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Allison Bober
700 N.W 107th Avenue
Miami, Florida 33172
305-485-2038 - Phone
305-229-6452 - Fax
Allison.Bober@lennar.com

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Marshall Ames
700 N.W 107th Avenue
Miami, Florida 33172
800-741-4663 - Phone
305-228-8383 - Fax
marshall.ames@lennar.com

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Lennar Reports Third Quarter EPS of $0.16

MIAMI, Sept 20, 2010 /PRNewswire via COMTEX/ --

  • Revenues of $825.0 million - up 14%
  • Net earnings of $30.0 million compared to a net loss of $171.6 million
  • EPS of $0.16 - compared to loss per share of $0.97
  • Lennar Homebuilding operating earnings of $38.1 million compared to a loss of $154.7 million
  • Gross margin on home sales of 21.1% - improved 1,330 basis points
  • S,G&A expenses as a % of revenues from home sales of 13.9% - improved 200 basis points
  • Operating margin on home sales of 7.2% - improved 1,530 basis points
  • Lennar Financial Services operating earnings of $6.8 million
  • Rialto Investments operating earnings totaled $7.7 million (net of $10.8 million of net earnings attributable to noncontrolling interests)
  • Deliveries of 2,950 homes - up 10%
  • New orders of 2,624 homes - down 15%
  • Cancellation rate of 18%
  • Backlog of 2,173 homes - down 12%
  • At August 31, 2010, Lennar Homebuilding cash and cash equivalents and restricted cash totaled $1.0 billion
  • Lennar Homebuilding debt to total capital, net of Lennar Homebuilding cash and cash equivalents, of 44.1%

Lennar Corporation (NYSE: LEN and LEN.B),one ofthe nation's largest homebuilders, today reported results for its third quarter ended August 31, 2010. Third quarter net earnings attributable to Lennar in 2010 were $30.0 million, or $0.16 per diluted share, compared to third quarter net loss attributable to Lennar of $171.6 million, or $0.97 per diluted share, in 2009.

Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, "During our third quarter, as expected, our sales pace declined as a result of the expiration of the Federal homebuyer tax credit at the end of April. Although high unemployment and foreclosures have continued to present challenges for the national housing market, our communities have been less impacted than the broader market."

Mr. Miller continued, "In the context of today's market conditions, we have remained focused on improving our core business and are very pleased to report net earnings of $30 million for our third quarter. Our intense focus on fundamentals led to a strong third quarter homebuilding operating margin of 7.2%. In addition, we continued to work with our supply chain to lower construction costs, improve cycle times, and leverage our overhead structure."

"Our Rialto Investments segment continued to add healthy profits to our bottom line as evidenced by its contribution of $7.7 million of operating earnings. Our strategic investments in the FDIC loan portfolios and in the PPIP fund are performing extremely well and are producing strong earnings for our company. Our disciplined approach to underwriting and investing in distressed opportunities holds us in good stead for future earnings growth."

Mr. Miller concluded, "Although challenges still remain in the housing market, we are optimistic that our core businesses are on the right track to achieving sustainable profitability as the housing market recovers."

RESULTS OF OPERATIONS

THREE MONTHS ENDED AUGUST 31, 2010 COMPARED TO THREE MONTHS ENDED AUGUST 31, 2009

Lennar Homebuilding

Revenues from home sales increased 10% in the third quarter of 2010 to $697.4 million from $635.3 million in 2009. Revenues were higher primarily due to a 9% increase in the number of home deliveries, excluding unconsolidated entities. New home deliveries, excluding unconsolidated entities, increased to 2,909 homes in the third quarter of 2010 from 2,660 homes last year. The average sales price of homes delivered increased to $240,000 in the third quarter of 2010 from $239,000 in the same period last year. Sales incentives offered to homebuyers were $30,600 per home delivered in the third quarter of 2010, or 11.3% as a percentage of home sales revenue, compared to $42,200 per home delivered in the same period last year, or 15.0% as a percentage of home sales revenue.

