Revenue and Earnings Performance - Homebuilding revenues for Q4 2024 were $9.55 billion, a decrease of 9.2% compared to $10.52 billion in Q4 2023[23] - Total revenues for Q4 2024 were $9.95 billion, down 9.3% from $10.97 billion in Q4 2023[23] - Net earnings attributable to Lennar for Q4 2024 were $1.10 billion, a decrease of 19.5% from $1.36 billion in Q4 2023[23] - Basic and diluted earnings per share for Q4 2024 were $4.06, down 15.8% from $4.82 in Q4 2023[23] - Homebuilding operating earnings for Q4 2024 were $1.50 billion, a decrease of 21.8% compared to $1.91 billion in Q4 2023[23] - Financial Services operating earnings for Q4 2024 were $154.48 million, down 8.7% from $169.13 million in Q4 2023[23] - Multifamily operating loss for Q4 2024 was $160,000, an improvement from a loss of $12.16 million in Q4 2023[23] - EBIT for Q4 2024 was $1.50 billion, a decrease of 19.1% from $1.85 billion in Q4 2023[23] - Homebuilding revenues for the three months ended November 30, 2024, were $9.55 billion, a decrease from $10.52 billion in the same period in 2023[24] - Total homebuilding net margins for the three months ended November 30, 2024, were $1.44 billion, down from $1.87 billion in 2023[24] - Financial Services operating earnings for the three months ended November 30, 2024, were $154.48 million, compared to $169.13 million in 2023[24] - Multifamily operating earnings for the three months ended November 30, 2024, showed a loss of $160,000, an improvement from a loss of $12.16 million in 2023[24] Homebuilding Operations - Total deliveries for the three months ended November 30, 2024, were 22,206 homes, down from 23,795 homes in 2023[25] - Total new orders for the three months ended November 30, 2024, were 16,895 homes, a slight decrease from 17,366 homes in 2023[26] - The average sales price for homes delivered in the East region for the three months ended November 30, 2024, was $408,000, down from $424,000 in 2023[25] - The West region had the highest average sales price at $644,000 for the three months ended November 30, 2024, compared to $647,000 in 2023[25] - Total homebuilding revenues for the year ended November 30, 2024, were $33.91 billion, up from $32.66 billion in 2023[24] - Total deliveries for the year ended November 30, 2024, were 80,210 homes, an increase from 73,087 homes in 2023[26] - Total new orders for the year ended November 30, 2024, were 76,951 homes with a dollar value of $32.68 billion, compared to 69,111 homes with a dollar value of $30.51 billion for the year ended November 30, 2023[27] - The average sales price for new orders in 2024 was $425,000, down from $441,000 in 2023[27] - Backlog at November 30, 2024, was 11,633 homes with a dollar value of $5.37 billion, compared to 14,892 homes with a dollar value of $6.63 billion at November 30, 2023[27] - The average sales price for backlog homes in 2024 was $462,000, up from $445,000 in 2023[27] Financial Position and Debt - Total assets increased to $41.31 billion at November 30, 2024, from $39.23 billion at November 30, 2023[28] - Homebuilding debt decreased to $2.26 billion at November 30, 2024, from $2.82 billion at November 30, 2023[30] - Stockholders' equity increased to $27.87 billion at November 30, 2024, from $26.58 billion at November 30, 2023[30] - Net homebuilding debt improved to -$2.40 billion at November 30, 2024, from -$3.46 billion at November 30, 2023[30] - Homebuilding debt to total capital ratio decreased to 7.5% at November 30, 2024, from 9.6% at November 30, 2023[30] - Net homebuilding debt to total capital ratio improved to -9.4% at November 30, 2024, from -15.0% at November 30, 2023[30] Expenses and Interest - Total interest expense for Q4 2024 was $44.01 million, down 40.9% from $74.54 million in Q4 2023[23] - Corporate general and administrative expenses for Q4 2024 were $170.01 million, an increase of 24.7% from $136.34 million in Q4 2023[23]

Core Viewpoint - Lennar Corporation is planning a spin-off of its subsidiary Millrose Properties, Inc., which will involve the contribution of land and cash to Millrose and a distribution of Millrose's stock to Lennar's shareholders, pending final approval from the Lennar Board of Directors and customary conditions [1]. Group 1: Spin-Off Details - Millrose Properties, Inc. has filed a registration statement with the SEC under the Securities Act of 1933 on Form S-11 for the planned spin-off [1][2]. - The registration statement has not yet become effective, and the securities related to Millrose cannot be sold or offered until it is effective [5]. Group 2: Millrose's Business Operations - Post spin-off, Millrose will operate as an independent, publicly traded company focusing on land purchases, horizontal development, and homesite option purchase arrangements for Lennar and potentially other homebuilders and developers [3]. Group 3: Lennar Corporation Overview - Lennar Corporation, established in 1954, is a leading builder of quality homes across various segments, including affordable, move-up, and active adult homes [4]. - The company also provides mortgage financing and title services primarily for its homebuyers and engages in multifamily rental property development [4].

