Company: LEN
Filing Date: 2025-01-23
Form Type: 10-K
Source: 0001628280-25-002404
Chunk: 153

Company: LENNAR CORP /NEW/
Filing Date: 2025-01-23
Form: 10-K
Item: Item 7
Chunk 153
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 share of gains on the sale of operating properties/investments219,148 — 

The Multifamily segment manages and has investments in Multifamily Venture Fund I (the "LMV I") and Multifamily Venture Fund II LP (the "LMV II"), which are long-term multifamily development investment vehicles involved in the 

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development, construction and ownership of class-A multifamily rental properties. Details of each as of and during the year ended November 30, 2024 are included below: 

November 30, 2024(In thousands)LMV ILMV IILennar's carrying value of investments$126,784 228,496 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 Lennar199,519 12,820 

(1)While there are remaining commitments with LMV I and LMV II, there are no plans for additional capital calls. 

As of November 30, 2023, there were 38 rental operation projects in LMV I. During the second half of fiscal year 2024, the LMV I partners decided to liquidate and sell all of the individual rental operation projects of LMV I as the fund has come to the end of its contractual life. In the second half of 2024, 33 LMV I rental operation projects were sold to various third party buyers. We recognized a net gain of $211.5 million on the sale of these rental operation projects which was recorded as equity in earnings (losses) in the condensed consolidated statement of operations. As a result, we received net cash distributions of $199.5 million.

Our Multifamily segment had equity investments in unconsolidated entities. The breakout of the Multifamily segment's equity investments in unconsolidated entities and the development activities by stage were as follows:

(Dollars in thousands)At November 30, 2024Under construction/owned8 Partially completed and leasing11 Completed and operating31 Total unconsolidated joint ventures50 Total development costs$6,931,432 

As of November 30, 2024, our Mult