Gross margins on home sales were $147.4 million, or 21.1%, in the third quarter of 2010, which included $11.3 million of valuation adjustments, compared to gross margins on home sales of $49.5 million, or 7.8%, in the third quarter of 2009, which included $49.4 million of valuation adjustments. Gross margin for the third quarter of 2010 includes third-party recoveries related to Chinese drywall, offset by valuation adjustments, which resulted in a net 80 basis points benefit to the gross margin percentage.

Selling, general and administrative expenses were reduced by $3.6 million, or 4%, in the third quarter of 2010, compared to the same period last year, primarily due to reductions in legal and occupancy expenses. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 13.9% in the third quarter of 2010, from 15.9% in 2009.

Gross profits on land sales totaled $4.3 million in the third quarter of 2010, compared to losses on land sales of $9.4 million in the third quarter of 2009, which included $8.7 million in write-offs of deposits and pre-acquisition costs.

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was $1.0 million in the third quarter of 2010, which included a net pre-tax gain of $7.7 million as a result of a transaction by one of the Company's unconsolidated entities, offset by $9.2 million of valuation adjustments related to assets of unconsolidated entities in which the Company has investments. In the third quarter of 2009, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was ($42.3) million, which included $31.0 million of valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

Other income (expense), net, totaled $0.3 million in the third quarter of 2010, compared to other income (expense), net, of ($29.3) million in the third quarter of 2009, which included $27.5 million of valuation adjustments to the Company's investments in unconsolidated entities.

Homebuilding interest expense was $36.7 million in the third quarter of 2010 ($18.1 million was included in cost of homes sold, $0.9 million in cost of land sold and $17.7 million in other interest expense), compared to $40.7 million in the third quarter of 2009 ($17.8 million was included in cost of homes sold, $0.5 million in cost of land sold and $22.4 million in other interest expense). Despite an increase in debt, interest expense decreased primarily due to an increase in qualifying assets eligible for interest capitalization and savings resulting from the termination of the Company's senior unsecured revolving credit facility during the first quarter of 2010.

Sales of land, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities, other expense, net and net earnings (loss) attributable to noncontrolling interests 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.

Lennar Financial Services

Operating earnings for the Lennar Financial Services segment was $6.8 million in the third quarter of 2010, compared to operating earnings of $11.2 million in the same period last year. The decrease in operating earnings was primarily due to lower profits per loan in the segment's mortgage operations.

Rialto Investments

In the third quarter of 2010, operating earnings for the Rialto Investments segment were $18.5 million (which included $10.8 million of net earnings attributable to noncontrolling interests), compared to an operating loss of $0.5 million in the same period last year. In the third quarter of 2010, revenues in this segment were $38.0 million, which consisted primarily of accretable interest income associated with the portfolio of real estate loans acquired in partnership with the FDIC. In the third quarter of 2010, expenses in this segment were $26.2 million, which consisted primarily of carrying costs related to that portfolio of real estate loans, underwriting expenses and general and administrative expenses. The segment also had equity in earnings from unconsolidated entities of $6.6 million during the third quarter of 2010, consisting primarily of unrealized gains and interest income related to the Company's investment in the AllianceBernstein L.P. ("AB") fund formed under the Federal government's PPIP.

Corporate General and Administrative Expenses

Corporate general and administrative expenses were reduced by $3.6 million, or 13%, in the third quarter of 2010, compared to the third quarter of 2009 primarily due to the Company's cost reduction initiatives implemented during the downturn. Corporate general and administrative expenses as a percentage of total revenues decreased to 2.9% in the third quarter of 2010, from 3.8% in the third quarter of 2009.

Noncontrolling Interests

Net earnings (loss) attributable to noncontrolling interests were $8.8 million and ($2.8) million, respectively, in the third quarter of 2010 and 2009.

NINE MONTHS ENDED AUGUST 31, 2010 COMPARED TO NINE MONTHS ENDED AUGUST 31, 2009

Lennar Homebuilding

Revenues from home sales decreased 2% in the nine months ended August 31, 2010 to $1,905.5 million from $1,946.6 million in 2009. Revenues were lower primarily due to a 2% decrease in the number of home deliveries, excluding unconsolidated entities. New home deliveries, excluding unconsolidated entities, decreased to 7,799 homes in the nine months ended August 31, 2010 from 7,934 homes last year. The average sales price of homes delivered for both the nine months ended August 31, 2010 and 2009 was $245,000. Sales incentives offered to homebuyers as a percentage of home sales revenue were $32,500 per home delivered in the nine months ended August 31, 2010, or 11.7% as a percentage of home sales revenue, compared to $48,600 per home delivered in the same period last year, or 16.5% as a percentage of home sales revenue.

