LEN 8-K Current Reports

Lennar 8-K Report, Corporate Update (Oct 15, 2026)

On October 15, 2026, Lennar Corporation settled a debt offering of $300 million aggregate principal amount of 5.700% Senior Notes due 2029 and $300 million aggregate principal amount of 5.950% Senior Notes due 2032, for a combined $600 million. The offering was underwritten by BBVA Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters, under an underwriting agreement dated October 13, 2026. The Notes are guaranteed by certain of Lennar's wholly owned subsidiaries. The Company stated that it intends to use the net proceeds for general corporate purposes. The Notes were issued under a 1997 base indenture with The Bank of New York Mellon as trustee, as supplemented by the Sixteenth and Seventeenth Supplemental Indentures dated October 15, 2026. The offering was registered on Form S-3 (File No. 333-294985) and is described in the prospectus supplement dated October 13, 2026, filed on October 14, 2026. The filing is primarily a disclosure of the completed financing and its legal documentation. It contains no operating results, earnings or guidance. Investors seeking the terms of the Notes should refer to the indentures and the "Description of Notes" section of the prospectus supplement, as the 8-K describes these only in summary form.

Oct 15, 2026 8-K

Regulation FDExhibits & Filings

Lennar 8-K Report, Financial Results (Sep 16, 2026)

Lennar Corporation reported third-quarter 2026 results for the period ended August 31, 2026, with net earnings attributable to Lennar of $284 million, or $1.19 per diluted share, compared with $591 million, or $2.29 per diluted share, in the third quarter of 2025. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Financial Services segment, adjusted earnings were $294 million, or $1.23 per diluted share. Management said results were below expectations as the environment deteriorated after the last earnings call, with mortgage rates rising to approximately 6.8% at quarter end and higher since. Deliveries were 20,840 homes, within guidance of 20,500 to 21,500, while new orders decreased 9% to 20,879 homes. Homebuilding performance was pressured by lower pricing and higher incentives. Revenues from home sales fell 6% to $7.7 billion, the average sales price was $372,000 (reflecting approximately 12.0% in incentives), and gross margin on home sales declined to 15.8% from 17.5%. SG&A rose to 9.2% of home sales revenue from 8.2%. Homebuilding operating earnings were $502 million. Management emphasized maintaining volume, with cycle time at a record low of 116 days and completed, unsold inventory reduced to 1.8 homes per community. Liquidity and capital actions included $1.2 billion of homebuilding cash, redemption of $400 million of 5.25% senior notes due June 2026, and repurchases of 3 million shares for $256 million. Homebuilding debt to total capital rose to 16.6% from 15.7% at November 30, 2025. Management lowered its full-year 2026 delivery target to approximately 80,000 to 81,000 homes, from 82,000 to 83,000, and guided fourth-quarter deliveries of 22,000 to 23,000 homes with gross margin of 15.5% to 16.0%.

Sep 16, 2026 8-K

Lennar 8-K Report, Regulation FD Disclosure (Jun 12, 2026)

Lennar Corporation furnished an investor presentation dated June 2026 as Exhibit 99.1 to this Form 8-K, posted on its investor relations website on June 12, 2026 under Regulation FD. The presentation centers on what the company calls a completed transformation to an asset-light homebuilding model. It states that controlled homesites rose to 98% of total homesites by Q1 2026 from 28% in 2018, and that inventory owned by the company fell from $16.6 billion to $10.5 billion over the same period. Management says the company has grown deliveries by about 80% since 2018 while owned inventory plus deposits and ACORE rose by a smaller percentage, and that the balance sheet would be roughly twice as large in inventory had it not migrated to this structure. The presentation also points to returns and cash generation. It cites stock repurchases of $9.6 billion and retired senior notes of $6.9 billion since the start of 2018, and it presents an illustrative community comparison showing higher asset turn and return on equity under the asset-light model. Management emphasizes volume, even-flow production, technology investment, and a controlled land and manufacturing model, and argues that the share price does not yet reflect these changes. The presentation compares Lennar's average forward P/E with NVR and the S&P 500, and it notes that many factors affect stock prices and multiples.

Jun 12, 2026 8-K

Leadership ChangesRegulation FDExhibits & Filings

Lennar 8-K Report, Financial Results (Jun 11, 2026)

Lennar Corporation reported results for its second quarter ended May 31, 2026 in a press release furnished as Exhibit 99.1. Net earnings attributable to Lennar were $305 million, or $1.24 per diluted share, compared with $477 million, or $1.81 per diluted share, in the second quarter of 2025. Excluding pretax mark-to-market losses of $23 million on technology investments, earnings were $322 million, or $1.31 per diluted share. Total revenues were $7.9 billion, with 20,519 homes delivered (up 2% year over year), though new orders fell 4% to 21,749 homes and the average sales price declined to $371,000 from $389,000. Gross margin on home sales was 15.6%, down from 17.8% a year earlier, and SG&A rose to 9.2% of home sales revenue from 8.8%. The balance sheet remained strong on a homebuilding basis, with $1.8 billion of cash, no borrowings outstanding under the $3.1 billion revolving credit facility, and homebuilding debt to total capital of 15.8%. The company repurchased 5 million shares for $447 million and redeemed $400 million of 5.25% senior notes due June 2026 after quarter end. Management cited persistently elevated mortgage rates, constrained affordability, and an incentive level of 12.9%, and said it is moderating its full-year 2026 delivery target to approximately 82,000 to 83,000 homes. For the third quarter of 2026, guidance calls for 21,000 to 22,000 new orders, 20,500 to 21,500 deliveries, an average sales price of $375,000 to $380,000, gross margin of approximately 16%, and SG&A of 8.8% to 9.0% of home sales. Management also announced a new Investor Deck to be published on its investor relations website, and a conference call on June 12, 2026 at 11:00 a.m. Eastern Time.

Jun 11, 2026 8-K

Lennar 8-K Report, Executive Changes (Jun 8, 2026)

Lennar Corporation disclosed that it appointed Jim Parker as Chief Operating Officer, effective June 5, 2026. Mr. Parker, 56, most recently served as Area President leading the Company's East operations since December 2025, and previously as Regional President from May 2019 to December 2025. The Compensation Committee increased his annual cash incentive target to $5,750,000 effective on his appointment date. Mr. Parker has no family relationships with directors or executive officers and no related-person transactions requiring disclosure under Item 404(a) of Regulation S-K. In a related Regulation FD disclosure, the Company announced that David Grove has been named Executive Vice President, Homebuilding, effective June 5, 2026. Mr. Grove most recently served as Area President leading the West operations since December 2025, and before that as Regional President for Texas from 2022 to December 2025. He joined Lennar in 1999. The press release states that both Mr. Parker and Mr. Grove will continue to report to Stuart Miller, Executive Chairman, Chief Executive Officer and President. For investors, the filing reflects a leadership reshuffle in which two Area Presidents, each with roughly 30 years of homebuilding experience according to the press release, move into corporate-level roles. The filing does not describe operational results, financial guidance or the reasons for the changes beyond the stated appointments.

Jun 8, 2026 8-K

Lennar 8-K Report, Shareholder Vote Results (Apr 13, 2026)

Lennar Corporation reported the results of its 2026 Annual Meeting of Stockholders, held on April 8, 2026, in this Form 8-K filed under Item 5.07. Stockholders voted on five proposals described in the company's 2026 Proxy Statement, filed with the SEC on February 26, 2026. All nine director nominees were elected to serve until the 2027 Annual Meeting, and stockholders approved the advisory vote on named executive officer compensation and the ratification of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending November 30, 2026. Two stockholder proposals were not approved: one on equal voting rights for each share, and one on disclosure of voting results by share class. In both cases, votes against exceeded votes for. The filing reports vote counts only and does not describe any board response or further action. The filing's only exhibit is Exhibit 104, the cover page Interactive Data File with cover page XBRL tags embedded in the Inline XBRL document.

