MIAMI, Jan. 14, 2021 /PRNewswire/ -- Lennar Corporation
(NYSE: LEN and LEN.B), one of the nation's leading homebuilders,
announced that its Board of Directors authorized the Company to
repurchase from time to time up to the lesser of $1 billion in value, or 25,000,000 in shares, of
the Company's outstanding Class A or Class B common stock. The
repurchase authorization has no expiration date. The purpose of the
authorization is to enable the Company to purchase shares from time
to time when its officers deem it appropriate for the Company to do
so. Under a prior stock repurchase authorization, which was
approved by the Board in January 2019
and was replaced by the current one, the Company repurchased 14
million shares of its Class A and Class B common stock for a total
of $781 million.
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.
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, including
statements regarding the stock repurchase authorization. These
forward-looking statements are subject to risks, uncertainties and
assumptions, including the risk that no shares are repurchased.
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
detailed in Lennar's filings with the SEC, including the "Risk
Factors" section of Lennar's Annual Report on Form 10-K for the
fiscal year ended November 30, 2019.
It is not possible for management to predict all the possible risks
that could affect Lennar or to assess the impact of all possible
risks on Lennar's business.
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SOURCE Lennar Corporation