Skip to content
AnalystLens

Lennar Annual Report (Amendment), Year Ended Nov 30, 2000

Filing Date
Filed September 28, 2001
Period End
November 30, 2000
Securities
LENLEN-B
In the record · 2016–202610-K1210-Q338-K129

LEN filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 129 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Jan ’17Jan ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K/A filed September 28, 2001. Cited figures are marked; the original filing is the authoritative source.

Lennar Corporation, one of the nation's largest homebuilders, also provides residential financial services.

This filing is Amendment No. 1 to the Form 10-K for the fiscal year ended November 30, 2000. It revises only the "Cautionary Statements" section of Item 1 to meet plain English requirements under Rule 421(d) of the Securities Act of 1933. The filing's business description covers the company's operations, markets, and risk factors.

Financial statements are incorporated by reference to the 2000 Annual Report to Stockholders, which is not part of this document. The company's main business changed in scale during fiscal 2000 after the May 3, 2000 acquisition of U.S. Home Corporation, which was paid for with about $243 milliona in cash and 13 million shares of Lennar common stock valued at about $267 million. Homes delivered rose to 18,578 in 2000 from 12,606 in 1999 and 10,777 in 1998.

The average sales price of a Lennar home was $226,000b in fiscal 2000. Florida (5,361 homes delivered) and California (3,805) were the largest markets by deliveries, and the company had 129,496 homesites owned or controlled at November 30, 2000, including partnership interests. The financial services segment originated about $3.2 billion of mortgage loans in 2000, with about 61% going to buyers of the company's homes.

The company's servicing portfolio was approximately 29,000 loans with an unpaid principal balance of about $2.3 billionc. The filing also flags risks tied to the cyclical homebuilding industry, interest rate sensitivity of customer financing, quarterly earnings variability, and dependence on senior management. It also describes a non-competition agreement with LNR that restricts certain businesses until 2002.

02—Key points

Key Highlights

  1. Acquired U.S. Home Corporation on May 3, 2000 for about $243 million in cash and 13 million common shares valued at about $267 million, expanding operations into New Jersey, Maryland/Virginia, Minnesota, Ohio, Colorado, North Carolina and Michigan.
  2. Homes delivered totaled 18,578 in fiscal 2000, up from 12,606 in 1999 and 10,777 in 1998; the average sales price of a Lennar home was $226,000.
  3. Held or controlled 129,496 homesites at November 30, 2000, including 57,817 owned by Lennar Corporation and 21,419 controlled by Lennar, plus 50,260 in partnerships.
  4. Financial services originated $3.2 billion of mortgage loans in 2000, with about 61% made to buyers of the company's homes.
  5. Mortgage servicing portfolio of about 29,000 loans with an unpaid principal balance of about $2.3 billion at November 30, 2000.
  6. Had 7,140 employees at November 30, 2000, of whom 4,460 worked in homebuilding and 2,680 in financial services.
  7. Aggregate market value of common stock held by non-affiliates was $1,918,223,110 as of January 31, 2001.

03—Questions

Frequently Asked Questions

  1. What does this amended filing change?

    Amendment No. 1 revises only the "Cautionary Statements" section of Item 1 so that it complies with plain English requirements under Rule 421(d) of the Securities Act of 1933.

  2. How much did the U.S. Home acquisition cost?

    On May 3, 2000, U.S. Home stockholders received a total of about $243 million in cash and 13 million shares of Lennar common stock valued at about $267 million. U.S. Home had 1999 total revenues of $1.8 billion and net income of $72.4 million.

  3. Where does Lennar sell most of its homes?

    In 2000, Florida had 5,361 homes delivered, Texas 4,696, California 3,805 and Arizona 1,568. The company's largest deliveries were concentrated in these states.

  4. What are the main risks to Lennar's results?

    The filing cites the cyclical nature of the homebuilding industry, sensitivity to economic conditions and mortgage financing costs, quarterly variability in results, dependence on key personnel, and the availability and cost of materials and labor.

  5. Is Lennar restricted from competing with LNR?

    Yes. Under an agreement tied to the 1997 spin-off of LNR, Lennar is precluded, at least until 2002, from engaging in certain commercial real estate and mortgage businesses in which LNR was engaged at the time of the spin-off.

04—Continue

← View all 10-K filings