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Lennar Corporation Class A (LEN-1.30%) has submitted its annual report for the fiscal year ended November 30, 2024. The filing is available for review filing.
The report details Lennar's operations, including its homebuilding activities across various U.S. regions, financial services, and multifamily operations. Lennar's homebuilding segments are divided into East, Central, Texas, and West, with additional operations classified under 'Other.'
Lennar reported revenues of $35.4 billion for the fiscal year 2024, with homebuilding revenues contributing $33.9 billion. The company delivered 80,210 homes during the year, an increase from 73,087 homes in the previous year.
The average sales price of homes delivered was $423,000, a decrease from $446,000 in the prior year. The decrease in average sales price was primarily due to increased use of sales incentives.
Lennar's financial services segment, which includes mortgage financing and title services, reported revenues of $1.1 billion. The segment originated approximately 54,600 residential mortgage loans totaling $19.8 billion.
The multifamily segment, which focuses on developing rental properties, reported revenues of $411.5 million. The segment is involved in several joint ventures and funds, including the Lennar Multifamily Venture Fund I.
Lennar's other operations include strategic investments in technology companies and legacy real estate investments. The company recorded mark-to-market gains of $25.2 million on its technology investments.
Lennar is preparing to spin off Millrose Properties Inc., a wholly owned subsidiary, into an independent, publicly traded company. The spin-off is expected to include a significant portion of Lennar's undeveloped and partially developed land assets.
The company also announced a pending acquisition of Rausch Coleman Homes, which will expand Lennar's footprint into new markets in Arkansas, Oklahoma, Alabama, Kansas, and Missouri.
Lennar's balance sheet remains strong, with $5.0 billion in cash and cash equivalents and no outstanding borrowings under its $2.9 billion credit facility as of November 30, 2024.
The company declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on February 12, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lennar Corporation Class A annual 10-K report dated January 23, 2025. To report an error, please email earnings@qz.com.