1
EXHIBIT 99.2
LENNAR CORPORATION
CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
THREE MONTHS ENDED FEBRUARY 29, 2000
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ -------
(IN THOUSANDS)
Revenues:
Homebuilding............................ $ -- 578,047 2,875 -- 580,922
Financial services...................... -- 8,524 50,921 -- 59,445
------- ------- ------ ------- -------
Total revenues.................. -- 586,571 53,796 -- 640,367
------- ------- ------ ------- -------
Costs and expenses:
Homebuilding............................ -- 524,131 1,962 -- 526,093
Financial services...................... -- 10,890 47,947 -- 58,837
Corporate general and administrative.... 9,057 -- -- -- 9,057
Interest................................ -- 9,968 -- -- 9,968
------- ------- ------ ------- -------
Total costs and expenses........ 9,057 544,989 49,909 -- 603,955
------- ------- ------ ------- -------
Earnings (loss) before income taxes....... (9,057) 41,582 3,887 -- 36,412
Provision (benefit) for income taxes...... (3,456) 16,217 1,440 -- 14,201
Equity in earnings from subsidiaries...... 27,812 2,447 -- (30,259) --
------- ------- ------ ------- -------
Net earnings.............................. $22,211 27,812 2,447 (30,259) 22,211
======= ======= ====== ======= =======
F-5
2
LENNAR CORPORATION
CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
YEAR ENDED NOVEMBER 30, 1999
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
Revenues:
Homebuilding.......................... $ -- 2,848,105 1,102 -- 2,849,207
Financial services.................... -- 31,025 238,282 -- 269,307
-------- --------- ------- -------- ---------
Total revenues................ -- 2,879,130 239,384 -- 3,118,514
-------- --------- ------- -------- ---------
Costs and expenses:
Homebuilding.......................... -- 2,506,332 2,072 -- 2,508,404
Financial services.................... -- 34,115 204,096 -- 238,211
Corporate general and
administrative..................... 37,563 -- -- -- 37,563
Interest.............................. -- 48,859 -- -- 48,859
-------- --------- ------- -------- ---------
Total costs and expenses...... 37,563 2,589,306 206,168 -- 2,833,037
-------- --------- ------- -------- ---------
Earnings (loss) before income taxes..... (37,563) 289,824 33,216 -- 285,477
Provision (benefit) for income taxes.... (15,823) 114,480 14,106 -- 112,763
Equity in earnings from subsidiaries.... 194,454 19,110 -- (213,564) --
-------- --------- ------- -------- ---------
Net earnings............................ $172,714 194,454 19,110 (213,564) 172,714
======== ========= ======= ======== =========
F-6
3
LENNAR CORPORATION
CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
YEAR ENDED NOVEMBER 30, 1998
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
Revenues:
Homebuilding.......................... $ -- 2,167,869 36,559 -- 2,204,428
Financial services.................... -- 19,889 192,548 -- 212,437
-------- --------- ------- -------- ---------
Total revenues................ -- 2,187,758 229,107 -- 2,416,865
-------- --------- ------- -------- ---------
Costs and expenses:
Homebuilding.......................... -- 1,890,532 30,527 -- 1,921,059
Financial services.................... -- 23,674 155,428 -- 179,102
Corporate general and
administrative..................... 28,962 -- -- -- 28,962
Interest.............................. -- 47,628 -- -- 47,628
-------- --------- ------- -------- ---------
Total costs and expenses...... 28,962 1,961,834 185,955 -- 2,176,751
-------- --------- ------- -------- ---------
Earnings (loss) before income taxes..... (28,962) 225,924 43,152 -- 240,114
Provision (benefit) for income taxes.... (11,472) 90,369 17,149 -- 96,046
Equity in earnings from subsidiaries.... 161,558 26,003 -- (187,561) --
-------- --------- ------- -------- ---------
Net earnings............................ $144,068 161,558 26,003 (187,561) 144,068
======== ========= ======= ======== =========
