Exhibit 99.3

LENNAR AND CALATLANTIC UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Lennar Corporation, a Delaware corporation (“Lennar” or the “Company”), and a wholly-owned subsidiary of the Company (“Merger Sub”) entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with CalAtlantic Group, Inc., a Delaware corporation (“CalAtlantic”). Subject to the terms and conditions of the Merger Agreement, CalAtlantic will be merged with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Merger”). The completion of the Merger is subject to the satisfaction or waiver of certain conditions, including (a) the adoption of the Merger Agreement and Merger by the CalAtlantic stockholders, and (b) the approval by the holders the Company’s Class A common stock and Class B common stock, voting together without regard to class, to issue the Company’s Class A common stock and Class B common stock in the Merger. In connection with the Merger, Lennar expects to conduct a senior notes offering (the “Senior Notes Offering”) to raise approximately $1,000,000,000 in gross proceeds to fund all or a portion of the cash consideration that may be payable in the Merger and for general corporate purposes. Although Lennar expects to complete the Senior Notes Offering, the completion of the Senior Notes Offering is not a condition to the completion of the Merger. The Senior Notes Offering will be made solely by way of one or more offering documents in compliance with applicable law and these pro forma financial statements should not be considered an offer to sell or the solicitation of an offer to purchase any securities of Lennar.

The following presents the unaudited pro forma condensed combined balance sheets of Lennar and CalAtlantic, giving effect to the Merger as if it had been consummated on August 31, 2017. The unaudited pro forma condensed combined statements of operations for the nine months ended August 31, 2017 and for the year ended November 30, 2016 present the historical consolidated statements of operations of Lennar and CalAtlantic, giving effect to the Merger as if it had been consummated on December 1, 2015, the beginning of the earliest period presented.

The unaudited pro forma financial statements also give effect to the Senior Notes Offering as though it had occurred as of the same date as the Merger.

Lennar’s fiscal year ends on November 30, and CalAtlantic’s fiscal year ends on December 31. As a consequence of Lennar’s and CalAtlantic’s different fiscal years:

The historical consolidated financial statements of CalAtlantic have been adjusted to reflect certain reclassifications in order to conform with Lennar’s financial statement presentation. For a description of the reclassifications, see Note 5 to the unaudited pro forma condensed combined financial statements.

The unaudited pro forma condensed combined financial statements were prepared using the acquisition method of accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 805, Business Combinations, with Lennar considered as the accounting acquirer and CalAtlantic as the accounting acquiree. Accordingly, consideration paid by the Company to complete the Merger will be allocated to identifiable assets and liabilities of CalAtlantic based on their estimated fair values as of the closing date of the Merger.

As of the date hereof, Lennar has not engaged a consultant to assist with the fair value measurements of the acquired assets and liabilities; as such, the fair value measurements have not been completed as of the date of this filing, accordingly, the detailed valuation studies necessary to arrive at the required estimates of the fair value of the CalAtlantic assets to be acquired and the liabilities to be assumed are preliminary and subject to completion. In addition, there may be additional adjustments necessary to conform CalAtlantic’s accounting policies to Lennar’s accounting policies. A final determination of the fair value of CalAtlantic’s assets and liabilities will be based on the actual net tangible and intangible assets and liabilities of CalAtlantic that exist as of the date of completion of the Merger and, therefore, cannot be made prior to the completion of the transaction. Additionally, the value of the consideration to be given by Lennar to complete the Merger will be determined based on the trading prices of Lennar’s Class A and Class B common stock at the time of the completion of the Merger. Accordingly, the pro forma purchase price adjustments are preliminary and are subject to further adjustments as additional information becomes available and as additional analyses are performed. The preliminary pro forma purchase price adjustments have been made solely for the purpose of providing the unaudited pro forma condensed combined financial statements presented below. Lennar has estimated the fair value of CalAtlantic’s assets and liabilities based on discussions with CalAtlantic’s management, preliminary analyses, due diligence and information presented in public filings. Until the Merger is completed, Lennar and CalAtlantic are limited in their ability to share information; thus, there currently is not sufficient information for a definitive measurement and the unaudited pro forma condensed combined financial statements presented herein are preliminary. Upon completion of the Merger, final valuations will be performed. Differences between these preliminary estimates and the final valuations and acquisition accounting will occur and these differences could have a material impact on the accompanying unaudited pro forma condensed combined financial statements and the combined future results of operations and financial position.

These unaudited pro forma condensed combined financial statements have been developed from and should be read in conjunction with (1) the unaudited interim consolidated financial statements of Lennar and CalAtlantic contained in their respective Quarterly Reports on Form 10-Q for the quarterly period ended August 31, 2017 and September 30, 2017, respectively, and (2) the audited consolidated financial statements of Lennar and CalAtlantic contained in their respective Annual Reports on Form 10-K for the year ended November 30, 2016 and December 31, 2016, respectively all of which are incorporated by reference herein. The unaudited pro forma condensed combined financial statements are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or the consolidated financial position of Lennar would have been had the Merger occurred on the dates assumed, nor are they necessarily indicative of future consolidated results of operations or consolidated financial position.

We expect to incur significant costs associated with integrating the operations of Lennar and CalAtlantic. The unaudited pro forma condensed combined financial statements do not reflect the costs of any integration activities or benefits that may result from realization of future cost savings from operating efficiencies or revenue synergies expected to result from the Merger. In addition, the unaudited pro forma condensed combined financial statements exclude non-recurring items that are directly attributable to the Merger, employee retention costs or professional fees incurred by Lennar or CalAtlantic pursuant to provisions contained in the Merger Agreement, as those costs are not considered part of the purchase price.

Lennar Corporation

Unaudited Pro Forma Condensed Combined Balance Sheet

As of August 31, 2017

See accompanying notes to unaudited pro forma condensed combined financial statements, which are an integral part of these statements.

