UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See definitionthe definitions of “large"large accelerated filer,” “accelerated filer”" "accelerated filer," "smaller reporting company" and “smaller reporting company”"emerging growth company" in Rule 12b-2 of the Exchange Act.

The aggregate market value of the registrant’s Class A and Class B common stock held by non-affiliates of the registrant (169,491,884(286,258,248 shares of Class A common stock and 9,727,57615,650,943 shares of Class B common stock) as of May 31, 2015,2018, based on the closing sale price per share as reported by the New York Stock Exchange on such date, was $8,278,307,330.$15,431,622,455.

As of December 31, 2015,2018, the registrant had outstanding 180,111,931286,454,512 shares of Class A common stock and 31,303,19537,743,361 shares of Class B common stock.

Overview of Lennar Corporation

We are onethe largest homebuilder in the United States in terms of the nation’s largest homebuilders, a providerconsolidated revenue, an originator of real estate related financial services, aresidential and commercial real estate, investment management and finance company through our Rialto segmentmortgage loans, and a developer of multifamily rental properties in selectvarious U.S. markets primarily through unconsolidated entities. In addition, we are involved in ventures, and have interests in companies, that are engaged in applying technology to purchasing, residing in and selling homes.

Our homebuilding operations are the most substantial part of our business, comprising $8.5$19.1 billion in revenues, or approximately 89%93% of consolidated revenues, in fiscal 2015. 2018.

As of November 30, 2015, we had grouped our homebuilding activities into five reportable segments, which we refer to as Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston, based primarily upon similar economic characteristics, geography and product type. Information about homebuilding activities in states in which our homebuilding activities are not economically similar to those in other states in the same geographic area is grouped under “Homebuilding Other.” As of November 30, 2015,2018, our reportable homebuilding segments and Homebuilding Other have operationshad divisions located in:

A Brief History of Our Company

Our homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly and through unconsolidated entities in which we have investments. New home deliveries, including deliveries from unconsolidated entities, were 45,627 in fiscal 2018, compared to 29,394 in fiscal 2017 and 26,563 in fiscal 2016. The increase in fiscal 2018 resulted primarily from the acquisition of CalAtlantic in February 2018. We primarily sell single-family attached and detached homes in communities targeted to first-time, move-up, and active adult, and luxury homebuyers. The average sales price of a Lennar home varies depending on product and geographic location. For fiscal 2018, the average sales price, excluding deliveries from unconsolidated entities, was $413,000, compared to $376,000 in fiscal 2017 and $361,000 in fiscal 2016.

We operate primarily under the Lennar brand name. Our homebuilding mission is focused on the profitable development of these residential communities. Key elements of our strategy include:

The following are what we believe to be the principal risks that could materially affect us and our businesses.

In the first half of fiscal 2015,2018, we experienced a steadilycontinued to experience an improving housing market, and in our business we saw an increaseincreases in new sales contracts signed and home deliverieshomes delivered compared with the prior year. However, demand for new homes is sensitive to changes in economic conditions such as the level of employment, consumer confidence, consumer income, the availability of financing and interest rate levels. During the second half of fiscal 2018, demand for new homes slowed as a result of higher prices and higher interest rates. We believe the reduced demand is temporary, but that may not be the case. The prior economic downturn in 2007-2010 severely affected both the numbersnumber of homes we could sell and the prices for which we could sell them. We cannot predict whetherA continuation of the recovery in the housing market will continue. If the recovery were to slow or stop, or economic conditions were to worsen, the resulting decline inrecent reduced demand for new homes would negatively impactcould have a similar effect on us.

Inventory risks are substantial for our homebuilding business. There are risks inherent in controlling, owning and developing land and if housing demand declines, we may own land or lotshomesites we acquired at a costcosts we will not be able to recover fully, or on which we cannot build and sell homes profitably. This is particularly true when entitled land becomes increasingly scarce, as it has recently, and the cost of purchasing such land may beis relatively high. Also, there can be significant fluctuations in the value of our owned undeveloped land, building lots and housing inventories related to changes in market conditions. As a result, our deposits for building lots controlled under option or similar contracts may be put at risk, we may have to sell homes or land for lower than anticipated profit margins or we may have to record inventory impairment charges with regard to our developed and undeveloped land and lots. When demand for homes fell during the recent2007-2010 recession, we were required to take significant write-downs of the carrying value of our land inventory and we elected not to exercise many options to purchase land, even though that required us to forfeit deposits and write-off pre-acquisition costs. Although we have reduced our exposure to costs of that type, a certain amount of exposure is inherent in our homebuilding business. If market conditions were to deteriorate significantly in the future, we could again be required to make significant write downs with regard to our land inventory, which would decrease the asset values reflected on our balance sheet and adversely affect our earnings and our stockholders' equity.