Apr 13, 2026 8-K

Lennar 8-K Report, Financial Results (Mar 12, 2026)

Lennar Corporation reported first-quarter 2026 results for the period ended February 28, 2026, in a press release furnished as Exhibit 99.1 to this Form 8-K filed March 12, 2026. Net earnings attributable to Lennar were $229 million, or $0.93 per diluted share, versus $520 million, or $1.96 per diluted share, in the prior-year quarter. Excluding pretax mark-to-market gains of $15 million on technology investments, earnings were $218 million, or $0.88 per diluted share. Total revenues were $6.6 billion, and homebuilding operating earnings fell to $373 million from $809 million. Gross margin on home sales was 15.2%, down from 18.7%, and SG&A rose to 9.8% of home sales revenue from 8.5%, as management cited lower revenue per square foot, higher land costs, and less operating leverage. Management attributed the weakness to high mortgage rates, constrained affordability, and geopolitical uncertainty, including the recent conflict in Iran. Orders were 18,515 homes, up 1% year over year, while deliveries declined 5% to 16,863 homes. The average sales price of homes delivered was $374,000, down from $408,000, reflecting continued use of approximately 14% in incentives. Homebuilding cash and cash equivalents were $2.1 billion, down from $3.4 billion at November 30, 2025, and homebuilding debt to total capital was 15.7%. The company repurchased 2 million shares for $237 million and had no outstanding borrowings under its $3.1 billion revolving credit facility. For the second quarter of 2026, Lennar guided to 21,000 to 22,000 new orders, 20,000 to 21,000 deliveries, an average sales price of $370,000 to $375,000, gross margin on home sales of 15.5% to 16.0%, SG&A of 8.9% to 9.1% of home sales, and Financial Services operating earnings of $100 million to $110 million. A conference call was scheduled for March 13, 2026.

Mar 12, 2026 8-K

Leadership ChangesRegulation FDExhibits & Filings

Lennar 8-K Report, Financial Results (Dec 16, 2025)

Lennar Corporation reported fourth-quarter and fiscal 2025 results for the period ended November 30, 2025, in a December 16, 2025 press release furnished as Exhibit 99.1. Fourth-quarter net earnings attributable to Lennar were $490 million, or $1.93 per diluted share, or $2.03 per diluted share excluding a $123 million mark-to-market gain on technology investments and a $156 million one-time loss on the Millrose Properties, Inc. exchange offer. Fiscal 2025 net earnings attributable to Lennar were $2.1 billion, or $7.98 per diluted share ($8.06 excluding adjustments). Quarterly deliveries rose to 23,034 homes and new orders to 20,018 homes, but average sales price fell to $386,000 from $430,000, and gross margin on home sales declined to 17.0% from 22.1%. Management cited continued market weakness and incentives of approximately 14% in incentives and price adjustments. Homebuilding operating earnings were $718 million in the quarter, compared with $1.50 billion a year earlier. Homebuilding cash and cash equivalents were $3.4 billion, with no borrowings outstanding under the $3.1 billion revolving credit facility and $1.7 billion outstanding under the term loan facility. Homebuilding debt to total capital rose to 15.7% from 7.5% a year earlier, and homebuilding senior notes and other debts payable increased to $4.08 billion from $2.26 billion. Total backlog was 13,936 homes valued at $5.2 billion. For the first quarter of fiscal 2026, Lennar expects deliveries of 17,000 to 18,000 homes, an average sales price of $365,000 to $375,000, and a gross margin of 15% to 16%, with SG&A of about 9.5%. For the full year, the company expects deliveries of approximately 85,000 homes.

Dec 16, 2025 8-K

Lennar 8-K Report, Executive Changes (Nov 14, 2025)

Lennar Corporation (NYSE: LEN and LEN.B) disclosed in a Form 8-K filed November 14, 2025 that Jonathan M. Jaffe, Co-Chief Executive Officer and President since September 2023 and a Company employee since 1983, will retire as Co-Chief Executive Officer and President effective December 31, 2025. He will also resign as a director as of the same date. The filing states that the Company does not intend to seek a replacement for his position at this time, and the Board intends to reduce its size from ten members to nine effective December 31, 2025. Stuart Miller, currently Executive Chairman and a Co-Chief Executive Officer, will continue as Executive Chairman and Chief Executive Officer following Mr. Jaffe's retirement. In the accompanying press release, Mr. Miller linked the timing of the departure to the need for Lennar to remake its organizational and cost structure to build more affordable and attainable homes. Mr. Jaffe said his retirement allows the Company to streamline leadership at the top and create efficiencies in its management structure. The press release describes the transition as the start of the Company's next phase, a strategic evolution into a leaner, more efficient, technology-driven enterprise focused on affordability and homeownership. The filing does not quantify any cost savings, financial impact, or changes to guidance.

Nov 14, 2025 8-K

Leadership ChangesRegulation FDOther Events+1

Lennar 8-K Report, Financial Results (Sep 19, 2025)

Lennar Corporation reported third-quarter 2025 results for the period ended August 31, 2025, with net earnings attributable to Lennar of $591 million, or $2.29 per diluted share, compared with $1.2 billion, or $4.26 per diluted share, a year earlier. Excluding $99 million of mark-to-market gains on technology investments, earnings were $516 million, or $2.00 per diluted share. Results reflected softer market conditions: homebuilding revenues from home sales fell 9% to $8.2 billion, the average sales price of homes delivered dropped to $383,000 from $422,000, and gross margin on home sales declined to 17.5% from 22.5%. Homebuilding operating earnings were $760 million, versus $1.48 billion in the prior-year quarter. New orders rose 12% to 23,004 homes, while deliveries were 21,584 homes, consistent with the prior year. Backlog stood at 16,953 homes with a dollar value of $6.6 billion. Management said it used incentives, including mortgage rate buydowns, to sustain sales pace, and reported cycle time of 126 days. Homebuilding cash and cash equivalents were $1.4 billion, and homebuilding debt to total capital rose to 13.5% from 7.5% at November 30, 2024. The company repurchased 4.1 million shares for $507 million. For the fourth quarter of 2025, Lennar guided to new orders of 20,000 to 21,000 homes, deliveries of 22,000 to 23,000 homes, an average sales price of $380,000 to $390,000, gross margin of approximately 17.5%, SG&A of 7.8% to 8.0% of home sales, and Financial Services operating earnings of $130 million to $135 million. Management stated it believes it is a good time to moderate volume to let the market catch up.

Sep 19, 2025 8-K

Lennar 8-K Report, Executive Changes (Aug 4, 2025)

Lennar Corporation (NYSE: LEN) disclosed in this Form 8-K, filed August 4, 2025, that two senior legal and operations executives will retire effective September 2, 2025. Fred Rothman, Chief Operating Officer since January 2019, notified the company of his retirement on July 30, 2025. The filing states that Lennar does not plan to replace him, and he will continue to work with the company as a consultant. Mark Sustana, Vice President, General Counsel and Secretary, notified the company of his retirement on August 1, 2025, and entered into a Consulting Agreement with an initial two-year term beginning September 3, 2025, at a fee of $110,000 per month, with a $50,000 per month rate during any extended term. Katherine Lee Martin will assume the position of Chief Legal Officer and Corporate Secretary effective September 2, 2025. Ms. Martin most recently served as Executive Vice President, General Counsel and Corporate Secretary at Hertz Global Holdings, Inc., having joined Hertz in May 2023. Previously she held leadership roles at X Corp. and Twitter, and spent more than a decade as an Assistant U.S. Attorney at the U.S. Department of Justice. The company's press release, furnished as Exhibit 99.1, credits Mr. Rothman with helping drive Lennar's shift to a land-light strategy and the successful spin-off of Millrose Properties. The filing itself does not report financial results or quantify any financial impact from these changes.

Aug 4, 2025 8-K

Material AgreementsFinancial EventsOther Events

Lennar 8-K Report, Financial Results (Jun 17, 2025)

Lennar Corporation reported results for its second quarter ended May 31, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $477 million, or $1.81 per diluted share, compared with $954 million, or $3.45 per diluted share, in the second quarter of 2024. Excluding mark-to-market losses on technology investments, earnings were $499 million, or $1.90 per diluted share. Homebuilding operating earnings fell to $728 million from $1.34 billion a year earlier, as home sales revenue declined 7% to $7.8 billion on a 9% lower average sales price of $389,000. Gross margin on home sales was 17.8% (18.0% excluding purchase accounting), down from 22.6% a year earlier, and SG&A rose to 8.8% of home-sales revenues from 7.5%. Demand and volume held up despite softer conditions. New orders increased 6% to 22,601 homes and deliveries increased 2% to 20,131 homes. Management cited affordability challenges, higher mortgage rates and weaker consumer confidence, and said the company drove volume while incentivizing sales. Year-end inventory was limited to 2,900 homes, and the company reported a 0.1-year supply of owned homesites and 98% controlled homesites. The balance sheet remained strong by the company's measures. Lennar issued $700 million of 5.20% senior notes due 2030 and used the proceeds primarily to redeem $500 million of 4.75% notes due May 2025. Homebuilding cash fell to $1.2 billion, total liquidity was $5.4 billion, and homebuilding debt to total capital rose to 11.0% from 7.5% at November 30, 2024. The company repurchased 4.7 million shares for $517 million. For the third quarter, guidance calls for 22,000 to 23,000 new orders and deliveries, an average sales price of $380,000 to $385,000, and a gross margin of approximately 18%.

