lennar Corporation and NCNB
           National Bank of Florida dated April 14, 1988 -
                   Incorporated by reference to Annual Report on Form 10-K
 for the year ended November 30, 1992.

           10(i). Term Loan Agreement between Lennar Corporation and Sun
                   Bank/Miami, National Association dated April 27, 1988 -
                   Incorporated by reference to Annual Report on Form 10-K
 for the year ended November 30, 1992.

           10(j). Term Loan Agreement between Lennar Corporation and The
              First National Bank of Chicago dated May 3, 1988 -
                   Incorporated by reference to Annual Report on Form 10-K
 for the year ended November 30, 1992.

13

10-K
14th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 14th
        10(k). Commercial Mortgage Loan and Real Property Purchase
                  Agreement (Pools 1 to 5) by and among Resolution Trust
                 Corporation and Lennar Florida Partners I, L.P. dated
                    May 7, 1992 - Incorporated by reference to Annual Report
              on Form 10-K for the year ended November 30, 1992.

        10(l). Commercial Mortgage Loan and Real Property Purchase
            Agreement (Pool 6) by and among Resolution Trust
                 Corporation and Lennar Florida Partners I, L.P. dated
                      June 26, 1992 - Incorporated by reference to Annual Report
              on Form 10-K for the year ended November 30, 1992.

            10(m). Commercial Business Loan Purchase Agreement (Pool 7) by
                     and among Resolution Trust Corporation and Lennar Florida
                  Partners I, L.P. dated June 26, 1992 - Incorporated by
                      reference to Annual Report on Form 10-K for the year ended
November 30, 1992.                  

              10(n). Loan and Security Agreement by and among Resolution Trust
                 Corporation and Lennar Florida Partners I, L.P. dated
                     July 1, 1992 - Incorporated by reference to Annual Report
              on Form 10-K for the year ended November 30, 1992.

               10(o). Revolving Credit Agreement dated July 29, 1993 between The
                First National Bank of Chicago, as agent, and Lennar
                  Corporation and certain subsidiaries - Incorporated by
                      reference to Annual Report on Form 10-K for the year ended
November 30, 1993.                  

               10(p). Revolving Credit Agreement dated July 29, 1994 between The
                First National Bank of Chicago, as agent, and Lennar
 Corporation and certain subsidiaries.

           13.    Pages 12-34 of the 1994 Annual Report to Stockholders.

21.    List of subsidiaries.                      

23.    Independent Auditors' Consents.            

27.    Financial Data Schedule.                   

    (b)  Reports on Form 8-K filed during the quarter ended November 30,
1994.   None.                                         

(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 by Rule
14a-3(b)(1) are listed in Item 14(a)2.                  

14

10-K
15th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 15th
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

Leonard Miller                                     /s/     Leonard Miller       
Chairman of the Board and President                -------------------------    
                                              Date:  February 27, 1995

      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:                                      

Leonard Miller                                     /s/     Leonard Miller       
Chairman of the Board and President                -------------------------    
                                              Date:  February 27, 1995

Principal Financial Officer:                                      

Allan J. Pekor                                     /s/     Allan J. Pekor       
Financial Vice President                           -------------------------    
                                              Date:  February 27, 1995

Principal Accounting Officer:                                     

James T. Timmons                                   /s/    James T. Timmons      
Controller                                         -------------------------    
                                              Date:  February 27, 1995

Directors:                                                        

Charles I. Babcock, Jr.                            /s/ Charles I. Babcock, Jr.  
                                               -------------------------
                                              Date:  February 20, 1995

Irving Bolotin                                     /s/     Irving Bolotin       
                                               -------------------------
                                              Date:  February 27, 1995

Robert B. Cole                                     /s/     Robert B. Cole       
                                               -------------------------
                                              Date:  February 27, 1995

Richard W. McEwen                                  /s/    Richard W. WcEwen     
                                               -------------------------
                                              Date:  February 20, 1995

James W. McLamore                                  /s/    James W. McLamore     
                                               -------------------------
                                              Date:  February 19, 1995

