Lennar Corporation - LEN STOCK NEWS

Lennar Corporation (NYSE: LEN and LEN.B) will release its earnings for Q4 and the year ending November 30, 2020 after market hours on December 16, 2020. A conference call is scheduled for December 17, 2020, at 11:00 a.m. ET, which will be accessible via www.lennar.com. Lennar is a leading national homebuilder, specializing in affordable and quality homes, with a strong presence in financial services and multifamily rental properties.

Lennar Corporation (NYSE: LEN and LEN.B) announced the election of Jon Jaffe as Co-Chief Executive Officer and Co-President, sharing the role with Rick Beckwitt, effective November 3, 2020. Stuart Miller, Executive Chairman, highlighted Jaffe's significant contributions to the company's leadership in homebuilding. Both leaders emphasized their successful partnership and commitment to driving shareholder value and operational excellence. Jaffe has over 30 years of experience, including crucial leadership in Lennar's growth in California. This structural change reflects their effective collaboration and strategic vision.

LMC, a subsidiary of Lennar, has commenced preleasing at Taylor Heights, a new apartment community in Houston. The midrise building features 363 homes with modern amenities and is strategically located near key employment areas. First move-ins are expected this fall, with virtual leasing options available. Taylor Heights offers a range of apartments including studios, one- and two-bedroom units, all equipped with high-end finishes. The development is part of LMC’s ongoing expansion in Houston, which includes two additional projects in the region.

Lennar Corporation (NYSE: LEN, LEN.B) has announced an increase in its annual dividend from $0.50 to $1.00 per share, translating to a quarterly cash dividend of $0.25 per share for both Class A and Class B common stock. This dividend is payable on October 30, 2020 to shareholders recorded by October 16, 2020. Executive Chairman Stuart Miller stated that this decision reflects confidence in the company's cash flow and a commitment to maximizing total shareholder returns, alongside debt reduction and stock repurchase strategies.

LMC, a subsidiary of Lennar, has initiated preleasing at Odin, a new mixed-use apartment community in Northeast Minneapolis. Featuring 335 apartment homes and nearly 8,000 sq. ft. of retail space, Odin includes a 12-story high-rise and a five-story midrise with amenities designed for remote workers. The development boasts a prime location with a Walk Score of 93 and offers various apartment layouts, including studio, 1- and 2-bedroom options. LMC’s investment in Odin is part of a broader $12 billion pipeline across the US, emphasizing their commitment to expanding in thriving markets.

LMC, a subsidiary of Lennar, has commenced leasing for Denizen, a mixed-use apartment community in Portland. Featuring 212 apartments and 7,700 sq. ft. of retail, Denizen promotes a walkable lifestyle with a Walk Score of 97 and a Bike Score of 100. Located near key thoroughfares and attractions, move-ins started in August, and leasing options include virtual tours. LMC is also developing another property, Amara, slated to open in 2021. The company has a robust pipeline with 31,800 units valued over $12 billion.

Lennar reported third-quarter net earnings of $666.4 million or $2.12 per diluted share, marking increases of 30% and 33% year-over-year. Deliveries rose 2% to 13,842 homes, while new orders surged 16% to 15,564 homes valued at $6.3 billion. The backlog also grew by 4%. Revenues remained stable at $5.9 billion, with gross margin on home sales improving to 23.1%. The company ended the quarter with $2 billion in cash and no debt under its revolving credit facility. Fourth-quarter expectations include 15,500-16,000 home deliveries and a gross margin of 23.25%-23.5%.

Lennar Corporation (NYSE: LEN and LEN.B) will announce its third-quarter earnings for the period ending August 31, 2020, after market close on September 14, 2020. A conference call to discuss these results is scheduled for September 15, 2020, at 11:00 a.m. Eastern Time, which will be available for live streaming on Lennar's website. The call will also be archived for 90 days for those unable to attend live. Lennar, established in 1954, is a prominent homebuilder, focusing on a variety of housing segments while also providing financial services through its subsidiaries.

LMC, a subsidiary of Lennar Corporation (NYSE:LEN), has commenced leasing at Aya, a new mixed-use apartment community in Fremont, California. The development features 302 apartment homes and retail space, positioned between the Warm Springs BART station and Tesla's campus. Offering virtual leasing options and work-from-home amenities, Aya's move-ins start in early August. The community boasts various unit sizes with modern interiors and extensive amenities, marking LMC's eighth development in the Bay Area, contributing to its pipeline of 31,800 units valued at over $12 billion.