Lennar Corp Class A

LEN: XNYS (USA)

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Lennar: Millrose Properties Spinoff a Step Forward in Lennar's Asset-Light Journey

Brian Bernard

Feb 7, 2025

In connection with Lennar's spinoff of Millrose Properties on Feb. 7, the homebuilder transferred $6 billion of land inventory (including land from the Rausch Coleman acquisition) to the newly created publicly traded company. We view Millrose as a hybrid land banking and development company.

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Lennar Corp Class A

Lennar: Millrose Properties Spinoff a Step Forward in Lennar's Asset-Light Journey

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