Exhibit 99.5

LENNAR AND CALATLANTIC UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

On February 12, 2018, Lennar completed the acquisition of CalAtlantic through a transaction in which CalAtlantic was merged with and into a wholly-owned subsidiary of Lennar (“Merger Sub”), with Merger Sub continuing as the surviving corporation and a subsidiary of Lennar (the “Merger”). The Merger took place pursuant to the Agreement and Plan of Merger dated as of October 29, 2017, among CalAtlantic, Lennar and Merger Sub.

The unaudited pro forma condensed combined statements of operations for the year ended November 30, 2017 and for the three months ended February 28, 2018 combine the historical consolidated statements of operations of Lennar and CalAtlantic, giving effect to the Merger as if it had been consummated on December 1, 2016, the beginning of the earliest period presented. The pro forma condensed combined balance sheets of the Company and CalAtlantic as of November 30, 2017 and as of February 28, 2018 are not included because the condensed consolidated balance sheet as of February 28, 2018 of the Company and its subsidiaries (including CalAtlantic) subsequent to the Merger is included in the Company’s Form 10-Q for the three months ended February 28, 2018. 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, please see Note 2 to the unaudited pro forma condensed combined statement of operations.

Although the Merger was not conditioned upon Lennar having received any financing, in anticipation of the payments Lennar would be making as a result of the merger consideration paid in cash, Lennar sold $300 million of 2.95% Senior Notes due 2020 and $900 million of 4.75% Senior Notes due 2027, in a private offering (the “Senior Notes Offering”) that closed on November 29, 2017. The unaudited pro forma statement of operations also give effect to the Senior Notes Offering as though it had occurred as of the same date as the Merger.

The unaudited pro forma condensed combined statement of operations was prepared using the acquisition method of accounting in accordance with Regulation S-X Article 11 which gives effect to the Merger under 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 Lennar 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.

These unaudited pro forma condensed combined statement of operations have been developed from and should be read in conjunction with (1) the audited consolidated financial statements of Lennar contained in our Annual Report on Form 10-K for the year ended November 30, 2017, (2) the unaudited interim condensed consolidated financial statements of Lennar contained in our Quarterly Report on Form 10-Q for the three months ended February 28, 2018, and (3) the audited consolidated financial statements of CalAtlantic contained in this Form 8-K as Exhibit 99.4. The unaudited pro forma condensed combined statement of operations 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.

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 3 to the unaudited pro forma condensed combined statement of operations.

Pro Forma Condensed Combined Statement of Operations

For the Year Ended November 30, 2017

See accompanying notes to audited pro forma condensed combined statement

of operations, which are an integral part of these statements.

Pro Forma Condensed Combined Statement of Operations

For the Three Months Ended February 28, 2018

See accompanying notes to audited pro forma condensed combined statement

of operations, which are an integral part of these statements.

Notes to Unaudited Pro Forma Condensed Combined Statement of Operations

The unaudited pro forma condensed combined statement of operations 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 statement of operations is presented for illustrative purposes only and is not necessarily indicative of the results of operations had the Merger been consummated at December 1, 2016, 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. Adjustments may include, but not be limited to, changes in total Merger related expenses if implementation costs vary from currently estimated amounts or as a result of information unknown as of the completion of the Merger that becomes known.

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:

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 statements of operations as follows:

Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2017

Pro Forma Condensed Combined Statement of Operations

For the Period December 1, 2017 through February 12, 2018 (acquisition date)

Statement of Operations    

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

Statement of Operations