LEN · Lennar

436 filings

LEN SEC Filings

Lennar - 436 total filings

Filing record · 2016–202610-K1210-Q338-K129

Showing 1–50 of 436 filings

Lennar 8-K Report, Material Agreement (Oct 29, 2026)

Lennar Corporation filed this Current Report on Form 8-K to disclose two amended and restated credit facilities entered into on October 26, 2026. The company amended and restated its unsecured revolving credit facility through a tenth amended and restated credit agreement. Lenders' aggregate commitments increased to $3.795 billion, the Class A commitments totaling $3.545 billion had their maturity extended from November 2029 to November 2031, and the 0.10% SOFR credit spread adjustment was removed. Aggregate potential borrowing capacity under the revolver rose from $3.500 billion to $4.545 billion, including a $750 million accordion feature. The filing also adds Class B commitments of $225 million maturing in May 2027 and a new Class C commitment of $25 million maturing in November 2029. The company also amended and restated its unsecured delayed draw term loan facility. Lenders extended a $40 million additional delayed draw term loan from the accordion feature, raising aggregate outstanding term loans from $1.71 billion to $1.75 billion and reducing the remaining accordion capacity from $400 million to $360 million. The term loans mature in May 2028, with a one-time company option to extend to May 2029 subject to conditions. Both facilities may be used for working capital and general corporate purposes, including acquisitions, and both are guaranteed by primarily homebuilding subsidiaries. Both facilities also add a possible 0.10% margin reduction for SOFR-based loans if certain rating conditions are met. For investors, the filing shows expanded and extended liquidity sources under both facilities. The company also noted that affiliates of several lenders provide financial, advisory and investment banking services to it and underwrite its senior notes.

Oct 29, 2026 8-K

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 10-Q

Lennar Quarterly Report for Q3 Ended Aug 31, 2026

Lennar Corporation's quarterly report for the period ended August 31, 2026 shows a weaker third quarter. Homebuilding revenues from home sales fell to $7.73 billion from $8.21 billion in the prior-year quarter, with 20,840 homes delivered versus 21,584 and an average sales price of $372,000 versus $383,000. Gross margin on home sales was 15.8%, down from 17.5%. Net earnings attributable to Lennar were $283.9 million, or $1.19 per diluted share, compared with $591.0 million, or $2.29, a year earlier. Excluding $53.3 million of mark-to-market losses on technology investments and a $39.2 million net one-time benefit in Financial Services, the company reported $294.3 million, or $1.23 per share. Management described a more difficult macro backdrop, with mortgage rates rising to approximately 7% and near-term rate relief seen as unlikely. Liquidity and leverage moved in opposite directions over the nine months. Cash and cash equivalents fell to $1.15 billion in Homebuilding from $3.44 billion at November 30, 2025, and net cash used in operating activities was $822 million. Homebuilding debt rose to $4.30 billion from $4.08 billion, driven by $650 million of borrowings under the revolving Credit Facility, and the filing reports Homebuilding debt to total capital of 16.6% versus 15.7% at fiscal year-end. The company repurchased $993 million of common stock and paid $366 million in dividends during the nine months. Remaining buyback authorization was $751 million at August 31, 2026, and a $0.50 quarterly dividend was declared on September 23, 2026. For the fourth quarter of 2026, management guided to 19,500 to 20,500 new orders, 22,000 to 23,000 deliveries, an average sales price of $370,000 to $380,000, a gross margin of 15.5% to 16.0%, and an SG&A percentage of 8.7% to 9.0%. The company states it owns approximately 2% of its homesites, with the remainder controlled through options and land banking arrangements.

