Welcome to our dedicated page for Lennar Corporation news (Ticker: LEN), a resource for investors and traders seeking the latest updates and insights on Lennar Corporation stock.
Lennar Corporation, founded in 1954 in Miami, Florida, is one of the nation's leading homebuilders known for constructing homes for first-time, move-up, luxury, urban, and active adult buyers. Operated under the founding principles of quality, value, and integrity, Lennar has a robust presence across 19 states and more than 44 markets in the United States.
Lennar's core business includes homebuilding operations targeting a wide range of buyers primarily under the Lennar brand name. Beyond homebuilding, the corporation provides comprehensive financial services through Eagle Home Mortgage and North American Title, offering mortgage financing and related services to homebuyers.
Recent achievements highlight Lennar's robust market presence. The company has launched 'Everything's Included' homes nationwide, ensuring that popular options and upgrades like stainless steel appliances, quartz countertops, and designer fixtures are built into the base price of every home. Furthermore, Lennar's financial performance remains strong as evidenced by their latest earnings report showing a significant increase in net earnings compared to the previous year.
Currently, Lennar is actively selling homes at Stonegate Preserve, a new master-planned community in Palmetto, Florida. This development, comprising nearly 800 homes at completion, offers a variety of home designs with modern amenities such as a clubhouse, pool, and fitness center. The homes are available in various floorplans, including the innovative Next Gen® models designed for multi-generational living.
In addition to homebuilding, Lennar has a significant footprint in rental housing through Quarterra Multifamily, developing and managing high-quality multifamily rental properties. Recent projects include Emblem Shakopee and Emblem Oswego, addressing the demand for attainable Class A suburban apartments, and Renata in Santa Rosa, California, focusing on fostering community connectivity and healthy lifestyles.
Financially, Lennar demonstrates a strong balance sheet with substantial liquidity. The company's strategic focus on an even flow operating model and land-light strategy has resulted in improved operational efficiencies and robust financial performance.
Lennar's commitment to innovation is evident through LENX, which drives the company's technology initiatives and strategic investments in housing-related startups. This dedication to forward-thinking solutions positions Lennar as a significant player in the evolving real estate market.
For more information, please visit Lennar's official website or connect with Lennar Associates and Business Partners on LinkedIn.
Upward America, a venture by Lennar Corporation (NYSE: LEN, LEN.B), has appointed RESICAP as its primary property management partner. This partnership aims to manage over $4 billion in build-to-rent homes across various markets. RESICAP, recognized for its extensive experience in handling single-family rental assets, will oversee leasing and management through its division, ResiHome, which has managed over 23,000 homes. The collaboration is expected to leverage Lennar's high-quality housing and RESICAP's operational expertise for rapid growth in the single-family rental market.
Lennar Corporation (NYSE:LEN, LEN.B) has established the Upward America Venture, with an equity commitment of $1.25 billion from Centerbridge, Allianz Real Estate, and other investors. This platform aims to acquire single-family homes for rent in high-growth U.S. markets, targeting a total of $4 billion in acquisitions. The initiative seeks to provide affordable housing options without down payments, enhancing social mobility. Lennar's CEO highlighted a strategic advantage in accessing over 300,000 homesites, anticipating strong performance in the single-family rental sector.
Lennar Corporation reported strong first-quarter results for 2021, achieving net earnings of $1.0 billion ($3.20 per diluted share), up over 150% year-over-year. Revenues increased 18% to $5.3 billion, driven by 12,314 home deliveries and 15,570 new orders. A significant $469.7 million pretax gain from a strategic investment positively impacted earnings. The homebuilding gross margin improved to 25.0%. The company ended with $2.4 billion in cash, no debt on its credit facility, and expects robust performance in the following quarters.
Lennar Corporation (NYSE: LEN and LEN.B) will announce its first-quarter earnings for the period ending February 28, 2021, after market close on March 16, 2021. A conference call to discuss these results will take place on March 17, 2021, at 11:00 a.m. Eastern Time, accessible via Lennar's website. Founded in 1954, Lennar is a leading builder of affordable homes for all generations, also providing mortgage and title services through its Financial Services segment. For more details, visit www.lennar.com.
SmartRent, a leader in smart home automation, announced a strategic investment from Lennar Corporation (NYSE: LEN, LEN.B) on March 4, 2021. This partnership highlights the effectiveness of Alloy SmartHome's Self-Guided Tour technology, enabling homebuyers to tour model homes independently. As part of the investment, Eric Feder, President of LENX, will join SmartRent's board. Lennar's backing reflects a broader industry trend towards modernizing real estate processes through tech innovation, with SmartRent offering smart solutions for property managers and builders.
LMC, a subsidiary of Lennar, has commenced leasing at The Fynn in Downtown Elmhurst, Illinois, featuring 212 apartments. This eight-story midrise is strategically located close to numerous shops and dining options, enhancing its community appeal. The leasing office opened on March 1, with resident move-ins scheduled for April 15. Each unit boasts modern amenities, including floor-to-ceiling windows and EV-charging stations. The Fynn is LMC's seventh project in the Chicago area, reinforcing its robust development pipeline which includes over 31,800 units valued at more than $12 billion.
LMC, a subsidiary of Lennar (NYSE:LEN), announced recognition for six of its communities in the 2020 Elite 1% ORA Power Rankings, highlighting strong resident satisfaction. Notably, Palmera in Doral, Fla., achieved a score of 97 out of 100, ranking 20th among over 120,000 properties. The Whitney in Flagler Village also made the list with a score of 93. Other recognized communities include Marlowe (Chicago), Denizen (Portland), Lumen at Tysons (Northern Virginia), and The 23 (Dallas). This recognition underscores the effectiveness of LMC's operations and reputation management efforts.
Sunnova Energy International Inc. (NYSE: NOVA) has announced a definitive agreement to acquire Lennar Corporation's (NYSE: LEN, LEN.B) residential solar platform, SunStreet. This acquisition strengthens Sunnova's position as a leading U.S. residential solar and storage provider. The partnership will enable Sunnova to become Lennar's exclusive residential solar provider, enhancing market reach and operational synergies. This strategic move is expected to accelerate growth in the residential solar sector and provide significant benefits to both companies.
LMC, a subsidiary of Lennar (NYSE: LEN), has commenced preleasing at The Ellis, a luxury mixed-use apartment community in Uptown Charlotte. The development includes 549 apartments and 19,000 sq ft of retail space, marking the first new apartments north of Trade Street since 2012. Move-ins for the midrise building start in March, while the high-rise residents will move in by early summer. The Ellis features premium amenities and a Walk Score of 93, ensuring convenient access to urban attractions.
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