Stuart A. Miller                                   /s/    Stuart A. Miller      
                                               -------------------------
                                              Date:  February 27, 1995

Arnold P. Rosen                                    /s/     Arnold P. Rosen      
                                               -------------------------
                                              Date:  February 20, 1995

Steven J. Saiontz                                  /s/    Steven J. Saiontz     
                                               -------------------------
                                              Date:  February 27, 1995

15

10-K
16th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 16th
Deloitte & Touche LLP      Certified Public Accountants                         
Suite 2500                
 100 Southeast Second Street
Miami, Florida 33131-2135 
Telephone: (305) 358-4141 
Facsimile: (305) 372-3160 

INDEPENDENT AUDITORS' REPORT                                                    

To the Board of Directors and                                                   
Stockholders of Lennar Corporation:                                             

We have audited the consolidated financial statements of Lennar Corporation     
as of November 30, 1994, and for the year then ended, and have issued           
our report thereon dated January 18, 1995; such financial statements and        
report are included in your 1994 Annual Report to Shareholders and are          
incorporated herein by reference. Our audit also included the financial         
statement schedules of Lennar Corporation, listed in Item 14 as of              
November 30, 1994 and for the year then ended. These financial statement        
schedules are the responsibility of the Corporation's management. Our           
responsibility is to express an opinion based on our audit. In our opinion,     
such financial statement schedules, when considered in relation to the basic    
financial statements taken as a whole, present fairly in all material respects  
the information set forth therein.                                              

/s/ Deloitte & Touche LLP                                                       

DELOITTE & TOUCHE LLP                                                           
Miami, Florida                                                                  

January 18, 1995                                                                

16                  

10-K
17th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 17th
KPMG Peat Marwick LLP                                                           

  One Biscayne Tower       Telephone 305 358 2300     Telefax 305 577 0544
Suite 2900                                                            
2 South Biscayne Boulevard                                            
Miami, FL 33131                                                       

INDEPENDENT AUDITORS' REPORT      

The Board of Directors                                                          
Lennar Corporation:                                                             

We have audited the consolidated balance sheet of Lennar Corporation and        
subsidiaries as of November 30, 1993, and the related consolidated statements of
earnings, cash flows and stockholders equity for each of the years in the       
two-year period ended November 30, 1993. These consolidated financial statements
are incorporated by reference in the annual report on Form 10-K for the year    
1994. In connection with our audits of the consolidated financial statements, we
also have audited the financial statement schedules. These consolidated         
financial statements and financial related statement schedules are the          
responsibility of the Company's management. Our responsibility is to express an 
opinion on these consolidated financial statements and financial statement      
schedules based on our audits.                                                  

We conducted our audits in accordance with generally accepted auditing          
standards. Those standards require that we plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting 
the amounts and disclosures in the financial statements. An audit also includes 
assessing the accounting principles used and significant estimates made by      
management, as well as evaluating the overall financial statement presentation. 
We believe that our audits provide a reasonable basis for our opinion.          

In our opinion, the consolidated financial statements referred to above present 
fairly, in all material respects, the financial position of Lennar Corporation  
and subsidiaries as of November 30, 1993, and the results of their operations   
and their cash flows for each of the years in the two-year period ended November
30, 1993, in conformity with generally accepted accounting principles. Also in  
our opinion, the related financial statement schedules, when considered in      
relation to the basic consolidated financial statements taken as a whole,       
present fairly, in all material respects, the information set forth therein.    