Oct 2, 2026 8-K

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 10-Q

Lennar Quarterly Report for Q2 Ended May 31, 2026

Lennar Corporation's 10-Q for the quarter ended May 31, 2026 shows a year-over-year decline in profitability. Net earnings attributable to Lennar were $304.8 million, or $1.24 per diluted share, for the second quarter of 2026, versus $477.4 million, or $1.81 per share, in the second quarter of 2025. For the six months, net earnings attributable to Lennar were $534.2 million ($2.17 per share) versus $997.0 million ($3.77 per share). Homebuilding revenues from home sales fell 2% in the quarter to $7.6 billion, as the average sales price of homes delivered decreased to $371,000 from $389,000 and gross margin on home sales narrowed to 15.6% from 17.8%. Management said margins remain under pressure but noted that sales incentives declined meaningfully on deliveries this quarter and expects sequential margin improvement to continue as the year progresses. Liquidity remained substantial. Cash and cash equivalents and restricted cash totaled $2.2 billion at May 31, 2026, down from $3.8 billion at November 30, 2025, and homebuilding cash was $1.8 billion, with total liquidity of $4.9 billion. Cash used in operating activities was $718 million for the six months, reflecting inventory growth and deposits on land. Homebuilding debt to total capital rose to 15.8% from 15.7% at November 30, 2025, and net homebuilding debt to total capital rose to 9.4% from 2.8%. The company repurchased $737 million of common stock and paid $247 million in dividends during the six months, and it declared a $0.50 quarterly dividend on June 25, 2026. For the third quarter of 2026, Lennar expects new orders of 21,000 to 22,000 homes, deliveries of 20,500 to 21,500 homes at an average sales price of $375,000 to $380,000, gross margin of approximately 16%, and an SG&A percentage of 8.8% to 9.0%. The full-year delivery guidance was adjusted to 82,000 to 83,000 homes, which the company attributed to current pressures on interest rates and continued macro uncertainty.

Jun 29, 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

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 10-Q

Lennar Quarterly Report for Q1 Ended Feb 28, 2026

Lennar Corporation's first quarter of fiscal 2026 (three months ended February 28, 2026) showed a sharp earnings decline. Net earnings attributable to Lennar were $229.4 million, or $0.93 per diluted share, compared with $519.5 million, or $1.96 per diluted share, in the first quarter of 2025. Total revenues were $6.62 billion versus $7.63 billion a year earlier, with home sales revenue of $6.27 billion versus $7.24 billion. Homebuilding gross margin on home sales was 15.2%, compared with 18.7% in the prior-year quarter, and the company cited lower revenue per square foot and higher land costs. Deliveries were 16,863 homes at an average sales price of $374,000, versus 17,834 homes at $408,000. Management stated that sales incentives reached 14% of revenue and that it believes the first-quarter gross margin of 15.2% represents the low point for the fiscal year. Liquidity remained substantial, with homebuilding cash and cash equivalents of $2.09 billion and total liquidity of $5.2 billion at quarter end. Cash used in operating activities was $434 million, driven by a $652 million increase in inventories and a $354 million increase in deposits and pre-acquisition costs on real estate. Homebuilding debt was $4.07 billion, and homebuilding debt to total capital rose to 15.7% from 8.9% a year earlier, and net homebuilding debt to total capital was 8.3%, compared with a negative figure a year earlier. The company repurchased $270 million of stock and paid $123 million in dividends, and it declared a quarterly dividend of $0.50 per share on April 8, 2026. For the second quarter of 2026, management guided to new orders of 21,000 to 22,000 homes, deliveries of 20,000 to 21,000 homes, an average sales price of $370,000 to $375,000, gross margins of 15.5% to 16%, and an SG&A percentage of 8.9% to 9.1%. Management also stated that margins will remain under pressure in the second quarter.

Apr 9, 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 10-K

Lennar Annual Report, Year Ended Nov 30, 2025

Lennar Corporation reported fiscal 2025 (year ended November 30, 2025) net earnings attributable to Lennar of $2.1 billion, or $7.98 per diluted and basic share, compared with $3.9 billion, or $14.31 per share, in fiscal 2024. Excluding a $130.2 million mark-to-market gain on technology investments and a one-time $156.1 million loss on the Millrose Properties, Inc. exchange offer, net earnings were $2.1 billion, or $8.06 per diluted share. Home sales revenue was $32.1 billion, down from $33.8 billion, as deliveries rose to 82,583 homes while the average sales price fell to $391,000 from $423,000. Gross margin on home sales was 17.7%, versus 22.3% in the prior year, and the filing attributes the decline to lower revenue per square foot and higher land costs, partly offset by lower construction costs. Sales incentives averaged $62,700 per home, or 13.8% of revenues, up from 10.3%. The balance sheet and capital structure changed significantly during the year. The February 2025 spin-off of approximately 80% of Millrose and the November 2025 exchange offer for the remaining 20% reduced equity, with stockholders' equity falling to $21.96 billion from $27.87 billion. Homebuilding debt to total capital rose to 15.7% from 7.5%, and homebuilding cash and equivalents were $3.4 billion at year end. Lennar drew $1.7 billion under its new Delayed Draw Term Loan Facility, issued $700 million of 5.20% senior notes due 2030, and repurchased $1.8 billion of common stock. Operating cash flow fell to $217 million from $2.4 billion, driven by a $1.5 billion increase in deposits and pre-acquisition costs on real estate. The company expects to deliver approximately 85,000 homes in fiscal 2026 and projects first-quarter 2026 gross margins of 15% to 16%. The filing describes a difficult housing market in which affordability and consumer confidence limited demand, and management says it will prioritize volume and even-flow production while its land-light strategy shifts more homesites to options. The company declared a quarterly dividend of $0.50 per share on January 21, 2026. Stuart Miller, Executive Chairman and CEO, holds approximately 42% of the voting power.

