Lennar Corporation: America’s Leading Homebuilder

Lennar Corporation stands as a titan in the U.S. homebuilding industry, renowned for its innovative strategies, robust financial performance, and commitment to creating vibrant residential communities. With a legacy spanning over seven decades, Lennar has evolved into a diversified enterprise, excelling in homebuilding, financial services, multifamily development, and technology-driven real estate solutions.

Detailed Company Profile

Lennar Corporation, founded in 1954 and headquartered in Miami, Florida, is one of the largest homebuilders in the United States, distinguished by its scale, efficiency, and strategic foresight. Listed on the New York Stock Exchange under the tickers LEN and LEN.B, Lennar operates as a Delaware corporation with a federal tax identification number of 95-4337490. The company’s mission is to build attainable homes, foster healthier housing markets, and deliver exceptional value to shareholders, customers, and communities.

In fiscal 2024, Lennar achieved total revenues of $35.4 billion, net earnings of $3.9 billion, and delivered 80,210 homes, marking a 10% growth in home deliveries year-over-year. The company’s operations span homebuilding, financial services, multifamily rental property development, and strategic investments in real estate technology. Lennar’s homebuilding operations, which account for 96% of consolidated revenues ($34 billion), are the cornerstone of its business, targeting first-time, move-up, active adult, and luxury homebuyers across diverse markets.

Lennar’s strategic pillars include a land-light/asset-light business model, even-flow production, and a technology-driven approach to marketing and sales. In 2024, the company executed a transformative spin-off of its land assets into Millrose Properties (NYSE: MRP), enhancing its focus on homebuilding efficiency and capital recycling. This move reduced Lennar’s exposure to capital-intensive land development, positioning it as a nimble, high-return home manufacturing entity. Additionally, Lennar’s acquisition of Rausch Coleman Homes in early 2025 expanded its footprint and reinforced its land-light strategy.

The company’s financial discipline is evident in its low debt-to-capital ratio of 7.5%, strong cash flow generation ($3.3 billion returned to equity and debt holders in 2024), and a return on inventory of 29.2%. Lennar’s commitment to innovation is reflected in its “Everything’s Included®” approach, standardized Core Plans, and digital marketing tools like the dynamic pricing model, which optimize affordability and customer experience. With 1,447 active communities and 82% of homesites controlled through options, Lennar balances growth with operational efficiency.

Lennar’s leadership, led by Executive Chairman and Co-CEO Stuart Miller and Co-CEO and President Jonathan Jaffe, drives a culture of excellence. The company employs a lean workforce, relying on independent subcontractors for construction and land development, which enhances flexibility and cost control. Lennar’s investments in technology companies and partnerships with land banks further underscore its forward-thinking approach, ensuring resilience in a dynamic economic environment characterized by inflation, high interest rates, and affordability challenges.

Business Segments

Lennar Corporation operates through four reportable segments: Homebuilding, Financial Services, Multifamily, and Lennar Other. Each segment plays a distinct role in the company’s ecosystem, contributing to its diversified revenue stream and strategic objectives. Below is a detailed overview of each segment, including revenue contributions for fiscal 2024.

1. Homebuilding

• Overview: The Homebuilding segment is Lennar’s primary revenue driver, encompassing the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land. Lennar builds communities for first-time, move-up, active adult, and luxury homebuyers, leveraging its “Everything’s Included®” approach and standardized Core Plans to deliver value and efficiency.
• Key Strategies:
  • Land-Light Model: Lennar controls 82% of its homesites through options or agreements, reducing owned land inventory and capital exposure. The 2025 Millrose spin-off further advances this strategy by outsourcing land development.
  • Even-Flow Production: Matches production pace with sales pace, using gross margins as a shock absorber to maintain volume and avoid excess inventory.
  • Dynamic Pricing: Utilizes a technology-driven pricing model to adjust home prices on a community-by-community basis, ensuring affordability and market share growth.
  • Digital Marketing: Employs digital channels to reduce customer acquisition costs and enhance the homebuying experience.
• Operational Metrics (Fiscal 2024):
  • Delivered 80,210 homes, up 10% from 73,087 in 2023.
  • Average sales price: $423,000, down from $446,000 in 2023 due to affordability-focused incentives.
  • New orders: 76,951 homes.
  • Gross margin on home sales: 22.3%.
  • Active communities: 1,447, including 11 by unconsolidated entities.
• Revenue Contribution: $34 billion, representing 96% of consolidated revenues.
• Geographical Divisions:
  • East: Alabama, Florida, New Jersey, Pennsylvania.
  • Central: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, Virginia.
  • Texas: Texas.
  • West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, Washington.
  • Other: Urban divisions and investments, primarily in California (e.g., FivePoint Holdings, LLC).

2. Financial Services

• Overview: The Financial Services segment originates residential and commercial mortgage loans, provides title insurance, and offers closing services. It supports Lennar’s homebuyers by streamlining the financing process and enhances profitability through integrated services.
• Key Offerings:
  • Mortgage origination for home purchases and refinancing.
  • Title insurance to ensure clear property ownership.
  • Escrow and closing services to facilitate transactions.
• Strategic Focus: Leverages Lennar’s homebuilding volume to capture ancillary revenue, ensuring a seamless customer experience from purchase to closing.
• Revenue Contribution: Approximately 3% of consolidated revenues (estimated at $1.06 billion, based on total revenues of $35.4 billion and Homebuilding’s 96% share).
• Operational Highlights: Benefits from Lennar’s scale, with services primarily tied to homebuilding transactions, though specific operational metrics are not detailed.

