Lennar Corporation is one of the largest homebuilders in the United States, with operations spanning across multiple states. The company's core business is the construction and sale of single-family attached and detached homes. Lennar also provides financial services, including mortgage origination, title insurance, and closing services. Additionally, they are involved in the development of multifamily rental properties and have investments in technology companies related to the real estate and financial services industries. The company operates primarily under the Lennar brand name, focusing on the profitable development of residential communities. Lennar's competitive advantages include its purchasing leverage, focus on cost reduction through technology, and innovative home designs such as the Next Gen® home. Lennar's geographic presence includes divisions in the East, Central, Texas, and West regions of the United States, as well as urban divisions and other homebuilding related investments primarily in California. The company also has a significant presence in the financial services, multifamily, and technology sectors.

• Employees: 12,284 (as of November 30, 2023)
• Geographic Footprint: United States
• Headquarters: Miami, Florida
• Founded: 1954
• Number of locations/facilities: 1,260 active communities (as of November 30, 2023)
• Revenue: $34.23 billion (FY2023)
• Market Capitalization: $27.81 billion (as of May 31, 2023)
• Key Subsidiaries/Brands: Lennar Mortgage, LMF Commercial

• CEO: Stuart Miller (Executive Chairman and Co-Chief Executive Officer)
• CEO: Jonathan M. Jaffe (Co-Chief Executive Officer and President)
• CFO: Diane J. Bessette (Vice President, Chief Financial Officer and Treasurer)
• Other Key Executives: Mark Sustana (Vice President, General Counsel and Secretary), David M. Collins (Vice President and Controller), Jeff J. McCall (Executive Vice President)

Key leaders have extensive experience in the homebuilding and financial services industries, with many having been with the company for over 20 years.

• Annual Revenue: $34.23 billion (FY2023)
• Net Income: $3.94 billion (FY2023)
• Market Cap: $27.81 billion (as of May 31, 2023)
• Total Assets: $39.23 billion (as of November 30, 2023)
• Employees: 12,284 (as of November 30, 2023)
• Key Financial Highlights: Home deliveries increased by 10% year-over-year. Net earnings were $13.73 per diluted share. Homebuilding cash flow also increased substantially.

Lennar's main product categories and services include:

• Single-Family Homes: Construction and sale of single-family attached and detached homes targeted to first-time, move-up, active adult, and luxury homebuyers.
• Financial Services: Mortgage loan origination, title insurance, and closing services, primarily for Lennar homebuyers. LMF Commercial originates and sells first mortgage loans secured by income-producing commercial properties.
• Multifamily: Development of multifamily communities and management of rental properties.
• Lennar Other: Strategic investments in technology companies and other real estate related investments.

Lennar's operations are divided into the following reportable segments:

• Homebuilding: Includes the construction and sale of single-family homes and the sale of residential land. Generates approximately 95% of consolidated revenues.
• Financial Services: Provides mortgage financing, title insurance, and closing services.
• Multifamily: Focuses on the development and management of multifamily rental properties.
• Lennar Other: Includes strategic technology investments and other real estate related investments.

Lennar's business strategy is focused on:

• Maintaining strong operating margins through purchasing leverage and cost reduction.
• Differentiating products through the Everything's Included® approach, which maximizes purchasing power and includes luxury features as standard items.
• Innovating home designs to meet customer needs, such as the Next Gen® home.
• Utilizing a flexible operating structure that allows for local decision-making with centralized strategic oversight.
• Increasing the effectiveness of digital marketing efforts.
• Employing a dynamic pricing model to match unsold production with current market conditions.
• Partnering with and investing in technology companies to improve the homebuilding and financial services industries.
• Transitioning to a land-light operating model by increasing the percentage of land controlled through options rather than ownership.
• Maintaining consistent starts and sales paces to generate increased market share.

The company is focused on reducing its reliance on owned land and increasing its access to land through options and joint ventures. Lennar is also working towards a more even flow production where they start, sell and deliver a similar number of homes each quarter.

Lennar operates in the highly competitive residential homebuilding industry, competing with national, regional, and local homebuilders, as well as with resales of existing homes and the rental housing market. Key competitive factors include location, price, reputation for customer satisfaction, amenities, design, quality, and financing. The company also competes with other homebuilders for desirable properties, raw materials, and access to skilled labor. Lennar's financial services operations compete with other residential mortgage lenders, while its commercial mortgage business competes with a wide variety of banks and other lenders. In addition, the company competes with other developers of real estate for developable land and with other owners of residential real estate for residents.

• Market Position: One of the largest homebuilders in the United States by deliveries, revenues and net earnings.
• Key Competitors: Numerous national, regional, and local homebuilders.
• Industry Trends: Cyclical demand for new homes, sensitivity to economic conditions, interest rate levels, and inflation.

• Market Risks: Slowdowns in real estate markets, decreased demand for homes, inflation, increased cost of mortgage financing for homebuyers, and increased interest rates.
• Operational Risks: Competition in homebuilding, mortgage lending, and home rentals, warranty and liability claims, excessive health and safety incidents, reliance on subcontractors, and increased costs of building homes.
• Financial Risks: Failure to comply with borrowing facility covenants, substantial levels of indebtedness, and potential downgrades in credit ratings.
• Regulatory Risks: Changes in U.S. trade policies, legal and regulatory changes, and governmental regulations regarding land use and environmental matters.