Jan 28, 2026 8-K

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 10-Q

Lennar Quarterly Report for Q3 Ended Aug 31, 2025

Lennar Corporation's Form 10-Q for the quarter ended August 31, 2025 reports third-quarter net earnings attributable to Lennar of $590.97 million, or $2.29 per diluted share, down from $1.16 billion, or $4.26 per share, in the prior-year quarter. Homebuilding revenues fell to $8.25 billion from $9.05 billion, with home sales revenue of $8.21 billion. Gross margin on home sales was 17.5% versus 22.5% a year earlier, as management sold more homes than expected but needed additional incentives to do so. Management guides to fourth-quarter 2025 deliveries of 22,000 to 23,000 homes, an average sales price of $380,000 to $390,000, and a margin of approximately 17.5%. The balance sheet changed significantly after the February 7, 2025 spin-off of Millrose Properties, Inc., in which Lennar distributed about 80% of Millrose's stock and contributed $5.6 billion in land assets and $1.0 billion in cash. The company retains roughly 20% of Millrose, carried at $1.2 billion, which it expects to dispose of through a split-off, stock sale or another transaction. Cash and cash equivalents and restricted cash were $1.8 billion across all operations, down from $5.0 billion at November 30, 2024. Homebuilding debt rose to $3.52 billion, and Homebuilding debt to total capital increased to 13.5% from 7.5%. Nine-month operating cash flow was negative at $(1.54) billion. Lennar continued repurchasing stock, with $1.81 billion of repurchases in the nine months, and paid $0.50 per share quarterly dividends. At August 31, 2025 it had $1.7 billion of remaining repurchase authorization. Note that third-quarter 2025 earnings included $99.2 million of mark-to-market gains on technology investments, and that the company acquired Rausch Coleman Homes in February 2025.

Oct 3, 2025 8-K

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 10-Q

Lennar Quarterly Report for Q2 Ended May 31, 2025

Lennar Corporation's Form 10-Q for the quarter ended May 31, 2025 shows a sharp year-over-year decline in profitability. Net earnings attributable to Lennar were $477.4 million, or $1.81 per diluted share, for the second quarter of 2025, versus $954.3 million, or $3.45 per share, a year earlier. Homebuilding revenues were $7.84 billion for the quarter, and gross margin on home sales was 17.8%, compared with 22.6% in the prior-year quarter. Management attributes the margin decline to higher land costs and lower revenue per square foot, partly offset by lower construction costs, and says it chose to maintain volume over margin. For the third quarter of 2025, the company expects to deliver 22,000 to 23,000 homes at an average sales price of $380,000 to $385,000 and a margin of approximately 18%, and it expects full-year 2025 deliveries at the low end of its 86,000 to 88,000 range. The balance sheet changed materially during the period. The February 2025 spin-off of Millrose Properties, Inc. reduced total stockholders' equity from $27.87 billion at November 30, 2024 to $22.58 billion at May 31, 2025, and retained earnings fell by $4.84 billion. Homebuilding cash fell to $1.17 billion from $4.66 billion, while Homebuilding debt rose to $2.79 billion from $2.26 billion after the issuance of $700 million of 5.20% senior notes due 2030, $400 million of net borrowings under the revolving credit facility, and the redemption of $500 million of 4.75% notes due 2025. Homebuilding debt to total capital rose to 11.0% from 7.5%. Operating cash flow was negative $1.38 billion for the six months, driven by a $1.62 billion increase in inventories and a $782 million increase in deposits and pre-acquisition costs. The company repurchased $1.30 billion of common stock and paid $265 million in dividends during the six months. Other notable items include the Rausch Coleman Homes acquisition on February 10, 2025 ($312.6 million of assets acquired), the company's retained 20% stake in Millrose (carried at $1.2 billion), and Lennar Other losses of $91.9 million from technology investments for the six months. The company declared a quarterly dividend of $0.50 per share on June 19, 2025 and had $2.2 billion remaining under its stock repurchase authorization at May 31, 2025.