3. Multifamily

• Overview: The Multifamily segment focuses on developing, owning, and managing multifamily rental properties through direct operations and sponsorship of funds or joint ventures. Lennar targets urban and suburban markets with demand for high-quality rental housing.
• Key Activities:
  • Develops multifamily communities, including luxury high-rise towers (e.g., through prior WCI Communities acquisition).
  • Manages funds and joint ventures for institutional investors, generating development and management fees.
• Strategic Focus: Diversifies Lennar’s portfolio beyond single-family homes, capitalizing on rental housing demand driven by affordability challenges and urbanization.
• Revenue Contribution: Less than 1% of consolidated revenues (estimated at $0.35 billion, based on residual revenue after Homebuilding and Financial Services).
• Operational Highlights: Complements homebuilding by acquiring land for both single-family and multifamily projects, enhancing land acquisition efficiency.

4. Lennar Other

• Overview: The Lennar Other segment includes strategic investments in companies applying technology to improve the homebuilding and financial services industries, as well as sponsorship of a fund for single-family rental properties.
• Key Investments:
  • Technology companies focused on reducing customer acquisition costs and enhancing operational efficiencies.
  • Single-family rental property fund, addressing the growing demand for rental homes.
• Strategic Focus: Positions Lennar as an innovator by integrating technology into its operations and diversifying revenue through alternative real estate models.
• Revenue Contribution: Negligible, less than 1% of consolidated revenues (included in the $0.35 billion estimate for Multifamily and Lennar Other).
• Operational Highlights: Investments in FivePoint Holdings, LLC, and technology partnerships drive long-term value, though specific financial impacts are minimal in 2024.

Revenue Breakup Summary

Segment	Revenue ($ Billion)	Percentage of Total
Homebuilding	34.0	96%
Financial Services	1.06	3%
Multifamily	0.35 (combined)	<1%
Lennar Other		<1%
Total	35.4	100%

Products and Services Offered

Lennar Corporation offers a range of products and services centered around residential real estate, financial solutions, and technology-driven innovations. Below is a comprehensive list with details and estimated revenue contributions.

1. Single-Family Homes

• Description: Lennar constructs and sells single-family attached (e.g., townhomes) and detached homes in master-planned communities. These homes cater to first-time, move-up, active adult, and luxury homebuyers, featuring the “Everything’s Included®” approach, which incorporates luxury features as standard.
• Key Features:
  • Next Gen® Homes: Multi-generational designs with separate living spaces for children, parents, or remote offices.
  • Core Plans: Standardized, value-engineered floor plans that reduce construction costs while maintaining quality.
  • Dynamic Pricing: Technology-driven pricing adjustments to ensure affordability and market competitiveness.
• Target Markets: Diverse buyer segments across 1,447 communities in 21 states, with an average sales price of $423,000 in 2024.
• Revenue Contribution: Approximately $33.9 billion (99.7% of Homebuilding revenue, based on 80,210 deliveries at $423,000 average price).

2. Residential Land Sales

• Description: Lennar purchases, develops, and sells residential land, either directly or through entities in which it has investments. This includes lots sold to other builders or retained for Lennar’s homebuilding.
• Key Features:
  • Controlled 82% of homesites through options or agreements, minimizing capital tied to owned land.
  • Millrose Properties (post-2025 spin-off) manages land assets, delivering just-in-time homesites for construction.
• Target Markets: Aligns with homebuilding operations across East, Central, Texas, West, and Other divisions.
• Revenue Contribution: Minimal, approximately $0.1 billion (0.3% of Homebuilding revenue, estimated based on residual Homebuilding revenue).

3. Mortgage Origination

• Description: Through its Financial Services segment, Lennar originates residential and commercial mortgage loans, primarily for its homebuyers, facilitating seamless home purchases.
• Key Features:
  • Offers competitive rates and streamlined processes integrated with homebuying.
  • Supports both purchase and refinancing needs.
• Target Markets: Lennar homebuyers and select external clients in markets where Lennar operates.
• Revenue Contribution: Approximately $0.8 billion (75% of Financial Services revenue, estimated based on segment’s focus on mortgage-related activities).

4. Title Insurance and Closing Services

• Description: Provides title insurance to ensure clear property ownership and offers escrow and closing services to finalize real estate transactions.
• Key Features:
  • Enhances customer experience by integrating services into the homebuying process.
  • Leverages Lennar’s transaction volume for efficiency.
• Target Markets: Primarily Lennar homebuyers, with potential external clients in operational markets.
• Revenue Contribution: Approximately $0.26 billion (25% of Financial Services revenue, estimated based on ancillary services).

5. Multifamily Rental Properties

• Description: Develops and manages multifamily rental communities, including apartments and luxury high-rise towers, through direct operations or sponsored funds/joint ventures.
• Key Features:
  • Targets high-demand urban and suburban markets.
  • Generates development fees, rental income, and management fees.
• Target Markets: Select markets with strong rental demand, often overlapping with homebuilding regions.
• Revenue Contribution: Approximately $0.3 billion (85% of Multifamily revenue, estimated based on segment’s primary activity).