As a homebuilder, we are subject in the ordinary course of our business to warranty and construction defect claims. We are also subject to claims for injuries that occur in the course of construction activities. We record warranty and other reserves for the homes we sell based on historical experience in our markets and our judgment of the qualitative risks associated with the types of homes we build. We have, and many of our subcontractors have, general liability, property, workers compensation and other business insurance. These insurance policies are intended to protect us against a portion of our risk of loss from claims, subject to certain self-insured retentions, deductibles and other coverage limits. However, it is possible that this insurance will not be adequate to address all warranty, construction defect and liability claims to which we are subject. Additionally, the coverage offered and the availability of general liability insurance for construction defects are currently limited and policies that can be obtained are costly and often include exclusions based upon past losses those insurers suffered as a result of use of defective products in homes we and many other homebuilders built. As a result, an increasing number of our subcontractors are unable to obtain insurance, and we have in

We rely on subcontractors to perform the actual construction of our homes, and in many cases, to select and obtain building materials. Despite our detailed specifications and quality control procedures, in some cases, subcontractors may use improper construction processes or defective materials. Defective products widely used by the homebuilding industry can result in the need to perform extensive repairs to large numbers of homes. The cost of complying with our warranty obligations may be significant if we are unable to recover the cost of repairs from subcontractors, materials suppliers and insurers.

We also can suffer damage to our reputation, and may be exposed to possible liability, if subcontractors fail to comply with applicable laws, including laws involving things that are not within our control. When we learn about possibly improper practices by subcontractors, we try to cause the subcontractors to discontinue them. However, we aremay not always be able to do that, and even when we can, it may not avoid claims against us relating to what the subcontractors already did.

Increased costs or shortages of skilled labor and/or lumber, framing, concrete, steel and other building materials could cause increases in construction costs and construction delays. During 2015,2018, we experienced increases in the prices of some building materials and shortages of skilled labor in some areas. We generally are unable to pass on increases in construction costs to customers who have already entered into purchase contracts, as those contracts generally fix the price of the homes at the time the contracts are signed, which may be well in advance of the construction of the homes. Sustained increasesIncreases in construction costs that exceeded our increase in home pricing eroded our operating margins in the latter part of fiscal 2018 and may over time, erodecontinue to reduce our operating margins, particularly if pricing competition or weak demand restricts our ability to pass additional costs of materials and labor on to homebuyers.

We incur many costs even before we begin to build homes in a community. Depending on the stage of development a land parcel is in when we acquire it, these may include costs of preparing land, finishing and entitling lots, installing roads, sewers, water systems and other utilities, and taxes and other costs related to ownership of the land on which we plan to build homes. If the rate at which we sell and deliver homes slows, or if we delay the opening of new home communities, we may incur additional pre-construction costs and it may take longer for us to recover our costs.

We have a Credit Facility that is available for us to use to help finance our homebuilding operations, acquisitions and other activities. The agreement governing our Credit Facility (the “Credit Agreement”"Credit Agreement") makes it a default for us if we fail to pay principal or interest when it is due (subject in some instances to grace periods) or to comply with various covenants, including covenants regarding various financial ratios. In addition, our Lennar Financial Services segment has warehouse facilities to finance its residential lending activities and our Rialto segmentRMF commercial lending group has warehouse facilities to finance its mortgage origination activities. If we default under the Credit Agreement or our warehouse facilities, the lenders will have the right to terminate their commitments to lend and to require immediate repayment of all outstanding borrowings. This could reduce our available funds at a time when we are having difficulty generating all the funds we need from our operations, in capital markets or otherwise, and restrict our ability to obtain financing in the future. Further, Rialto's 7.00% Senior Notes due 2018 contain restrictive covenants imposing operational and financial restrictions on our Rialto segment, including restrictions that may limit Rialto’s ability to sell assets, pay dividends or make other distributions, enter into transactions with affiliates or incur additional indebtedness. In addition, if we default under the Credit Agreement or our warehouse facilities, it could cause the amounts outstanding under our senior notes and convertible senior notes to become immediately due and payable, which would have a material adverse impact on our consolidated financial condition.

