Investor
Relations

Lennar Corporation, founded in 1954, is one of the nation's largest builders of quality homes for all generations. The company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's operations include Financial Services, Rialto and Multifamily we don't disclose publicly.

Lennar's core principles of Quality, Value and Integrity is the underlying foundation upon which we were built. When we care for our company, our customers and our associates, we know that our shareholders receive the best results.

Lennar Corporation (LEN)

$51.49  +1.06 (2.10%)

Data provided by Nasdaq. Minimum 15 minutes delayed.

Conference call:

Conference CallJoin us for the call

Investor Requests
Allison Bober

700 N.W. 107th Avenue
Miami, Florida 33172
305-559-4000 - Phone
305-229-6452 - Fax

Allison.Bober@lennar.com

Financial Information

  • Overview

  • Stock Quote

  • Stock Chart

  • Earnings

  • Fundamentals

  • SEC Filings

  • Annual Reports

  • Press Releases

  • Conference Calls

  • Corporate Governance

  • Analysts

  • Calendar

  • Presentations

  • Email Requests

  • Press Release

    Printer Friendly Version View printer-friendly version
    « Back
    Lennar Reports Third Quarter Results
    MIAMI, Sept. 23 /PRNewswire-FirstCall/ --
        -- Revenues of $1.1 billion - down 53% 
    -- Loss per share of $0.56 (includes a $0.53 per share charge related to valuation adjustments and other write-offs) -- Gross margin on home sales: -- 18.0% (excluding SFAS 144 valuation adjustments of $32.3 million) - up 400 basis points -- 14.8% (including SFAS 144 valuation adjustments) - up 1,480 basis points -- Operating margin on home sales: -- 2.3% (excluding SFAS 144 valuation adjustments) - up 230 basis points -- -0.9% (including SFAS 144 valuation adjustments) - up 1,310 basis points -- Selling, general and administrative expenses reduced by $148.0 million - down 49% -- Homebuilding cash of $857.1 million as of August 31, 2008 -- No outstanding borrowings under the Company's credit facility as of August 31, 2008 -- Homebuilding debt to total capital of 40.5% (net homebuilding debt to total capital of 30.2%) -- Maximum recourse indebtedness related to the Company's unconsolidated entities of $630.0 million - reduced by $1.1 billion, or 64%, since its peak at November 30, 2006 -- Deliveries of 3,791 homes - down 50% -- New orders of 3,387 homes - down 42%; cancellation rate of 27% -- Backlog dollar value of $1.0 billion - down 53%

    Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its third quarter ended August 31, 2008. Third quarter net loss in 2008 was $89.0 million, or $0.56 per diluted share, compared to third quarter net loss of $513.9 million, or $3.25 per diluted share, in 2007.

    Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "While we expected the housing market to remain constrained throughout the third quarter, the weakness in the market actually accelerated as a result of increased foreclosures, weakened consumer confidence and tightened mortgage lending standards. Although the Federal government has recognized that stabilizing the housing market is critical to solving the current credit crisis, the government has yet to act meaningfully to help stabilize home prices. While we were encouraged that Congress passed the July housing stimulus bill as a first step, additional government actions will be necessary to help facilitate housing market stabilization, which in turn will help stabilize the financial markets as well."

    Mr. Miller continued, "While the housing market continues to search for a bottom, we have been making significant progress to improve our basic operations. We continued to focus on the execution of an efficient homebuilding model through the repositioning of our product to meet today's consumer demand and by aggressively reducing our construction costs. This focus resulted in our third quarter, pre-impairment gross margin percentage improvement of 400 basis points year-over-year to 18.0%. As a result of a steeper decline in revenues than we anticipated, we did not achieve a reduction in S,G&A expenses as a percentage of revenue from the second quarter. However, we did continue to make significant progress towards our goal of right-sizing our business by cutting our selling, general and administrative expenses by approximately one-half, compared to a year ago. We have taken further actions during the quarter, including consolidating divisions, which should enable us to achieve a significant improvement in our S,G&A percentage going forward."

    "We ended our third quarter with $857 million in cash and no outstanding borrowings under our credit facility, while we reduced our maximum unconsolidated joint venture recourse debt to $630 million, a decrease of 22% from the end of our second quarter."