Gross margins on home sales were $389.2 million, or 20.4%, in the nine months ended August 31, 2010, which included $22.4 million of valuation adjustments, compared to gross margins on home sales of $159.8 million, or 8.2%, in the nine months ended August 31, 2009, which included $124.7 million of valuation adjustments. Gross margin percentage on home sales improved compared to last year primarily due to a reduction in valuation adjustments and reduced sales incentives offered to homebuyers as a percentage of revenues from home sales.

Selling, general and administrative expenses were reduced by $39.6 million, or 13%, in the nine months ended August 31, 2010, compared to the same period last year, primarily due to reductions in legal and occupancy expenses. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 14.4% in the nine months ended August 31, 2010, from 16.2% in 2009.

Gross profits on land sales totaled $7.6 million in the nine months ended August 31, 2010, compared to losses on land sales of $17.6 million in the nine months ended August 31, 2009, which included $6.5 million of valuation adjustments and $20.8 million in write-offs of deposits and pre-acquisition costs.

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was ($9.3) million in the nine months ended August 31, 2010, which included $10.5 million of valuation adjustments related to assets of unconsolidated entities in which the Company has investments, partially offset by a net pre-tax gain of $7.7 million as a result of a transaction by one of the Company's unconsolidated entities. In the nine months ended August 31, 2009, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was ($105.1) million, which included $81.0 million of valuation adjustments related to assets of unconsolidated entities in which the Company has investments.

Other income (expense), net, totaled $14.3 million in the nine months ended August 31, 2010, which included a $19.4 million pre-tax gain on the extinguishment of other debt and other income, partially offset by a $10.8 million pre-tax loss related to the repurchase of senior notes through a tender offer. Other income (expense), net, totaled ($73.1) million in the nine months ended August 31, 2009, which included $71.7 million of valuation adjustments to the Company's investments in unconsolidated entities.

Homebuilding interest expense was $107.0 million in the nine months ended August 31, 2010 ($51.8 million was included in cost of homes sold, $1.4 million in cost of land sold and $53.8 million in other interest expense), compared to $99.5 million in the nine months ended August 31, 2009 ($45.5 million was included in cost of homes sold, $5.0 million in cost of land sold and $49.0 million in other interest expense). Interest expense increased primarily due to the interest related to the $400 million 12.25% senior notes due 2017 issued during the second quarter of 2009, partially offset by savings resulting from the termination of the Company's senior unsecured revolving credit facility during the first quarter of 2010.

Sales of land, Lennar Homebuilding equity in earnings (loss) from unconsolidated entities, other income (expense), net and net earnings (loss) attributable to noncontrolling interests 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.

Lennar Financial Services

Operating earnings for the Lennar Financial Services segment were $19.6 million in the nine months ended August 31, 2010, compared to operating earnings of $28.2 million in the same period last year. The decrease in operating earnings was primarily due to decreased volume in the segment's mortgage and title operations, partially offset by $5.1 million of proceeds received from the previous sale of a cable system.

Rialto Investments

In the nine months ended August 31, 2010, operating earnings for the Rialto Investments segment were $32.2 million (which included $20.4 million of net earnings attributable to noncontrolling interests), compared to an operating loss of $1.5 million in the same period last year. In the nine months ended August 31, 2010, revenues in this segment were $72.9 million, which consisted primarily of accretable interest income associated with the portfolio of real estate loans acquired in partnership with the FDIC. In the nine months ended August 31, 2010, expenses in this segment were $47.1 million, which consisted primarily of carrying costs related to that portfolio of real estate loans, underwriting expenses and general and administrative expenses. The segment also had equity in earnings from unconsolidated entities of $6.4 million during the nine months ended August 31, 2010, consisting primarily of unrealized gains and interest income related to the Company's investment in the AB PPIP fund.