Jul 1, 2025 8-K

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 10-Q

Lennar Quarterly Report for Q1 Ended Feb 28, 2025

Lennar Corporation's first-quarter 2025 Form 10-Q (quarter ended February 28, 2025, filed April 4, 2025) reports net earnings attributable to Lennar of $519.5 million, or $1.96 per share, compared with $719.3 million, or $2.57 per share, in the prior-year quarter. Revenues were $7.63 billion versus $7.31 billion. Homebuilding sales of homes reached $7.24 billion, with 17,834 homes delivered at an average sales price of $408,000, and the gross margin on home sales was 18.7% versus 21.8% a year earlier. Results were affected by $62.5 million of realized and unrealized losses on technology investments, and the company described a challenging housing market with affordability and credit constraints and rising incentives. The quarter was dominated by structural changes. On February 7, 2025, Lennar completed the taxable spin-off of Millrose Properties, Inc., distributing about 80% of its stock and contributing $5.6 billion of land assets (about 87,000 homesites) and $1.0 billion of cash. Lennar retains about 20% of Millrose, carried at $1.2 billion, and expects to dispose of it later in the year. On February 10, 2025, it acquired Rausch Coleman Homes for cash funded from working capital. Total assets fell to $34.99 billion from $41.31 billion at November 30, 2024, and total equity fell to $22.87 billion from $28.02 billion, largely reflecting the spin-off. Liquidity is solid: homebuilding cash and cash equivalents were $2.28 billion, with no borrowings under the $3.0 billion revolving credit facility. Operating cash flow was negative at $(289) million, driven by $758 million of increased deposits and pre-acquisition costs tied to option contracts, including with Millrose. The company repurchased $775 million of stock and paid $132 million in dividends. For the second quarter of 2025, management expects to sell 22,500 to 23,500 homes, deliver 19,500 to 20,500 homes, and achieve a margin of approximately 18%.

Apr 4, 2025 8-K

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 10-K

Lennar Annual Report, Year Ended Nov 30, 2024

Lennar Corporation reported fiscal 2024 (year ended November 30, 2024) results with homebuilding operations generating $34 billion in revenues, or approximately 96% of consolidated revenues. The company delivered 80,210 homes in fiscal 2024, up from 73,087 in fiscal 2023, while the average sales price fell to $423,000 from $446,000. Net earnings attributable to Lennar were $3.9 billion, or $14.31 per diluted share, compared with $3.9 billion, or $13.73 per diluted share, in 2023. Gross margin on home sales was 22.3%, compared with 23.3% a year earlier, as incentives rose; sales incentives averaged 10.3% of home sales revenues versus 8.8% in 2023. Management said mortgage rates climbed approximately 100 basis points in the fourth quarter instead of falling, which stalled sales and forced higher incentives. For fiscal 2025 the company anticipates 17,000 to 17,500 closings in the first quarter with gross margins of 19% to 19.25%, and 86,000 to 88,000 deliveries for the year. The central strategic development is the planned spin-off of Millrose Properties Inc., into which Lennar expects to contribute land with an expected total aggregate value between $5.0 billion and $6.0 billion plus approximately $1.0 billion of cash. Lennar's Board declared a stock dividend under which roughly 80% of Millrose's outstanding shares will be distributed to stockholders of record as of January 21, 2025, with a distribution date of February 7, 2025. Lennar also agreed to acquire Rausch Coleman Homes, expected to close in the first quarter of 2025. Balance sheet metrics remained strong: homebuilding debt to total capital was 7.5% at November 30, 2024, and the company repurchased $2.3 billion of common stock during the year. Key risks include pressure from elevated interest rates on affordability and cancellations, which were 14% in 2024 versus 16% in 2023, and execution risk on the Millrose transaction, which remains subject to conditions and an uncertain timeline. Backlog value declined to $5.4 billion from $6.6 billion.