F-7
4
LENNAR CORPORATION
CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
YEAR ENDED NOVEMBER 30, 1997
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
Revenues:
Homebuilding.......................... $ -- 1,208,570 -- -- 1,208,570
Financial services.................... -- 48,326 46,186 -- 94,512
-------- --------- ------ ------- ---------
Total revenues................ -- 1,256,896 46,186 -- 1,303,082
-------- --------- ------ ------- ---------
Costs and expenses:
Homebuilding.......................... -- 1,088,330 -- -- 1,088,330
Financial services.................... -- 30,736 28,231 -- 58,967
Corporate general and
administrative..................... 15,850 -- -- -- 15,850
Interest.............................. -- 24,979 -- -- 24,979
Restructuring charge.................. 15,529 13,700 -- -- 29,229
-------- --------- ------ ------- ---------
Total costs and expenses...... 31,379 1,157,745 28,231 -- 1,217,355
-------- --------- ------ ------- ---------
Earnings (loss) from continuing
operations before income taxes........ (31,379) 99,151 17,955 -- 85,727
Provision (benefit) for income taxes.... (12,291) 40,652 6,761 -- 35,122
Equity in earnings from subsidiaries.... 69,693 11,194 -- (80,887) --
-------- --------- ------ ------- ---------
Earnings from continuing operations..... 50,605 69,693 11,194 (80,887) 50,605
Earnings from discontinued operations
(net of income taxes of $21,166)...... 33,826 -- -- -- 33,826
-------- --------- ------ ------- ---------
Net earnings............................ $ 84,431 69,693 11,194 (80,887) 84,431
======== ========= ====== ======= =========
F-8
5
LENNAR CORPORATION
CONSOLIDATING CONDENSED BALANCE SHEET
FEBRUARY 29, 2000
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
ASSETS
Homebuilding:
Cash and receivables, net......... $ 7,190 51,595 768 -- 59,553
Inventories....................... -- 1,386,523 6,501 -- 1,393,024
Investments in partnerships....... -- 173,169 -- -- 173,169
Other assets...................... 56,989 42,080 7 -- 99,076
Investments in subsidiaries....... 610,623 109,677 -- (720,300) --
--------- --------- ------- -------- ---------
674,802 1,763,044 7,276 (720,300) 1,724,822
Financial services assets........... -- 25,349 302,897 -- 328,246
--------- --------- ------- -------- ---------
$ 674,802 1,788,393 310,173 (720,300) 2,053,068
========= ========= ======= ======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Homebuilding:
Accounts payable and other
liabilities.................... $ 108,482 206,054 2,225 -- 316,761
Mortgage notes and other debts
payable, net................... 741,881 8,303 -- -- 750,184
Intercompany...................... (928,270) 955,038 (26,768) -- --
--------- --------- ------- -------- ---------
(77,907) 1,169,395 (24,543) -- 1,066,945
Financial services liabilities...... -- 8,375 225,039 -- 233,414
Stockholders' equity 752,709 610,623 109,677 (720,300) 752,709
--------- --------- ------- -------- ---------
$ 674,802 1,788,393 310,173 (720,300) 2,053,068
========= ========= ======= ======== =========
F-9
6
LENNAR CORPORATION
CONSOLIDATING CONDENSED BALANCE SHEET
NOVEMBER 30, 1999
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
ASSETS
Homebuilding:
Cash and receivables, net......... $ 48,343 45,534 541 -- 94,418
Inventories....................... -- 1,267,050 7,501 -- 1,274,551
Investments in partnerships....... -- 173,310 -- -- 173,310
Other assets...................... 63,143 34,683 -- -- 97,826
Investments in subsidiaries....... 573,291 107,900 -- (681,191) --
-------- --------- ------- -------- ---------
684,777 1,628,477 8,042 (681,191) 1,640,105
Financial services assets........... -- 26,132 391,410 -- 417,542
-------- --------- ------- -------- ---------
$684,777 1,654,609 399,452 (681,191) 2,057,647
======== ========= ======= ======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Homebuilding:
Accounts payable and other
