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Lennar Corporation is one of the largest homebuilders in the United States, primarily engaged in the construction and sale of single-family attached and detached homes. The company's operations are centered around homebuilding, which is the most substantial part of their business, generating the majority of their revenues in fiscal 2023 . Lennar offers a range of homes targeted at various buyers, including first-time, move-up, active adult, and luxury homebuyers, with an average sales price of $446,000 in fiscal 2023 . In addition to homebuilding, Lennar has diversified operations in financial services, multifamily rental properties, and strategic investments .
- Homebuilding - Constructs and sells single-family attached and detached homes, catering to first-time, move-up, active adult, and luxury homebuyers.
- Financial Services - Provides mortgage financing, title, and closing services to support homebuyers.
- Multifamily - Develops multifamily rental properties, expanding the company's presence in the rental market.
- Lennar Other - Engages in strategic investments, including technology investments and fund interests.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jonathan M. Jaffe ExecutiveBoard | Co-CEO and President | None | Joined Lennar in 1994, held various leadership roles, including COO and President. Became Co-CEO in September 2023. Extensive homebuilding and operational expertise. | |
Stuart Miller ExecutiveBoard | Executive Chairman and Co-CEO | Non-employee Executive Chairman of Five Point Holdings, LLC | Longtime Lennar leader, CEO from 1997 to 2018, now Executive Chairman and Co-CEO since September 2023. Key in defining Lennar's strategy and growth. | |
David Collins Executive | Vice President and Controller | None | Joined Lennar in 1998, became Controller in 2008 and Vice President in 2021. | |
Diane J. Bessette Executive | Vice President and CFO | Board Member of the Miami Branch of the Federal Reserve Bank of Atlanta | Joined Lennar in 1995, became CFO in 2018. Oversees financial operations and strategy. | |
Jeff McCall Executive | Executive Vice President | None | Joined Lennar in 2018. Currently EVP, transitioning to a non-executive role in June 2024. Former COO of Quarterra Group. | |
Mark Sustana Executive | Vice President, General Counsel, and Secretary | None | Joined Lennar in 2005. Oversees legal and corporate governance matters. | |
Amy Banse Board | Director | Board Member at Adobe, Inc., On Holding AG, and The Clorox Company | Independent director since 2021. Former Comcast executive with expertise in digital media and technology. | |
Armando Olivera Board | Lead Director | Board Member at Consolidated Edison, Inc. and Fluor Corporation; Trustee Emeritus at Cornell University | Director since 2015. Former CEO of Florida Power & Light Company, with expertise in engineering and operations. | |
Dacona Smith Board | Director | None | Director since September 2023. Former Walmart EVP and COO with over 30 years of operational leadership experience. | |
Jeffrey Sonnenfeld Board | Director | Board Member at IEX Group Investors Exchange and Atlas Merchant Capital | Director since 2005. Yale professor and leadership expert, recognized for his influence in corporate governance. | |
Serena Wolfe Board | Director | Board Member at Doma Holdings, Inc. | Director since September 2023. CFO of Annaly Capital Management, with extensive accounting and financial expertise. | |
Sherrill W. Hudson Board | Director | Board Member at American Coastal Insurance Corporation, CBIZ, Inc., and United Insurance Holdings Corp. | Director since 2008. Former Chairman and CEO of TECO Energy, with extensive accounting and management expertise. | |
Teri P. McClure Board | Director | Board Member at Fluor Corporation, GMS Inc., and JetBlue Airways Corporation | Director since 2013. Former UPS executive with expertise in legal, compliance, and HR. | |
Theron (Tig) Gilliam Board | Director | CEO of NES Fircroft; Board Member at GMS, Inc. | Director since 2010. CEO of NES Fircroft, with extensive leadership experience in talent solutions. |
- Can you provide more specific details on how the $4 billion of cash on your balance sheet will be utilized, especially in relation to the evolving configuration of Millrose and any potential impact on your capital allocation strategy?
- With your significant shift to an asset-light, land-light model, what risks do you foresee in relying heavily on third-party land banking partnerships, and how do you plan to mitigate those risks, particularly during market downturns?
- Considering that only half of your delivery system has transitioned to the asset-light model so far, what challenges are you encountering in implementing this strategy across all divisions, and what steps are you taking to address them?
- As you reduce reliance on realtors to lower SG&A costs, how are you ensuring that this doesn't adversely affect your sales volumes or customer acquisition, especially when competitors may still leverage realtor networks extensively?
- Could you elaborate on how the Millrose spin-off will impact your SG&A expenses and overall cost structure, given that you've indicated limited personnel movement but have not provided specific details on the financial implications?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rausch Coleman Homes | 2025 | Lennar Corporation completed the acquisition on February 10, 2025, acquiring Rausch Coleman’s homebuilding operations (which delivered about 5,300 homes at an average sales price of $230,000 in 2024) while transferring the land assets to its subsidiary, Millrose Properties. This deal strategically expands Lennar into new markets and supports its asset-light strategy aimed at generating outsized returns and addressing the housing shortage. |
Recent press releases and 8-K filings for LEN.
- Filing Date: The Form 8-K was filed on April 9, 2025, detailing significant corporate events including the 2025 Annual Meeting of Stockholders.
- Proxy Vote Results: The filing covers the outcomes of six proposals, including the election of directors, advisory approval of executive compensation, auditor ratification, and rejections of proposals on an independent board chairman and disclosure initiatives.
- Exhibit and Signatory Details: It includes exhibit information regarding the required interactive data and was signed by Vice President and CFO Diane Bessette, attesting to the document's correctness.
- Lennar Corp delivered solid Q1 2025 results amid a challenging housing market, highlighted by 17,651 homes started, 17,834 delivered, and 18,355 sold, alongside its strategic shift to an asset-light, just-in-time homesite delivery model following the Millrose spin-off and the Rausch Coleman acquisition.
- The company maintained a strong balance sheet, ending the quarter with $2.3 billion in cash and an 8.9% debt-to-total capital ratio, while repurchasing 5.2 million shares for $703 million and paying dividends.
- High sales incentives (approximately 13%) impacted gross margins, reducing them to 18.7% with a resulting net margin of 10.2%, reflecting efforts to stimulate volume and address affordability issues in a subdued demand environment.
- For Q2, Lennar provided guidance expecting 22,500–23,500 new orders and 19,500–20,500 deliveries, with an anticipated average sales price in the range of $390,000 to $400,000 and a target gross margin near 18%.
- Lennar reported first quarter 2025 net earnings of $520 million and earnings per diluted share of $1.96, driven by strong home deliveries (17,834 homes) and total revenues of $7.6 billion, despite a slightly lower average sales price compared to last year.
- The company completed its asset-light strategy by spinning off Millrose Properties on February 7 and acquiring Rausch Coleman Homes on February 10, expanding its market presence in new regions.
- Additional highlights include a robust balance sheet with $2.3 billion in cash, a share repurchase program worth $703 million, and operational improvements through enhanced production efficiency and controlled inventory levels.
- Net earnings of $520 million and diluted earnings per share of $1.96 were reported for Q1 2025, reflecting a decrease from the prior year.
- The company delivered 17,834 homes and recorded new orders for 18,355 homes, indicating steady operational performance.
- Lennar maintained a strong balance sheet with $2.3 billion in cash and no outstanding borrowings on its $3.0 billion revolving credit facility, while also repurchasing 5.2 million shares for $703 million.
- Strategic initiatives were executed with the tax-efficient spin-off of Millrose Properties and the acquisition of Rausch Coleman Homes, expanding Lennar’s market footprint.