As of November 30, 2015,2018, our consolidated debt, net of debt issuance costs, and excluding amounts outstanding under our credit facilities, was $5.4$8.7 billion. The indentures governing our senior notes and convertible senior notes do not restrict theour incurrence of future secured or unsecured debt, by us, and the agreement governing our Credit Facility allows us to incur a substantial amount of future unsecured debt. OurAmong other things, we incurred a substantial levelamount of debt in connection with our acquisition of CalAtlantic during

In our Homebuilding and Lennar Multifamily segments, we participate in joint ventures in order to help us acquire attractive land positions, to manage our risk profile and to leverage our capital base. In certain circumstances, the joint venture participants, including ourselves,us, are required to provide guarantees of obligations relating to the joint ventures, such as completion and environmental guarantees. If a joint venture partner does not perform its obligations, we may be required to bear more than our proportional share of the cost of fulfilling them. For example, as part ofin connection with our Lennar Multifamily business, and its joint ventures, we and the other venturersventure participants have assumed certainguaranteed obligations to complete construction of multifamily residential buildings at agreed upon costs, which could make us and the other venture participants responsible for cost overruns.over-runs. Although all the participants in a venture are normally responsible for sharing the costs of fulfilling obligations of that type, if some of the venture participants are unable or unwilling to meet their share of the obligations, we may be held responsible for some or all of the defaulted payments. In addition, because we do not have a controlling interest in most of the joint ventures in which we participate, we may not be able to cause joint ventures to sell assets, return invested capital or take other actions without the consent of at least one of our joint venture partners when such action mayactions might be in our best interest.

Several of the joint ventures in which we participate maywill in the relatively near future be required to repay, refinance, renegotiate or extend their borrowings. If any of those joint ventures are unable to do this, we could be required to provide at least a portion of the funds the joint ventures need to be able to repay the borrowings and to conductfinance the activities for which they were formed,incurred, which could adversely affect our financial position.

Our success depends to a significant extent upon the performance and active participation of our senior management, many of whom have been with the Companyus for a significant number of years. If we were to lose members of our senior management, we might not be able to find appropriate replacements on a timely basis and our operations could be negatively affected. Also, the loss of a significant number of operating employees and our inability to hire qualified replacements could have a material adverse effect on our business.

Our corporate credit rating and ratings of our senior notes and convertible senior notes affect, among other things, our ability to access new capital, especially debt.debt, and the costs of that new capital. A substantial portion of our access to capital is through the issuance of senior notes, and convertible senior notes, of which we have $4.7approximately $8.0 billion outstanding, net of debt issuance costs and excluding Rialto's 7.00% senior notes due 2018, as of November 30, 2015.2018. Among other things, we rely on proceeds of debt issuances to pay the principal of existing senior notes when they mature. Negative changes in the ratings of our senior notes could make it difficult for us to sell senior notes in the future and could result in more stringent covenants and higher interest rates with regard to new senior notes we issue.

Many of our homebuilding operations are conducted in areas that are subject to natural disasters, including hurricanes, earthquakes, droughts, floods, wildfires and severe weather. The occurrence of natural disasters or severe weather conditions can delay new home deliveries, increase costs by damaging inventories and lead to shortages of labor and materials in areas affected by the disasters, and can negatively impact the demand for new homes in affected areas. If our insurance does not fully cover business interruptions or losses resulting from these events, our results of operations could be adversely affected. In the third and fourth quarters of 2017, our homebuilding operation was disrupted due to impacts from Hurricanes Harvey and Irma, which caused delays of 550 home deliveries that were pushed into fiscal 2018. In the third quarter of fiscal 2018, our homebuilding operations in the Houston area were affected by heavy rain that caused flooding.

Approximately 50%76% of the residential mortgage loans made by our Lennar Financial Services segment in 20152018 were made to buyers of homes we built.built and we anticipate that the percentage will increase in fiscal 2019. Therefore, a decrease in the demand for our homes would adversely affect the revenues of this segment of our business. In addition, the revenues of our Lennar Financial Services segment would be adversely affected by a continued decrease in refinance transactions, such as the decrease that we experienced during the first half of fiscal 2014 and probably would experience again if mortgage interest rates continue to rise.

Substantially all of the residential mortgage loans we originate are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. If we became unable to sell residential mortgage loans into the secondary mortgage market or directly to Fannie Mae and Freddie Mac, we would have to either curtail our origination of residential mortgage loans, which among other things, could significantly reduce our ability to sell homes, or commit our own funds to long term investments in mortgage loans, which, in addition to requiring us to deploy substantial amounts of our own funds, could delay the time when we recognize revenues from home sales on our statements of operations.

Executive Officers of Lennar Corporation

Mr. CollinsMcCall has served as our Senior Vice President since February 2018. Before that, Mr. McCall served as Executive DirectorVice President and Chief Financial Officer of Financial Reporting.CalAtlantic Group, Inc., or its predecessor, from June 2011 to February 2018.

Our Class A and Class B common stock are listed on the New York Stock Exchange ("NYSE") under the symbols “LEN”"LEN" and “LEN.B,”"LEN.B," respectively. The following table shows the high and low sales prices for our Class A and Class B common stock for the periods indicated, as reported by the New York Stock Exchange, and cash dividends declared per share:

On January 13, 2016,10, 2019, our Board of Directors declared a quarterly cash dividend of $0.04 per share for both our Class A and Class B common stock, which is payable on February 11, 2016,8, 2019, to holders of record at the close of business on January 28, 2016.25, 2019.