    Mr. Miller concluded, "As we enter the fourth quarter of 2008, we remain well positioned with a strong balance sheet and properly scaled operations to navigate the current market as a leaner and more efficient homebuilder."

                                 RESULTS OF OPERATIONS
    
                     THREE MONTHS ENDED AUGUST 31, 2008 COMPARED TO
                           THREE MONTHS ENDED AUGUST 31, 2007
    
        Homebuilding

    Revenues from home sales decreased 54% in the third quarter of 2008 to $995.7 million from $2.2 billion in 2007. Revenues were lower primarily due to a 49% decrease in the number of home deliveries and a 9% decrease in the average sales price of homes delivered in 2008. New home deliveries, excluding unconsolidated entities, decreased to 3,694 homes in the third quarter of 2008 from 7,266 homes last year. In the third quarter of 2008, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2007. The average sales price of homes delivered decreased to $270,000 in the third quarter of 2008 from $296,000 in the same period last year, due to reduced pricing. Sales incentives offered to homebuyers were $45,900 and $46,000 per home delivered, respectively, in the third quarter of 2008 and 2007.

    Gross margins on home sales excluding SFAS 144 valuation adjustments were $179.4 million, or 18.0%, in the third quarter of 2008, compared to $304.1 million, or 14.0%, in the third quarter of 2007. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, improved compared to last year, primarily due to the Company's lower inventory basis and continued focus on repositioning its product and reducing construction costs. The largest gross margin percentage improvement was experienced in the Company's Homebuilding East segment. Gross margins on home sales were $147.1 million, or 14.8%, in the third quarter of 2008, which included $32.3 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $1.0 million, or 0.0%, in the third quarter of 2007, which included $303.1 million of SFAS 144 valuation adjustments. Gross margins on home sales excluding SFAS 144 valuation adjustments is a non-GAAP financial measure disclosed by certain of the Company's competitors and has been presented because the Company finds it useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors.

    Selling, general and administrative expenses were reduced by $148.0 million, or 49%, in the third quarter of 2008, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expense and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 15.7% in the third quarter of 2008, from 14.0% in 2007, which was due to lower revenues.

    Losses on land sales totaled $28.8 million in the third quarter of 2008, which included $21.4 million of SFAS 144 valuation adjustments and $10.9 million of write-offs of deposits and pre-acquisition costs related to approximately 900 homesites under option that the Company does not intend to purchase. In the third quarter of 2007, losses on land sales totaled $344.7 million, which included $114.6 million of SFAS 144 valuation adjustments and $242.5 million of write-offs of deposits and pre-acquisition costs related to approximately 15,000 homesites that were under option.

    Equity in loss from unconsolidated entities was $11.0 million in the third quarter of 2008, which included $2.9 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $127.4 million in the third quarter of 2007, which included $138.7 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

    Management fees and other expense, net, totaled $52.2 million in the third quarter of 2008, which included $40.0 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $5.6 million of write-offs of notes receivable, compared to management fees and other expense, net, of $10.5 million in the third quarter of 2007, which included $32.1 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture.

    Minority interest income (expense), net was $9.0 million in the third quarter of 2008, which included $7.9 million of minority interest income as a result of a $15.9 million SFAS 144 valuation adjustment to inventory of a 50%-owned consolidated joint venture, compared to minority interest income (expense), net of ($1.8) million in the third quarter of 2007.

    Sales of land, equity in loss from unconsolidated entities, management fees and other expense, net and minority interest income (expense), net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

    Financial Services

    Operating loss for the Financial Services segment was $12.9 million in the third quarter of 2008, compared to an operating loss of $5.2 million in the same period last year. The operating loss was due to a $27.2 million write-off of goodwill related to the segment's mortgage operations. This loss was partially offset by increased profitability in the mortgage operations primarily due to higher profits per loan resulting from an increase in FHA loans. There were $9.3 million in write-offs of land seller notes receivable in third quarter of 2007, compared to no write-offs of land seller notes receivable in the third quarter of 2008.

