Lennar Stock Price, News & Analysis

Lennar (NYSE: LEN) has announced key dates for its previously disclosed taxable spin-off of approximately 80% of Millrose Properties stock. On February 7, 2025, Lennar stockholders of record as of January 21, 2025, will receive one share of Millrose Class A common stock for every two shares of Lennar Class A or Class B common stock held.

Stockholders have the option to elect to receive Millrose Class B common stock instead of Class A stock for some or all of their entitled shares. The election period runs from January 21, 2025, through 5:00 PM NYC time on February 3, 2025. Elections must be submitted electronically either through Lennar's transfer agent website or through stockholders' brokerage firms. Those who don't submit a valid election will receive Millrose Class A stock by default.

Lennar (NYSE: LEN and LEN.B) has announced that its Board of Directors has declared a quarterly cash dividend of $0.50 per share. The dividend applies to both Class A and Class B common stock and will be paid on February 12, 2025. Shareholders who are holders of record at the close of business on January 29, 2025 will be eligible to receive this dividend payment.

Lennar (NYSE: LEN) has announced the details of its previously disclosed taxable spin-off of Millrose Properties. The company will distribute one share of Millrose Class A or Class B common stock for every two shares of Lennar stock held by shareholders of record as of January 21, 2025. The distribution will occur before trading begins on February 7, 2025.

Millrose's Class A common stock will be listed on the NYSE under the symbol 'MRP', with 'when-issued' trading expected to begin around February 5, 2025 under 'MRP WI'. The key difference between Class A and Class B shares is voting rights: Class A shares carry one vote per share, while Class B shares carry ten votes. No trading market is expected for Class B shares.

Shareholders can elect to receive Class B shares instead of Class A shares during an election period from January 21 to February 3, 2025. The distribution will be taxable to Lennar stockholders.

Lennar (LEN) reported Q4 2024 results with net earnings of $1.1 billion, or $4.06 per diluted share. Key Q4 metrics show new orders decreased 3% to 16,895 homes, while deliveries fell 7% to 22,206 homes. Total revenues were $9.9 billion with homebuilding operating earnings of $1.5 billion.

The company maintained strong financial positions with $4.7 billion in homebuilding cash, a low homebuilding debt to total capital ratio of 7.5%, and no outstanding borrowings under its $2.9 billion credit facility. For fiscal 2024, Lennar delivered 80,210 homes (+10% YoY) with total revenues of $35.4 billion.

Looking ahead, Lennar expects Q1 2025 deliveries between 17,000-17,500 homes with gross margins between 19.0-19.25%. Full-year 2025 guidance projects 86,000-88,000 home deliveries, including the planned Rausch Coleman acquisition.

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.