On November 27, 2017, we paid a stock dividend of one share of Class B common stock for each 50 shares of Class A common stock or Class B common stock to holders of record at the close of business on November 10, 2017, as declared by our Board of Directors on October 30, 2017. Our Board of Directors evaluates each quarter the decision whether to declare a dividend and the amount of the dividend.

The following table provides information about our repurchases of common stock during the three months ended November 30, 2015:2018:

The information required by Item 201(d) of Regulation S-K is provided in Item 12 of this Report.

The following graph compares the five-year cumulative total return of our Class A common stock with the Dow Jones U.S. Home Construction Index and the Dow Jones U.S. Total Market Index. The graph assumes $100 invested on November 30, 20102013 in our Class A common stock, the Dow Jones U.S. Home Construction Index and the Dow Jones U.S. Total Market Index, and the reinvestment of all dividends.

The following table sets forth our selected consolidated financial and operating information as of or for each of the years ended November 30, 20112014 through 2015.2018. The information presented below is based upon our historical financial statements.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Selected"Selected Financial Data”Data" and our audited consolidated financial statements and accompanying notes included elsewhere in this Report.

This annual report on Form 10-K contains “forward-looking statements”"forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. TheThese forward-looking statements in this annual reporttypically include statements regarding: our beliefthe words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “forecast,” “intend,” “objective,” “plan,” “predict,” “projection,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Some of them are opinions formed based upon general observations, anecdotal evidence and industry experience, but that the housing market will continue its steady and slow recovery, and our belief regarding the drivers of such recovery; our belief that we will continue to see lower margins in 2016 compared to 2015; our belief that we are currently positioned to deliver between 26,500 and 27,000 homes in fiscal 2016; our expectation that we will continue to identify and invest in unique and enticing land opportunities that we expect will drive our future growth and profitability; our expectation that our ancillary business will provide opportunities to enhance shareholder value; our belief that our main driver of earnings will continue to be our homebuilding and Financial Services operations; our belief that Lennar Multifamily's revenues will continue to grow in the future and our expectation that the Multifamily business will be profitable in 2016; our belief that we are on track to achieve another year of substantial profitability in fiscal 2016; our intent to settle the face value of the 2.75% convertible senior notes due 2020 in cash; our expectation regarding our variability in our quarterly results; our expectations regarding the renewalnot supported by specific investigation or replacement of our warehouse facilities; our belief regarding draws upon our bonds or letters of credit, and our belief regarding the impact to the Company if there were such a draw; our expectation that substantially all homes currently in backlog will be delivered in fiscal year 2016; our belief that our operations and borrowing resources will provide for our current and long-term capital requirements at our anticipated levels of activity; our belief regarding legal proceedings in which we are involved, and, in particular, our belief that the Court’s decision in the Settlers Crossing case is contrary to applicable law; and our estimates regarding certain tax and accounting matters, including our expectations regarding the result of anticipated settlements with various taxing authorities.analysis.