Jan 23, 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

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 10-Q

Lennar Quarterly Report for Q3 Ended Aug 31, 2024

Lennar Corporation's Form 10-Q for the quarter ended August 31, 2024 (filed October 2, 2024) shows third-quarter net earnings attributable to Lennar of $1.16 billion, or $4.26 per diluted share, compared with $1.11 billion, or $3.87 per share, a year earlier. Revenues rose to $9.42 billion from $8.73 billion. Homebuilding revenue of $9.05 billion reflected 21,516 home deliveries at an average sales price of $422,000, versus 18,559 deliveries at $448,000 in the prior-year quarter. Gross margin on home sales was 22.5%, down from 24.4%, as management pushed volume through higher absorption and increased incentives. For the nine months, net earnings attributable to Lennar were $2.84 billion, or $10.26 per share. Balance sheet and capital allocation were central themes. Homebuilding cash and cash equivalents fell to $4.04 billion from $6.27 billion at November 30, 2023, as the company repurchased $1.73 billion of common stock, paid $414 million in dividends, and invested $985 million (increase) in deposits and pre-acquisition costs on real estate. Homebuilding senior notes and other debt declined to $2.26 billion from $2.82 billion after the early redemption of $454 million of 4.50% notes due 2024. Total stockholders' equity rose to $27.41 billion. Net cash provided by operating activities was $1.43 billion for the nine months, compared with $2.59 billion a year earlier. The filing states that remaining repurchase authorization was $3.9 billion. Management describes an ongoing shift to a land-light model and a planned spin-off of Millrose Properties Inc., expected to hold land and cash with an expected book value of $6.0 billion to $8.0 billion. The company expects 22,500 to 23,000 closings in the fourth quarter and approximately 80,500 to 81,000 homes for fiscal 2024. A one-time $179.0 million net gain on the sale of LMV Fund I rental projects was offset by a one-time $90.0 million write-down of non-core Multifamily assets.

Oct 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 10-Q

Lennar Quarterly Report for Q2 Ended May 31, 2024

Lennar Corporation's Form 10-Q for the quarter ended May 31, 2024 (filed June 28, 2024) reports second-quarter 2024 net earnings attributable to Lennar of $954.3 million, or $3.45 per diluted share, versus $871.7 million, or $3.01 per share, a year earlier. Total revenues were $8.77 billion for the quarter, up from $8.05 billion, driven by Homebuilding revenues of $8.38 billion. Homebuilding deliveries rose to 19,690 homes from 17,074, while the average sales price of homes delivered fell to $426,000 from $449,000, which the filing attributes primarily to pricing to market through increased use of incentives and product mix. Gross margin on home sales was 22.6% for the quarter, compared with 22.5% a year earlier. Second-quarter net earnings include $21.5 million of mark-to-market losses on technology investments and a $46.5 million one-time gain on the sale of a technology investment. The balance sheet remained strong. Homebuilding cash and cash equivalents were $3.60 billion at May 31, 2024, and Homebuilding debt to total capital was 7.7%, down from 9.6% at November 30, 2023. Senior notes and other Homebuilding debt fell to $2.24 billion from $2.82 billion after the April 2024 redemption of $454 million of 4.50% senior notes and $100 million of repurchases of 4.75% notes due 2027. The company had no borrowings under its $2.2 billion revolving Credit Facility. Stockholders' equity rose to $26.88 billion. During the six months, the company repurchased $1.2 billion of common stock and paid $278 million in dividends. Operating cash flow was $610 million for the six months, compared with $1.6 billion a year earlier, mainly because of higher inventory and deposit and pre-acquisition spending. Management outlined a plan to move toward an asset-light model. It is proposing to contribute $6 billion to $8 billion of land to a new entity to be spun off to stockholders, a transaction the filing describes as early-stage with no specific timeline or guarantee of completion. For the third quarter, management expects 20,500 to 21,000 home sales at an approximately 23% gross margin, and for the full year about 80,000 home deliveries with a little over 23% gross margin and more than $2 billion of stock repurchases.

