Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 168

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 168
---
 with various land bank investor groups. Under the arrangement, in most instances when we want to acquire a property for use in our for-sale single-family home business, we will offer the investor group the opportunity to acquire the property and give us an option to purchase all or a portion of it back in the future, if it is mutually beneficial to both parties. To the extent the investor group does not elect to purchase properties we identify, we can utilize our other investor relationships to have other investor groups purchase the land or we can purchase it directly. The arrangement with the investor group, together with existing and other strategic partnerships we are discussing, are significant steps in our strategy to migrate 

41

to a higher percentage of our homesites which we control but do not own, which we expect will result in greater cash flow and higher returns on assets and equity.

The table below indicates the number of homesites to which we had access through option contracts with third parties or unconsolidated JVs (i.e., controlled homesites) and homesites owned at November 30, 2024 and 2023:

November 30, 2024Controlled HomesitesOwnedHomesitesTotalHomesitesYears of Supply Owned (1)East95,725 18,437 114,162 Central92,469 28,489 120,958 Texas117,749 15,357 133,106 West82,878 21,254 104,132 Other4,828 1,891 6,719 Total homesites393,649 85,428 479,077 1.1 % of total homesites82 %18 %

November 30, 2023Controlled HomesitesOwnedHomesitesTotalHomesitesYears of Supply Owned (1)East85,601 20,441 106,042 Central65,053 32,264 97,317 Texas90,961 21,790 112,751 West62,674 23,429 86,103 Other5,411 1,891 7,302 Total homesites309,700 99,815 409,515 1.4 % of total homesites76 %24 %

(1)Based on trailing twelve months of home deliveries. 

Details on option contracts and related consolidated inventory not owned and exposure are included in Note 1 and Note 8 of the Notes to Consolidated Financial Statements.

Contractual Oblig