Group 1 - The core viewpoint discusses Lennar's strategy to become more asset-light, which could potentially disrupt the housing industry [1] - The discussion highlights how this shift may create investment opportunities for Meritage Homes as it adapts to the changing landscape [1]

Core Insights - Quarterra Multifamily, a subsidiary of Lennar Corporation, has announced the start of leasing at Cordelia, a luxury high-rise community in Downtown Sarasota, Florida, located on Sarasota Bay [1][2] Group 1: Project Overview - Cordelia is part of a 14-acre master development featuring 240 luxury homes and 13,811 square feet of retail space [2] - The community is designed to offer a blend of urban energy and natural beauty, providing residents with upscale living experiences [2][3] - Cordelia includes various apartment types ranging from studio to three-bedroom units, with sizes between 558 and 1,480 square feet [6] Group 2: Amenities and Features - The community boasts large balconies with waterfront views, a rooftop pool, sky terrace, and a variety of amenities such as a fitness studio, pet spa, and co-working spaces [7] - High-end kitchen features include stainless steel appliances, quartz countertops, and wine fridges, while bathrooms are equipped with oversized tubs and walk-in showers [6][7] Group 3: Location and Accessibility - Cordelia is strategically located along Tamiami Trail and near Fruitville Road, providing easy access to downtown dining, shopping, and entertainment venues [4][5] - The property is well-connected to regional employers and public transport options, including SCAT bus service and Bay Runner trolley [5] Group 4: Company Background - Quarterra Group, Inc. is a real estate-focused alternative asset management company with a strong presence in multifamily development, having been recognized on the National MultiHousing Council's Top 50 list for nine consecutive years [8]

Group 1: Core Investment Thesis - The potential election of Vice President Kamala Harris and a Democratic-controlled Congress could significantly benefit certain stocks in Warren Buffett's Berkshire Hathaway portfolio, particularly Lennar and NVR [2][3][7]. Group 2: Company Profiles - Lennar is a leading homebuilder in the U.S. with a market capitalization exceeding $45 billion, operating in 22 states and providing mortgage loans, title insurance, and closing services [4]. - NVR, another prominent homebuilder, has a market cap of around $28 billion and operates in 16 states, also offering mortgage and settlement services [5]. Group 3: Investment Rationale - The Biden administration's housing initiatives, including the construction of 3 million new homes and tax incentives for homebuilders, are expected to drive demand for Lennar and NVR [7][8][9]. - Economists predict that Harris' policies could lead to lower inflation compared to previous administrations, resulting in lower interest rates, which would make homebuilding more affordable [10]. Group 4: Market Position and Valuation - Berkshire Hathaway's investments in Lennar and NVR are relatively small, with stakes valued at approximately $24 million and $100 million, respectively, which do not significantly impact the conglomerate's overall portfolio [6]. - Lennar is considered a more attractive investment compared to NVR due to its lower share price and more favorable valuation metrics, trading at 10.7 times forward earnings versus NVR's 17.6 [13].

Unfortunately for home buyers, mortgage rates are sharply higher in October, with the 30-year rate averaging 6.92% as of Oct. 23 -- marking a fourth-straight weekly rise. Though it's too late to tell, new home sales will likely take a hit after surging last month thanks to lower rates. More specifically, sales of newly built homes jumped 4.1% to a higher-than-expected annual rate of 738,000 in September -- the fastest pace since May 2023. With this backdrop in mind, we're checking in on two homebuilding sto ...

Now is the ideal time to buy this Buffett stock. Imagine having one of the greatest investors of all time send you a list of the stocks he likes the most. The good news is that you don't have to use your imagination. In a real sense, it happens every three months. Warren Buffett unquestionably qualifies as a legendary investor. Although Buffett doesn't personally email a list of his favorite stocks to you, he does the next best thing. Every quarter, the company he runs, Berkshire Hathaway, reveals its stock ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact ...

On September 25, 2024, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.Lennar, one of the nation's leading homebuilders, announced that its Board of Directors has declared a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock payable on October 24, 2024 to holders of record at the close of business on October 9, 2024.Today, McDonald's B ...

Tired of effortful investing strategies with uncertain prospects? As a former deep value investor, I learned to appreciate the benefits of a dividend-focused value strategy several years ago. My strategy puts an emphasis on capital preservation and steadily growing income. I write primarily about stocks I hold in my diversified dividend stock portfolio, which emphasizes high-quality value stocks that offer meaningful growth and long-term safety. Feel free to reach out to me via direct messaging here, on Twi ...