liabilities.................... $103,002 228,421 2,109 -- 333,532
Mortgage notes and other debts
payable, net................... 507,445 16,216 -- -- 523,661
Intercompany...................... (807,169) 827,316 (20,147) -- --
-------- --------- ------- -------- ---------
(196,722) 1,071,953 (18,038) -- 857,193
Financial services liabilities...... -- 9,365 309,590 -- 318,955
Stockholders' equity................ 881,499 573,291 107,900 (681,191) 881,499
-------- --------- ------- -------- ---------
$684,777 1,654,609 399,452 (681,191) 2,057,647
======== ========= ======= ======== =========
F-10
7
LENNAR CORPORATION
CONSOLIDATING CONDENSED BALANCE SHEET
NOVEMBER 30, 1998
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
ASSETS
Homebuilding:
Cash and receivables, net......... $ 15,924 35,086 7,470 -- 58,480
Inventories....................... -- 1,191,868 6,685 -- 1,198,553
Investments in partnerships....... -- 156,536 -- -- 156,536
Other assets...................... 69,316 67,971 24 -- 137,311
Investments in subsidiaries....... 375,199 94,777 -- (469,976) --
-------- --------- ------- -------- ---------
460,439 1,546,238 14,179 (469,976) 1,550,880
Financial services assets........... -- 13,605 353,349 -- 366,954
-------- --------- ------- -------- ---------
$460,439 1,559,843 367,528 (469,976) 1,917,834
======== ========= ======= ======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Homebuilding:
Accounts payable and other
liabilities.................... $131,851 222,255 1,601 -- 355,707
Mortgage notes and other debts
payable, net................... 502,359 28,271 -- -- 530,630
Intercompany...................... (889,436) 924,509 (35,073) -- --
-------- --------- ------- -------- ---------
(255,226) 1,175,035 (33,472) -- 886,337
Financial services liabilities...... -- 9,609 306,223 -- 315,832
Stockholders' equity................ 715,665 375,199 94,777 (469,976) 715,665
-------- --------- ------- -------- ---------
$460,439 1,559,843 367,528 (469,976) 1,917,834
======== ========= ======= ======== =========
F-11
8
LENNAR CORPORATION
PRO FORMA CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
THREE MONTHS ENDED FEBRUARY 29, / MARCH 31, 2000
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
Revenues:
Homebuilding.......................... $ -- 1,045,462 2,875 -- 1,048,337
Financial services.................... -- 8,420 61,108 -- 69,528
-------- --------- ------ ------- ---------
Total revenues................ -- 1,053,882 63,983 -- 1,117,865
-------- --------- ------ ------- ---------
Costs and expenses:
Homebuilding.......................... -- 947,130 1,962 -- 949,092
Financial services.................... -- 10,941 53,693 -- 64,634
Corporate general and
administrative..................... 15,689 -- -- -- 15,689
Interest.............................. -- 29,961 -- -- 29,961
-------- --------- ------ ------- ---------
Total costs and expenses...... 15,689 988,032 55,655 -- 1,059,376
-------- --------- ------ ------- ---------
Earnings (loss) before income taxes..... (15,689) 65,850 8,328 -- 58,489
Provision (benefit) for income taxes.... (6,139) 25,681 3,216 -- 22,758
Equity in earnings from subsidiaries.... 45,281 5,112 -- (50,393) --
-------- --------- ------ ------- ---------
Net earnings............................ $ 35,731 45,281 5,112 (50,393) 35,731
======== ========= ====== ======= =========
F-12
9
LENNAR CORPORATION
PRO FORMA CONSOLIDATING CONDENSED STATEMENT OF EARNINGS
YEAR ENDED NOVEMBER 30, / DECEMBER 31, 1999
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
Revenues:
Homebuilding.......................... $ -- 4,636,855 1,102 -- 4,637,957
Financial services.................... -- 30,808 276,968 -- 307,776
-------- --------- ------- -------- ---------
Total revenues................ -- 4,667,663 278,070 -- 4,945,733
-------- --------- ------- -------- ---------
Costs and expenses:
Homebuilding.......................... -- 4,135,730 2,072 -- 4,137,802
