Lennar Corporation - LEN STOCK NEWS

Quarterra, a subsidiary of Lennar Corporation (LEN, LEN.B), has opened Spectra, a luxury mixed-use community in Redmond, WA, featuring 450 apartment homes and 37,259 square feet of retail space. This development, in partnership with QuadReal Property Group, marks the first residential project in the rezoned Marymoor Village area. Move-ins begin in September 2022, with a range of amenities including a pool, fitness center, and co-working space. The project enhances connectivity to major employers and attractions, aiming to offer modern urban living with suburban benefits.

Lennar Corporation (NYSE: LEN and LEN.B) will release its third-quarter earnings on September 21, 2022, after market close. The earnings report will cover the period ending August 31, 2022. A subsequent conference call is scheduled for September 22, 2022, at 11:00 a.m. ET, which will be available for live listening on Lennar's investor website. For those unable to attend, a recording will be archived for 90 days. Established in 1954, Lennar is a leading homebuilder focused on providing quality homes.

LMC, a subsidiary of Lennar Corporation (NYSE: LEN), has commenced leasing for the Residences Kierland, a mid-rise community in Scottsdale, Arizona. This development features 290 apartment homes and townhomes, designed for luxury living with amenities like The Retreat Spa and a fitness center. Located near employment hubs and upscale shopping, the community offers easy access to major highways. Residences Kierland represents LMC's fifth project in the Phoenix area, enhancing its portfolio which includes a pipeline of 42,000 homes valued over $16.4 billion.

Crow Holdings Development has announced the construction of The Offices at Southstone Yards, a 235,000-square-foot, seven-story office building in Frisco, Texas. This project is part of a 45-acre mixed-use development aimed at meeting modern office needs with sustainable mass timber construction. The building will include modern amenities, raised flooring for infrastructure flexibility, and significant green space. Construction is scheduled to begin this summer with completion expected by Q3 2023, while overall development may attract corporate tenants to the region.

LMC, a subsidiary of Lennar Corporation (NYSE: LEN), has announced the groundbreaking of Artemas, a new mid-rise apartment community in Everett, Massachusetts. The development will feature 396 apartment homes and 1,500 square feet of retail space, enhancing the area's vibrant lifestyle and connectivity. Scheduled to begin leasing in late fall 2024, Artemas will include a variety of amenities like a pool, fitness center, and indoor/outdoor workspaces. This project marks LMC's entry into the Boston market, alongside another community in Allston.

LMC has commenced leasing at its newest apartment community, The Emery, located in Emeryville, California. This development features 500 apartment homes across four mid-rise buildings, designed with an industrial-revival aesthetic. Positioned near waterfront parks and shopping, The Emery offers studio to three-bedroom units, with amenities like a resort-style pool, fitness center, and co-working spaces. As LMC's eighth Bay Area community, it enhances the rental landscape, building on a robust pipeline of $16.4 billion in multifamily projects.

Lennar Corporation (NYSE: LEN and LEN.B) has declared a quarterly cash dividend of $0.375 per share for both Class A and Class B common stock. This dividend will be payable on July 21, 2022 to shareholders on record as of July 7, 2022. As a leading homebuilder in the United States, Lennar focuses on building quality homes for various demographics, including affordable and active adult housing. The company also offers mortgage financing and has a segment dedicated to multifamily rental properties.

Lennar Corporation reported robust second quarter results with net earnings of $1.3 billion, or $4.49 per diluted share, a 69% increase year-over-year. Excluding specific losses, earnings were $4.69 per share. Revenues surged 30% to $8.4 billion, driven by a 14% rise in home deliveries to 16,549. New orders rose 4% to 17,792 homes, with a dollar value increase of 20% to $9.1 billion. Gross margin on home sales improved to 29.5% and debt to total capital ratio improved to 17.7%. However, the company cautions about market sensitivity due to rising interest rates.

LMC has launched leasing for Halcyon House, introducing 393 new apartment homes in Costa Mesa, CA. Positioned in a culturally vibrant area, residents will enjoy access to renowned dining, shopping, and the esteemed arts district. The community features modern amenities including smart home technologies, pools, a fitness studio, and concierge services. With its strategic location just minutes from top-rated beaches and major attractions, Halcyon House aims to offer a sophisticated living experience. This addition marks LMC's third community in Orange County, enhancing its $16.4 billion development pipeline.