             /s/ KPMG Peat Marwick LLP

January 18, 1994                                                                

17                  

LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES   Schedule VIII

Valuation and Qualifying Accounts             

Years ended November 30, 1994, 1993 and 1992                

                                                        [Enlarge/Download Table]

                                                                                   ADDITIONS                                      
                                                                         ----------------------------                             
                                                                            CHARGED       CHARGED                                 
                                                            BEGINNING      TO COSTS    (CREDITED) TO                      ENDING  
                       DESCRIPTION                           BALANCE     AND EXPENSES  OTHER ACCOUNTS   (DEDUCTIONS)     BALANCE  
---------------------------------------------------------  ------------  ------------  --------------   ------------    ----------
                                                                                                                                  
Year ended November 30, 1994                                                                                                      
  Allowances deducted from assets to which they apply:                                                                            
    Allowances for doubtful accounts and notes receivable  $  1,323,000    1,091,000       (66,000)      (820,000)       1,528,000
                                                           ============    =========     =========       ========        =========

    Deferred income, unamortized discounts and other       $  1,261,000        --        1,137,000 (A)    (37,000) (B)   2,361,000
                                                           ============    =========     =========       ========        =========

    Loan loss reserve                                      $  3,595,000      472,000         --          (533,000)       3,534,000
                                                           ============    =========     =========       ========        =========

Year ended November 30, 1993                                                                                                      
  Allowances deducted from assets to which they apply:                                                                            
    Allowances for doubtful accounts and notes receivable  $    603,000    1,062,000        15,000       (357,000)       1,323,000
                                                           ============    =========     =========       ========        =========

    Deferred income, unamortized discounts and other       $  1,688,000        --         (342,000)       (85,000) (B)   1,261,000
                                                           ============    =========     =========       ========        =========

    Loan loss reserve                                      $    151,000      416,000     3,717,000       (689,000)       3,595,000
                                                           ============    =========     =========       ========        =========

  Loan loss reserve included in liabilities (C)            $  3,717,000        --       (3,717,000)         --               --   
                                                           ============    =========     =========       ========        =========

Year ended November 30, 1992                                                                                                      
  Allowances deducted from assets to which they apply:                                                                            
    Allowances for doubtful accounts and notes receivable  $    726,000      201,000        66,000       (390,000)         603,000
                                                           ============    =========     =========       ========        =========

    Deferred income, unamortized discounts and other       $  1,767,000        --            --           (79,000) (B)   1,688,000
                                                           ============    =========     =========       ========        =========

    Loan loss reserve                                      $    105,000        --           46,000          --             151,000
                                                           ============    =========     =========       ========        =========

  Loan loss reserve included in liabilities (C)            $  3,547,000      376,000       (46,000)      (160,000)       3,717,000
                                                           ============    =========     =========       ========        =========

<FN>                                                                                                                              
Notes:                                                                                                                            
(A) Includes discounts on mortgages purchased.                                                                                    
(B) Amortization of discounts and recognition of deferred income.                                                                 
(C) Loan loss reserves relating to loans serviced for others are included in                                                      
    liabilities in the balance sheet.                                                                                             
</FN>                                                                                                                             

18

10-K
18th Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 18th
                                                                     Schedule XI
LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION (D)
YEAR ENDED NOVEMBER 30, 1994

                                                        [Enlarge/Download Table]

                                                                        COSTS CAPITALIZED                                           
                                                 INITIAL COST            SUBSEQUENT TO                GROSS AMOUNT AT WHICH         
                                                  TO COMPANY              ACQUISITION               CARRIED AT CLOSE OF PERIOD      
                                            -----------------------  -----------------------  --------------------------------------
                                                       BUILDING AND                 CARRYING                                        
        DESCRIPTION          ENCUMBRANCES     LAND     IMPROVEMENTS  IMPROVEMENTS    COSTS     LAND (A)   BUILDINGS (A)   TOTAL (C) 
---------------------------  ------------  ----------  ------------  ------------  ---------  ----------  -------------  -----------
                                                                                                                                    