Jun 28, 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 10-K

Lennar Annual Report (Amendment), Year Ended Nov 30, 2023

Lennar Corporation filed Amendment No. 1 on Form 10-K/A to its Annual Report for the fiscal year ended November 30, 2023, which was originally filed on January 26, 2024. The sole purpose of the amendment is to file Exhibit 97, the Executive Officer Recovery Policy, which the company had inadvertently omitted from the original filing. The policy was adopted by the Board of Directors on June 22, 2023, became effective December 1, 2023, and covers incentive-based compensation received by current or former executive officers on or after October 2, 2023. The amendment consists of the cover page, the explanatory note, the exhibit index, and the exhibits filed with it, and it does not update the financial statements or other disclosures in the original report. The filing also contains new Section 302 certifications from the principal executive officers and principal financial officer. Paragraphs 3, 4 and 5 of those certifications are omitted because the amendment does not contain or amend disclosure under Items 307 and 308 of Regulation S-K. No Section 906 certifications are included because the amendment contains no financial statements. Financial statements remain as presented in Part II, Item 8 of the original Form 10-K, and the iXBRL financial data is incorporated by reference to Exhibit 101 of that original filing. As of March 31, 2024, the registrant had 244,864,557 shares of Class A common stock and 33,283,143 shares of Class B common stock outstanding. The aggregate market value of Class A and Class B common stock held by non-affiliates was $27,813,041,884 as of May 31, 2023, based on the New York Stock Exchange closing price on that date. The exhibit index also lists previously filed agreements, including an Eighth Amended and Restated Credit Agreement dated May 23, 2022, and a separation agreement with Rick Beckwitt dated July 14, 2023.

Apr 25, 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 10-Q

Lennar Quarterly Report for Q1 Ended Feb 29, 2024

Lennar Corporation's Form 10-Q for the quarter ended February 29, 2024 reports net earnings attributable to Lennar of $719.3 million, or $2.57 per diluted share, compared with $596.5 million, or $2.06 per diluted share, in the first quarter of 2023. Total revenues were $7.31 billion versus $6.49 billion a year earlier. Homebuilding revenues from home sales rose to $6.9 billion, driven by a 23% increase in home deliveries to 16,798 homes, partly offset by an 8% decrease in the average sales price to $413,000. Gross margin on home sales was 21.8%, up from 21.2%, though selling, general and administrative expenses rose to 8.2% of home sales revenue from 7.4%. The balance sheet remained strong, with homebuilding cash and cash equivalents of $4.95 billion, homebuilding debt of $2.83 billion, and no outstanding borrowings under the $2.6 billion revolving Credit Facility. Homebuilding debt to total capital was 9.6%, and net homebuilding debt to total capital was (8.6)%. Operating cash flow was $367.9 million, down from $978 million, reflecting higher deposits and pre-acquisition costs on real estate and higher inventory investment. During the quarter the company repurchased $595.1 million of stock and paid $139.4 million in dividends. In January 2024 the board raised the dividend to $0.50 per share quarterly and added $5 billion to the repurchase authorization. Management stated it is considering a taxable spinoff of excess land to create a permanent land capital vehicle, and that the company expects 80,000 home deliveries in fiscal 2024 with a margin of a little over 23%. Management also flagged concerns about the durability of private equity land banking arrangements that its land-light strategy relies on.

Mar 29, 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 10-K

Lennar Annual Report, Year Ended Nov 30, 2023

Lennar Corporation (LEN) reported fiscal 2023 (year ended November 30, 2023) results as one of the largest homebuilders in the United States by deliveries, revenues and net earnings. Homebuilding generated $33 billion in revenues, or approximately 95% of consolidated revenues. Net earnings attributable to Lennar were $3.9 billion, or $13.73 per diluted and basic share, compared with $4.6 billion, or $15.72 per diluted share, in 2022. Home deliveries rose to 73,087 from 66,399, but the average sales price fell to $446,000 from $480,000, and gross margins on home sales declined to 23.3% from 27.5% as the company used incentives to keep homes affordable amid higher interest rates. Sales incentives rose to 8.8% of home sales revenues from 3.5%. The balance sheet strengthened considerably. Homebuilding cash and cash equivalents reached $6.3 billion, the $2.6 billion revolving Credit Facility had no outstanding borrowings, and homebuilding debt fell to $2.82 billion from $4.05 billion, leaving net homebuilding cash of $3.5 billion over debt. The company repurchased $1.1 billion of senior notes and $1.1 billion of its stock, and it increased its annual dividend to $2.00 per share from $1.50 in January 2024. Backlog declined to $6.6 billion from $8.7 billion. Management stated it expects to deliver 80,000 homes in 2024 and is pursuing a land-light strategy, with 76% of homesites controlled through options rather than owned. Key risks highlighted include the effect of interest rates on buyer demand, cancellation rates of 16% in 2023, the planned spin-off of multifamily and single-family rental businesses into Quarterra Group, Inc. (which has been deferred), and the concentrated voting power of Executive Chairman Stuart Miller, who holds approximately 36% of votes. Lennar Other recorded unrealized losses of $50.2 million on publicly traded technology investments in 2023, compared with $655.1 million in 2022.