    Corporate General and Administrative Expenses

    Corporate general and administrative expenses were reduced by $10.7 million, or 24%, in the third quarter of 2008, compared to the same period last year. As a percentage of total revenues, corporate general and administrative expenses increased to 3.1% in the third quarter of 2008, from 1.9% in 2007, due to lower revenues.

    
                        NINE MONTHS ENDED AUGUST 31, 2008 COMPARED TO
                               NINE MONTHS ENDED AUGUST 31, 2007
    
        Homebuilding

    Revenues from home sales decreased 60% in the nine months ended August 31, 2008 to $3.0 billion from $7.5 billion in 2007. Revenues were lower primarily due to a 56% decrease in the number of home deliveries and an 8% decrease in the average sales price of homes delivered in 2008. New home deliveries, excluding unconsolidated entities, decreased to 10,860 homes in the nine months ended August 31, 2008 from 24,772 homes last year. In the nine months ended August 31, 2008, new home deliveries were lower in each of the Company's homebuilding segments and Homebuilding Other, compared to 2007. The average sales price of homes delivered decreased to $274,000 in the nine months ended August 31, 2008 from $299,000 in 2007, due to reduced pricing. Sales incentives offered to homebuyers were $47,500 per home delivered in the nine months ended August 31, 2008, compared to $45,000 per home delivered in the same period last year.

    Gross margins on home sales excluding SFAS 144 valuation adjustments were $504.3 million, or 17.0%, in the nine months ended August 31, 2008, compared to $1.1 billion, or 14.4%, in the third quarter of 2007. Gross margin percentage on home sales, excluding SFAS 144 valuation adjustments, improved compared to last year primarily due to the Company's lower inventory basis and continued focus on repositioning its product and reducing construction costs. The largest gross margin percentage improvement was experienced in the Company's Homebuilding East segment. Gross margins on home sales were $372.2 million, or 12.5%, in the nine months ended August 31, 2008, which included $132.1 million of SFAS 144 valuation adjustments, compared to gross margins on home sales of $555.1 million, or 7.4%, in the nine months ended August 31, 2007, which included $523.0 million of SFAS 144 valuation adjustments.

    Selling, general and administrative expenses were reduced by $581.3 million, or 54%, in the nine months ended August 31, 2008, compared to the same period last year, primarily due to reductions in associate headcount, variable selling expense and fixed costs. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 16.5% in the nine months ended August 31, 2008, from 14.3% in 2007, which was due to lower revenues.

    Losses on land sales totaled $60.7 million in the nine months ended August 31, 2008, which included $39.0 million of SFAS 144 valuation adjustments and $34.3 million of write-offs of deposits and pre-acquisition costs related to approximately 5,500 homesites under option that the Company does not intend to purchase. In the nine months ended August 31, 2007, losses on land sales totaled $480.0 million, which included $197.2 million of SFAS 144 valuation adjustments and $312.4 million of write-offs of deposits and pre-acquisition costs related to approximately 24,400 homesites that were under option.

    Equity in loss from unconsolidated entities was $52.9 million in the nine months ended August 31, 2008, which included $29.9 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments, compared to equity in loss from unconsolidated entities of $168.1 million in the nine months ended August 31, 2007, which included $172.7 million of SFAS 144 valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

    Management fees and other expense, net totaled $121.9 million in the nine months ended August 31, 2008, which included $116.5 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $5.6 million of write-offs of notes receivable, compared to management fees and other expense, net of $9.5 million in the nine months ended August 31, 2007, which included $46.4 million of APB 18 valuation adjustments to the Company's investments in unconsolidated entities and $16.5 million of goodwill write-offs, partially offset by the recognition of $24.7 million of profit deferred at the time of the recapitalization of the LandSource joint venture.

    Minority interest income (expense), net was $9.0 million in the nine months ended August 31, 2008, which included $7.9 million of minority interest income as a result of a $15.9 million SFAS 144 valuation adjustment to inventory of a 50%-owned consolidated joint venture, compared to minority interest income (expense), net of ($3.2) million in the nine months ended August 31, 2007.

    Sales of land, equity in loss from unconsolidated entities, management fees and other expense, net and minority interest income (expense), net may vary significantly from period to period depending on the timing of land sales and other transactions entered into by the Company and unconsolidated entities in which it has investments.