6. Single-Family Rental Properties (Fund Sponsorship)

• Description: Sponsors and manages a fund engaged in the ownership of single-family rental properties, addressing the growing rental market.
• Key Features:
  • Provides stable income through rental yields.
  • Aligns with Lennar’s diversification strategy.
• Target Markets: Markets with high rental demand, primarily in homebuilding regions.
• Revenue Contribution: Approximately $0.05 billion (15% of Multifamily and Lennar Other revenue, estimated based on niche activity).

7. Technology Investments

• Description: Invests in and partners with companies developing technology to improve homebuilding and financial services, such as customer acquisition tools and operational efficiencies.
• Key Features:
  • Includes investments in FivePoint Holdings, LLC, and other tech-driven real estate ventures.
  • Enhances Lennar’s digital marketing and dynamic pricing capabilities.
• Target Markets: Industry-wide, with applications in Lennar’s operations.
• Revenue Contribution: Negligible, less than $0.01 billion (included in Lennar Other).

Revenue Breakup Summary

Product/Service	Revenue ($ Billion)	Percentage of Total
Single-Family Homes	33.9	95.8%
Residential Land Sales	0.1	0.3%
Mortgage Origination	0.8	2.3%
Title Insurance & Closing Services	0.26	0.7%
Multifamily Rental Properties	0.3	0.8%
Single-Family Rental Properties	0.05	0.1%
Technology Investments	<0.01	<0.1%
Total	35.4	100%

Company History

Lennar Corporation’s journey began in 1954 as a local homebuilder in Miami, Florida, and has since grown into a national leader through organic expansion, strategic acquisitions, and innovative strategies. Below is a comprehensive timeline of Lennar’s evolution:

• 1954: Founded in Miami, Florida, as a local homebuilder, focusing on single-family homes in the burgeoning South Florida market.
• 1971: Completed its initial public offering (IPO), marking a significant milestone in accessing capital markets for growth.
• 1972: Listed common stock on the New York Stock Exchange, enhancing visibility and investor confidence.
• 1980s–1990s: Expanded operations into key homebuilding markets, including California, Florida, and Texas, through organic growth and acquisitions. Notable acquisitions included Pacific Greystone Corporation in 1997, strengthening Lennar’s West Coast presence.
• 2000: Acquired U.S. Home Corporation, expanding into New Jersey, Maryland, Virginia, Minnesota, and Colorado, and reinforcing positions in existing markets.
• 2002–2005: Acquired several regional homebuilders, entering new markets and solidifying existing ones, enhancing Lennar’s national footprint.
• 2010–2013: Expanded into Georgia, Oregon, Washington, and Tennessee, capitalizing on post-recession recovery opportunities.
• 2017: Acquired WCI Communities, Inc., a luxury homebuilder specializing in single-family and multifamily homes, including high-rise towers, primarily in Florida.
• 2018: Acquired CalAtlantic Group, Inc., a major homebuilder operating in 43 metropolitan areas across 19 states, broadening Lennar’s portfolio from entry-level to luxury homes and adding mortgage, title, and escrow services.
• 2020: Institutionalized a land-light strategy by launching the Essential Housing program with Angelo Gordon and forming land bank relationships with Kennedy Lewis and others, reducing balance sheet leverage.
• 2024: Achieved significant milestones, including:
  • Delivered 80,210 homes, a 10% increase from 2023.
  • Generated $35.4 billion in revenues and $3.9 billion in net earnings.
  • Reduced debt-to-capital ratio to 7.5%.
  • Agreed to acquire Rausch Coleman Homes, completed in early 2025, adding 5,300 homes annually and expanding into Arkansas, Oklahoma, Alabama, and Kansas/Missouri.
• 2025: Executed the spin-off of Millrose Properties (NYSE: MRP), creating an independent company to manage Lennar’s land assets, delivering just-in-time homesites, and reducing capital intensity.

Throughout its history, Lennar has navigated economic cycles, including inflation, high interest rates, and affordability challenges, by maintaining a disciplined operating strategy. The company’s focus on land-light operations, technology integration, and strategic acquisitions has positioned it for sustained growth and resilience.

Brands

Lennar Corporation primarily operates under the “Lennar” brand, which encompasses its homebuilding, financial services, and multifamily activities. The company also leverages sub-brands and acquired brands to target specific market segments. Below is a detailed list with estimated revenue contributions.

1. Lennar (Primary Brand)

• Description: The flagship brand for Lennar’s homebuilding operations, representing single-family homes, land development, and community planning. Known for the “Everything’s Included®” approach, which standardizes luxury features, and Next Gen® homes for multi-generational living.
• Key Features:
  • Targets first-time, move-up, active adult, and luxury buyers.
  • Operates in 1,447 communities across 21 states.
  • Utilizes Core Plans for cost efficiency and dynamic pricing for affordability.
• Revenue Contribution: $34 billion (96% of total revenues, encompassing all Homebuilding activities).

2. Everything’s Included®

• Description: A proprietary sub-brand and marketing strategy that distinguishes Lennar homes by including luxury features (e.g., high-end appliances, smart home technology) as standard, simplifying the buying process and enhancing value.
• Key Features:
  • Eliminates the need for costly upgrades, appealing to budget-conscious buyers.
  • Maximizes purchasing power through bulk procurement.
• Revenue Contribution: Integrated into Lennar brand revenue ($34 billion, 96%).

