United States

Profile: Lennar Corp (LENb.N)

LENb.N on New York Stock Exchange

20 Jan 2017
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Lennar Corporation, incorporated on October 6, 1991, is a homebuilder that operates in various states with deliveries of approximately 24,290 new homes. The Company's segments include Homebuilding activities, which include Homebuilding East, Homebuilding Central, Homebuilding West, Homebuilding Southeast Florida and Homebuilding Houston; Lennar Financial Services; Rialto, and Lennar Multifamily. Its Homebuilding operations include 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 Lennar Financial Services segment operations include mortgage financing, title insurance and closing services for its homebuyers and others. The Rialto segment operations include commercial real estate, investment management and finance company. The Lennar Multifamily segment focuses on developing a portfolio of institutional multifamily rental properties in select the United States markets.

Homebuilding Operations

The Company primarily sells single-family attached and detached homes in communities targeted to first-time, move-up and active adult homebuyers in a range of locations ranging from urban infill communities to suburban golf course communities. It operates primarily under the Lennar brand name. The Company owns approximately 125,910 homesites and has access through option contracts to an additional approximately 39,950 homesites, of which approximately 33,490 homesites were through option contracts with third parties and approximately 6,460 homesites are through option contracts with unconsolidated entities in which it has investments. Its homebuilding segments and Homebuilding Other have operations located in East, including Florida (excluding South Florida), Georgia, Maryland, New Jersey, North Carolina, South Carolina and Virginia; Central, including Arizona, Colorado and Texas (excluding Houston, Texas); West, including California and Nevada; Southeast Florida; Houston, including Houston, Texas, and Other, including Illinois, Minnesota, Tennessee, Oregon and Washington.

Lennar Financial Services Operations

The Company's Lennar Financial Services segment sells substantially all of the loans it originates within a short period in the secondary mortgage market, which are sold on a servicing released and non-recourse basis. It originates approximately 32,600 residential mortgage loans. It primarily offers Federal Housing Administration (FHA)-insured and Veterans Affairs (VA)-guaranteed residential mortgage loan products, and other products to buyers of its homes and others through its financial services subsidiary, Universal American Mortgage Company, LLC. The Company finances its mortgage loan activities with borrowings under its financial services warehouse facilities or from its operating funds. It provides title and closing services through agency subsidiaries in Arizona, California, Colorado, Delaware, District of Columbia, Georgia, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Texas, Utah, Virginia, West Virginia and Wisconsin. It provides title insurance services in approximately 40 states. The Company also provides its homebuyers and others with personal lines, property and casualty insurance products through its insurance agency subsidiary, North American Advantage Insurance Services, LLC.

Rialto Operations

The Company's Rialto segment is 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. The Rialto segment utilizes its investment and operating platform to underwrite, diligence, acquire, manage, workout and add value to portfolios of real estate loans, properties and securities, as well as providing real estate capital. Rialto is the sponsor of and an investor in private equity vehicles that invests in, and manages real estate related assets and other related investments.

Lennar Multifamily Operations

The Company through unconsolidated entities is primarily involved in the development, construction and property management of multifamily rental properties. The Lennar Multifamily Operations include sales of land, construction activities and equity in earnings from unconsolidated entities. The Company primarily uses third-party management companies to rent the apartments. The Lennar Multifamily segment has equity investments in approximately 30 unconsolidated entities (including the Venture).

Company Address

Lennar Corp

700 NW 107th Ave Ste 400
MIAMI   FL   33172-3139
P: +1305.5594000
F: +1302.6555049

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