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Lennar Corp (LEN.N)

LEN.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

U.S. court of appeals affirms earlier judgment in favor of iStar
Friday, 14 Apr 2017 08:00am EDT 

iStar Inc : US court of appeals affirms judgment in favor of iStar . Court affirmed judgment in matter of U.S. Home Corporation v. Settlers Crossing, L.L.C., iStar Inc. et al . Court determined that company was entitled to specific performance from Lennar in amount of remaining $114 million purchase price due under land contract .Court also determined company entitled to interest on unpaid amounts at rate of 12.0% per annum from and after May 27, 2008 until paid, of about $121 million.  Full Article

Lennar reports one-time charge for litigation from 2008
Monday, 10 Apr 2017 07:30am EDT 

Lennar Corp : Lennar reports one-time charge for litigation from 2008 . Lennar Corp - Recorded a litigation accrual which will result in Q1 net earnings being lower than $130.8 million, or $0.56 per diluted share . Based on court hearing co now believes it is appropriate to record a one-time charge of $140 million for the litigation .Lennar Corp - In addition to accrual, company would purchase property which is subject of litigation for $114 million.  Full Article

GAMCO Asset Management Inc reports 6.01 pct stake in Lennar Corp
Wednesday, 29 Mar 2017 06:29am EDT 

Lennar Corp : GAMCO Asset Management Inc reports 6.01 percent stake in Lennar Corp as on March 28, 2017 . GAMCO-To vote for maintaining lennar's existing voting structure,will vote "against" proposal requesting all of co's outstanding stock have one-vote/share . GAMCO - may also discuss with Lennar Corp other alternatives to eliminate discount between co's class B and class A shares .GAMCO- Plans to have conversations with Lennar,class B stockholders for proposal to provide class B stockholders with right to convert shares into class A shares.  Full Article

Lennar reaffirms 2017 gross margin forecast
Tuesday, 21 Mar 2017 12:04pm EDT 

Lennar Corp : "Year-end margin will still be right on top of our guidance" - CEO on conf call . "Planning to build both WCI and Lennar brands in some of our larger communities" - conf call . "Our 2017 growth rates should be on the higher side of our goals or little over that goal" - CEO on conf call . FivePoint "might just find a window to go public" amid current market optimism - conf call . Sees Q2 gross margin between 21 percent and 21.5 percent after impact from writing up WCI's backlog in purchase accounting- conf call . Expect to deliver between 29,500 and 30,000 homes for 2017 - conf call Further company coverage: [LEN.N] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Lennar reports Q1 EPS $0.56
Tuesday, 21 Mar 2017 06:00am EDT 

Lennar Corp : Lennar reports first quarter EPS of $0.56 . Q1 earnings per share $0.56 . Q1 revenue $2.3 billion versus I/B/E/S view $2.19 billion . Q1 earnings per share view $0.55 -- Thomson Reuters I/B/E/S . Lennar Corp qtrly deliveries of 5,453 homes - up 13% . quarter-End backlog of 9,017 homes - up 18% . Qtrly gross margin on home sales of 21.1%, compared to 22.7% . Lennar Corp qtrly new orders dollar value of $2.4 billion - up 16% .Average sales price of homes delivered was $365,000 in q1 of 2017, consistent with q1 of 2016.  Full Article

Lennar CEO Stuart Miller's total compensation $19.2 mln for 2016
Tuesday, 7 Mar 2017 06:33am EST 

Lennar Corp : Lennar corp - ceo stuart miller's total compensation for 2016 was $19.2 million versus $17.9 million in 2015 - sec filing .Lennar corp - president rick beckwitt's total compensation for 2016 was $17.2 million for 2016 versus $16 million in 2015.  Full Article

Lennar prices $600 million of senior notes at 4.125 pct
Thursday, 5 Jan 2017 04:30pm EST 

Lennar Corp : Lennar prices $600 million of senior notes at 4.125 pct . Lennar Corp - priced an underwritten public offering of $600 million of 4.125 pct senior notes due 2022 .Lennar Corp - proceeds from offering are estimated to be approximately $596 million, after underwriting fees but before expenses.  Full Article

WCI Communities provides update on Lennar merger agreement
Thursday, 27 Oct 2016 06:55am EDT 

WCI Communities Inc : WCI Communities announces expiration of "go-shop" period under merger agreement . WCI Communities - WCI board did not receive any superior proposals during go-shop period. .WCI Communities-special meeting will be held in dec or jan, and, if merger agreement with Lennar is approved, merger would be expected to close shortly.  Full Article

WCI Communities says co to pay Lennar fee of $22.5 mln upon termination of merger
Thursday, 22 Sep 2016 08:30am EDT 

WCI Communities Inc : Upon termination of merger agreement under specified circumstances, co will be required to pay Lennar Corp a termination fee of $22.5 million. .If deal is terminated in connection with co entering alternative deal in respect of superior proposal, termination fee payable to Lennar is $11.25 million.  Full Article

WCI Communities Announces Definitive Merger Agreement with Lennar Corp for nearly $643 Mln
Thursday, 22 Sep 2016 06:50am EDT 

WCI Communities Inc : WCI Communities announces definitive merger agreement with Lennar Corporation for approximately $643 million . Transaction would include a portfolio of owned or controlled land totaling approximately 14,200 home sites . Transaction would be in form of a merger of WCI and a newly formed Lennar subsidiary .Says WCI will undertake a 35-day "go-shop" period.  Full Article

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Five Point Holdings rises 10 pct in debut

May 9 Shares of Five Point Holdings, a real-estate developer backed by No.2 U.S. homebuilder Lennar Corp, rose as much as 10 percent in their market debut on Wednesday.