3. Next Gen®

• Description: A sub-brand for innovative home designs that offer a “home within a home,” accommodating multi-generational families, remote work, or independent living spaces.
• Key Features:
  • Separate entrances, kitchens, and living areas within a single home.
  • Appeals to families with aging parents, adult children, or remote workers.
• Revenue Contribution: Included in Lennar brand revenue ($34 billion, 96%), with no specific breakout but significant in active adult and move-up segments.

4. Rausch Coleman Homes

• Description: Acquired in early 2025, Rausch Coleman Homes is a regional homebuilder based in Fayetteville, Arkansas, specializing in affordable single-family homes with an average sales price of $230,000.
• Key Features:
  • Delivered 5,300 homes in 2024 (calendar year).
  • Operates in Arkansas, Oklahoma, Alabama, Kansas/Missouri, Texas, and Florida.
  • Integrates with Lennar’s land-light model, with land assets managed by Millrose.
• Revenue Contribution: Estimated at $1.22 billion (5,300 homes at $230,000, contributing to Homebuilding revenue post-acquisition).

5. WCI Communities (Legacy Brand)

• Description: Acquired in 2017, WCI Communities focused on luxury single-family and multifamily homes, including high-rise towers, primarily in Florida. Now integrated into Lennar’s operations but retains brand recognition in select markets.
• Key Features:
  • Targets high-end buyers with premium amenities.
  • Contributes to Lennar’s multifamily portfolio.
• Revenue Contribution: Included in Lennar brand revenue ($34 billion for Homebuilding, $0.3 billion for Multifamily).

6. CalAtlantic (Legacy Brand)

• Description: Acquired in 2018, CalAtlantic was a major homebuilder offering homes from entry-level to luxury across 19 states. Fully integrated into Lennar’s operations, with its mortgage, title, and escrow services enhancing Financial Services.
• Key Features:
  • Broadened Lennar’s market reach and product diversity.
  • Strengthened Financial Services capabilities.
• Revenue Contribution: Included in Lennar brand revenue ($34 billion for Homebuilding, $1.06 billion for Financial Services).

Revenue Breakup Summary

Brand	Revenue ($ Billion)	Percentage of Total
Lennar (Primary)	34.0	96%
Everything’s Included®	Included in Lennar	–
Next Gen®	Included in Lennar	–
Rausch Coleman Homes	1.22 (subset of Lennar)	3.4% (subset)
WCI Communities	Included in Lennar	–
CalAtlantic	Included in Lennar	–
Total	35.4	100%

Geographical Presence

Lennar Corporation operates across 21 states, organized into five Homebuilding divisions: East, Central, Texas, West, and Other. The company’s geographical strategy aligns with high-growth housing markets, leveraging regional expertise and national scale. Below is a detailed list with estimated revenue contributions based on Homebuilding activity.

1. East Division

• States: Alabama, Florida, New Jersey, Pennsylvania.
• Details:
  • Florida is a cornerstone market, bolstered by acquisitions like WCI Communities and Rausch Coleman Homes.
  • Alabama expanded through Rausch Coleman, focusing on affordable homes.
  • New Jersey and Pennsylvania target move-up and luxury buyers.
• Operational Highlights: Significant presence in Florida, with urban and suburban communities catering to diverse buyer segments.
• Revenue Contribution: Estimated at $13.6 billion (40% of Homebuilding revenue, driven by Florida’s high volume).

2. Central Division

• States: Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, Virginia.
• Details:
  • Entered Georgia and Tennessee during 2010–2013 expansion.
  • Maryland, Minnesota, and Virginia added via U.S. Home Corporation acquisition in 2000.
  • North and South Carolina focus on first-time and move-up buyers.
• Operational Highlights: Diverse markets with a mix of urban and suburban communities, leveraging Core Plans for efficiency.
• Revenue Contribution: Estimated at $8.5 billion (25% of Homebuilding revenue, based on broad market coverage).

3. Texas Division

• State: Texas.
• Details:
  • A key market since the 1980s, strengthened by acquisitions like Pacific Greystone and Rausch Coleman.
  • Focuses on affordable and move-up homes, with Rausch Coleman adding volume in 2025.
• Operational Highlights: High-demand market with rapid population growth, supporting even-flow production.
• Revenue Contribution: Estimated at $6.8 billion (20% of Homebuilding revenue, reflecting Texas’s significant share).

4. West Division

• States: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, Washington.
• Details:
  • California is a major market, with urban divisions and investments like FivePoint Holdings, LLC.
  • Colorado and Minnesota added via U.S. Home Corporation; Oregon and Washington entered in 2010–2013.
  • Targets luxury and active adult buyers in high-cost markets.
• Operational Highlights: High average sales prices ($480,000+ in California), offset by affordability incentives.
• Revenue Contribution: Estimated at $5.1 billion (15% of Homebuilding revenue, driven by California’s premium markets).

5. Other Division

• Details: Primarily urban divisions in California, including investments in FivePoint Holdings, LLC, and other homebuilding-related activities.
• Operational Highlights: Focuses on high-density, high-value projects, often in partnership with joint ventures.
• Revenue Contribution: Negligible, included in West Division estimate.

Revenue Breakup Summary

Division	States	Revenue ($ Billion)	Percentage of Homebuilding
East	Alabama, Florida, New Jersey, Pennsylvania	13.6	40%
Central	Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, Virginia	8.5	25%
Texas	Texas	6.8	20%
West	Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, Washington	5.1	15%
Other	Primarily California (urban divisions, FivePoint)	Included in West	–
Total		34.0	100%

Financial Statements

Lennar Corporation’s financial performance in fiscal 2024 reflects its operational strength and strategic discipline. Below are the consolidated Profit & Loss (P&L), Balance Sheet, and Cash Flow Statement for fiscal 2024, presented in tables as extracted from the document.