Corporate General and Administrative Expenses

Corporate general and administrative expenses were reduced by $15.9 million, or 19%, in the nine months ended August 31, 2010, compared to the same period last year primarily due to the Company's cost reduction initiatives implemented during the downturn. As a percentage of total revenues, corporate general and administrative expenses decreased to 3.1% in the nine months ended August 31, 2010, from 3.8% in the same period last year.

Noncontrolling Interests

Net earnings (loss) attributable to noncontrolling interests were $14.7 million and ($11.0) million, respectively, in the nine months ended August 31, 2010 and 2009.

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. Lennar's Rialto Investments segment is focused on distressed real estate asset investments, asset management and workout strategies. 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, 2009. 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 Monday, September 20, 2010. 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 203-369-3815 and entering 5723593 as the confirmation number.

                              LENNAR CORPORATION AND SUBSIDIARIES

                         Selected Revenues and Operational Information
                            (In thousands, except per share amounts)
                                          (unaudited)


                             Three Months             Nine Months
                                 Ended                   Ended
                              August 31,              August 31,
                              ----------              ----------
                             2010           2009       2010           2009
                             ----           ----       ----           ----

    Revenues:
      Lennar
       Homebuilding      $718,149        643,613  1,944,253      1,977,876
      Lennar Financial
       Services            68,826         77,117    196,727        227,770
      Rialto
       Investments         38,000              -     72,918              -
                           ------            ---     ------            ---
          Total revenues $824,975        720,730  2,213,898      2,205,646
                         --------        -------  ---------      ---------

    Lennar
     Homebuilding
     operating
     earnings (loss)      $38,129       (154,747)    73,052       (399,481)
    Lennar Financial
     Services
     operating
     earnings               6,813         11,156     19,565         28,187
    Rialto
     Investments
     operating
     earnings (loss)       18,487           (496)    32,195         (1,517)
    Corporate general
     and
     administrative
     expenses             (23,994)       (27,557)   (68,868)       (84,806)
                          -------        -------    -------        -------
    Earnings (loss)
     before income
     taxes                 39,435       (171,644)    55,944       (457,617)
    Benefit
     (provision) for
     income taxes            (605)        (2,740)    21,997         (6,135)
                             ----         ------     ------         ------
    Net earnings
     (loss)
     (including net
     earnings (loss)
        attributable to
         noncontrolling
         interests)        38,830       (174,384)    77,941       (463,752)
      Less: Net
       earnings (loss)
       attributable to
        noncontrolling
         interests          8,795         (2,779)    14,710        (11,033)
                            -----         ------     ------        -------
    Net earnings
     (loss)
     attributable to
     Lennar               $30,035       (171,605)    63,231       (452,719)
                          =======       ========     ======       ========

    Average shares
     outstanding:
      Basic               183,065        176,770    182,913        166,658
                          =======        =======    =======        =======
      Diluted             193,096        176,770    187,397        166,658
                          =======        =======    =======        =======

    Earnings (loss)
     per share:
      Basic                 $0.16          (0.97)      0.34          (2.72)
      Diluted               $0.16          (0.97)      0.34          (2.72)
                            =====          =====       ====          =====

    Supplemental
     information:
      Interest incurred
       (1)                $45,457         45,450    136,075        122,991
                          =======         ======    =======        =======


      EBIT (2):
        Net earnings
         (loss)
         attributable to
         Lennar           $30,035       (171,605)    63,231       (452,719)
        (Benefit)
         provision for
         income taxes         605          2,740    (21,997)         6,135
        Interest expense   36,734         40,680    107,039         99,519
            EBIT          $67,374       (128,185)   148,273       (347,065)
                          =======       ========    =======       ========



    (1)  Amount represents interest incurred related to Lennar
    Homebuilding debt.
    (2)  EBIT is a non-GAAP financial measure defined as earnings before
    interest and taxes.  This financial measure has been presented
    because the Company finds it important and 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. Although management finds EBIT to be an important
    measure in conducting and evaluating the Company's operations, this
    measure has limitations as an analytical tool as it is not
    reflective of the actual profitability generated by the Company
    during the period. Management compensates for the limitations of
    using EBIT by using this non-GAAP measure only to supplement the
    Company's GAAP results. Due to the limitations discussed, EBIT
    should not be viewed in isolation, as it is not a substitute for
    GAAP measures.