Rental apartment property:                                                                                                          
 Dade County, Florida        $ 21,736,000   1,872,000    9,063,000     4,623,000     360,000   2,046,000    13,872,000    15,918,000
Rental office property:                                                                                                             
 Dade County, Florida          17,731,000   1,779,000      --         13,447,000   1,959,000   4,319,000    12,866,000    17,185,000
Hotel:                                                                                                                              
 Broward County, Florida          --        1,000,000    3,478,000     8,830,000     367,000   1,367,000    12,308,000    13,675,000
Rental apartment property:                                                                                                          
 Dade County, Florida             --        3,526,000    9,999,000       --          --        3,526,000     9,999,000    13,525,000
Rental office property:                                                                                                             
 Orange County, California        --        3,839,000   15,356,000       --          --        3,839,000    15,356,000    19,195,000
Shopping center:                                                                                                                    
 Maricopa County, Arizona         --        2,381,000    9,524,000       --          --        2,381,000     9,524,000    11,905,000
Other miscellaneous                                                                                                                 
 properties which are                                                                                                               
 individually less                                                                                                                  
 than 5% of total              33,991,000  35,655,000   63,153,000    23,242,000   2,403,000  39,164,000    85,289,000   124,453,000
                             ------------  ----------  -----------    ----------   ---------  ----------   -----------   -----------
                             $ 73,458,000  50,052,000  110,573,000    50,142,000   5,089,000  56,642,000   159,214,000   215,856,000
                             ============  ==========  ===========    ==========   =========  ==========   ===========   ===========



                                                   DATE OF                                                                          
                               ACCUMULATED      COMPLETION OF     DATE                                                              
        DESCRIPTION          DEPRECIATION (B)   CONSTRUCTION    ACQUIRED                                                            
---------------------------  ----------------   -------------   --------                                                            
                                                                                                                                    
Rental apartment property:                                                                                                          
 Dade County, Florida            8,911,000            1979         1977                                                             
Rental office property:                                                                                                             
 Dade County, Florida            2,033,000         Various         1980                                                             
Hotel:                                                                                                                              
 Broward County, Florida         2,122,000         Various         1987                                                             
Rental apartment property:                                                                                                          
 Dade County, Florida            1,146,000         Various         1991                                                             
Rental office property:                                                                                                             
 Orange County, California          33,000            1989         1994                                                             
Shopping center:                                                                                                                    
 Maricopa County, Arizona           20,000            1988         1994                                                             
Other miscellaneous                                                                                                                 
 properties which are                                                                                                               
 individually less                                                                                                                  
 than 5% of total               12,158,000         Various       Various                                                            
                                ----------                                                                                          
                                26,423,000                                                                                          
                                ==========                                                                                          
<FN>                                                                                                                                
Notes:                                                                                                                              

(A) Includes related improvements and capitalized carrying costs.                                                                   

(B) Depreciation is calculated using the straight-line method over the estimated                                                    
    useful lives which vary from 15 to 40 years.                                                                                    

(C) The aggregate cost of the listed property for Federal income tax purposes                                                       
    was $162,478,000 at November 30, 1994.                                                                                          

(D) The listed real estate includes operating properties completed or under                                                         
    construction. Real estate inventories, held for resale in the ordinary                                                          
    course of business, have been excluded from the schedule.                                                                       

(E) Reference is made to notes 1, 10 and 11 of the consolidated financial                                                           
    statements.                                                                                                                     

(F) The changes in the total cost of investment properties and accumulated                                                          
    depreciation for the years ended November 30, 1994, 1993 and 1992 are as                                                        
    follows (in thousands):                                                                                                         

</FN>                                                                                                                               

                                                        [Enlarge/Download Table]

                                                           1994      1993      1992   
                                                         --------   -------   ------- 
                                                                                      
Cost:                                                                                 
 Balance at beginning of year                            $175,144   122,709   115,046 
 Additions, at cost                                        53,340    40,557    10,537 
 Accounting change                                          7,482     --        --    
 Acquisitions through foreclosure                           --       14,410     --    
 Cost of real estate sold                                 (11,802)    --       (1,723)
 Transfers                                                 (8,308)   (2,532)   (1,151)
                                                         --------   -------   ------- 
      Balance at end of year                             $215,856   175,144   122,709 
                                                         ========   =======   ======= 

Accumulated depreciation:                                                             
 Balance at beginning of year                            $ 22,508    19,834    17,018 
 Depreciation and amortization charged against earnings     4,338     3,639     3,138 
 Accounting change                                            165     --        --    
 Depreciation on real estate sold                            (351)    --          (80)
 Depreciation on transfers                                   (237)     (965)     (242)
                                                         --------   -------   ------- 
      Balance at end of year                             $ 26,423    22,508    19,834 
                                                         ========   =======   ======= 

