Lennar Stock Price, News & Analysis

Quarterra Multifamily, a Lennar subsidiary, announces the start of leasing at Leya Apartments, a new 328-home luxury community in Fremont's Warm Springs neighborhood. The mid-rise development offers studio to three-bedroom units ranging from 576 to 1,388 square feet, featuring modern amenities including smart thermostats, stainless steel appliances, and quartz countertops. Located at 3301 Innovation Way, the property provides easy access to major highways and the Warm Springs BART Station. Community amenities include a resort-style pool, spa, 24-hour fitness center, co-working spaces, and EV charging stations. This marks Quarterra's first Fremont development and fifth in the Bay Area.

Lennar has announced a definitive agreement to acquire Rausch Coleman Homes, an Arkansas-based residential homebuilder. The acquisition targets Rausch Coleman's homebuilding operations, which expects to deliver about 5,000 homes with an average sales price of $230,000 in 2024. Aligned with Lennar's land light strategy, the company plans to assign the purchase and option of all Rausch Coleman's land assets to a third party. This move will expand Lennar's presence into Arkansas, Oklahoma, Alabama, Kansas and Missouri, while strengthening its existing operations in Texas, Oklahoma, Alabama and Florida. The deal is set to complete in Lennar's first quarter of 2025.

Quarterra Multifamily, a Lennar subsidiary, has begun leasing at Cordelia, a luxury high-rise community in Downtown Sarasota, Florida. The development features 240 luxury homes and 13,811 square feet of retail space. Located at 468 Quay Commons along Sarasota Bay, the property offers studio to three-bedroom apartments ranging from 558 to 1,480 square feet. Key amenities include a rooftop pool, sky terrace, fitness facilities, pet spa, co-working spaces, and a wine lounge. The development is strategically positioned near numerous dining establishments, shopping venues, and entertainment facilities, with excellent connectivity to regional employers.

Quarterra Multifamily, a Lennar subsidiary, has begun construction on Emblem Summerville, a 288-home garden-style community in Summerville, South Carolina. This attainably priced development, located 25 miles northwest of Charleston, is designed to address the housing needs of middle-income renters. It's Quarterra's second Emblem community in South Carolina and part of a nationwide effort to create more affordable housing options.

The community will offer one-, two-, and three-bedroom apartments ranging from 738 to 1,434 square feet. Amenities include a clubhouse, pool deck, outdoor grilling areas, pet park, and fitness center. The location provides easy access to local retail centers, dining spots, and major employers such as Boeing, Volvo, and Mercedes Benz/Daimler. Emblem Summerville utilizes Quarterra's programmatic approach, featuring consistent high-end finishes and amenity designs to expedite development and meet market demands efficiently.

Lennar (NYSE: LEN and LEN.B), a leading U.S. homebuilder, has announced a quarterly cash dividend of $0.50 per share for both its Class A and Class B common stock. The dividend is set to be paid on October 24, 2024, to shareholders of record as of the close of business on October 9, 2024. This decision was made by Lennar's Board of Directors, reflecting the company's commitment to providing returns to its shareholders.

Lennar (NYSE: LEN and LEN.B) reported strong third quarter 2024 results, with net earnings increasing 5% to $1.2 billion. Earnings per diluted share rose 10% to $4.26, or $3.90 excluding mark-to-market gains and one-time items. Key highlights include:

- New orders increased 5% to 20,587 homes
- Deliveries increased 16% to 21,516 homes
- Total revenues of $9.4 billion
- Homebuilding operating earnings of $1.5 billion
- Gross margin on home sales of 22.5%
- S,G&A expenses as a % of revenues from home sales of 6.7%

The company maintains a strong financial position with $4.0 billion in homebuilding cash and cash equivalents, and no outstanding borrowings under its $2.2 billion revolving credit facility. Lennar repurchased 3.4 million shares for $519 million during the quarter.

Quarterra Multifamily, a Lennar subsidiary, has begun leasing at The Piper, a luxury rental community in Redmond, Washington. Developed in partnership with QuadReal Property Group, The Piper offers 284 homes ranging from 475 sq ft studios to 1,400 sq ft three-bedroom units. The community features market-leading amenities and is located near the 640-acre Marymoor Park.

The Piper is part of three joint ventures between Quarterra and QuadReal in the region. It's situated close to the future Southeast Redmond Light Rail Station and major tech employers. As part of the MFTE/AARCH program, 10% of homes are offered at 50% area median income. This marks Quarterra's eleventh development in the Seattle Metro Area.

Quarterra Multifamily, a Lennar subsidiary, has announced the construction of Emblem Mill Road, a 324-home community in McDonough, Georgia. This attainably priced development aims to address the housing shortage for middle-income residents in the Atlanta Metro Area. The community will feature one- and two-bedroom homes ranging from 738 to 1,194 square feet, with modern amenities and high-end finishes.

Emblem Mill Road is strategically located near major retail, dining, and entertainment destinations, as well as key employers. The development utilizes Lennar's scalable construction capabilities to expedite delivery and reduce costs. This project marks Quarterra's fifth venture in the greater Atlanta market and third Emblem community in the area, showcasing the company's commitment to addressing the region's housing needs.

Lennar, a leading U.S. homebuilder, has been named to the Best Places to Work SoCal 2024 list by Best Companies Group for the third consecutive year. The recognition is based on comprehensive, anonymous surveys of Lennar Associates, evaluating factors such as corporate culture, training opportunities, compensation, and overall job satisfaction. Jeremy Parness, Lennar Regional President, attributed the honor to the company's service-oriented culture of integrity and focus on giving back.

The Best Companies Group's Executive Vice President, Jaime Raul Zepeda, highlighted that winners on this list have created exceptional work environments that attract, retain, and motivate top talent. A virtual event celebrating the 2024 Best Places to Work SoCal honorees is scheduled for September 30.