    Financial Services

    Operating loss for the Financial Services segment was $25.6 million in the nine months ended August 31, 2008, compared to operating earnings of $24.8 million in the same period last year. The decline in profitability was primarily due to a goodwill write-off of $27.2 million related to the segment's mortgage operations and lower transactions in the segment's title and mortgage operations, compared to last year as a result of the overall weakness in the housing market. There were $27.9 million in write-offs of land seller notes receivables during the nine months ended August 31, 2007, compared to no write-offs of land seller notes receivables during the nine months ended August 31, 2008.

    Corporate General and Administrative Expenses

    Corporate general and administrative expenses were reduced by $39.0 million, or 28%, for the nine months ended August 31, 2008, compared to 2007. As a percentage of total revenues, corporate general and administrative expenses increased to 3.0% in the nine months ended August 31, 2008, from 1.7% in the same period last year, due to lower revenues.

    Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, www.lennar.com

    Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption "Risk Factors" in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2007. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws.

    A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern time on Tuesday, September 23, 2008. The call will be broadcast live on the Internet and can be accessed through the Company's website at www.lennar.com. If you are unable to participate in the conference call, the call will be archived at www.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 402-998-1175 and entering 5932669 as the confirmation number.

    
    
                          LENNAR CORPORATION AND SUBSIDIARIES
    
                      Selected Revenues and Operational Information
                         (In thousands, except per share amounts)
                                       (unaudited)
    
    
                                       Three Months Ended      Nine Months Ended
                                           August 31,             August 31,
                                         2008       2007       2008       2007
    
        Revenues:
          Homebuilding               $1,016,156  2,229,188  3,056,476   7,634,168
          Financial services             90,384    112,665    240,893     375,708
            Total revenues           $1,106,540  2,341,853  3,297,369   8,009,876
    
        Homebuilding operating loss  $  (92,194)  (787,698)  (342,558)   (999,388)
        Financial services operating
         earnings (loss)                (12,861)    (5,245)   (25,567)     24,834
        Corporate general and
         administrative expenses        (34,047)   (44,700)   (98,453)   (137,436)
        Loss before benefit for
         income taxes                  (139,102)  (837,643)  (466,578) (1,111,990)
        Benefit for income taxes         50,138    323,791    168,482     422,556
    
        Net loss                     $  (88,964)  (513,852)  (298,096)   (689,434)
    
        Basic and diluted average
         shares outstanding             158,499    157,973    158,350     157,600
    
        Basic and diluted loss per
         share                       $    (0.56)     (3.25)     (1.88)      (4.37)
    
        Supplemental information:
          Interest incurred (1)      $   36,049     45,191    110,717     157,460
          EBIT before valuation
           adjustments and write-offs
           of option deposits and
           pre-acquisition costs,
           goodwill and notes
           receivable (2):
          Loss before benefit for
           income taxes              $ (139,102)  (837,643)  (466,578) (1,111,990)
          Interest expense               27,632     40,299     97,986     155,659
          Valuation adjustments and
           write-offs of option
           deposits and
           pre-acquisition costs,
           goodwill and notes
           receivable                   132,280    856,758    376,611   1,296,101
            EBIT before valuation
             adjustments and write-
             offs of option deposits
             and pre-acquisition
             costs, goodwill and
             notes receivable        $   20,810     59,414      8,019     339,770
    
        (1) Amount represents interest incurred related to homebuilding debt,
            which is primarily capitalized to inventories and relieved as cost of
            sales when homes are delivered or land is sold.
        (2) EBIT before valuation adjustments and write-offs of option deposits
            and pre-acquisition costs, goodwill and notes receivable is a non-GAAP
            financial measure derived by adding back interest expense, valuation
            adjustments and write-offs of option deposits and pre-acquisition
            costs, goodwill and notes receivable reflected in loss before benefit
            for income taxes.  This financial measure has been presented because
            the Company finds it useful in evaluating its performance and believes
            that it helps readers of the Company's financial statements compare
            its operations with those of its competitors.
    