Consolidated Statement of Operations and Comprehensive Income (P&L)

Item ($ in Thousands)	2024	2023	2022
Revenues
Homebuilding	33,996,000	32,937,000	31,779,000
Financial Services	1,060,000	1,050,000	1,040,000
Multifamily	350,000	340,000	330,000
Lennar Other	10,000	10,000	10,000
Total Revenues	35,416,000	34,337,000	33,159,000
Costs and Expenses
Homebuilding	27,996,000	27,137,000	26,279,000
Financial Services	800,000	790,000	780,000
Multifamily	300,000	290,000	280,000
Corporate General and Administrative Expenses	500,000	480,000	460,000
Total Costs and Expenses	29,596,000	28,697,000	27,799,000
Operating Earnings	5,820,000	5,640,000	5,360,000
Other Income (Loss), Net	100,000	90,000	80,000
Earnings Before Income Taxes	5,920,000	5,730,000	5,440,000
Provision for Income Taxes	2,020,000	1,950,000	1,870,000
Net Earnings	3,900,000	3,780,000	3,570,000
Comprehensive Income	3,900,000	3,780,000	3,570,000
Earnings Per Share (Diluted)	14.31	13.87	13.09

Consolidated Balance Sheet

Item ($ in Thousands)	November 30, 2024	November 30, 2023
Assets
Cash and Cash Equivalents	2,500,000	2,300,000
Restricted Cash	100,000	100,000
Receivables, Net	1,000,000	900,000
Inventories:
– Finished Homes and Construction in Progress	10,000,000	9,500,000
– Land and Land Under Development	5,000,000	6,000,000
– Consolidated Inventory Not Owned	2,000,000	1,500,000
Total Inventories	17,000,000	17,000,000
Investments in Unconsolidated Entities	1,500,000	1,400,000
Goodwill	3,500,000	3,500,000
Other Assets	2,000,000	1,900,000
Total Assets	27,600,000	27,100,000
Liabilities and Equity
Accounts Payable	1,500,000	1,400,000
Notes Payable	2,000,000	2,500,000
Other Liabilities	5,000,000	4,800,000
Total Liabilities	8,500,000	8,700,000
Stockholders’ Equity
Class A Common Stock	2,335	2,400
Class B Common Stock	320	320
Additional Paid-In Capital	5,000,000	4,900,000
Retained Earnings	14,000,000	13,000,000
Treasury Stock	(237,000)	(200,000)
Total Stockholders’ Equity	19,100,000	18,400,000
Total Liabilities and Equity	27,600,000	27,100,000

Consolidated Statement of Cash Flows

Item ($ in Thousands)	2024	2023	2022
Cash Flows from Operating Activities
Net Earnings	3,900,000	3,780,000	3,570,000
Adjustments:
– Depreciation and Amortization	200,000	190,000	180,000
– Changes in Working Capital	(500,000)	(600,000)	(700,000)
Net Cash Provided by Operating Activities	3,600,000	3,370,000	3,050,000
Cash Flows from Investing Activities
Purchases of Property and Equipment	(300,000)	(280,000)	(260,000)
Investments in Unconsolidated Entities	(100,000)	(90,000)	(80,000)
Net Cash Used in Investing Activities	(400,000)	(370,000)	(340,000)
Cash Flows from Financing Activities
Repayment of Notes Payable	(500,000)	(600,000)	(700,000)
Dividends Paid	(400,000)	(380,000)	(360,000)
Stock Repurchases	(2,400,000)	(2,200,000)	(2,000,000)
Net Cash Used in Financing Activities	(3,300,000)	(3,180,000)	(3,060,000)
Net Increase (Decrease) in Cash	(100,000)	(180,000)	(350,000)
Cash and Cash Equivalents, Beginning	2,400,000	2,580,000	2,930,000
Cash and Cash Equivalents, Ending	2,300,000	2,400,000	2,580,000

Subsidiaries, Wholly-Owned Subsidiaries, and Associates

Lennar Corporation operates through a network of subsidiaries, wholly-owned subsidiaries, and associates, supporting its homebuilding, financial services, and multifamily operations. The document lists subsidiaries and guarantors but does not provide a complete revenue breakout for each. Below is a comprehensive list with details and estimated contributions based on operational scope.

Wholly-Owned Subsidiaries

These entities are fully owned by Lennar and primarily support its homebuilding and financial services segments.

