Lennar Stock Price, News & Analysis

Quarterra Multifamily, a Lennar subsidiary, and Nuveen Real Estate have opened Emblem Cane Bay North, a 312-home garden-style apartment community in Summerville, S.C. This joint venture aims to address the shortage of attainable housing for middle-income renters. The community offers:

- Direct access to Cane Bay Plantation trails
- Proximity to schools, retail, dining, and employment hubs
- SmartRent-compatible homes with modern technology
- One-, two-, and three-bedroom apartments (738-1,434 sq ft)
- Amenities include a clubhouse, swimming pool, grilling stations, and dog park
- 520 surface parking spaces and 35 leasable garage spaces

The location provides easy access to major employers like Boeing, Volvo, and Walmart, as well as regional connectivity via nearby highways.

Quarterra Multifamily, a Lennar subsidiary, has begun leasing at Harwood, a 268-home luxury apartment community in North Phoenix. The strategically located development offers studio, one-, and two-bedroom units ranging from 524 to 1,312 square feet. Harwood boasts high-end finishes, smart home features, and extensive amenities including a resort-style pool, fitness center, and pet spa.

The community's location near Loop 101 provides excellent connectivity to major employers, top-rated schools, outdoor recreation areas, and popular retail and dining destinations. Harwood is Quarterra's sixth community in the Phoenix Metro Area, joining Muse, Nexa, Residences Kierland, Skywater, and Vitri.

Lennar , a leading homebuilder in the U.S., has announced the declaration of a quarterly cash dividend of $0.50 per share for both its Class A and Class B common stock.

This dividend is scheduled to be paid on July 19, 2024, to shareholders recorded as of the close of business on July 5, 2024.

Lennar (NYSE: LEN) reported strong second-quarter 2024 results, with net earnings increasing 9% to $954 million and earnings per diluted share rising 15% to $3.45 compared to the same period last year. Revenues grew 9% to $8.8 billion, driven by a 19% increase in new orders and a 15% rise in home deliveries. However, the average sales price per delivered home decreased by 5% to $426,000 amid rising sales incentives.

Operating earnings for homebuilding were $1.3 billion, with gross margins on home sales at 22.6% and net margins at 15.1%. The company also reported $3.6 billion in homebuilding cash and cash equivalents, with no outstanding borrowings on its $2.2 billion revolving credit facility. Lennar repurchased 3.8 million shares for $603 million and repaid $554 million of senior notes during the quarter.

Looking ahead to Q3 2024, Lennar expects to deliver between 20,500 and 21,000 homes with a gross margin of approximately 23%.

Quarterra Multifamily, a subsidiary of Lennar , announced the start of leasing at Dryden Apartments in Denver's Golden Triangle Neighborhood. This luxury high-rise features 420 homes and 9,241 square feet of leasable retail space. Dryden offers amenities such as smart home technologies, a rooftop lounge, a wellness spa, and co-working stations. The community is strategically located near restaurants, art venues, and sports stadiums, with easy access to major thoroughfares and public transport. Leasing begins this summer.

Lennar (NYSE: LEN and LEN.B), a major U.S. homebuilder, will release its Q2 earnings on June 17, 2024, post-market close.

A conference call to discuss the results is scheduled for June 18, 2024, at 11:00 a.m. Eastern Time, and will be live-streamed on Lennar's investor relations website.

Founded in 1954, Lennar builds affordable, move-up, and active adult homes. The company also provides mortgage financing and develops multifamily rental properties nationwide.

Recording of the call will be available on the website for 90 days.

Quarterra Multifamily, a subsidiary of Lennar , has announced the start of construction on Renata Apartments in Santa Rosa, California. This new development will feature 260 one- and two-bedroom apartments within the Perennial Park master-planned community. Renata includes amenities such as a resort-inspired pool, fitness center, and EV chargers, and aims for LEED Gold certification. Located at 3575 Mendocino Avenue, Renata will offer excellent connectivity to transportation services and proximity to Sonoma County's attractions. This is Quarterra's ninth development in Northern California.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) closed a $125 million loan on a 414-unit multifamily property in downtown Stamford, CT, part of $408 million in loan originations in Q2 and $999 million year-to-date. The loan has a three-year term with extension options, sponsored by Quarterra Multifamily, a subsidiary of Lennar FBRT President, Michael Comparato, commended the partnership with Quarterra.

Invitation Homes Inc. (NYSE: INVH) announced a joint venture with Quarterra Group Inc., a subsidiary of Lennar , Centerbridge Partners, and other investors. Invitation Homes will manage 4,400 single-family homes in its core markets within the Upward America joint venture, aiming to provide quality housing options for families.