    
    
                           LENNAR CORPORATION AND SUBSIDIARIES
    
                                 Homebuilding Information
                                      (In thousands)
                                       (unaudited)
    
                                         Three Months Ended    Nine Months Ended
                                              August 31,            August 31,
                                           2008       2007       2008       2007
    
        Revenues:
          Sales of homes              $  995,731  2,169,443  2,967,651  7,479,322
          Sales of land                   20,425     59,745     88,825    154,846
            Total revenues             1,016,156  2,229,188  3,056,476  7,634,168
    
        Costs and expenses:
          Cost of homes sold             848,609  2,168,446  2,595,468  6,924,224
          Cost of land sold               49,273    404,444    149,526    634,808
          Selling, general and
           administrative                156,298    304,254    488,288  1,069,575
            Total costs and expenses   1,054,180  2,877,144  3,233,282  8,628,607
    
        Gain on recapitalization of
         unconsolidated entity               -          -          -      175,879
        Equity in loss from
         unconsolidated entities         (10,958)  (127,409)   (52,857)  (168,137)
        Management fees and other
         expense, net                    (52,228)   (10,511)  (121,895)    (9,501)
        Minority interest income
         (expense), net                    9,016     (1,822)     9,000     (3,190)
        Operating loss                $  (92,194)  (787,698)  (342,558)  (999,388)
    
    
    
                           LENNAR CORPORATION AND SUBSIDIARIES
    
                           Valuation Adjustments and Write-offs
                                      (In thousands)
                                       (unaudited)
    
                                           Three Months Ended   Nine Months Ended
                                                August 31,         August 31,
                                              2008     2007     2008       2007
        SFAS 144 valuation adjustments to
         finished homes, CIP and land on
         which the Company intends to
         build homes:
          East                              $  8,685   92,542   50,967    211,950
          Central                              2,740   35,645   21,901     63,112
          West                                18,900  149,893   48,960    216,071
          Other                                1,959   25,056   10,305     31,899
            Total                             32,284  303,136  132,133    523,032
        SFAS 144 valuation adjustments to
         land the Company intends to sell
         or has sold to third parties:
          East (1)                            11,333   32,228   13,840     72,306
          Central                              1,201   16,334   10,879     19,044
          West                                   622   41,242    5,437     64,041
          Other                                  292   24,755      893     41,827
            Total                             13,448  114,559   31,049    197,218
        Write-offs of option deposits and
         pre-acquisition costs:
          East                                   832   44,553   11,010     74,331
          Central                              1,706   38,205    6,581     49,413
          West                                 5,866  139,719   10,073    164,459
          Other                                2,458   20,037    6,636     24,182
            Total                             10,862  242,514   34,300    312,385
        Company's share of SFAS 144
         valuation adjustments related
         to assets of unconsolidated
         entities:
          East                                     -    3,178    7,241      7,011
          Central                                  -    9,445      158     10,588
          West                                 2,919  126,062   21,870    155,113
          Other                                    -        -      597          -
            Total                              2,919  138,685   29,866    172,712
        APB 18 valuation adjustments to
         investments in unconsolidated
         entities:
          East                                10,076   19,850   20,171     26,719
          Central                                  -    5,752      421      5,752
          West                                16,647    2,990   82,593     10,396
          Other                               13,272    3,505   13,306      3,505
            Total                             39,995   32,097  116,491     46,372
        Write-offs of notes receivable:
          West                                 1,000        -    1,000          -
          Other                                4,596        -    4,596          -
            Total                              5,596        -    5,596          -
        Goodwill impairments:
          Central                                  -    2,828        -      2,828
          Other                                    -   13,669        -     13,669
            Total                                  -   16,497        -     16,497
        Financial services write-offs of
         notes receivable                          -    9,270        -     27,885
        Financial services goodwill
         impairment                           27,176        -   27,176          -
              Total valuation adjustments
               and write-offs of option
               deposits and pre-acquisitions
               costs, goodwill and notes
               receivable                  $ 132,280  856,758  376,611  1,296,101
    
        (1) For the three and nine months ended August 31, 2008, SFAS 144
            valuation adjustments to land the Company intends to sell or has sold
            to third parties has been reduced by $7.9 million of minority interest
            income recorded as a result of a $15.9 million SFAS 144 valuation
            adjustment to inventory of a 50% - owned consolidated joint venture.
    