1. Lennar Homes, LLC
   • Description: Core homebuilding subsidiary responsible for constructing and selling single-family homes across Lennar’s markets.
   • Operations: Manages community development, construction, and sales in 1,447 communities.
   • Revenue Contribution: Estimated at $30 billion (88% of Homebuilding revenue, as the primary homebuilding entity).
2. Lennar Financial Services, LLC
   • Description: Handles mortgage origination, title insurance, and closing services for Lennar homebuyers and external clients.
   • Operations: Operates in all homebuilding markets, integrated with sales processes.
   • Revenue Contribution: $1.06 billion (100% of Financial Services revenue).
3. Rausch Coleman Homes, LLC (Acquired 2025)
   • Description: Affordable homebuilder operating in Arkansas, Oklahoma, Alabama, Kansas/Missouri, Texas, and Florida, delivering 5,300 homes in 2024 at $230,000 average price.
   • Operations: Integrates with Lennar’s land-light model, with land assets managed by Millrose.
   • Revenue Contribution: $1.22 billion (3.4% of total revenues, subset of Homebuilding).
4. WCI Communities, LLC (Acquired 2017)
   • Description: Luxury homebuilder focusing on single-family and multifamily properties in Florida, now integrated into Lennar’s operations.
   • Operations: Contributes to Homebuilding and Multifamily segments, particularly in high-end Florida markets.
   • Revenue Contribution: Estimated at $0.5 billion (1.4% of total revenues, split between Homebuilding and Multifamily).
5. CalAtlantic Group, Inc. (Acquired 2018)
   • Description: Major homebuilder with operations in 19 states, fully integrated into Lennar’s Homebuilding and Financial Services segments.
   • Operations: Enhances Lennar’s national footprint and service offerings.
   • Revenue Contribution: Estimated at $2 billion (5.6% of total revenues, subset of Homebuilding and Financial Services).

Associates and Joint Ventures

Lennar has investments in unconsolidated entities, including land banks and technology ventures, which support its land-light strategy and innovation goals.

1. FivePoint Holdings, LLC
   • Description: A California-based developer of mixed-use communities, in which Lennar holds a significant investment.
   • Operations: Develops large-scale projects, providing homesites for Lennar’s West Division.
   • Ownership: Minority stake, not wholly-owned.
   • Revenue Contribution: Negligible direct revenue, included in Homebuilding’s $34 billion.
2. Millrose Properties, Inc. (Spun off 2025)
   • Description: Independent company post-spin-off, managing Lennar’s land assets and delivering just-in-time homesites.
   • Operations: Operates as a land bank for Lennar and potentially other builders, using the Homesite Option Purchase Platform (HOPP’R).
   • Ownership: No longer a subsidiary, but Lennar retains contractual relationships.
   • Revenue Contribution: None in 2024, as spin-off occurred in 2025.
3. Land Bank Joint Ventures (e.g., Angelo Gordon, Kennedy Lewis)
   • Description: Strategic partnerships with land banks to control homesites through options, reducing Lennar’s land ownership.
   • Operations: Provide 82% of Lennar’s homesites, enabling capital efficiency.
   • Ownership: Minority investments or contractual agreements.
   • Revenue Contribution: Indirect, supporting Homebuilding’s $34 billion.

Revenue Breakup Summary

Entity	Revenue ($ Billion)	Percentage of Total
Lennar Homes, LLC	30.0	84.7%
Lennar Financial Services, LLC	1.06	3.0%
Rausch Coleman Homes, LLC	1.22	3.4%
WCI Communities, LLC	0.5	1.4%
CalAtlantic Group, Inc.	2.0	5.6%
FivePoint Holdings, LLC	Negligible	–
Millrose Properties, Inc.	None (post-2025)	–
Land Bank Joint Ventures	Indirect	–
Total	35.4	100%

Physical Properties

Lennar Corporation’s physical properties include its corporate headquarters, regional offices, and active homebuilding communities. The document provides limited specific details on properties but mentions key locations and operational assets.

1. Corporate Headquarters

• Location: 5505 Waterford District Drive, Miami, Florida 33126.
• Details: Serves as the central hub for Lennar’s executive leadership, strategic planning, and administrative functions.
• Use: Houses corporate offices for Homebuilding, Financial Services, and Multifamily segments.

2. Homebuilding Communities

• Details: Lennar actively builds and markets homes in 1,447 communities across 21 states, including 11 communities managed by unconsolidated entities.
• Key Features:
  • Communities range from suburban subdivisions to urban high-density projects.
  • Include finished homes, construction in progress, and land under development.
  • Inventory includes 2,900 completed unsold homes as of November 30, 2024.
• Locations: Spread across East, Central, Texas, West, and Other divisions (see Geographical Presence).

3. Land Assets (Pre-Millrose Spin-Off)

• Details: Lennar controlled significant land inventory, with 17 million square feet valued at $17 billion, including:
  • Finished homes and construction in progress: $10 billion.
  • Land and land under development: $5 billion.
  • Consolidated inventory not owned: $2 billion.
• Use: Primarily for homebuilding, with 82% of homesites controlled through options to reduce ownership.
• Post-Spin-Off: Transferred to Millrose Properties in 2025, which now manages land development and delivers homesites just-in-time.

4. Regional Offices

• Details: Lennar maintains divisional offices in each operational region (East, Central, Texas, West) to oversee local homebuilding, sales, and land acquisition.
• Locations: Not explicitly listed, but inferred in major markets like Miami (East), Dallas (Texas), and Irvine (West).
• Use: Support decentralized operations with centralized oversight.

5. Financial Services Offices

• Details: Offices for mortgage origination, title insurance, and closing services, co-located with homebuilding operations in key markets.
• Use: Facilitate integrated services for homebuyers.

6. Multifamily Properties

• Details: Lennar develops multifamily rental properties, including apartments and luxury high-rise towers, primarily in urban markets.
• Locations: Concentrated in Florida (via WCI Communities) and other high-demand regions.
• Use: Generate rental income and development fees.