Financial services.................... -- 34,188 226,320 -- 260,508
Corporate general and
administrative..................... 55,355 -- -- -- 55,355
Interest.............................. -- 104,589 -- -- 104,589
-------- --------- ------- -------- ---------
Total costs and expenses...... 55,355 4,274,507 228,392 -- 4,558,254
-------- --------- ------- -------- ---------
Earnings (loss) before income taxes..... (55,355) 393,156 49,678 -- 387,479
Provision (benefit) for income taxes.... (20,643) 153,331 19,518 -- 152,206
Equity in earnings from subsidiaries.... 269,985 30,160 -- (300,145) --
-------- --------- ------- -------- ---------
Net earnings............................ $235,273 269,985 30,160 (300,145) 235,273
======== ========= ======= ======== =========
F-13
10
LENNAR CORPORATION
PRO FORMA CONSOLIDATING CONDENSED BALANCE SHEET
FEBRUARY 29, / MARCH 31, 2000
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
ASSETS
Homebuilding:
Cash and receivables, net........ $ 7,190 114,524 768 -- 122,482
Inventories...................... -- 2,661,676 6,501 -- 2,668,177
Investments in partnerships...... -- 218,481 -- -- 218,481
Other assets..................... 134,173 152,553 7 -- 286,733
Investments in subsidiaries...... 1,120,872 170,594 -- (1,291,466) --
---------- --------- ------- ---------- ---------
1,262,235 3,317,828 7,276 (1,291,466) 3,295,873
Financial services assets.......... -- 15,874 425,234 441,108
---------- --------- ------- ---------- ---------
$1,262,235 3,333,702 432,510 (1,291,466) 3,736,981
========== ========= ======= ========== =========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Homebuilding:
Accounts payable and other
liabilities................... $ 108,482 505,694 2,225 -- 616,401
Mortgage notes and other debts
payable, net.................. 1,038,648 728,836 -- -- 1,767,484
Intercompany..................... (904,471) 974,420 (69,949) -- --
---------- --------- ------- ---------- ---------
242,659 2,208,950 (67,724) -- 2,383,885
Financial services liabilities..... -- 3,880 329,640 -- 333,520
Stockholders' equity............... 1,019,576 1,120,872 170,594 (1,291,466) 1,019,576
---------- --------- ------- ---------- ---------
$1,262,235 3,333,702 432,510 (1,291,466) 3,736,981
========== ========= ======= ========== =========
F-14
11
LENNAR CORPORATION
PRO FORMA CONSOLIDATING CONDENSED BALANCE SHEET
NOVEMBER 30, / DECEMBER 31, 1999
(UNAUDITED)
LENNAR GUARANTOR NON-GUARANTOR
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
----------- ------------ ------------- ------------ ---------
(IN THOUSANDS)
ASSETS
Homebuilding:
Cash and receivables, net........ $ 48,343 74,994 541 -- 123,878
Inventories...................... -- 2,452,796 7,501 -- 2,460,297
Investments in partnerships...... -- 218,609 -- -- 218,609
Other assets..................... 158,397 187,856 -- -- 346,253
Investments in subsidiaries...... 1,083,540 165,819 -- (1,249,359) --
---------- --------- ------- ---------- ---------
1,290,280 3,100,074 8,042 (1,249,359) 3,149,037
Financial services assets.......... -- 19,386 505,380 -- 524,766
---------- --------- ------- ---------- ---------
$1,290,280 3,119,460 513,422 (1,249,359) 3,673,803
========== ========= ======= ========== =========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Homebuilding:
Accounts payable and other
liabilities................... $ 103,002 522,456 2,109 -- 627,567
Mortgage notes and other debts
payable, net.................. 804,212 678,541 -- -- 1,482,753
Intercompany..................... (765,300) 828,645 (63,345) -- --
---------- --------- ------- ---------- ---------
141,914 2,029,642 (61,236) -- 2,110,320
Financial services liabilities..... -- 6,278 408,839 -- 415,117
Stockholders' equity............... 1,148,366 1,083,540 165,819 (1,249,359) 1,148,366
---------- --------- ------- ---------- ---------
$1,290,280 3,119,460 513,422 (1,249,359) 3,673,803
========== ========= ======= ========== =========
F-15