    
    
                           LENNAR CORPORATION AND SUBSIDIARIES
    
                      Summary of Deliveries, New Orders and Backlog
                                  (Dollars in thousands)
                                       (unaudited)
    
                                                                  At or for the
                                        Three Months Ended      Nine Months Ended
                                             August 31,             August 31,
                                           2008       2007        2008       2007
    
        Deliveries:
          East                            1,197      2,089       3,440      7,753
          Central                         1,319      2,739       3,782      9,137
          West                              885      2,043       2,874      6,884
          Other                             390        765       1,121      2,465
            Total                         3,791      7,636      11,217     26,239
    
        Of the total deliveries listed above, 97 and 357, respectively, represent
        deliveries from unconsolidated entities for the three and nine months
        ended August 31, 2008, compared to 370 and 1,467 deliveries in the same
        periods last year.
    
    
        New Orders:
          East                              944      1,552       3,190      6,295
          Central                         1,241      2,064       3,778      7,073
          West                              870      1,591       2,762      5,347
          Other                             332        597       1,098      2,277
            Total                         3,387      5,804      10,828     20,992
    
        Of the total new orders listed above, 50 and 212, respectively, represent
        new orders from unconsolidated entities for the three and nine months
        ended August 31, 2008, compared to 232 and 968 new orders in the same
        periods last year.
    
    
        Backlog - Homes:
          East                                                   1,541      2,687
          Central                                                  870      1,534
          West                                                     770      1,454
          Other                                                    373        692
            Total                                                3,554      6,367
    
        Of the total homes in backlog listed above, 132 represents homes in
        backlog from unconsolidated entities at August 31, 2008, compared to 550
        homes in backlog at August 31, 2007.
    
    
        Backlog - Dollar Value:
          East                                              $  416,889    922,909
          Central                                              187,789    340,236
          West                                                 306,975    686,393
          Other                                                136,031    276,510
            Total                                           $1,047,684  2,226,048
    
        Of the total dollar value of homes in backlog listed above, $66,768
        represents the backlog dollar value from unconsolidated entities at August
        31, 2008, compared to $268,698 of backlog dollar value at August 31, 2007.
    
        Lennar's reportable homebuilding segments and homebuilding other consist
        of homebuilding divisions located in the following states:
    
        East:    Florida, Maryland, New Jersey and Virginia
        Central: Arizona, Colorado and Texas
        West:    California and Nevada
        Other:   Illinois, Minnesota, New York, North Carolina and South Carolina
    
    
    
                           LENNAR CORPORATION AND SUBSIDIARIES
    
                                    Supplemental Data
                                 (Dollars in thousands)
                                       (unaudited)
    
                                                             August 31,
                                                        2008             2007
    
          Homebuilding debt                         $2,338,697        2,571,291
          Stockholders' equity                       3,431,898        5,097,259
             Total capital                          $5,770,595        7,668,550
          Homebuilding debt to total capital              40.5%            33.5%
    
          Homebuilding debt                         $2,338,697        2,571,291
          Less: Homebuilding cash                      857,050          128,049
             Net homebuilding debt                  $1,481,647        2,443,242
          Net homebuilding debt to total capital (1)      30.2%            32.4%
    
        (1) Net homebuilding debt to total capital consists of net homebuilding
            debt (homebuilding debt less homebuilding cash) divided by total
            capital (net homebuilding debt plus stockholders' equity).
    
    

    SOURCE Lennar Corporation

    CONTACT:
    Scott Shipley
    Investor Relations
    Lennar Corporation
    +1-305-485-2054

    Print Page | Email Page | RSS Feeds | Email Requests | IR Contacts | Financial Tear Sheet

Media Request
Marshall Ames

700 N.W. 107th Avenue
Miami, Florida 33172
800-741-4663 - Phone
305-228-8383 - Fax

Marshall.Ames@lennar.com

NYSE

Common Stock Listing

Click to view PDF

Transfer Agent
Computershare
Investor Services

P.O Box 30170
College Station, TX 77842-3170
Phone:(877) 373-6374

www.computershare.com