Jun 17, 2025 8-K

Lennar 8-K Report, Material Agreement (May 19, 2025)

On May 14, 2025, Lennar Corporation entered into a Delayed Draw Term Loan Credit Agreement under its unsecured delayed draw term loan credit facility, under which lenders will extend delayed draw term loans in a maximum principal amount of $1.61 billion, expandable by an additional $500 million via an accordion feature. Amounts cannot be redrawn once repaid, and proceeds may be used for working capital and general corporate purposes. Certain wholly-owned, primarily homebuilding subsidiaries guarantee the Company's obligations under the credit agreement pursuant to a Guarantee Agreement dated May 14, 2025. JPMorgan Chase Bank, N.A. is administrative agent, and several other banks served as joint lead arrangers and bookrunners. On May 19, 2025, the Company settled an offering of $700 million aggregate principal amount of 5.200% Senior Notes due 2030. The notes are guaranteed by certain wholly owned subsidiaries, and the company intends to use net proceeds for general corporate purposes, including debt repayment. The offering was made under an effective Form S-3 shelf registration and an underwriting agreement dated May 12, 2025, with BofA Securities, Goldman Sachs, J.P. Morgan, Mizuho and Wells Fargo as representatives of the underwriters. Together, these transactions add new committed borrowing capacity and new long-term unsecured debt financing. The filing discloses that affiliates of several lenders provide financial, advisory and investment banking services to the Company and serve as underwriters of its senior notes.

May 19, 2025 8-K

Lennar 8-K Report, Shareholder Vote Results (Apr 11, 2025)

Lennar Corporation held its 2025 Annual Meeting of Stockholders on April 9, 2025, where stockholders voted on six proposals. The filing reports that all ten director nominees were elected to serve until the 2026 Annual Meeting. Each nominee received more votes for than against, though the margins varied. Stuart Miller received 411,229,435 votes for and 70,876,330 against, and Jeffrey Sonnenfeld received 377,791,002 for and 104,629,590 against. Stockholders approved, on an advisory basis, the compensation of the named executive officers, with 441,380,960 votes for and 57,813,406 against. They also ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending November 30, 2025, with 502,134,650 votes for and 16,802,707 against. Three stockholder proposals were not approved: one on an Independent Board Chairman (103,902,544 for, 395,370,031 against), one requesting disclosure on how the Company intends to reduce greenhouse gas emissions (52,024,509 for, 429,659,015 against), and one requesting a report on LGBTQIA+ equity and inclusion efforts in human capital management (43,232,126 for, 437,865,157 against). The filing also lists 19,569,464 broker non-votes on the director, compensation, and stockholder proposals.

Apr 11, 2025 8-K

Regulation FDOther EventsExhibits & Filings

Lennar 8-K Report, Financial Results (Mar 20, 2025)

Lennar Corporation reported first-quarter results for the period ended February 28, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $520 million, or $1.96 per diluted share, compared with $719 million, or $2.57 per diluted share, in the prior-year quarter. Excluding mark-to-market losses on technology investments, earnings were $567 million, or $2.14 per diluted share. Deliveries rose 6% to 17,834 homes and new orders rose 1% to 18,355 homes, while the dollar value of new orders fell 4% to $7.4 billion. Total revenues were $7.6 billion and homebuilding operating earnings were $809 million. The average sales price of homes delivered declined to $408,000, 1% lower than last year, and the gross margin on home sales was 18.7%, compared with 21.8% a year earlier. Management highlighted the completed spin-off of Millrose Properties, Inc. on February 7, 2025, which distributed approximately 80% of Millrose's stock to Lennar stockholders, and the acquisition of Rausch Coleman Homes' homebuilding operations on February 10, 2025. The company reported $2.3 billion of homebuilding cash and cash equivalents, no borrowings under its $3.0 billion revolving credit facility, and homebuilding debt to total capital of 8.9%. Lennar repurchased 5.2 million shares for $703 million during the quarter. Management said net home prices and rents in overbuilt apartment markets have started to decline as demand remains constrained by affordability. For the second quarter of 2025, the company guided to new orders of 22,500 to 23,500 homes, deliveries of 19,500 to 20,500 homes, an average sales price of $390,000 to $400,000, a gross margin on home sales of approximately 18%, and SG&A of 8.0% to 8.2% of home sales. Financial Services operating earnings are expected to be $135 million to $145 million.

Mar 20, 2025 8-K

Lennar 8-K Report, Regulation FD Disclosure (Feb 7, 2025)

On February 7, 2025, Lennar Corporation completed the previously announced taxable spin-off of Millrose Properties, Inc. through a distribution of approximately 80% of Millrose's outstanding common stock to Lennar stockholders of record as of January 21, 2025. Holders received one share of Millrose Class A common stock, or one share of Class B common stock if they elected it, for every two shares of Lennar Class A or Class B common stock. Millrose began regular-way trading on the New York Stock Exchange under the symbol "MRP" and is an independent public company. Class B shares are not listed. Millrose purchases and develops residential land and sells finished homesites back to Lennar, and potentially other homebuilders, through option contracts with predetermined costs and takedown schedules. Lennar contributed $5.5 billion in land assets and $1.0 billion in cash. After the spin-off, net of upfront option deposits and third-party transaction costs, Millrose's book value of equity is approximately $5.8 billion as of December 31, 2024. Millrose will have about $1.3 billion available under its revolving credit facility, which may increase to $2.0 billion if additional lender commitments are obtained. Millrose intends to elect REIT tax treatment and is externally managed by Kennedy Lewis Land and Residential Advisors LLC. Lennar temporarily retains and will not vote approximately 33,200,053 Class A shares of Millrose, representing about 20% of the total outstanding common stock. Lennar expects to dispose of these shares through a subsequent spin-off, split-off, public offering, private sale, or a combination of these. Lennar states that the transaction accelerates its strategy of becoming a pure-play, asset-light home manufacturer, and that it expects the spin-off to shift future cash flow from on-balance sheet land spending toward capital allocation and shareholder distributions.

Feb 7, 2025 8-K

Lennar 8-K Report, Corporate Update (Jan 21, 2025)

Lennar Corporation (NYSE: LEN and LEN.B) issued a press release on January 21, 2025, filed as Exhibit 99.1 to this Form 8-K, reminding stockholders that the record date and election period for the previously disclosed taxable spin-off of Millrose Properties, Inc. now begin. The spin-off covers approximately 80% of the stock of Millrose. Under the terms stated in the filing, each Lennar Class A or Class B stockholder of record at the close of business on January 21, 2025 will receive one share of Millrose Class A common stock for every two shares of Lennar common stock held on the record date, with the distribution scheduled for February 7, 2025. Holders may elect to receive Millrose Class B common stock instead of Class A for some or all of their entitlement. The election period ends at 5:00 p.m. New York City time on February 3, 2025. Holders who do not submit a valid election before that deadline will receive Class A shares. Elections must be made electronically, as the filing states there is no mail option for the election form. The filing notes that Millrose's registration statement on Form S-11 was declared effective on January 17, 2025. It also states that the spin-off may not be completed on the expected timing or at all. After the spin-off, Millrose will be an independent, publicly traded company that acquires land, performs horizontal development and holds homesite option purchase arrangements, principally for Lennar and related entities.

Jan 21, 2025 8-K

Lennar 8-K Report, Executive Changes (Jan 15, 2025)

Lennar Corporation (LEN) filed this Form 8-K to report a board change under Item 5.02. Sidney Lapidus, a member of the Board of Directors, notified the Board on January 13, 2025, that he will not stand for re-election at the Company's 2025 Annual Meeting of Stockholders. He will continue to serve as a director and as Chair of the Independent Directors Transactions Committee until his term expires at that meeting. The filing states his decision is not the result of any disagreement with the Company relating to its operations, policies or practices. In connection with his departure, the Board determined to reduce its size from eleven members to ten, effective as of the expiration of Mr. Lapidus' term. The filing notes that Armando Olivera was previously appointed Lead Director effective at the conclusion of the 2024 Annual Meeting on April 10, 2024, succeeding Mr. Lapidus, who had served as Lead Director from 2005 to that date. Mr. Lapidus joined the Board in 1997 in connection with the Company's acquisition of Pacific Greystone Corporation and is a retired partner of Warburg Pincus LLC, where he was employed from 1967 until 2007. The filing also includes Stuart Miller, the Company's Executive Chairman and Co-Chief Executive Officer, thanking Mr. Lapidus for his years of service. The only exhibit listed is Exhibit 104, the cover page Interactive Data File. For investors, the filing is a governance update with no financial results or operating metrics reported.