These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties and assumptions. We wish to caution readers that certain important factors may have affected and could in the future affect our actual results and could cause actual results to differ significantly from those expressed in anywhat is anticipated by our forward-looking statement.statements. The most important factors that could prevent us from achieving our goals, and cause the assumptions underlying forward-looking statements and the actual results to differ materially from those expressed in or impliedanticipated by thoseour forward-looking statements include, but are not limited to,to: an extended slowdown in the following: our ability to acquire land and pursue real estate opportunities at anticipated prices;markets across the nation, including a slowdown in the market for single family homes or the multifamily rental market; increases in operating costs, including costs related to real estate taxes, construction materials, labor and insurance, and our abilityinability to manage our cost structure, both in our Lennar Homebuilding and Lennar Multifamily businesses; unfavorable outcomes in legal proceedings that substantially exceed our expectations, including an unfavorable outcomeinability to realize all of the anticipated synergy benefits from the CalAtlantic acquisition or to realize them in the Settlers Crossing case; a slowdown in the recovery of real estate markets across the nation, or any downturn in such markets;anticipated timeline; our inability to successfully execute our strategies; changes in general economic and financial conditions and demographic trends, in the U.S. leading to decreasedthat reduce demand for our products and services, and homes, lower our profit margins and reducedor reduce our access to credit; our inability to acquire land at anticipated prices; the possibility that we will incur nonrecurring costs that may not have a material adverse effect on our businessaffect earnings in one or financial condition, but may have a material adverse effect on our condensed financial statements for a particularmore reporting period;periods; decreased demand for our homes or Lennar Multifamily rental properties,properties; the possibility that the Tax Cuts and our ability to successfully sell our rental properties once rents and occupanciesJobs Act will have stabilized;more negative than positive impact on us; the ability of our Financial Services segment to maintain or increase its capture rate andpossibility that the benefit from Lennar home deliveries;our increasing use of technology will not justify its cost; increased competition for home sales from other sellers of new and resale homes; conditions innegative effects of increasing mortgage interest rates; our inability to reduce the ratio of our homebuilding debt to our total capital credit and financial markets, including mortgage lending standards, the availabilitynet of mortgage financing and mortgage foreclosure rates; changes in interest and unemployment rates, and inflation;cash; a decline in the value of theour land inventories and home inventories we maintain or possible futureresulting write-downs of the carrying value of our real estate assets; our ability to successfully develop multifamily assets in the Multifamily Venture; our inability to maintain anticipated pricing levels and our inability to predict the effect of interest rates on demand; the ability and willingnessfailure of the participants in various joint ventures to honor their commitments; our ability to successfully and timely obtaindifficulty obtaining land-use entitlements andor construction financing, and address issues that arise in connection with the use and development of our land;financing; natural disasters and other unforeseen damageevents for which our insurance maydoes not provide adequate coverage; our inability to successfully grow our ancillary businesses; potential liability under environmental or constructionnew laws or other laws or regulations affecting our business; regulatory changes that adversely affect the profitability of our businesses; our ability to comply with the terms of our debt instruments, our abilityinability to refinance our debt on terms that are acceptable to us; and changes in accounting conventions that adversely affect our ability to successfully estimate the impact of certain regulatory, accounting and tax matters.reported earnings.

Please see “Item"Item 1A-Risk Factors”Factors" of this Annual Report for a further discussion of these and other risks and uncertainties which could affect our future results. We undertake no obligation to revise any forward-looking statements to reflect events or circumstances after the date of those statements or to reflect the occurrence of anticipated or unanticipated events, except to the extent we are legally required to disclose certain matters in SEC filings or otherwise.

At the end of our fiscal 2018, we believe the market has taken a natural pause as higher home prices and rapid interest rate increases have combined to create a mismatch between prices and homebuyer expectations. While we saw traffic moderate and sales slow toward the end of 2018, with inventories low, we believe this is a temporary adjustment as strong employment, wage growth, consumer confidence and general economic growth drive the consumer to the market. We still believe that the housing market will continue its slow and steady recoveryis primarily driven by lower unemployment, sustained wage growth and growing consumer confidence, despite the first increasedeficit in housing production that has persisted for over a decade. As interest rates have started to ease at the end of 2018 and beginning of 2019, we have seen traffic pick up. Additionally, if the market continues to remain soft, we believe our production-oriented focus should allow us to move quickly to realize reduced costs in nine years announced byan accelerated production pace. Alternatively, if the Federal Reserve, which stated thatmarket returns to normalized levels, we believe we will have a superior position with more homes started and available to sell and the increase was a signcritically needed trade base to deliver them.

In spite of confidence insofter market conditions towards the economy.

In 2018, our Financial Services segment produced $127.8$187.4 million of pretaxpre-tax earnings, compared to $80.1$155.5 million in 2014.2017. The increase in profitability was primarilylargely due to an increase in volume, which benefitedthe segment's title and mortgage operations due to the acquisition of CalAtlantic's Financial Services operations.

Our rental apartment business has seen significant pickup in both our mortgagerents and title operations.

In fiscal 2019, we are very focused on cash flow generation to recognize current development earningsreduce debt and to continue to own a portfolio of income producing properties. We anticipate a profitable year in 2016 foropportunistically repurchase shares. To further enhance our Multifamily business.

We are excited about our soft-pivotposition and business strategy we plan to continue to identify and invest in unique and enticing land opportunities that we expect will drive our future growth and profitability.

The following table sets forth financial and operational information for the years indicated related to our operations.

Gross margins on home sales were $2.0$3.7 billion, or 24.0%19.6%, in the year ended November 30, 2015,2018, compared to $1.7$2.4 billion, or 25.4%22.1%, in the year ended November 30, 2014. Gross2017. The gross margin percentage on home sales decreased compared to the year ended November 30, 2014,2017 primarily due to the backlog/construction in progress write-up of $414.6 million related to purchase accounting adjustments on CalAtlantic homes that were delivered in the year ended November 30, 2018, which impacted gross margins on home sales by 220 basis points. In addition there was an increase in landconstruction costs per home, partially offset by an increase in the average sales price of homes delivered and a decrease in sales incentives offered to homebuyers as a percentage of revenue from home sales. Gross profits on land sales were $30.1 million in the year ended November 30, 2015, compared to $41.7 million in the year ended November 30, 2014.delivered.