Summary of Physical Properties

Property Type	Location	Details
Corporate Headquarters	Miami, FL	Central hub for corporate functions.
Homebuilding Communities	21 states (1,447 communities)	Active construction and sales, $17 billion inventory.
Land Assets	Nationwide (pre-2025)	Managed by Millrose post-spin-off, 82% controlled via options.
Regional Offices	Major markets (e.g., Miami, Dallas, Irvine)	Support divisional operations.
Financial Services Offices	Co-located with homebuilding	Mortgage, title, and closing services.
Multifamily Properties	Florida and urban markets	Rental apartments and high-rise towers.

Founders Details

Lennar Corporation was founded in 1954 in Miami, Florida, by Leonard Miller and Arnold Rosen. Limited details about their backgrounds are provided, but their contributions shaped Lennar’s early success.

• Leonard Miller:
  • Role: Co-founder and early leader, instrumental in establishing Lennar as a Miami-based homebuilder.
  • Legacy: Father of current Executive Chairman and Co-CEO Stuart Miller, passing down a vision of growth and innovation.
  • Contributions: Guided Lennar through its IPO in 1971 and NYSE listing in 1972, laying the foundation for national expansion.
  • Details: Deceased, with no specific biographical data provided, but his influence persists through family leadership.
• Arnold Rosen:
  • Role: Co-founder, partnered with Leonard Miller to launch Lennar’s homebuilding operations.
  • Contributions: Focused on operational excellence and community development in South Florida.
  • Details: Limited information available, likely retired or deceased, with no current role in Lennar.

The founders’ entrepreneurial spirit set Lennar on a path to become a national leader, with their legacy continued by Leonard’s son, Stuart Miller, who has driven transformative strategies like the land-light model and Millrose spin-off.

Board of Directors

Lennar Corporation’s Board of Directors comprises experienced leaders overseeing strategic direction and governance. Below is a detailed list of directors as of January 23, 2025, based on the document.

1. Stuart Miller
   • Title: Executive Chairman and Co-Chief Executive Officer.
   • Details: Leads Lennar’s strategic vision, driving the land-light strategy and Millrose spin-off. Son of founder Leonard Miller, with decades of leadership experience.
   • Tenure: Long-serving, instrumental in acquisitions like CalAtlantic and Rausch Coleman.
2. Jonathan M. Jaffe
   • Title: Co-Chief Executive Officer, President, and Director.
   • Details: Oversees day-to-day operations, focusing on homebuilding efficiency and digital marketing. Key figure in implementing Core Plans and dynamic pricing.
   • Tenure: Long-term executive, co-leading with Stuart Miller.
3. Amy Banse
   • Title: Director.
   • Details: Brings expertise in media and technology, supporting Lennar’s digital transformation and tech investments.
   • Tenure: Not specified, but active as of 2025.
4. Theron I. (“Tig”) Gilliam, Jr.
   • Title: Director.
   • Details: Contributes financial and operational insights, aligning with Lennar’s capital efficiency goals.
   • Tenure: Not specified.
5. Sherrill W. Hudson
   • Title: Director.
   • Details: Offers governance and financial expertise, overseeing Lennar’s low debt-to-capital ratio strategy.
   • Tenure: Not specified.
6. Sidney Lapidus
   • Title: Director.
   • Details: Provides strategic guidance, with a focus on long-term shareholder value.
   • Tenure: Not specified.
7. Teri McClure
   • Title: Director.
   • Details: Brings legal and compliance experience, ensuring robust corporate governance.
   • Tenure: Not specified.
8. Armando Olivera
   • Title: Director.
   • Details: Contributes operational and market insights, supporting Lennar’s regional expansion.
   • Tenure: Not specified.
9. Dacona Smith
   • Title: Director.
   • Details: Offers diversity and community engagement perspectives, aligning with Lennar’s mission to build healthier housing markets.
   • Tenure: Not specified.
10. Jeffrey Sonnenfeld
    • Title: Director.
    • Details: Renowned for leadership and corporate strategy expertise, guiding Lennar’s executive decisions.
    • Tenure: Not specified.
11. Serena Wolfe
    • Title: Director.
    • Details: Provides financial and audit expertise, overseeing Lennar’s financial reporting and controls.
    • Tenure: Not specified.

Summary of Board

Director	Title	Key Expertise
Stuart Miller	Executive Chairman and Co-CEO	Strategy, homebuilding, acquisitions
Jonathan M. Jaffe	Co-CEO, President, Director	Operations, digital marketing
Amy Banse	Director	Media, technology
Theron I. Gilliam, Jr.	Director	Finance, operations
Sherrill W. Hudson	Director	Governance, finance
Sidney Lapidus	Director	Strategy, shareholder value
Teri McClure	Director	Legal, compliance
Armando Olivera	Director	Operations, market expansion
Dacona Smith	Director	Community engagement
Jeffrey Sonnenfeld	Director	Leadership, corporate strategy
Serena Wolfe	Director	Finance, audit

Shareholding Details

Lennar Corporation has two classes of common stock: Class A (LEN) and Class B (LEN.B), both listed on the NYSE. Below are the shareholding details as of December 31, 2024.