Jan 15, 2025 8-K

Lennar 8-K Report, Corporate Update (Jan 13, 2025)

Lennar Corporation (NYSE: LEN and LEN.B) announced on January 10, 2025 that its Board of Directors declared a stock dividend and set the record date for the previously announced taxable spin-off of approximately 80% of the stock of Millrose Properties, Inc. ("Millrose"). Stockholders of record at the close of business on January 21, 2025 will receive one share of Millrose Class A or Class B common stock for each two shares of Lennar Class A or Class B common stock held. The distribution is expected to occur before the opening of trading on February 7, 2025. The spin-off is described by Lennar's Executive Chairman and Co-Chief Executive Officer, Stuart Miller, as a significant step in the company's transition to a land light manufacturing homebuilding model. Millrose will have two classes of stock: Class A, listed on the NYSE under the symbol "MRP" with one vote per share, and Class B, which is not listed and carries ten votes per share. Lennar stockholders may elect during a period from January 21, 2025 to February 3, 2025 to receive Millrose Class B shares instead of Class A shares, with no effect on the number of shares received. The distribution will be taxable to Lennar stockholders who receive Millrose shares. Completion remains subject to various conditions, and Lennar's Board may determine at any time before the distribution not to proceed. The filing also notes that Millrose's registration statement on Form S-11 has been filed with the SEC but has not yet become effective.

Jan 13, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Lennar 8-K Report, Financial Results (Dec 18, 2024)

Lennar Corporation reported fourth-quarter and fiscal 2024 results for the periods ended November 30, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K. For the fourth quarter, net earnings attributable to Lennar were $1.1 billion, or $4.06 per diluted share, compared with $1.4 billion, or $4.82 per diluted share, a year earlier. Excluding mark-to-market gains on technology investments, diluted EPS was $4.03. Fourth-quarter new orders fell 3% to 16,895 homes, deliveries decreased 7% to 22,206 homes, and total revenues were $9.9 billion. Homebuilding gross margin on home sales was 22.1%, compared with 24.2% a year earlier, and SG&A rose to 7.2% of home sales revenue from 6.6%. Management attributed the weaker quarter to rising mortgage rates, which it said climbed almost 100 basis points during the quarter, and to new orders that fell short of the low end of guidance. For fiscal 2024, net earnings attributable to Lennar were $3.9 billion, or $14.31 per diluted share, and total revenues were $35.4 billion. New orders increased 11% to 76,951 homes and deliveries increased 10% to 80,210 homes. The company repurchased 13.6 million shares for $2.1 billion during the year and ended the year with $4.7 billion of Homebuilding cash and cash equivalents, no borrowings under its $2.9 billion revolving credit facility, and a homebuilding debt-to-total-capital ratio of 7.5%. For the first quarter of 2025, Lennar guided to 17,000 to 17,500 deliveries, an average sales price of $410,000 to $415,000, and a gross margin on home sales of 19.0% to 19.25%. Full-year 2025 deliveries are expected at 86,000 to 88,000 homes, including the Rausch Coleman acquisition, but the company will not guide full-year gross margin yet.

Dec 18, 2024 8-K

Lennar 8-K Report, Material Agreement (Dec 2, 2024)

Lennar Corporation (LEN) disclosed in this Form 8-K that on November 25, 2024, it entered into a Ninth Amended and Restated Credit Agreement governing its unsecured revolving credit facility. The amendment increases lenders' commitments to $2.875 billion until May 2027, at which point the amount will be reduced to $2.650 billion until final maturity in November 2029. The facility includes a $625 million accordion feature, subject to additional commitments, which would allow maximum potential borrowing capacity to increase to $3.5 billion. Proceeds may be used for working capital and general corporate purposes. JPMorgan Chase Bank, N.A. serves as administrative agent, with BofA Securities, Inc. and Mizuho Bank, Ltd. as joint bookrunners. In connection with the agreement, certain wholly owned subsidiaries, primarily homebuilding subsidiaries, entered into a Ninth Amended and Restated Guarantee Agreement, dated November 25, 2024, guaranteeing the Company's obligations under the Credit Agreement. The filing also notes that the Company and certain affiliates regularly enter into commercial financial arrangements with almost all of the facility's lenders and/or their affiliates, and that lender affiliates provide financial, advisory, and investment banking services and serve as underwriters of the Company's senior notes issuances.

Dec 2, 2024 8-K

Lennar 8-K Report, Financial Results (Sep 19, 2024)

Lennar Corporation (NYSE: LEN and LEN.B) reported results for its third quarter ended August 31, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K dated September 19, 2024. Net earnings attributable to Lennar were $1.2 billion, or $4.26 per diluted share, compared with $1.1 billion, or $3.87 per diluted share, in the prior-year quarter. Excluding $39 million of mark-to-market gains on technology investments and $89 million of one-time items in the Multifamily segment, adjusted earnings were $1.1 billion, or $3.90 per diluted share. Total revenues were $9.4 billion, and the company delivered 21,516 homes, up from 18,559, while new orders rose to 20,587 homes from 19,666. Margins were under pressure as the average sales price of homes delivered fell to $422,000 from $448,000, reflecting increased use of incentives. Gross margin on home sales was 22.5%, down from 24.4% a year earlier, though SG&A improved to 6.7% of home sales revenues from 7.0%. Homebuilding operating earnings were $1.5 billion, and the Multifamily segment benefited from a $179 million one-time net gain on asset sales from LMV Fund I, partly offset by a $90 million write-down of non-core assets. The balance sheet remained strong, with $4.0 billion of Homebuilding cash and cash equivalents, no borrowings under the $2.2 billion revolving credit facility, and Homebuilding debt to total capital of 7.6%, down from 11.5% a year earlier. The company repurchased 3.4 million shares for $519 million and reported a 1.1 year supply of owned homesites, with 81% of homesites controlled. For the fourth quarter, Lennar guided to 22,500 to 23,000 deliveries, new orders of 19,000 to 19,300, an average sales price of about $425,000, and gross margin flat with the third quarter.

Sep 19, 2024 8-K

Lennar 8-K Report, Executive Changes (Jun 24, 2024)

Lennar Corporation's Form 8-K, dated June 24, 2024, reports that Jeff McCall, Executive Vice President since January 2020, is transitioning to a non-executive role effective June 20, 2024. McCall, formerly Chief Financial Officer of CalAtlantic Group, Inc., joined the Company in 2018 following its acquisition of CalAtlantic. The filing credits him with improving the Company's information technology systems and with transforming Quarterra Group, Inc., the wholly owned subsidiary through which the Company operates its Multifamily business, where he served as Chief Operating Officer. McCall will remain with the Company through a transition period ending March 1, 2025, helping transfer his Quarterra duties to other members of management and working on special projects. During this period he will continue to receive his current compensation and benefits, and his previously granted equity awards will remain outstanding and continue to vest under their existing terms. His fiscal 2024 annual cash incentive award is discretionary and subject to ongoing evaluation. As of the Effective Date, McCall will no longer be an executive officer or a Section 16 officer under the Securities Exchange Act of 1934. The filing lists no financial results; its only exhibit is the Inline XBRL cover page data file (Exhibit 104).

Jun 24, 2024 8-K

Lennar 8-K Report, Financial Results (Jun 17, 2024)

Lennar Corporation reported second-quarter 2024 results for the quarter ended May 31, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $954 million, or $3.45 per diluted share, compared with $872 million, or $3.01 per diluted share, a year earlier. Excluding mark-to-market losses on technology investments and a one-time gain on the sale of a technology investment, adjusted net earnings were $935 million, or $3.38 per diluted share. Total revenues were $8.8 billion. New orders rose 19% to 21,293 homes, deliveries rose 15% to 19,690 homes, and the average sales price of homes delivered was $426,000, down 5% from the prior year as the company used more incentives. Homebuilding gross margin on home sales was 22.6%, up 10 basis points, and selling, general and administrative expenses rose to 7.5% of home sales revenues from 6.7%. Financial Services operating earnings were $146 million. The balance sheet remained strong, with Homebuilding cash and cash equivalents of $3.6 billion, no borrowings under the $2.2 billion revolving credit facility, total liquidity of $5.8 billion, and Homebuilding debt to total capital of 7.7%. During the quarter the company repurchased 3.8 million shares for $603 million and repaid $554 million of senior notes. For the third quarter of 2024, Lennar guided to 20,500 to 21,000 deliveries and new orders, an average sales price of $420,000 to $425,000, and a gross margin on home sales of about 23.0%. Management reiterated its target of delivering 80,000 homes for the full year, with a margin consistent with last year. The company will hold a conference call on June 18, 2024, at 11:00 a.m. Eastern Time.

