Lennar Investor Relations Material

Lennar Corporation is an American homebuilding company. Lennar's primary business involves constructing and selling residential homes, catering to various market segments, including first-time, move-up, and active adult buyers. Lennar's portfolio includes a diverse range of home types, from single-family residences to townhomes and condominiums, addressing the varying needs of the modern American homeowner. The company also offers financial services, such as mortgage financing, title insurance, and closing services, primarily to its homebuyers. Lennar is headquartered in Miami, and its shares are listed on the NYSE.

Lennar Corporation, founded in 1954 by Leonard Miller and Arnold Rosen as F&R Builders, has evolved significantly in the U.S. homebuilding sector. Initially a small homebuilder in Miami, Florida, the company rebranded as Lennar in 1971, deriving its name from a combination of the founders' first names. Lennar grew by acquiring smaller homebuilders, expanding its geographical footprint. This approach propelled Lennar into becoming one of the nation's leading homebuilders. The company's growth was further bolstered by diversifying into various aspects of home construction and real estate, including financial services.

Lennar Corporation's portfolio includes a variety of home types to cater to different customer segments. They build single-family homes, which are standalone structures typically designed for family living. These homes usually offer more space and may come with personal yards. Lennar also constructs townhomes and condominiums. Both townhomes and condominiums usually require less maintenance than single-family homes and can be more affordable. Additionally, Lennar offers what they call Next Gen homes, designed to provide an additional, separate living space within the home, accommodating multi-generational living or other flexible living arrangements. Companies operating on a similar business model include D.R. Horton, PulteGroup, and KB Home, to name a few.

Lennar Financial Services, a division of the company, offers mortgage financing, title insurance, and closing services primarily to buyers of Lennar's homes. It is structured to streamline the home buying process, providing a more integrated experience for customers. It offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, as well as government-backed loans like FHA and VA loans.