Selling, general and administrative expenses were $831.1 million$1.6 billion in the year ended November 30, 2015,2018, compared to $714.8 million$1.0 billion in the year ended November 30, 2014.2017. As a percentage of revenues from home sales, selling, general and administrative expenses improved to 10.0%8.5% in the year ended November 30, 2015,2018, from 10.5%9.2% in the year ended November 30, 20142017, primarily due to a reduction in personnel and related expenses, brokers commissions, and model and selling expenses as a percentage of home sales revenue. This was achieved through improved operating leverage as a result of an increase in home deliveries.deliveries and continued benefit from technology initiatives.

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was $63.4Gross profits on land sales were $60.1 million in the year ended November 30, 2015,2018, compared to ($0.4)$29.9 million in the year ended November 30, 2014. In the year ended November 30, 2015, Lennar Homebuilding equity in earnings from unconsolidated entities primarily related to $82.8 million of equity in earnings from Heritage Fields El Toro, one of our unconsolidated entities ("El Toro"), due to the sale of approximately 700 homesites and a commercial property to third parties, the sale of approximately 800 homesites to a joint venture in which we have a 50% investment, and a gain on debt extinguishment. In the year ended November 30, 2014,2017. Lennar Homebuilding equity in loss from unconsolidated entities primarily relatedwas $91.9 million in the year ended November 30, 2018, compared to $61.7 million in the year ended November 30, 2017. In the years ended November 30, 2018 and 2017, Lennar Homebuilding equity in loss from unconsolidated entities was attributable to our share of net operating losses from various Lennar Homebuildingour unconsolidated entities which included $4.6 million of our share ofwere primarily driven by valuation adjustments related to assets of Lennar Homebuilding's unconsolidated entities.entities and general and administrative expenses, partially offset by profits from land sales.

Lennar Homebuilding other income, net, totaled $18.6$205.8 million in the year ended November 30, 2015,2018, compared to $7.5$22.8 million in the year ended November 30, 2014.2017. In the year ended November 30, 2015,2018, other income, net included $10.2was primarily related to a $164.9 million aggregate gainsgain on salesthe sale of an operating property and a clubhouse.80% interest in one of our strategic joint ventures, Treasure Island Holdings.

Lennar Homebuilding interest expense was $316.2 million in the year ended November 30, 2018 ($205.2301.3 million was included in costcosts of homes sold, $2.5$3.6 million in costcosts of land sold and $12.5$11.3 million in other interest expense), compared to $201.5$277.8 million in the year ended November 30, 20142017 ($161.4260.7 million was included in costcosts of homes sold, $3.6$10.0 million in costcosts of land sold and $36.6$7.2 million in other interest expense). Interest expense included in costs of homes sold increased primarily due to an increase in our outstanding debt and home deliveries, partially offset by an increase in qualifying assets eligible for interest capitalization and lower borrowing costs.deliveries.

Operating earnings for our Lennar Financial Services segment were $127.8$187.4 million in the year ended November 30, 2015,2018, compared to operating earnings of $80.1$155.5 million in the year ended November 30, 2014. The increase in profitability was primarily due to2017. Operating earnings were impacted by an increase in the segment's title and mortgage originations drivenoperations due to the acquisition of CalAtlantic's Financial Services operations, partially offset by a strongerdecrease in refinance market and an increase in purchase volume for both Lennar and non-Lennar homebuyers, and an increase in capture rate. The increase in volume also benefited the title operations.transactions.

Operating earnings for our RialtoLennar Multifamily segment were $28.8$42.7 million in the year ended November 30, 2015 (which included $33.6 million of operating earnings, partially offset by $4.8 million of net earnings attributable to noncontrolling interests),2018, compared to operating earnings of $66.6$73.4 million in the year ended November 30, 2014 (which included $44.1 million of operating earnings and an add back of $22.5 million of net loss attributable to noncontrolling interests).

On November 30, 2018, we recorded a $296.4 million gain on the sale of our Rialto investment and asset management fee income.platform. Operating loss for our Rialto segment was $18.3 million in the year ended November 30, 2018 (which included $21.6 million of operating loss and an add back of $3.3 million of net loss attributable to noncontrolling interests). Operating earnings for the Rialto segment in the year ended November 30, 2017 were $23.6 million (which included $22.5 million of operating loss and add back of $46.1 million of net loss attributable to noncontrolling interests). The decrease in operating earnings was primarily as a result of non-recurring expenses, partially offset by a decrease in real estate owned and loan impairments due to the liquidation of the FDIC and bank portfolios and a decrease in interest expense.

