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Company Description

Contact Info

700 Northwest 107th Avenue

Miami, FL 33172

United States

Phone: 305-559-4000

Fax:

Lennar Corporation, together with its subsidiaries, is engaged in homebuilding activities in the United States. Segments The company operates through Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, Homebuilding Houston, Lennar Financial Services, Rialto Investments, and Lennar Multifamily segments. Segments Homebuilding This segment includes the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land directly and through unconsolidated entities in which it has investments. The company has grouped this segment’s activities into Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida, and Homebuilding Houston. The company primarily sells single-family attached and detached homes in communities targeted to first-time, move-up, and active adult homebuyers in various environments ranging from urban infill communities to golf course communities. It operates primarily under the Lennar brand name. As of November 30, 2013, the company owned 125,643 homesites and had access through option contracts to an additional 28,133 homesites, of which 20,966 homesites were through option contracts with third parties and 7,167 homesites were through option contracts with Lennar Homebuilding unconsolidated entities in which the company had investments. The company also sells homes through independent brokers. Lennar Financial Services This segment provides mortgage financing, title insurance, and closing services for both buyers of its homes and others. The loans it originates are sold within a short period in the secondary mortgage market on a servicing released, non-recourse basis. Mortgage Financing: The company primarily originates conforming conventional, FHA-insured, and VA-guaranteed residential mortgage loan products and other products to its homebuyers and others through its financial services subsidiary, Universal American Mortgage Company, LLC, doing business as Eagle Home Mortgage, located in the same states as its homebuilding operations, as well as some other states. During 2013, the company originated approximately 22,300 mortgage loans. Title Insurance and Closing Services: The company provides title insurance and closing services to homebuyers and others. During 2013, the company provided title and closing services for approximately 101,200 real estate transactions, and issued approximately 192,400 title insurance policies through its underwriter, North American Title Insurance Company. Title and closing services are provided by agency subsidiaries in Arizona, California, Colorado, District of Columbia, Florida, Illinois, Maryland, Minnesota, Nevada, New Jersey, New York, Pennsylvania, Texas, Utah, Virginia and Wisconsin. Title insurance services are provided in these same states, except New York, as well as in Alabama, Delaware, Georgia, Idaho, Indiana, Kentucky, Maine, Massachusetts, Michigan, Mississippi, New Hampshire, Ohio, Oklahoma, Oregon, North Carolina, South Carolina, Tennessee, Washington and Wyoming. Rialto Investments The Rialto segment is a commercial real estate investment, investment management, and finance company focused on raising, investing and managing third party capital, originating and securitizing commercial mortgage loans, as well as investing its own capital in real estate related mortgage loans, properties and related securities. Rialto segment utilizes its vertically-integrated investment and operating platform to underwrite, diligence, acquire, manage, workout, and add value to diverse portfolios of real estate loans, properties and real estate related securities, as well as providing strategic real estate capital. Rialto segment’s primary focus is to manage third party capital and to originate and sell into securitizations commercial mortgage loans. Lennar Multifamily During 2013, the company became actively involved, primarily through unconsolidated entities, in the development of multifamily rental properties. The Lennar Multifamily segment would focus on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.S. markets. The Lennar Multifamily segment was participating in 13 unconsolidated entities, as of November 30, 2013. Seasonality The company’s homebuilding business is seasonal in nature and reflects higher levels of new home order activity in its second fiscal quarter and increased deliveries in the second half of its fiscal year. History Lennar Corporation was founded as a local Miami homebuilder in 1954.

 

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Price/Earnings 17.0x
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