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Lennar Corporation

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Nine Months Ended August 31, 2017

See accompanying notes to unaudited pro forma condensed combined financial statements, which are an integral part of these statements.

3

Lennar Corporation

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended November 30, 2016

See accompanying notes to unaudited pro forma condensed combined financial statements, which are an integral part of these statements.

4

Lennar Corporation

Notes to Pro Forma Condensed Combined Financial Statements

(Unaudited)

1.        Basis of Presentation

The unaudited pro forma condensed combined financial information has been prepared in accordance with S-X Article 11 which gives effect to the Merger under Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”) using the acquisition method of accounting giving effect to the Merger involving Lennar and CalAtlantic, with Lennar as the acquirer. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the financial position had the Merger been consummated at August 31, 2017 or the results of operations had the Merger been consummated at December 1, 2015, nor is it necessarily indicative of the results of operations in future periods or the future financial position of the combined entities.

Under the acquisition method of accounting, the assets and liabilities of CalAtlantic will be recorded at the respective fair values on the Merger date. The fair value on the Merger date represents management’s best estimates based on available information and facts and circumstances in existence on the Merger date. The pro forma allocation of purchase price reflected in the unaudited pro forma condensed combined financial information is preliminary and subject to adjustment. Adjustments may include, but not be limited to, changes in (i) the underlying values of assets and liabilities if market conditions differ from current assumptions; or (ii) if information unknown as of the completion of the Merger becomes known.

The accounting policies of both Lennar and CalAtlantic are in the process of being reviewed in detail. Upon completion of such review, conforming adjustments or financial statement reclassification may be determined.

The unaudited pro forma condensed combined balance sheet has been adjusted to reflect the preliminary valuation of the net assets acquired including goodwill. The valuation of the assets and liabilities in these unaudited pro forma condensed combined financial statements is based upon a purchase price of approximately $6.2 billion. This amount was derived as described below, based on the outstanding shares of CalAtlantic common stock at August 31, 2017, and in accordance with the Merger Agreement, pursuant to which CalAtlantic’s stockholders will receive 0.885 shares of our Class A common stock for each share of CalAtlantic’s common stock and, as discussed below, shares of Class B common stock. Based on a Lennar Class A common stock close price of $58.71 on November 10, 2017, each CalAtlantic common share would have a value of $51.96 based on the exchange ratio. CalAtlantic’s stockholders will also receive one share of Class B common stock for every 50 shares of Class A common stock issued as merger consideration. The actual number of shares of Lennar’s Class A and Class B common stock to be issued in the Merger will be based upon the actual number of CalAtlantic shares outstanding when the Merger becomes effective, and the valuation of those shares will be based on the trading price of Lennar’s Class A and Class B common stock, as applicable, when the Merger becomes effective. The purchase price also includes the estimated fair value of outstanding equity awards held by employees of CalAtlantic, some of which will become fully vested as of the date of the Merger and will entitle the holders to receive Lennar Class A common stock, adjusted for the 0.885 exchange ratio, and Lennar Class B common stock based on the 0.0177 exchange ratio. Accordingly, the purchase price includes an estimated fair value of equity awards to be issued by Lennar of approximately $73 million.

Lennar’s fiscal year ends on November 30, and CalAtlantic’s fiscal year ends on December 31. As a consequence of Lennar’s and CalAtlantic’s different fiscal years:

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2.        Estimated Merger and Integration Costs

In connection with the Merger, the plan to integrate Lennar’s and CalAtlantic’s operations is still being developed. Lennar expects to incur significant costs associated with integrating the operations of Lennar and CalAtlantic. The unaudited pro forma condensed combined financial statements do not reflect the costs of any integration activities or benefits that may result from realization of future cost savings from expected operating efficiencies or synergies. In addition, the unaudited pro forma condensed combined financial statements exclude non-recurring items that are directly attributable to the Merger, employee retention costs or professional fees incurred by Lennar or CalAtlantic in connection with the Merger. Over the next several months, the specific details of these plans will continue to be refined. Lennar and CalAtlantic are currently in the process of assessing their respective businesses to determine where they may eliminate potential redundancies. Lennar expects to incur Merger-related expenses including system conversion costs, employee retention and severance agreements, communications to customers, and others. To the extent there are costs associated with these actions, the costs will be recorded based on the nature and timing of these integration actions. Most acquisition and restructuring costs are recognized separately from a business combination and generally will be expensed as incurred. We currently estimate that the Merger-related costs will be approximately $170 million and expect they will be incurred primarily in fiscal year 2018: these estimated costs are not reflected in the accompanying pro forma condensed combined statement of operations for the year ended November 30, 2016 and August 31, 2017, but are reflected in the pro forma condensed combined balance sheet as of August 31, 2017.

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3.        Pro Forma Merger Adjustments

The following pro forma adjustments have been reflected in the unaudited pro forma condensed combined financial information. All taxable adjustments were calculated using a 39% tax rate to arrive at deferred tax asset or liability adjustments. All adjustments are based on current assumptions and valuations, which are subject to change.

The unaudited pro forma condensed combined financial statements reflect the following adjustments:

Balance Sheet

(Dollars in thousands)

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4.        Reclassifications on the Condensed Historical Presentation for the Pro Forma Balance Sheet and Pro Forma Statement of Operations

Certain financial statement line items included in CalAtlantic’s historical presentation have been reclassified to corresponding line items as included in Lennar’s historical presentation for the purpose of preparing the unaudited pro forma condensed combined balance sheet and statements of operations as follows:

Pro Forma Condensed Combined Balance Sheet

As of September 30, 2017

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Pro Forma Condensed Combined Statement of Operations

For the Nine Months Ended September 30, 2017

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Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2016