Company: LEN
Filing Date: 2025-04-04
Form Type: 10-Q
Source: 0001628280-25-016792
Chunk: 92

Company: LENNAR CORP /NEW/
Filing Date: 2025-04-04
Form: 10-Q
Item: Item 8
Chunk 92
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 of some of the rental properties owned by unconsolidated entities in which the Company has investments. In some situations, the Multifamily segment sells land to various joint ventures and funds. The details of the activity were as follows:Three Months Ended(In thousands)February 28, 2025February 29, 2024General contractor services, net of deferrals$30,450 101,635 General contractor costs28,314 95,688 Land sales to joint ventures17,330 12,000 Management fee income, net of deferrals6,941 16,042 The Multifamily segment includes managing and investing in Multifamily Venture Fund I (“LMV I”), Multifamily Venture Fund II LP (“LMV II”) and Canada Pension Plan Investments Fund (the “CPPIB Fund”), which are long-term multifamily development investment vehicles involved in the development, construction and property management of class-A multifamily assets. The Multifamily segment completed the closing of the CPPIB Fund. The Multifamily segment expects the CPPIB Fund to have almost $1.0 billion in equity and Lennar's ownership percentage in the CPPIB Fund is 4%. As of February 28, 2025, the Company has a $27.4 million investment in the CPPIB Fund. Additional dollars will be committed as opportunities are identified by the CPPIB Fund.Details of LMV I and LMV II are included below: February 28, 2025(In thousands)LMV ILMV IILennar's carrying value of investments$114,067 224,072 Equity commitments2,204,016 1,257,700 Equity commitments called2,154,328 1,218,619 Lennar's equity commitments504,016 381,000 Lennar's equity commitments called500,381 368,170 Lennar's remaining commitments (1)3,635 12,830 Distributions to Lennar13,950 770 (1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. During the second half of fiscal 2024, the LMV I partners decided to liquidate and sell all of its 38 rental operation projects of LMV I as the fund has come to the end of its contractual life. During the year ended November 30, 2024, 33