                      LENNAR CORPORATION AND SUBSIDIARIES

                              Segment Information
                                 (In thousands)
                                  (unaudited)


                             Three Months
                                 Ended               Nine Months Ended
                               August 31,                 August 31,
                               ----------                 ----------
                               2010           2009       2010           2009
                               ----           ----       ----           ----

    Lennar Homebuilding
     revenues:
      Sales of homes       $697,413        635,266  1,905,519      1,946,624
      Sales of land          20,736          8,347     38,734         31,252
                             ------          -----     ------         ------
        Total revenues      718,149        643,613  1,944,253      1,977,876
                            -------        -------  ---------      ---------

    Lennar Homebuilding
     costs and expenses:
      Cost of homes sold    549,994        585,770  1,516,313      1,786,854
      Cost of land sold      16,452         17,792     31,090         48,839
      Selling, general and
       administrative        97,216        100,798    274,913        314,501
                             ------        -------    -------        -------
        Total costs and
         expenses           663,662        704,360  1,822,316      2,150,194
                            -------        -------  ---------      ---------
    Lennar Homebuilding
     operating margins       54,487        (60,747)   121,937       (172,318)
    Lennar Homebuilding
     equity in earnings
     (loss) from
      unconsolidated
       entities                 986        (42,303)    (9,310)      (105,110)
    Other income
     (expense), net             324        (29,269)    14,274        (73,103)
    Other interest
     expense                (17,668)       (22,428)   (53,849)       (48,950)
    Lennar Homebuilding
     operating earnings
     (loss)                 $38,129       (154,747)    73,052       (399,481)
                            =======       ========     ======       ========

    Lennar Financial
     Services revenues      $68,826         77,117    196,727        227,770
    Lennar Financial
     Services costs and
     expenses                62,013         65,961    177,162        199,583
    Lennar Financial
     Services operating
     earnings                $6,813         11,156     19,565         28,187
                             ======         ======     ======         ======

    Rialto Investments
     revenues               $38,000              -     72,918              -
    Rialto Investments
     costs and expenses      26,156            496     47,073          1,517
    Rialto Investments
     equity in earnings
     from unconsolidated
     entities                 6,643              -      6,350              -
    Rialto Investments
     operating earnings
     (loss)                 $18,487           (496)    32,195         (1,517)
                            =======           ====     ======         ======


                  LENNAR CORPORATION AND SUBSIDIARIES

                 Summary of Deliveries and New Orders
                        (Dollars in thousands)
                              (unaudited)


                           Three Months
                               Ended         Nine Months Ended
                            August 31,          August 31,
                            ----------          ----------
                         2010        2009  2010         2009
                         ----        ----  ----         ----

    Deliveries - Homes:
      East              1,193         885 2,793        2,654
      Central             439         462 1,260        1,243
      West                573         551 1,589        1,758
      Houston             406         494 1,217        1,479
      Other               339         299 1,007          848
                          ---         --- -----          ---
        Total           2,950       2,691 7,866        7,982
                        =====       ===== =====        =====



    Of the total home deliveries listed above, 41 and 67, respectively,
    represent home deliveries from unconsolidated entities for the three
    and nine months ended August 31, 2010, compared with 31 and 48 home
    deliveries from unconsolidated entities in the same periods last
    year.

    Deliveries -Dollar Value:

     East    $253,628 190,321   611,422   583,630
     Central   95,837  94,297   261,697   247,823
     West     187,019 195,507   548,240   627,724
     Houston   89,905 100,442   264,675   295,596
     Other     93,086  79,232   262,625   232,155
               ------  ------   -------   -------
       Total $719,475 659,799 1,948,659 1,986,928
             ======== ======= ========= =========



    Of the total dollar value of home deliveries listed above, $22.1
    million and $43.1 million, respectively, represent the dollar value
    of home deliveries from unconsolidated entities for the three and
    nine months ended August 31, 2010, compared with $24.5 million and
    $40.3 million dollar value of home deliveries from unconsolidated
    entities in the same periods last year.