Corporate general and administrative expenses were $216.2$343.9 million, or 1.7% as a percentage of total revenues, in the year ended November 30, 2018, compared to $285.9 million, or 2.3% as a percentage of total revenues, in the year ended November 30, 2015, compared to $177.2 million, or 2.3%2017. The decrease in corporate general and administrative expenses as a percentage of total revenues was due to improved operating leverage as a result of an increase in the year ended November 30, 2014.revenues.

Net earnings (loss) attributable to noncontrolling interests were $16.3$21.7 million and ($10.2)38.7) million in the years ended November 30, 20152018 and 2014,2017, respectively. Net earnings attributable to noncontrolling interests induring the year ended November 30, 20152018 were primarily attributable to net earnings related to our Lennar Homebuilding consolidated joint ventures and the FDIC's interest in the portfolio of real estate loans that we acquired in partnership with the FDIC.ventures. Net loss attributable to noncontrolling interests induring the year ended November 30, 20142017 was primarily dueattributable to a net loss related to the FDIC's interest in the portfolio of real estate loans that we acquired in partnership with the FDIC partially offset by a strategic transaction by one of Lennar Homebuilding's consolidated joint ventures that impacted noncontrolling interests by $5.6 million.in 2010.

DuringIn the years ended November 30, 20152018 and 2014,2017, we had a tax provision of $390.4$545.2 million and $341.1$417.9 million, respectively. Our overall effective income tax rates were 32.72%24.3% and 34.80%34.0% for the years ended November 30, 20152018 and 2014,2017, respectively. The effectivedecrease is primarily the result of the Tax Cuts and Jobs Act enacted in December 2017. The tax reform bill reduced the maximum federal corporate income tax rate forto 21%, which also reduced the year ended November 30, 2015 includedvalue of our deferred tax benefits for the domestic production activities deduction and energyassets. As a result, we recorded a non-cash one-time write down of deferred tax credits, offset primarily by stateassets that resulted in income tax expense and accruals for uncertain tax positions.

Revenues from home sales increased 29%15% in the year ended November 30, 20142017 to $6.8$11.0 billion from $5.3$9.6 billion in 2013.2016. Revenues were higher primarily due to a 15%an 11% increase in the number of home deliveries, excluding unconsolidated entities, and a 12%4% increase in the average sales price of homes delivered. New home deliveries, excluding unconsolidated entities, increased to 20,97129,322 homes in the year ended November 30, 20142017 from 18,23426,481 homes in the year ended November 30, 2013.2016. There was an increase in home deliveries in all of our Homebuilding segments and Homebuilding Other, whichsegments. The increase in the number of deliveries was primarily driven by an increase in active communities over 2016 and by higher demand as the year ended November 30, 2013.number of deliveries per active community increased. The average sales price of homes delivered, excluding unconsolidated entities, increased to $326,000$376,000 in the year ended November 30, 20142017 from $290,000$361,000 in the year ended November 30, 2013,2016, primarily due to product mix (selling at different price points) and increased pricing in manycertain of our markets as thedue to favorable market recovery continues.conditions. Sales incentives offered to homebuyers were $21,400$22,700 per home delivered in the year ended November 30, 2014,2017, or 6.2%5.7% as a percentage of home sales revenue, compared to $20,500$22,500 per home delivered in the year ended November 30, 2013,2016, or 6.6%5.9% as a percentage of home sales revenue.

Gross margins on home sales were $1.7$2.4 billion, or 25.4%22.1%, in the year ended November 30, 2014,2017, compared to gross margins on home sales of $1.3$2.2 billion, or 24.9%23.0%, in the year ended November 30, 2013.2016. Gross margin percentage on home sales improveddecreased compared to the year ended November 30, 2013,2016 primarily due to an increase in construction and land costs per home, partially offset by an increase in the average sales price of homes delivered, a decreasedelivered.

Selling, general and administrative expenses were $1.0 billion in sales incentives offeredthe year ended November 30, 2017, compared to homebuyers as a percentage of revenue from home sales and $20.9 million of insurance recoveries and other nonrecurring items, partially offset by an increase in materials, labor and land costs.

Lennar Homebuilding equity in earnings (loss) from unconsolidated entities was ($0.4)Gross profits on land sales were $29.9 million in the year ended November 30, 2014,2017, compared to $23.8$44.7 million in the year ended November 30, 2013. In the year ended November 30, 2014, 2016.

