Lennar Corporation engages in homebuilding, financial services, and real estate businesses. 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, 2012, the company was building and marketing homes in 457 communities, excluding unconsolidated entities. As of November 30, 2012, the company owned 107,138 homesites and had access through option contracts to an additional 21,346 homesites, of which 13,312 homesites were through option contracts with third parties and 8,034 homesites were through option contracts with Lennar Homebuilding unconsolidated entities in which it has investments. The company 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 2012, the company originated approximately 19,700 mortgage loans. Title Insurance and Closing Services: The company provides title insurance and closing services to its homebuyers and others. During 2012, it provided title and closing services for approximately 108,200 real estate transactions, and issued approximately 149,300 title insurance policies through its underwriter, North American Title Insurance Company. Title and closing services are provided by agency subsidiaries in Arizona, California, Colorado, the 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, Indiana, Kentucky, Massachusetts, Michigan, Mississippi, Ohio, Oklahoma, Oregon, North Carolina, South Carolina, Tennessee, Washington, and Wyoming. Rialto Investments (Rialto) This segment focuses on real estate investments and asset management. Rialto utilizes its investment and operating platform to underwrite, diligence, acquire, manage, workout, and add value to various portfolios of real estate loans, properties, and securities, as well as providing strategic real estate capital. Rialto is the sponsor of and an investor in private equity vehicles that invest in and manage real estate related assets. This has included Rialto Real Estate Fund, LP. In 2012, the company expanded its operations into the Seattle market with the acquisition of approximately 650 finished homesites in 20 communities from Premier Communities. It also started to incubate its multifamily business, by acquiring land and beginning the construction phase of some multifamily rental properties. Regulation The company’s Rialto segment entity is required to be registered as an investment adviser under the Investment Advisers Act of 1940. Significant Events In October 2013, Codina Partners announced the formation of a strategic partnership with Lennar Corporation to develop a portion of Downtown Doral. The partnership involves 180,000 square feet of retail development of which the first phase, totaling 80,000 square feet. Downtown Doral is a 120 acre, mixed-used Downtown for the City of Doral that is master developed by Codina Partners. History Lennar Corporation was founded as a local Miami homebuilder in 1954.
lennar corp-a (LNN:Frankfurt)
700 Northwest 107th Avenue
Miami, FL 33172
|Boral Ltd||A$4.63 AUD||-0.05|
|DR Horton Inc||$19.08 USD||+0.29|
|NVR Inc||$972.80 USD||+10.77|
|PulteGroup Inc||$18.18 USD||+0.19|
|Toll Brothers Inc||$32.89 USD||+0.15|
|View Industry Companies|
Sponsored Financial Commentaries
To contact LENNAR CORP-A, please visit www.lennar.com. Company data is provided by Capital IQ. Please use this form to report any data issues.