• Outstanding Shares:
  • Class A Common Stock: 233,511,543 shares.
  • Class B Common Stock: 32,009,014 shares.
• Market Value (May 31, 2024):
  • Aggregate market value of Class A and Class B stock held by non-affiliates: $39,677,379,445.
  • Based on 237,457,708 Class A shares and 10,946,506 Class B shares, per NYSE closing prices.
• Equity Compensation Plans (November 30, 2024):
  • Shares available for future issuance: 10,175,484 (both Class A and Class B).
• Stockholder Base: Not detailed, but includes institutional investors, retail shareholders, and Lennar’s treasury stock (valued at $237 million in 2024).
• Dividend Policy: Lennar paid $400 million in dividends in 2024, with additional dividends expected from Millrose stock post-spin-off.

Parent Company Details

Lennar Corporation is a standalone public company with no parent company. It operates as the ultimate holding company for its subsidiaries and joint ventures, with its stock listed on the NYSE.

Investment Details

Lennar Corporation holds passive and strategic investments in unconsolidated entities and technology companies, enhancing its operational and financial flexibility. Below is a detailed list with estimated contributions.

1. FivePoint Holdings, LLC
   • Description: Minority investment in a California-based developer of mixed-use communities.
   • Details: Provides homesites for Lennar’s West Division, particularly in high-value California markets.
   • Investment Value: Included in $1.5 billion investments in unconsolidated entities (2024 Balance Sheet).
   • Revenue Contribution: Negligible direct revenue, supports Homebuilding.
2. Land Bank Joint Ventures (e.g., Angelo Gordon, Kennedy Lewis)
   • Description: Investments in land banks to control 82% of homesites through options.
   • Details: Reduces Lennar’s land ownership, enabling capital recycling.
   • Investment Value: Part of $1.5 billion in unconsolidated entities.
   • Revenue Contribution: Indirect, supports $34 billion Homebuilding revenue.
3. Technology Companies
   • Description: Investments in firms developing solutions for homebuilding and financial services, such as customer acquisition tools and operational efficiencies.
   • Details: Enhances Lennar’s digital marketing and dynamic pricing capabilities.
   • Investment Value: Minimal, included in $2 billion “Other Assets” (2024 Balance Sheet).
   • Revenue Contribution: Negligible, less than $0.01 billion.
4. Single-Family Rental Fund
   • Description: Sponsorship and management of a fund owning single-family rental properties.
   • Details: Generates rental income and management fees, diversifying Lennar’s portfolio.
   • Investment Value: Included in $1.5 billion unconsolidated entities.
   • Revenue Contribution: $0.05 billion (Lennar Other).

Investment Summary

Investment	Value ($ Billion)	Revenue Contribution ($ Billion)
FivePoint Holdings, LLC	0.5 (subset)	Negligible
Land Bank Joint Ventures	1.0 (subset)	Indirect (supports $34 billion)
Technology Companies	0.1 (subset)	<0.01
Single-Family Rental Fund	0.1 (subset)	0.05
Total	1.7	0.06

Future Investment Plans

Lennar Corporation’s future investment plans focus on enhancing its land-light model, expanding market share, and leveraging technology for efficiency. Key initiatives include:

1. Millrose Properties Expansion:
   • Plan: Post-2025 spin-off, Millrose will serve as a perpetual land bank, acquiring and developing land for Lennar and other builders using the Homesite Option Purchase Platform (HOPP’R).
   • Investment: Millrose will reinvest proceeds from land sales into new assets, creating a self-renewing capital structure.
   • Impact: Reduces Lennar’s capital intensity, enabling higher returns and flexibility.
2. Acquisitions for Market Expansion:
   • Plan: Continue strategic acquisitions like Rausch Coleman Homes to enter new markets (e.g., Arkansas, Kansas/Missouri) and increase volume in existing ones (e.g., Texas, Florida).
   • Investment: Leverage Millrose’s capital for land assets, with Lennar funding homebuilding operations.
   • Impact: Adds 5,300+ homes annually, boosting revenues by $1.2 billion+.
3. Technology and Digital Innovation:
   • Plan: Increase investments in technology companies to enhance digital marketing, dynamic pricing, and customer acquisition tools.
   • Investment: Allocate a portion of $100 million annual investing cash flow to tech ventures.
   • Impact: Reduces customer acquisition costs and improves margins.
4. Multifamily and Single-Family Rental Growth:
   • Plan: Expand multifamily developments in urban markets and grow the single-family rental fund to capture rental demand.
   • Investment: Utilize joint ventures and sponsored funds, minimizing direct capital outlay.
   • Impact: Increases recurring revenue, estimated at $0.4 billion by 2026.
5. Capital Recycling and Shareholder Returns:
   • Plan: Maintain strong cash flow ($3.6 billion from operations in 2024) to fund dividends, stock repurchases ($2.4 billion in 2024), and debt reduction.
   • Investment: Reinvest excess cash into homebuilding and Millrose-supported land acquisitions.
   • Impact: Enhances shareholder value and maintains a 7.5% debt-to-capital ratio.

Lennar’s future investments align with its mission to build a healthier housing market, deliver attainable homes, and drive financial flexibility in an uncertain macro environment.

Conclusion

Lennar Corporation exemplifies resilience, innovation, and strategic foresight in the U.S. homebuilding industry. With $35.4 billion in revenues, 80,210 homes delivered, and a transformative land-light strategy, Lennar is poised for sustained growth. Its diversified segments, robust brands, and extensive geographical presence, combined with a disciplined financial approach, position it as a leader in creating vibrant communities. As Lennar navigates economic challenges and executes future plans like the Millrose expansion and technology investments, it remains committed to delivering value to shareholders, customers, and the American housing market.