Jun 17, 2024 8-K

Lennar 8-K Report, Shareholder Vote Results (Apr 11, 2024)

Lennar Corporation held its 2024 Annual Meeting of Stockholders on April 10, 2024, where stockholders voted on seven proposals, as described in the company's proxy statement filed February 29, 2024. All eleven director nominees were elected to serve until the 2025 Annual Meeting, though vote tallies varied widely, with Stuart Miller receiving 436,466,111 votes for and 61,497,153 against, and Dacona Smith receiving 496,183,992 for and 1,841,209 against. Stockholders approved, on an advisory basis, the compensation of named executive officers (408,441,162 for, 108,472,713 against), ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending November 30, 2024, and approved an amendment to the Restated Certificate of Incorporation to limit the liability of certain officers as permitted by Delaware law. Three stockholder proposals were not approved: a report on political spending and related policies, a report on LGBTQ equity and inclusion efforts in human capital management, and a report on plans to reduce greenhouse gas emissions. Each received more votes against than for. The filing's exhibits include a Certificate of Amendment to the Restated Certificate of Incorporation dated April 10, 2024, and the cover page Interactive Data File.

Apr 11, 2024 8-K

Lennar 8-K Report, Financial Results (Mar 13, 2024)

Lennar Corporation reported results for its first quarter ended February 29, 2024, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $719 million, or $2.57 per diluted share, up from $597 million, or $2.06 per diluted share, in the prior-year quarter. Total revenues rose 13% to $7.3 billion, with new orders up 28% to 18,176 homes and deliveries up 23% to 16,798 homes. Average sales price net of incentives fell 8% to $413,000, while homebuilding gross margin on home sales reached 21.8%, up 60 basis points year over year. Balance sheet and capital allocation were central to the quarter. Homebuilding cash and cash equivalents totaled $5.0 billion, there were no borrowings under the $2.6 billion revolving credit facility, and homebuilding debt to total capital was 9.6%. The company repurchased 3.4 million shares for $506 million, increased its stock repurchase program by up to an additional $5.0 billion, and raised its annual dividend from $1.50 to $2.00 per share. Management highlighted a land-light strategy, with years supply of owned homesites at 1.3 years and controlled homesites at 77%. For the second quarter of 2024, Lennar guided to 20,900 to 21,300 new orders, 19,000 to 19,500 deliveries, an average sales price of $420,000 to $425,000, and a gross margin of about 22.5%. Management reiterated a target of 80,000 home deliveries for the full year. The company also held a conference call on March 14, 2024.

Mar 13, 2024 8-K

Material AgreementsExhibits & Filings

Lennar 8-K Report, Financial Results (Dec 14, 2023)

Lennar Corporation reported results for its fourth quarter and fiscal year ended November 30, 2023, in a press release furnished as Exhibit 99.1 to this Form 8-K dated December 14, 2023. For the fourth quarter, net earnings attributable to Lennar were $1.4 billion, or $4.82 per diluted share, compared with $1.3 billion, or $4.55 per diluted share, a year earlier. Excluding mark-to-market losses on technology investments and other one-time items, fourth-quarter earnings were $1.5 billion, or $5.17 per diluted share. Fiscal 2023 net earnings attributable to Lennar were $3.9 billion, or $13.73 per diluted share, versus $4.6 billion, or $15.72 per diluted share, in fiscal 2022. Quarterly deliveries rose 19% to 23,795 homes and new orders rose 32% to 17,366 homes, while the average sales price fell to $441,000 from $483,000 and homebuilding gross margin on home sales was 24.2%, down from 24.8%. The balance sheet strengthened during the quarter. Homebuilding debt to total capital fell to 9.6% from 14.4%, Homebuilding cash and cash equivalents were $6.3 billion, and the $2.6 billion revolving credit facility had no outstanding borrowings. The company redeemed $378 million of 4.875% senior notes due December 2023 and repurchased 3 million shares for $337 million during the quarter. Management guided to first-quarter 2024 deliveries of 16,500 to 17,000 homes at a gross margin of 21.0% to 21.25%, and to full-year 2024 deliveries of about 80,000 homes. It will not guide full-year margin, and it plans to raise its 2024 share repurchase target to $2 billion.

Dec 14, 2023 8-K

Lennar 8-K Report, Material Agreement (Dec 5, 2023)

Lennar Corporation's Form 8-K filed December 5, 2023 discloses that on December 4, 2023, Executive Chairman and Co-Chief Executive Officer Stuart Miller and Co-Chief Executive Officer and President Jonathan M. Jaffe each entered into an Aircraft Time Sharing Agreement with U.S. Home, LLC, a wholly owned Lennar subsidiary that operates the private aircraft. The agreements are in addition to earlier time sharing agreements signed by each executive with U.S. Home Corporation in February 2015 (Miller) and October 2017 (Jaffe), which remain in full force. Under the new agreements, the aircraft and flight crews may be provided for non-business or personal business purposes. The executives prepay funds and pay the direct operating costs of each flight, calculated from a list of expenses authorized by federal aviation regulations. Lennar retains sole discretion over scheduling, and its previously planned aircraft use takes precedence over the executives' personal use. Either party may terminate each agreement on 30 days' written notice. For investors, the filing is a governance and related-party disclosure rather than a financial event: it reports no revenue, earnings, or financial impact, and the filing itself states no dollar figures. The main points are the terms of executive personal aircraft use and the cost-reimbursement structure, with the full agreements filed as Exhibits 10.1 and 10.2.

Dec 5, 2023 8-K

Lennar 8-K Report, Corporate Update (Oct 26, 2023)

Lennar Corporation (LEN) issued a notice on October 25, 2023 that it has opted to redeem on November 29, 2023 (the "Redemption Date") all of its outstanding 4.875% Senior Notes due 2023. The Notes were scheduled to mature on December 15, 2023. Under the Eleventh Supplemental Indenture dated November 5, 2015, and the Indenture dated December 31, 1997, with The Bank of New York Mellon as trustee, the redemption price equals 100% of the principal amount of the Notes, plus accrued but unpaid interest to, but not including, the Redemption Date. As of October 25, 2023, the outstanding principal amount of the Notes was $378.2 million. The filing is a notice of redemption rather than a change in operations or financial results. Interest on the Notes ceases to accrue on and after the Redemption Date, and holders must surrender the Notes to the paying agent to collect the redemption amount and accrued interest. The notice also states that, if the Notes were redeemed on the date of the notice, the redemption price would be 100% of principal amount. The filing attaches the Notice of Redemption dated October 25, 2023 as Exhibit 99.1 and includes an Inline XBRL cover page as Exhibit 104. It contains no other financial results, guidance, or operational updates.

Oct 26, 2023 8-K

Lennar 8-K Report, Executive Changes (Sep 20, 2023)

On September 20, 2023, Lennar Corporation announced that its Board of Directors elected Dacona Smith as a director, effective September 22, 2023, increasing the Board from ten to 11 members. Mr. Smith's term runs until the 2024 Annual Meeting of Stockholders, at which time his continued Board service will be subject to stockholder approval. The Board determined that he is independent under New York Stock Exchange standards, and he has not been assigned to any Board committees. Mr. Smith retired from Walmart Inc. earlier in 2023 after more than 30 years there, rising from an hourly store associate to Executive Vice President and Chief Operations Officer, Walmart U.S. Stores. Stuart Miller, Executive Chairman and Co-Chief Executive Officer, said the appointment comes as the company adapts to rapid and dynamic market changes, and that Mr. Smith's retail operations experience supports Lennar's focus on production efficiency, higher inventory turns, higher cash flow, strong margins and return on assets. As a non-management director, Mr. Smith will join the outside director compensation program, which provides an annual equity grant of Class A Common Stock and a $140,000 outside director retainer paid in $35,000 quarterly increments, half in Class A Common Stock and half in cash, plus applicable committee fees. He will receive prorated amounts of these awards based on his service until the 2024 Annual Meeting. The filing reports no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K.

Sep 20, 2023 8-K

Lennar 8-K Report, Financial Results (Sep 14, 2023)

Lennar Corporation reported results for its third quarter ended August 31, 2023, with net earnings attributable to Lennar of $1.1 billion, or $3.87 per diluted share, compared to $1.5 billion, or $5.03 per diluted share, in the prior-year quarter. Excluding mark-to-market losses on technology investments in both years and one-time items in the prior year, earnings were $3.91 per diluted share versus $5.18 a year earlier. Total revenues were $8.7 billion, with deliveries rising 8% to 18,559 homes and new orders rising 37% to 19,666 homes. Homebuilding gross margin on home sales was 24.4%, compared with 29.2% a year earlier, and selling, general and administrative expenses rose to 7.0% of home sales revenue from 5.8%, which the company attributed mainly to a higher use of brokers. The average sales price of homes delivered fell to $448,000 from $491,000. Management emphasized balance sheet strength. Homebuilding debt to total capital was 11.5%, described as the lowest in the company's history, and the company had $3.9 billion of homebuilding cash and cash equivalents with no borrowings under its $2.6 billion revolving credit facility. During the quarter, Lennar redeemed $425 million of 5.875% senior notes due November 2024, repurchased $50 million of senior notes due in fiscal 2024, and repurchased 3 million shares for $366 million. The company also reported that its years supply of owned homesites improved to 1.5 years and controlled homesites reached 73% of total. For the fourth quarter of 2023, Lennar guided to 16,200 to 17,200 new orders, 21,500 to 22,500 deliveries, an average sales price consistent with the third quarter, a gross margin on home sales of 24.4% to 24.6%, S,G&A of 6.7% to 6.9% of home sales, and Financial Services operating earnings of $130 million to $135 million.

