Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 147

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 147
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 Land (2)Other RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income (Expense), netOperating Earnings (Loss)East$8,649,328 6,089,864 29.6 %$1,882,032 10,770 29,807 20,165 49,176 1,991,950 Central7,041,528 5,457,510 22.5 %1,038,400 16,865 25,102 795 23,768 1,104,930 Texas4,692,906 3,593,759 23.4 %770,817 474 6,823 (5)10,518 788,627 West12,052,131 9,722,912 19.3 %1,670,953 (10,288)14,688 1,453 36,160 1,712,966 Other (3)23,236 36,425 (56.8)%(34,576)— 15,475 (26,294)(25,371)(70,766)$32,459,129 24,900,470 23.3 %$5,327,626 17,821 91,895 (3,886)94,251 5,527,707 

(1)Net margins (loss) on sales of homes include selling, general and administrative expenses.

(2)For the years ended November 30, 2024 and 2023, gross margins (loss) on sales of land included $5.1 million and $19.9 million of deposit write-offs as we walked away from 6,300 and 10,600 controlled homesites, respectively.

(3)Negative gross and net margins were due to period costs and/or impairments in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.

30

Summary of Homebuilding Data

Deliveries:

For the Years Ended November 30,HomesDollar Value (In thousands)Average Sales Price202420232024202320242023East21,325 20,266 $8,623,347 8,805,485 $404,000 434,000 Central19,084 16,809 7,617,693 7,041,528