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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.