Sep 14, 2023 8-K

Lennar 8-K Report, Executive Changes (Aug 3, 2023)

Lennar Corporation (NYSE: LEN and LEN.B) filed this Form 8-K on August 3, 2023 to report a board change. The Board of Directors, acting on the recommendation of its Nominating and Corporate Governance Committee, elected Serena Wolfe as a director effective September 2, 2023. Her term runs until the 2024 Annual Meeting of Stockholders, at which point her continued service will be subject to stockholder approval. The Board has determined she is independent under New York Stock Exchange standards, and she has not been assigned to any Board committees. Wolfe has been Chief Financial Officer of Annaly Capital Management since December 2019. Before that she was a Partner at Ernst & Young from 2011, and she began her career there in 1998. She most recently led E&Y's Central Region Real Estate Hospitality & Construction practice from 2017 to November 2019. The filing states she has nearly 25 years of accounting experience, 18 of them focused solely on the real estate and financial services sectors. The press release also notes she is a director of Doma Holdings, Inc., where she chairs the Audit & Risk Committee, and that Executive Chairman Stuart Miller cited her audit experience in support of her election. As a non-management director, Wolfe will join the outside director compensation program. That program provides an annual equity grant of Class A Common Stock and an outside director retainer of $140,000, paid in $35,000 quarterly increments, half in Class A Common Stock and half in cash, plus committee fees where applicable. She will receive prorated amounts of both the equity grant and the retainer through the 2024 Annual Meeting. The filing contains no other material financial results.

Aug 3, 2023 8-K

Lennar 8-K Report, Corporate Update (Jul 28, 2023)

Lennar Corporation (LEN) issued notices on July 27, 2023 that it will redeem on August 30, 2023 (the "Redemption Date") all of its outstanding 5.875% Senior Notes due 2024, along with all outstanding 5.875% Senior Notes due 2024 issued by Standard Pacific Corporation, now a subsidiary of the Company. The Notes were scheduled to mature on November 15, 2024. As of July 27, 2023, outstanding principal was $421.4 million for the Lennar Notes and $3.6 million for the Standard Pacific Notes. The redemption price is the greater of 100% of principal and the present value of remaining payments discounted at the Treasury Rate plus 50 basis points (0.50%), plus accrued but unpaid interest to, but not including, the Redemption Date. The Standard Pacific notice states that if the notes were redeemed on the date of the notice, the redemption price would be 100.12% of principal. The Lennar notice states that the redemption price would be 100% of principal on that date. For investors, this filing is a routine debt-management event: the company is retiring a small remaining balance of 2024 senior notes ahead of their maturity. The filing does not state the financing source for the redemption or any effect on earnings or cash flow beyond the notes being retired.

Jul 28, 2023 8-K

Lennar 8-K Report, Executive Changes (Jul 14, 2023)

Lennar Corporation (NYSE: LEN and LEN.B) announced on July 14, 2023 that Rick Beckwitt, Co-Chief Executive Officer and Co-President since November 2020, will retire from those roles and resign from the Board of Directors effective September 1, 2023. Stuart Miller, currently Executive Chairman, will become a Co-Chief Executive Officer effective the same date, while continuing as Executive Chairman. Jon Jaffe will continue as the Company's President and a Co-Chief Executive Officer. The appointment of Mr. Miller is contingent on the Beckwitt Separation Agreement becoming effective. Under the Beckwitt Separation Agreement, dated July 14, 2023, Mr. Beckwitt will receive a payment of $20,243,245, less applicable withholdings and deductions, in exchange for a release of claims and customary covenants, including non-competition and non-solicitation. The agreement becomes effective July 31, 2023 unless revoked by Mr. Beckwitt in writing on or before July 21, 2023. As part of the agreement, all of his outstanding unvested performance-based restricted shares under the 2016 Equity Incentive Plan will be canceled, while his remaining service-based restricted shares will vest upon retirement under the plan's terms. The filing states that no changes to Mr. Miller's compensation are expected in connection with his new position. Mr. Miller's biographical details and compensation are described in the Company's proxy statement filed March 1, 2023. A press release announcing the retirement is furnished as Exhibit 99.1.

Jul 14, 2023 8-K

Lennar 8-K Report, Financial Results (Jun 14, 2023)

Lennar Corporation furnished a press release (Exhibit 99.1) dated June 14, 2023, reporting results for its second quarter ended May 31, 2023. Net earnings attributable to Lennar were $872 million, or $3.01 per diluted share, versus $1.3 billion, or $4.49 per diluted share, in the second quarter of 2022. Excluding mark-to-market gains on technology investments, net earnings were $852 million, or $2.94 per diluted share, compared with $1.4 billion, or $4.69 per diluted share, a year earlier. Total revenues were $8.0 billion, with home deliveries of 17,074 (up 3%) and new orders of 17,885 homes (up 1%). Homebuilding gross margin on home sales was 22.5%, down from 29.5% a year earlier, as the company priced homes to market and costs rose, while SG&A expenses rose to 6.7% of home sales revenue from 6.1%. The balance sheet was a key focus. Homebuilding debt to total capital was 13.3%, which the company described as the lowest in its history. Homebuilding cash and cash equivalents were $4.0 billion, there were no borrowings under the $2.6 billion revolving credit facility, and liquidity was $6.6 billion. During the quarter the company repurchased 2 million shares for $208 million and retired $158 million of Senior Notes due in fiscal 2024. Owned homesites fell to 1.7 years' supply from 2.4 years a year earlier. For the third quarter of 2023, the company expects 17,750 to 18,250 deliveries, a 23.5% to 24.0% gross margin on home sales, and new orders of 18,000 to 19,000. For fiscal 2023, it raised its delivery guidance to 68,000 to 70,000 homes from 62,000 to 66,000 previously. The filing also notes a conference call on June 15, 2023.

Jun 14, 2023 8-K

Lennar 8-K Report, Shareholder Vote Results (Apr 14, 2023)

Lennar Corporation reported in this Form 8-K, filed April 14, 2023, the final results of its 2023 Annual Meeting of Stockholders, held April 12, 2023. Stockholders elected all ten director nominees to serve until the 2024 Annual Meeting. Support for individual directors varied widely. Stuart Miller received 474,729,539 votes for and 61,851,123 against, and Rick Beckwitt received 529,081,113 votes for and 7,503,399 against. Sherrill W. Hudson drew the most opposition, with 453,479,196 votes for and 83,107,359 against. On governance and compensation, stockholders approved the named executive officer compensation on an advisory basis, with 479,143,702 votes for and 80,630,156 against. They also voted, on an advisory basis, for an annual frequency of say-on-pay votes, with 553,515,693 votes for one year. The Board determined that say-on-pay votes will be held every year until the next required advisory vote on frequency. Stockholders ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending November 30, 2023, with 549,670,871 votes for and 26,837,319 against. Stockholders did not approve a stockholder proposal regarding the company's common stock voting structure, which received 251,812,616 votes for and 307,816,014 against. The filing's only listed exhibit is the Cover Page Interactive Data File (Exhibit 104), which contains the cover page XBRL tags embedded in the Inline XBRL document.

Apr 14, 2023 8-K

Lennar 8-K Report, Financial Results (Mar 14, 2023)

Lennar Corporation reported first-quarter results for the period ended February 28, 2023, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $597 million, or $2.06 per diluted share, compared to $504 million, or $1.69 per diluted share, a year earlier. Excluding mark-to-market losses on technology investments in both years, earnings were $615 million, or $2.12 per diluted share, versus $800 million, or $2.70 per diluted share. Home deliveries rose 9% to 13,659 homes, but new orders fell 10% to 14,194 homes and backlog fell 29% to 19,403 homes. Homebuilding gross margin on home sales declined 570 basis points to 21.2%, as the company priced homes to market to sustain sales pace amid rising interest rates and a cancellation rate of 21%, compared to 10% last year. The balance sheet remained strong, with homebuilding debt to total capital of 14.2%, down from 18.3%, $4.1 billion of homebuilding cash and cash equivalents, no borrowings under the $2.6 billion revolving credit facility, and approximately $6.7 billion of available liquidity. The company repurchased 2 million shares for $189 million, and its years supply of owned homesites improved to 1.9 years from 2.7 years, while controlled homesites rose to 68% from 63%. For the second quarter of 2023, Lennar guided to 15,000 to 16,000 deliveries, a 21.0% to 21.5% gross margin on home sales, and 16,000 to 17,000 new orders. For fiscal year 2023, it guided to 62,000 to 66,000 deliveries. The company also expects an average sales price of $435,000 to $445,000 in the second quarter and Financial Services operating earnings of $70 million to $75 million for the quarter.