19

10-K
Last Page of 19
TOC
1st
Previous
Next
↓Bottom
Just 19th
                                                                    Schedule XII
LENNAR CORPORATION AND CONSOLIDATED SUBSIDIARIES
MORTGAGE LOANS ON REAL ESTATE 
NOVEMBER 30, 1994 

                                                        [Enlarge/Download Table]

                                                                                                                     PRINCIPAL   
                                                                                                                  AMOUNT OF LOANS
                                                FINAL         PERIODIC                                CARRYING   DELINQUENT THREE
        DESCRIPTION          INTEREST RATE  MATURITY DATE   PAYMENT TERMS  PRIOR LIENS  FACE AMOUNT  AMOUNT (A)   MONTHS OR MORE 
---------------------------  -------------  -------------  --------------  -----------  -----------  ----------  ----------------
                                                                                                                                 
Mortgage notes secured by                                                                                                        
 real estate:                                                                                                                    
 Dade County, Florida               10.00%        1995     Single payment  $     --       4,732,000   3,652,000         --       
 Broward County, Florida             9.50%        1996      Level payment        --       1,915,000   1,915,000         --       
 Gwinnett County, Georgia            7.00%        1996      Level payment        --       1,746,000   1,572,000         --       
 San Bernardino County,                                                                                                          
   Calif.                            8.50%        1994      Level payment        --       1,707,000   1,555,000         --       
 Gwinnett County, Georgia            7.25%        1995     Single payment        --       4,800,000   4,365,000         --       
 Harris County, Texas                9.50%        1996     Single payment        --       3,704,000   3,046,000         --       
 Los Angeles County, Calif.          9.50%        1994     Single payment        --         708,000     595,000       595,000    
 Other                         7.50-16.00%   1995-2022            Various        --       2,846,000   1,660,000       153,000    
                                                                           ----------    ----------  ----------       -------    
                                                                           $     --      22,158,000  18,360,000       748,000    
                                                                           ==========    ==========  ==========       =======    
<FN>                                                                                                                             
Notes:                                                                                                                           

(A) For Federal income tax purposes, the aggregate basis of the listed mortgages                                                 
    was $16,715,000 at November 30, 1994.                                                                                        

(B) This schedule does not include mortgages held by Lennar Financial Services,                                                  
    Inc.                                                                                                                         

(C) The changes in the carrying amounts of mortgages for the years ended                                                         
    November 30, 1994, 1993, and 1992 are as follows (in thousands):                                                             

</FN>                                                                                                                            

                                                                [Download Table]

                                                      1994      1993      1992  
                                                    --------   -------   ------ 
                                                                                
Balance at beginning of year                        $ 26,605    15,520   16,253 
Additions (deductions):                                                         
  New mortgage loans, net                             14,293    28,929      886 
  Collections of principal                           (12,454)   (4,099)  (1,088)
  Transfers to Lennar Financial Services, Inc.       (11,151)    --        --   
  Foreclosures                                         --      (14,576)    (854)
  Amortization of discount                                31        40       40 
  Deferred income recognized                               6        45       39 
  Other                                                1,030       746      244 
                                                    --------   -------   ------ 
Balance at end of year                              $ 18,360    26,605   15,520 
                                                    ========   =======   ====== 


20

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		3/30/95		1		11
Filed on:		2/28/95							10-Q,  DEF 14A
		2/27/95		15
		2/20/95		15
		2/19/95		15
		2/6/95		1		10
		1/18/95		16
For Period End:		11/30/94		1		19			DEF 14A
		7/29/94		14
		4/5/94		9					8-K,  DEF 14A,  PRE 14A
		1/18/94		17
		11/30/93		9		19			10-K
		7/29/93		14
		11/30/92		9		19
		7/1/92		14
		6/26/92		14
		5/7/92		14
									List all Filings