    New Orders - Homes:

      East                        1,036       1,046        3,259        2,869
      Central                       441         492        1,344        1,421
      West                          476         651        1,528        2,032
      Houston                       372         557        1,244        1,601
      Other                         299         358        1,033          935
                                    ---         ---        -----          ---
        Total                     2,624       3,104        8,408        8,858
                                  =====       =====        =====        =====



    Of the total new orders listed above, 20 and 66, respectively,
    represent new orders from unconsolidated entities for the three and
    nine months ended August 31, 2010, compared to 17 and 48 new orders
    from unconsolidated entities in the same periods last year.

    New Orders -Dollar Value:

     East    $232,563 233,718   720,024   631,866
     Central   93,612  98,788   280,430   284,725
     West     149,708 223,807   505,936   699,885
     Houston   81,288 116,734   271,233   323,116
     Other     77,254  87,936   263,470   237,145
               ------  ------   -------   -------
       Total $634,425 760,983 2,041,093 2,176,737
             ======== ======= ========= =========



    Of the total dollar value of new orders listed above, $11.1 million
    and $41.7 million, respectively, represent the dollar value of new
    orders from unconsolidated entities for the three and nine months
    ended August 31, 2010, compared to $13.8 million and $34.0 million
    dollar value of new orders from unconsolidated entities in the same
    periods last year.

                              LENNAR CORPORATION AND SUBSIDIARIES

                                       Summary of Backlog
                                     (Dollars in thousands)
                                          (unaudited)


                    August 31,
                    ----------
               2010             2009
               ----             ----

    Backlog -
     Homes:
      East    1,148            1,004
      Central   251              301
      West      275              521
      Houston   276              391
      Other     223              258
                ---              ---
        Total 2,173            2,475
              =====            =====



    Of the total homes in backlog listed above, 8 homes represents the
    backlog from unconsolidated entities at August 31, 2010, compared to
    7 homes in backlog from unconsolidated entities at August 31, 2009.

    Backlog -Dollar Value:

     East    $285,074 252,100
     Central   54,509  61,277
     West     102,159 180,955
     Houston   67,252  85,188
     Other     60,303  67,367
               ------  ------
       Total $569,297 646,887
             ======== =======



    Of the total dollar value of homes in backlog listed above, $5.8
    million represents the backlog dollar value from unconsolidated
    entities at both August 31, 2010 and 2009.

    Lennar's reportable homebuilding segments and homebuilding other
    consist of homebuilding divisions located in:

               Florida, Maryland, New Jersey and
     East:     Virginia
     Central:  Arizona, Colorado and Texas (1)
     West:    California and Nevada
     Houston: Houston, Texas
     Other:   Georgia, Illinois, Minnesota, North Carolina and South Carolina



    (1) Texas in the Central reportable segment excludes Houston, Texas,
    which is its own reportable segment.

                                  Supplemental Data
                                (Dollars in thousands)
                                     (unaudited)


                                                   November     August
                                       August 31,     30,         31,
                                             2010       2009       2009
                                             ----       ----       ----

    Lennar Homebuilding debt           $2,843,229  2,761,352  2,665,796
    Total stockholders' equity          2,501,763  2,443,479  2,405,960
                                        ---------  ---------  ---------
                 Total
                 capital               $5,344,992  5,204,831  5,071,756

    Lennar Homebuilding debt to total
     capital                                 53.2%      53.1%      52.6%
                                             ====       ====       ====

    Lennar Homebuilding debt           $2,843,229  2,761,352  2,665,796
    Less: Lennar Homebuilding cash and
     cash equivalents                     865,657  1,330,603  1,336,739
                                          -------  ---------  ---------
      Net Lennar Homebuilding debt     $1,977,572  1,430,749  1,329,057
                                       ----------  ---------  ---------
    Net Lennar Homebuilding debt to
     total                                   44.1%      36.9%      35.6%
      capital (1)                            ====       ====       ====



    (1)  Net Lennar Homebuilding debt to total capital consists of net
    Lennar Homebuilding debt (Lennar Homebuilding debt less Lennar
    Homebuilding cash and cash equivalents) divided by total capital
    (net Lennar Homebuilding debt plus total stockholders' equity).

SOURCE Lennar Corporation

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