Jan 26, 2024 8-K

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 10-Q

Lennar Quarterly Report for Q3 Ended Aug 31, 2023

Lennar Corporation's Form 10-Q for the quarter ended August 31, 2023 reports third-quarter net earnings attributable to Lennar of $1.11 billion, or $3.87 per diluted share, compared with $1.47 billion, or $5.03 per diluted share, in the prior-year quarter. Homebuilding revenues were $8.32 billion for the quarter, with 18,559 homes delivered at an average sales price of $448,000, versus $491,000 a year earlier. Gross margin on home sales was 24.4%, compared with 29.2% in the third quarter of 2022. Results included $15.7 million of unrealized mark-to-market losses on publicly traded technology investments. For the nine months, net earnings attributable to Lennar were $2.58 billion, or $8.94 per diluted share. Balance sheet and liquidity remained strong. Homebuilding cash and cash equivalents were $3.89 billion at August 31, 2023, and there were no outstanding borrowings under the $2.6 billion revolving Credit Facility. Homebuilding debt to total capital fell to 11.5% from 14.4% at November 30, 2022, and net homebuilding debt to total capital was (2.3)%. During the nine months, the company repurchased $841.6 million of common stock and paid $325.4 million in dividends, and it declared a quarterly dividend of $0.375 per share on September 27, 2023. Management guided to fourth-quarter 2023 deliveries of 21,500 to 22,500 homes with a gross margin of 24.4% to 24.6%, and full-year 2023 deliveries of 70,800 to 71,800 homes. Management also said it expects continued cost pressure and increased use of brokers to support sales, and noted that a planned spin-off of its Multifamily and single family rental asset management businesses into Quarterra Group, Inc. has been deferred due to market conditions.

Sep 29, 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 10-Q

Lennar Quarterly Report for Q2 Ended May 31, 2023

Lennar Corporation's Form 10-Q for the quarter ended May 31, 2023 reports second-quarter 2023 net earnings attributable to Lennar of $871.7 million, or $3.01 per diluted share, versus $1.32 billion, or $4.49 per diluted share, in the second quarter of 2022. Total revenues were $8.05 billion, down from $8.36 billion. Homebuilding revenues were $7.67 billion, with sales of homes of $7.64 billion. Gross margin on home sales was 22.5%, compared with 29.5% a year earlier, as the company priced homes to market and costs per square foot rose on higher materials and labor costs. Selling, general and administrative expenses were $510.7 million, or 6.7% of home sale revenues, compared with 6.1% a year earlier. Net earnings excluding mark-to-market gains and losses on technology investments were $852 million, or $2.94 per diluted share, in the second quarter of 2023. For the six months, net earnings attributable to Lennar were $1.47 billion, or $5.07 per diluted share, compared with $1.82 billion, or $6.16 per diluted share. Net cash provided by operating activities was $1.64 billion, compared with $52.6 million in the prior-year period. Cash and cash equivalents and restricted cash totaled $4.3 billion at May 31, 2023. Homebuilding debt to total capital was 13.3%, and net homebuilding debt to total capital was negative 0.6%, reflecting a net cash position. The company had no outstanding borrowings under its Credit Facility, with about $6.6 billion of available capacity cited in the filing. During the six months, Lennar repurchased $465.3 million of common stock and paid $218.3 million in dividends, and it repurchased $157.8 million of senior notes. Management's outlook for the third quarter of 2023 calls for new orders of 18,000 to 19,000 homes, deliveries of 17,750 to 18,250 homes, and a gross margin of 23.5% to 24.0%. For full-year 2023, the company targets deliveries of 68,000 to 70,000 homes. The filing also notes that the company deferred a planned spin-off of its Multifamily and single family home for rent asset management businesses into a subsidiary named Quarterra Group, Inc., citing market conditions.

Jun 30, 2023