Lennar Homebuilding equity in loss from unconsolidated entities relatedwas $61.7 million in the year ended November 30, 2017, compared to $49.3 million in the year ended November 30, 2016. In the year ended November 30, 2017, Lennar Homebuilding equity in loss from unconsolidated entities was primarily attributable to our share of net operating losses from various Lennar Homebuilding

Lennar Homebuilding other income, net, totaled $7.5$22.8 million in the year ended November 30, 2014,2017, compared to $27.3$52.8 million in the year ended November 30, 2013.2016. In the year ended November 30, 2013, Lennar Homebuilding2016, other income, net was primarily dueincluded management fee income and a profit participation related to management feesLennar Homebuilding's strategic joint ventures and gains on the sale of a rental operating property by one of our consolidated joint ventures that resulted in a gain of $14.4 million (the transaction resulted in a net loss of $3.2 million after considering the impact of noncontrolling interests totaling $17.6 million), partially offset by other expenses.several clubhouses.

Lennar Homebuilding interest expense was $277.8 million in the year ended November 30, 2017 ($161.4260.7 million was included in costcosts of homes sold, $3.6$10.0 million in costcosts of land sold and $36.6$7.2 million in other interest expense), compared to $214.3$245.1 million in the year ended November 30, 20132016 ($117.8235.1 million was included in costcosts of homes sold, $2.6$5.3 million in costcosts of land sold and $93.9$4.6 million in other interest expense). Interest expense decreasedincluded in costs of homes sold increased primarily due to an increase in qualifying assets eligible for interest capitalization, partially offset by an increase in our outstanding debt and home deliveries.

Operating earnings for our Lennar Financial Services segment were $80.1$155.5 million in the year ended November 30, 2014,2017, compared to operating earnings of $85.8$163.6 million in the year ended November 30, 2013. The decrease in profitability was primarily2016. Operating earnings decreased due to a more competitive environmentlower profitability in the segment's mortgage operations as a result of a significant decrease in refinance transactions, which resulted inled to both lower origination volume and profit per loan. This was partially offset by higher profit per transaction in the segment's mortgage operations.title operations and earnings from the real estate brokerage business which was acquired as part of the WCI Communities, Inc. ("WCI") acquisition in February 2017.

Operating earnings for our RialtoLennar Multifamily segment were $66.6$73.4 million in the year ended November 30, 2014 (which included $44.1 million of operating earnings and an add back of $22.5 million of net loss attributable to noncontrolling interests),2017, compared to operating earnings of $19.9$71.2 million in the year ended November 30, 2013 (which included $26.1 million of operating earnings, partially offset by $6.2 million of net earnings attributable to noncontrolling interests).

Operating earnings for our Rialto segment were $23.6 million in the year ended November 30, 2017 (which included $22.5 million of operating loss and an add back of $46.1 million of net loss attributable to noncontrolling interests). Operating earnings in Lennar Multifamilythe year ended November 30, 2016 were $2.1 million (which included $16.7 million of operating loss and add back of $18.8 million of net loss attributable to noncontrolling interests). The increase in operating earnings was primarily related to an increase in incentive income related to carried interest distributions from the Rialto real estate funds, as well as an increase in management fee income and equity in earnings from unconsolidated entities. This was partially offset by an increase in REO and loan impairments and general and administrative expenses, partially offset by gross profit onexpenses. In addition, the year ended November 30, 2016 included a land sale and management fee income.$16.0 million write-off of uncollectible receivables related to a hospital, which was acquired through the resolution of one of Rialto's loans from a 2010 portfolio.

Corporate general and administrative expenses were $177.2$285.9 million, or 2.3% as a percentage of total revenues, in the year ended November 30, 2014,2017, compared to $146.1$232.6 million, or 2.5%2.1% as a percentage of total revenues, in the year ended November 30, 2013. As a percentage of total revenues, corporate general and administrative expenses improved2016. The increase was primarily due to increased operating leverage.personnel and related expenses and professional expenses related to technology investments.

Net earnings (loss) attributable to noncontrolling interests were ($10.2)38.7) million and $25.3$1.2 million in the years ended November 30, 20142017 and 2013,2016, respectively. Net loss attributable to noncontrolling interests induring the year ended November 30, 20142017 was primarily dueattributable to net loss related to the FDIC's interest in the portfolio of real estate loans that we acquired in partnership with the FDIC in 2010. Net earnings attributable to noncontrolling interests during the year ended November 30, 2016 were primarily attributable to earnings related to Lennar Homebuilding consolidated joint ventures, partially offset by a net loss related to the FDIC's interest in the portfolio of real estate loans that we acquired in partnership with the FDIC, partially offset by a strategic transaction by one of Lennar Homebuilding's consolidated joint ventures that impacted noncontrolling interests by $5.6 million. FDIC.

In the yearyears ended November 30, 2013, net earnings attributable to noncontrolling interests were primarily attributable to a transaction by one of Lennar Homebuilding's consolidated joint ventures that decreased noncontrolling interests by $17.6 million.