Lennar Corporation - LEN STOCK NEWS

Lennar (NYSE: LEN) announced that its newly formed subsidiary, Millrose Properties, has filed an SEC registration statement for a planned spin-off. The transaction will involve Lennar contributing land and cash to Millrose, followed by distributing Millrose's stock to Lennar's stockholders. The spin-off remains subject to final approval from Lennar's Board of Directors and other customary conditions. The preliminary prospectus containing detailed information about the spin-off is available through the SEC's EDGAR system and Millrose's website.

Lennar (NYSE: LEN) has announced its fourth quarter earnings release and conference call schedule. The company will release its Q4 earnings for the period ended November 30, 2024, after market close on December 18, 2024. A conference call will follow on December 19, 2024, at 11:00 a.m. Eastern Time.

The call will be accessible through a live webcast on investors.lennar.com and will remain archived on the site for 90 days. Lennar, established in 1954, is a leading U.S. homebuilder offering affordable, move-up, and active adult homes. The company also provides financial services through mortgage financing and title services, operates a multifamily development segment, and drives technology innovation through LENX.

Lennar has announced a partnership with Base Power to provide home backup battery systems in select communities in Austin and Dallas-Fort Worth, Texas. Through this collaboration, Lennar homeowners can register for Base's monthly electricity service and receive a complimentary backup battery, offering both outage protection and energy bill savings.

The program will initially launch in multiple communities including Firefly Pointe (Hutto), Rancho del Cielo (Jarrell), and Rancho Canyon (Haslet). Base, operating as a Virtual Power Plant, improves grid stability during normal operations and provides backup power during outages. The system is designed to last 15 years, withstand extreme weather, and includes maintenance by Base.

Quarterra Multifamily, a Lennar subsidiary, announces the start of leasing at Leya Apartments, a new 328-home luxury community in Fremont's Warm Springs neighborhood. The mid-rise development offers studio to three-bedroom units ranging from 576 to 1,388 square feet, featuring modern amenities including smart thermostats, stainless steel appliances, and quartz countertops. Located at 3301 Innovation Way, the property provides easy access to major highways and the Warm Springs BART Station. Community amenities include a resort-style pool, spa, 24-hour fitness center, co-working spaces, and EV charging stations. This marks Quarterra's first Fremont development and fifth in the Bay Area.

Lennar has announced a definitive agreement to acquire Rausch Coleman Homes, an Arkansas-based residential homebuilder. The acquisition targets Rausch Coleman's homebuilding operations, which expects to deliver about 5,000 homes with an average sales price of $230,000 in 2024. Aligned with Lennar's land light strategy, the company plans to assign the purchase and option of all Rausch Coleman's land assets to a third party. This move will expand Lennar's presence into Arkansas, Oklahoma, Alabama, Kansas and Missouri, while strengthening its existing operations in Texas, Oklahoma, Alabama and Florida. The deal is set to complete in Lennar's first quarter of 2025.

Quarterra Multifamily, a Lennar subsidiary, has begun leasing at Cordelia, a luxury high-rise community in Downtown Sarasota, Florida. The development features 240 luxury homes and 13,811 square feet of retail space. Located at 468 Quay Commons along Sarasota Bay, the property offers studio to three-bedroom apartments ranging from 558 to 1,480 square feet. Key amenities include a rooftop pool, sky terrace, fitness facilities, pet spa, co-working spaces, and a wine lounge. The development is strategically positioned near numerous dining establishments, shopping venues, and entertainment facilities, with excellent connectivity to regional employers.

Quarterra Multifamily, a Lennar subsidiary, has begun construction on Emblem Summerville, a 288-home garden-style community in Summerville, South Carolina. This attainably priced development, located 25 miles northwest of Charleston, is designed to address the housing needs of middle-income renters. It's Quarterra's second Emblem community in South Carolina and part of a nationwide effort to create more affordable housing options.

The community will offer one-, two-, and three-bedroom apartments ranging from 738 to 1,434 square feet. Amenities include a clubhouse, pool deck, outdoor grilling areas, pet park, and fitness center. The location provides easy access to local retail centers, dining spots, and major employers such as Boeing, Volvo, and Mercedes Benz/Daimler. Emblem Summerville utilizes Quarterra's programmatic approach, featuring consistent high-end finishes and amenity designs to expedite development and meet market demands efficiently.

Lennar (NYSE: LEN and LEN.B), a leading U.S. homebuilder, has announced a quarterly cash dividend of $0.50 per share for both its Class A and Class B common stock. The dividend is set to be paid on October 24, 2024, to shareholders of record as of the close of business on October 9, 2024. This decision was made by Lennar's Board of Directors, reflecting the company's commitment to providing returns to its shareholders.

Lennar (NYSE: LEN and LEN.B) reported strong third quarter 2024 results, with net earnings increasing 5% to $1.2 billion. Earnings per diluted share rose 10% to $4.26, or $3.90 excluding mark-to-market gains and one-time items. Key highlights include:

- New orders increased 5% to 20,587 homes
- Deliveries increased 16% to 21,516 homes
- Total revenues of $9.4 billion
- Homebuilding operating earnings of $1.5 billion
- Gross margin on home sales of 22.5%
- S,G&A expenses as a % of revenues from home sales of 6.7%

The company maintains a strong financial position with $4.0 billion in homebuilding cash and cash equivalents, and no outstanding borrowings under its $2.2 billion revolving credit facility. Lennar repurchased 3.4 million shares for $519 million during the quarter.