MIAMI, Jan. 9, 2024
/PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of
the nation's leading homebuilders, announced that its Board of
Directors has increased its annual dividend to $2.00 per share from $1.50 per share, resulting in a quarterly cash
dividend of $0.50 per share for both
Class A and Class B common stock. The dividend is payable on
February 7, 2024 to holders of record
at the close of business on January 24,
2024.
Lennar also announced that its Board of Directors has authorized
an increase to the Company's stock repurchase program to enable the
Company to repurchase up to an additional $5
billion in value of its outstanding Class A or Class B
common stock. Repurchases are authorized to be made in open-market
or private transactions. The repurchase authorization has no
expiration date.
Stuart Miller, Executive Chairman
and Co-Chief Executive Officer of Lennar, said, "Given the strength
of our balance sheet, our strong cash position and our operating
strategy driving cash flow, we are focusing more of our capital
allocation on maximizing total shareholder returns. Accordingly, we
are pleased to increase both our dividend and our share repurchase
authorization."
Forward-Looking Statements
Some of the statements in
this press release are "forward-looking statements," as that term
is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks,
uncertainties and assumptions. Accordingly, these forward-looking
statements should be evaluated with consideration given to the many
risks and uncertainties that could cause actual results and events
to differ materially from those in the forward-looking statements.
They include the risks included under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our most recent Annual Report on Form
10-K and Quarterly reports on Form 10-Q. We undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
About Lennar
Lennar Corporation, founded in 1954, is
one of the nation's leading builders of quality homes for all
generations. Lennar builds affordable, move-up and active adult
homes primarily under the Lennar brand name. Lennar's Financial
Services segment provides mortgage financing, title and closing
services primarily for buyers of Lennar's homes and, through LMF
Commercial, originates mortgage loans secured primarily by
commercial real estate properties throughout the United States. Lennar's Multifamily
segment is a nationwide developer of high-quality multifamily
rental properties. LENX drives Lennar's technology, innovation and
strategic investments. For more information about Lennar, please
visit www.lennar.com.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
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SOURCE Lennar Corporation