MIAMI, Dec. 18,
2024 /PRNewswire/ -- Lennar Corporation (NYSE: LEN
and LEN.B) ("Lennar"), one of the nation's leading homebuilders,
announced that its recently formed subsidiary, Millrose Properties,
Inc. ("Millrose"), has filed with the Securities and Exchange
Commission a registration statement under the Securities Act of
1933 on Form S-11 relating to a planned spin-off consisting of a
contribution by Lennar to Millrose of land and cash and a
distribution of Millrose's stock to Lennar's stockholders (the
"Spin-Off"). The planned Spin-Off is subject to final approval from
the Lennar Board of Directors and other customary conditions.
Detailed information about Millrose and the planned Spin-Off is
contained in the preliminary prospectus contained in the
registration statement which has not been declared effective.
Future updates to the Form S-11 will be filed with the SEC and be
available through the SEC's EDGAR system at www.SEC.gov under
Millrose Properties, Inc. The registration statement and any future
updates can also be obtained through Millrose's website at
www.millroseproperties.com. Millrose's website has been provided as
a convenience, and the information contained on such website is not
incorporated by reference into this press release. Alternatively,
Millrose will arrange to send you, free of charge, the registration
statement if you request it by contacting Millrose Properties, Inc.
at 600 Brickell Avenue, Suite 1400, Miami, Florida 33131, or at
info@millroseproperties.com.
About Millrose
After the planned Spin-Off, Millrose will become an independent,
publicly traded company that will engage, through its subsidiaries,
in land purchases, horizontal development and homesite option
purchase arrangements, for Lennar, certain entities with which
Lennar has a business relationship or in which Lennar has an
ownership interest, and potentially other homebuilders and
developers.
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.
*****
A registration statement relating to the Millrose securities has
been filed with the Securities and Exchange Commission but has not
yet become effective. Those securities may not be sold nor may
offers to buy be accepted prior to the time the registration
statement becomes effective. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any
securities.
Cautionary statement regarding forward-looking
statements
This press release contains forward-looking statements,
including, in particular, statements about the successful
completion of the Spin-Off and Millrose's business, plans,
strategies and objectives following the Spin-Off. You can generally
identify forward-looking statements by our use of forward-looking
terminology such as "may," "can," "shall," "will," "expect,"
"intend," "anticipate," "estimate," "believe," "continue" or other
similar words or the negatives thereof. Assumptions relating to
these statements involve judgments with respect to, among other
things, competitive and market conditions, future business
decisions and Millrose's relationships with customers, all of which
are difficult or impossible to accurately predict and many of which
are beyond our control. There can be no assurance that these
forward-looking statements will prove to be accurate and our actual
results, performance and achievements may be materially different
from that expressed or implied by these forward-looking statements.
In light of the significant uncertainties inherent in these
forward-looking statements, the inclusion of this information
should not be regarded as a representation by us or any other
person that our objectives and plans, which we consider to be
reasonable, will be achieved.
Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129
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SOURCE Lennar Corporation
