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.
Lennar , a leading homebuilder in the U.S., has announced the declaration of a quarterly cash dividend of $0.50 per share for both its Class A and Class B common stock.
This dividend is scheduled to be paid on July 19, 2024, to shareholders recorded as of the close of business on July 5, 2024.
Lennar (NYSE: LEN) reported strong second-quarter 2024 results, with net earnings increasing 9% to $954 million and earnings per diluted share rising 15% to $3.45 compared to the same period last year. Revenues grew 9% to $8.8 billion, driven by a 19% increase in new orders and a 15% rise in home deliveries. However, the average sales price per delivered home decreased by 5% to $426,000 amid rising sales incentives.
Operating earnings for homebuilding were $1.3 billion, with gross margins on home sales at 22.6% and net margins at 15.1%. The company also reported $3.6 billion in homebuilding cash and cash equivalents, with no outstanding borrowings on its $2.2 billion revolving credit facility. Lennar repurchased 3.8 million shares for $603 million and repaid $554 million of senior notes during the quarter.
Looking ahead to Q3 2024, Lennar expects to deliver between 20,500 and 21,000 homes with a gross margin of approximately 23%.
Quarterra Multifamily, a subsidiary of Lennar , announced the start of leasing at Dryden Apartments in Denver's Golden Triangle Neighborhood. This luxury high-rise features 420 homes and 9,241 square feet of leasable retail space. Dryden offers amenities such as smart home technologies, a rooftop lounge, a wellness spa, and co-working stations. The community is strategically located near restaurants, art venues, and sports stadiums, with easy access to major thoroughfares and public transport. Leasing begins this summer.
Lennar (NYSE: LEN and LEN.B), a major U.S. homebuilder, will release its Q2 earnings on June 17, 2024, post-market close.
A conference call to discuss the results is scheduled for June 18, 2024, at 11:00 a.m. Eastern Time, and will be live-streamed on Lennar's investor relations website.
Founded in 1954, Lennar builds affordable, move-up, and active adult homes. The company also provides mortgage financing and develops multifamily rental properties nationwide.
Recording of the call will be available on the website for 90 days.
Quarterra Multifamily, a subsidiary of Lennar , has announced the start of construction on Renata Apartments in Santa Rosa, California. This new development will feature 260 one- and two-bedroom apartments within the Perennial Park master-planned community. Renata includes amenities such as a resort-inspired pool, fitness center, and EV chargers, and aims for LEED Gold certification. Located at 3575 Mendocino Avenue, Renata will offer excellent connectivity to transportation services and proximity to Sonoma County's attractions. This is Quarterra's ninth development in Northern California.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) closed a $125 million loan on a 414-unit multifamily property in downtown Stamford, CT, part of $408 million in loan originations in Q2 and $999 million year-to-date. The loan has a three-year term with extension options, sponsored by Quarterra Multifamily, a subsidiary of Lennar FBRT President, Michael Comparato, commended the partnership with Quarterra.
Invitation Homes Inc. (NYSE: INVH) announced a joint venture with Quarterra Group Inc., a subsidiary of Lennar , Centerbridge Partners, and other investors. Invitation Homes will manage 4,400 single-family homes in its core markets within the Upward America joint venture, aiming to provide quality housing options for families.
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