Mar 14, 2023 8-K

Lennar 8-K Report, Executive Changes (Mar 6, 2023)

Lennar Corporation's Form 8-K, filed March 6, 2023, reports changes to the fiscal 2023 executive compensation programs for Stuart Miller (Executive Chairman), Rick Beckwitt (Co-Chief Executive Officer and Co-President), and Jonathan Jaffe (Co-Chief Executive Officer and Co-President). The Compensation Committee approved the changes on February 28, 2023. The company says they follow continued shareholder engagement in 2022 and advice from an independent compensation advisor. The filing describes the changes as a way to further align executive pay with shareholder interests. The main changes lower short-term incentive payouts and tie more pay to performance. The pretax income (PTI) payout percentage falls from 0.58% to 0.20% for the Executive Chairman and from 0.51% to 0.15% for the Co-CEOs. Threshold payouts on all performance goals drop from 50% to 30% of target. The performance-based share component of long-term incentives rises from 35% to a target of about 30% to 70%, and the performance share target moves from the 60th to the 65th percentile relative to peers. The cash-to-equity pay mix is unchanged at approximately 20% cash and 80% equity, and the short-term cash bonus dollar caps are unchanged at $7 million for Mr. Miller and $6 million each for Mr. Beckwitt and Mr. Jaffe. The Committee also approved 2023 award agreements on February 28, 2023 for Mr. Miller, Mr. Beckwitt, Mr. Jaffe, Diane Bessette (Vice President, Chief Financial Officer and Treasurer), Jeff McCall (Executive Vice President), and Mark Sustana (Vice President, General Counsel and Secretary). These cover cash bonus opportunities tied to specified performance goals and equity grants. The filing lists target performance-based share awards of 191,755 for Mr. Miller, 167,875 for each of Mr. Beckwitt and Mr. Jaffe, 16,800 for Ms. Bessette, and 9,050 for Mr. McCall. It also lists service-based awards of 82,180 for Mr. Miller, 71,950 for each of Mr. Beckwitt and Mr. Jaffe, 16,800 for Ms. Bessette, and 9,050 for Mr. McCall. Mr. Sustana received 16,025 shares of Class A common stock, one-third vesting on each of February 14, 2024, 2025, and 2026.

Mar 6, 2023 8-K

Lennar 8-K Report, Financial Results (Dec 14, 2022)

Lennar Corporation reported results for its fourth quarter and fiscal year ended November 30, 2022, in a press release furnished as Exhibit 99.1 to this Form 8-K. Fourth-quarter net earnings attributable to Lennar were $1.3 billion, or $4.55 per diluted share, compared to $1.2 billion, or $3.91 per diluted share, a year earlier. Excluding mark-to-market adjustments on technology investments, homebuilding impairments and deposit write-offs, fourth-quarter earnings were $1.5 billion, or $5.02 per diluted share. For the full year, net earnings attributable to Lennar were $4.6 billion, or $15.72 per diluted share, and total revenues rose 24% to $33.7 billion. Deliveries reached 20,064 homes in the quarter, up 13%, while new orders fell 15% to 13,200 homes and backlog decreased 21% to 18,869 homes. Gross margin on home sales narrowed to 24.8% in the quarter, with a pre-impairment margin of 25.3%, down 270 basis points, as the company priced homes to market to reduce cancellations and promote deliveries. The balance sheet remained a focus. Homebuilding debt to total capital was 14.4%, compared to 18.3% a year earlier, and the company had $4.6 billion of Homebuilding cash and cash equivalents and no borrowings under its $2.6 billion revolving credit facility, providing $7.2 billion of available liquidity. The company retired $575 million of 4.75% senior notes early and repurchased 11.0 million shares for $967.4 million during fiscal 2022. For 2023, Lennar gave broad guidance: first-quarter deliveries of 12,000 to 13,500 homes and gross margin of about 21%, and full-year deliveries of 60,000 to 65,000 homes. The filing also provides full-year 2023 guidance for average sales price of $440,000 to $450,000 (first quarter), S,G&A of about 8.0% of home sales, and Financial Services operating earnings of $50 million to $55 million.

Dec 14, 2022 8-K

Corporate ChangesExhibits & Filings

Lennar 8-K Report, Executive Changes (Nov 21, 2022)

In this Item 5.02 Form 8-K filed November 21, 2022, Lennar Corporation disclosed significant changes to fiscal 2022 executive compensation for Stuart Miller (Executive Chairman), Rick Beckwitt (Co-Chief Executive Officer and Co-President), and Jonathan Jaffe (Co-Chief Executive Officer and Co-President). The Compensation Committee approved these changes on November 17, 2022, after shareholder outreach and consultation with an independent compensation advisor. The company states it expects to deliver record earnings in fiscal 2022, yet total compensation for each executive is expected to fall approximately 11-12% from fiscal 2021 levels. The filing describes a shift in pay mix toward equity and performance-linked incentives. Short-term cash incentives will be a smaller share of pay, targeted at about 20% cash and 80% equity, and will carry dollar caps of $6 million for each Co-CEO and $7 million for the Executive Chairman. Long-term equity will be weighted toward performance shares, approximately 65% performance shares and 35% time-based shares by value, and the performance share target payout threshold is raised to the 60th percentile relative to peers, from a suggested 55th percentile, for gross profit percentage, return on tangible capital, and total shareholder return. The filing also states that the Company decided against establishing an employee bonus pool funded by executive cash bonus reductions, and instead raised compensation for certain lower-level Associates during the year. The filing attaches the amended and restated 2022 award agreements and a form of performance share award, under which target awards of 89,064 shares (Miller) and 77,470 shares each (Beckwitt and Jaffe) of Class A common stock are subject to performance-based vesting.

Nov 21, 2022 8-K

Lennar 8-K Report, Bylaw Amendment (Sep 30, 2022)

Lennar Corporation filed a Current Report on Form 8-K on September 30, 2022 to disclose an amendment and restatement of its bylaws. The Board of Directors approved the Amended Bylaws on September 28, 2022, effective as of that date. The filing describes the changes as largely governance and procedural in nature, and it attaches the full Amended Bylaws as Exhibit 3.1. The most substantive changes concern shareholder nominations and proposals. The Amended Bylaws remove the minimum ownership requirement for making nominating and business proposals, limit such submissions to shareholders of record, and require a stockholder nominating directors at an annual meeting to deliver reasonable evidence of compliance with Rule 14a-19 (the universal proxy rules) within seven business days of the meeting. Other revisions clarify when a director election is deemed contested, make the federal district courts of the United States the exclusive forum for Securities Act of 1933 claims, and allow special Board meetings to be called by the Chair, the Chief Executive Officer, or a majority of the Board. The amendments also give the Board power to set rules for, postpone, reschedule, or cancel stockholder meetings it has scheduled, and provide that the annual meeting be held on a date the Board determines rather than on the first Monday in April. Additional changes adopt gender-neutral terms (including Chair in place of Chairman), reflect recent Delaware General Corporation Law amendments, and permit stockholder meetings to be held virtually or in combination with a physical meeting. The filing does not report any financial results or quantitative figures.

Sep 30, 2022 8-K

Lennar 8-K Report, Financial Results (Sep 21, 2022)

Lennar Corporation reported results for its third quarter ended August 31, 2022, via a press release furnished as Exhibit 99.1 to this Form 8-K filed September 21, 2022. Net earnings attributable to Lennar were $1.5 billion, or $5.03 per diluted share, compared to $1.4 billion, or $4.52 per diluted share, in the prior-year quarter. Excluding mark-to-market gains (losses) on technology investments and one-time items, earnings were $1.5 billion, or $5.18 per diluted share, versus $1.0 billion, or $3.27 per diluted share, a year earlier. Total revenues rose to $8.9 billion from $6.9 billion, with homebuilding operating earnings of $2.0 billion compared to $1.3 billion, and deliveries increased to 17,248 homes from 15,199. Homebuilding gross margin on home sales improved to 29.2% from 27.3%, and SG&A as a percentage of home-sales revenue improved to 5.8% from 7.0%, which the company described as the lowest for any quarter in its history. New orders declined 12% to 14,366 homes, with the company citing rising interest rates, while backlog was 25,734 homes. Lennar Other posted an operating loss of $118.0 million, primarily from mark-to-market losses on its publicly traded technology investments, compared with operating earnings of $492.0 million a year earlier. The balance sheet was highlighted as a key strength: homebuilding cash was $1.3 billion, there were no borrowings under the $2.575 billion revolving credit facility, $575 million of 4.75% senior notes due November 2022 were retired early, and homebuilding debt to total capital fell to 15.0% from 21.2%. For the fourth quarter, the company guided to deliveries of 20,000 to 21,000 homes and a gross margin on home sales of 26.0% to 27.0%.

Sep 21, 2022 8-K

Material AgreementsFinancial EventsExhibits & Filings

Lennar 8-K Report, Financial Results (Jun 21, 2022)

Lennar Corporation reported second-quarter results for the period ended May 31, 2022, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net earnings attributable to Lennar were $1.3 billion, or $4.49 per diluted share, compared to $831.4 million, or $2.65 per diluted share, in the prior-year quarter. Excluding mark-to-market losses on technology investments in both years and a gain on the sale of the residential solar business in the prior year, net earnings were $1.4 billion, or $4.69 per diluted share, versus $923.6 million, or $2.95 per diluted share. Homebuilding operating earnings rose to $1.9 billion from $1.1 billion, with gross margin on home sales of 29.5% and a net margin on home sales of 23.4%. Deliveries increased 14% to 16,549 homes, and total revenues increased 30% to $8.4 billion. Management cautioned that the rapid doubling of interest rates over six months and accelerated price appreciation had led buyers in many markets to pause and reconsider, with these effects seen after quarter end. Lennar declined to give full-year guidance beyond expected deliveries of approximately 68,000 homes, instead providing third-quarter ranges of 17,000 to 18,500 deliveries and 28.5% to 29.5% gross margin on home sales. The company ended the quarter with $1.3 billion of homebuilding cash, no borrowings under its $2.575 billion revolving credit facility, and homebuilding debt to total capital of 17.7%, and it repurchased 4.1 million shares for $320.6 million during the quarter.

Jun 21, 2022 8-K

Lennar 8-K Report, Material Agreement (May 26, 2022)

Lennar Corporation filed this Form 8-K to report that on May 23, 2022 it amended and restated its unsecured revolving credit facility through an Eighth Amended and Restated Credit Agreement. The amendment increases lender commitments from $2.5 billion to $2.575 billion and extends the maturity of the Class A lenders' commitments, which currently total $2.225 billion, from April 2024 to May 2027. The filing also states that the Credit Facility carries a $425 million accordion feature, so maximum potential borrowings increase from $2.8 billion to $3.0 billion. The facility is a revolving loan under which amounts may be borrowed, repaid and redrawn, with proceeds available for working capital and general corporate purposes. JPMorgan Chase Bank, N.A. serves as issuing lender and administrative agent. In connection with the agreement, certain wholly-owned subsidiaries, primarily homebuilding subsidiaries, entered into an Eighth Amended and Restated Guarantee Agreement dated May 23, 2022 to guarantee the Company's obligations under the credit agreement. The filing notes that Lennar and its affiliates have commercial financial arrangements with almost all of the facility's lenders, and that lender affiliates provide financial, advisory and investment banking services and serve as underwriters of the Company's senior notes issuances. For investors, the key takeaway is a larger and longer-dated liquidity backstop for the homebuilder.

May 26, 2022 8-K

Leadership ChangesShareholder MattersExhibits & Filings

Lennar 8-K Report, Executive Changes (Apr 14, 2022)

Lennar Corporation (LEN) filed this Form 8-K to report results of its 2022 Annual Meeting of Stockholders, held April 12, 2022. Stockholders approved the amendment and restatement of the Lennar Corporation 2016 Equity Incentive Plan (the Amended Equity Plan), with a description of its material terms incorporated by reference from the Company's Definitive Proxy Statement filed March 1, 2022 and a supplement filed March 16, 2022. Deloitte & Touche LLP was ratified as the independent registered public accounting firm for the fiscal year ending November 30, 2022. All eleven director nominees were elected to serve until the 2023 Annual Meeting. Stuart Miller, Rick Beckwitt and Jonathan M. Jaffe received the most support among nominees, while Jeffrey Sonnenfeld and Steven L. Gerard received the most votes against. Steven L. Gerard passed away on April 12, 2022, and will not serve as a director. Stockholders approved, on an advisory basis, the compensation of the named executive officers, with 336,632,721 votes for and 197,858,823 votes against. Stockholders did not approve a stockholder proposal to reduce the common stock ownership threshold required to call a special meeting, with 184,695,145 votes for and 349,863,032 votes against.

Apr 14, 2022 8-K

Lennar 8-K Report, Corporate Update (Apr 12, 2022)

Lennar Corporation (LEN) filed a Current Report on Form 8-K on April 12, 2022 under Item 8.01 (Other Events) to announce the death of Steve Gerard on April 12, 2022. Mr. Gerard had served on the Company's Board of Directors for 22 years, was a member of the Audit Committee, and chaired the Compensation Committee. He joined the Board in 2000 with the Company's acquisition of U.S. Home Corporation, and had been a member of the U.S. Home board since 1993. The filing states that during his tenure Mr. Gerard helped the Company navigate challenges during the economic downturn years ago, and that the Board thanked him for his leadership, service and counsel. The filing does not disclose any financial results, guidance, or changes to Board or committee composition beyond the loss of a director and committee member and chair. The only exhibit listed is Exhibit 104, the Cover Page Interactive Data File containing the cover page XBRL tags embedded in the Inline XBRL document. For investors, the filing is primarily a governance notice: it signals a vacancy on the Board and the Compensation Committee chairmanship, both of which the filing does not address further.

Apr 12, 2022 8-K

Lennar 8-K Report, Executive Changes (Apr 6, 2022)

Lennar Corporation's Form 8-K filed April 6, 2022 reports changes to executive compensation under Item 5.02. For 2022, the Compensation Committee approved a new component in which named executive officers and other senior management have elected to have a percentage of their pretax cash bonuses reduced before payment. The reduced amounts fund a bonus pool intended to provide additional compensation to Lennar associates at the lower end of the company's compensation levels. The company states this is intended to create a more inclusively distributed compensation program, greater alignment with shareholder value, and better retention of qualified associates. For Stuart Miller (Executive Chairman), Rick Beckwitt (Co-Chief Executive Officer and Co-President), and Jonathan Jaffe (Co-Chief Executive Officer and Co-President), the cash bonus reduction is a minimum of 25%, with the Committee able to make upward adjustments. Other named executive officers and senior management face reductions at varying percentages. The Committee also amended the 2022 Award Agreements for Messrs. Miller, Beckwitt and Jaffe so that, where the post-reduction cash bonus exceeds the value of their 2022 equity grant, a portion is paid in stock so that cash and equity values are approximately equal. That stock portion is 60% performance shares and 40% restricted shares. The changes were approved on April 6, 2022. The filing contains no financial results, and its only listed exhibit is the Inline XBRL cover page data file (Exhibit 104). The filing cross-references the original 2022 Award Agreements (Exhibit 10.1) and the 2022 Restricted Stock Agreement (Exhibit 10.2) in a Form 8-K dated February 28, 2022.

Apr 6, 2022 8-K

Lennar 8-K Report, Financial Results (Mar 16, 2022)

Lennar Corporation reported first-quarter results for the period ended February 28, 2022, with net earnings attributable to Lennar of $503.6 million, or $1.69 per diluted share, compared to $1.0 billion, or $3.20 per diluted share, a year earlier. Excluding mark-to-market gains and losses in both years, net earnings were $800.2 million, or $2.70 per diluted share, versus $642.7 million, or $2.04 per diluted share. The results were driven by the Lennar Other segment, which posted a $403.1 million operating loss on unrealized mark-to-market losses on technology investments, compared with operating earnings of $471.3 million a year earlier. Core homebuilding operations were strong. Homebuilding revenues from home sales rose 17% to $5.7 billion on a 2% increase in deliveries to 12,538 homes and a 15% increase in the average sales price to $457,000. Gross margin on home sales improved to 26.9% from 25.0%, and SG&A as a percentage of home sales improved to 7.5% from 8.4%. New orders increased 1% to 15,747 homes, while backlog rose 24% to 27,335 homes and 43% in dollar value to $13.6 billion. Homebuilding debt to total capital improved to 18.3% from 24.0%, and the company ended the quarter with $1.4 billion of Homebuilding cash and no borrowings under its $2.5 billion revolving credit facility. The company repurchased 5.3 million shares for $526.3 million during the quarter and its Board increased the repurchase authorization by $2 billion with no expiration date. For fiscal 2022, Lennar raised its delivery guidance to about 68,000 homes from 67,000 and its homebuilding gross margin guidance to 27.25% to 28.0% from 27.0% to 27.5%. Second-quarter guidance calls for 16,000 to 16,300 deliveries and a 28.0% to 28.25% gross margin.

Mar 16, 2022 8-K