Lennar Corporation

From Wikipedia, the free encyclopedia
  (Redirected from Stuart A. Miller)
Jump to: navigation, search
Lennar Corporation
Public company
Traded as
Industry Home construction
Founded 1954; 64 years ago (1954)
Founder Leonard Miller
Arnold Rosen
Headquarters Miami, Florida, United States
Key people
Stuart Miller
(Executive Chairman)
Rick Beckwitt
(CEO)
Jon Jaffe
(President and COO)
Production output
29,394 new home deliveries (2017)
Revenue Increase $12.646 billion (2017)
Decrease $0.810 billion (2017)
Total assets Increase $18.745 billion (2017)
Total equity Increase $7.986 billion (2017)
Number of employees
9,111 (2017)
Website www.lennar.com
Footnotes / references
[1]
Lennar's branch office in San Ramon, California

Lennar Corporation is a home construction company based in Miami, Florida. The company is the largest home construction company in the United States based on total revenue and, after D. R. Horton, is the second-largest home construction company by number of annual home sales.[2] The company is ranked 260th on the Fortune 500.[3]

The company also owns Rialto Capital Management, the sponsor of 6 private equity funds that invest in real estate and an originator commercial mortgage loans for securitization.[1]

The company also developed and retains ownership interests in 53 apartment communities.[1]

The name Lennar is a portmanteau of the first names of 2 of the founders of the company, Leonard Miller and Arnold Rosen.

History[edit]

The company dates back F&R Builders, a company founded in 1954 by Gene Fisher and real estate developer Arnold P. Rosen. In 1956, Lenard Miller, a 23-year-old entrepreneur who owned 42 lots in Miami-Dade County, Florida, invested $10,000 and partnered with the company.

In 1969, Miller and Rosen formed Lennar Corporation.

In 1971, the company became a public company via an initial public offering.[1]

In 1973, the company acquired Mastercraft Homes, based in Phoenix, Arizona, for approximately $2 million.

In 1979, the company acquired Womack Development Company.

In 1980, the company acquired Richmond American Homes of Florida for $18 million and acquired Bert L. Smokler & Company.

In 1984, the company acquired H. Miller & Sons for $24 million.[4]

In 1991, the company acquired North American Title Company.

In 1992, following Hurricane Andrew, the company faced several lawsuits from homeowners alleging careless building quality.[5][6][7]

In 1995, the company acquired Friendswood Development Company from Exxon.[8]

In 1996, the company acquired Winncrest Homes. The company also acquired 2,200 acres (8.9 km2) acres in and took over management of Coto de Caza, California, a census-designated place and a gated community, from Chevron Corporation.[9]

In 1997, the company acquired West Venture Homes. It also spun off its commercial servicing division, LNR Property Corporation, which was acquired by Starwood Capital Group in 2012.[10]

In 1997, Stuart Miller, the son of co-founder Leonard Miller, took over the company. Leonard Miller died in 2002.[11][12]

In 1998, the company acquired three closely held home construction companies operating in California for $370 million.[13]

In 2000, the company acquired U.S. Home Corporation for $476 million in cash and stock.[14][15][16]

In 2001, the company acquired home building operations from Fortress Investment Group.[17]

In 2002, the company acquired Patriot Homes based in Columbia, Maryland.[18] It also acquired Concord Homes and Summit Homes, both based in Chicago.[19] The company also acquired 650 acres (2.6 km2) on Mare Island, in a closed Navy base, for redevelopment.[20]

In 2004, the company acquired Newhall Land and Farming Company for $990 million.[21][22] The company also acquired the assets of Queens Properties for $33.8 million.[23]

In February 2005, the company acquired the 3,718-acre Marine Corps Air Station El Toro for redevelopment.[24][25]

In March 2006, the company acquired 13 acres in Anaheim, California for $56 million.[26]

In November 2006, chairman Robert J. Strudler, who previously led U.S. Home Corp until it was acquired by Lennar in 2000, died.[27][28]

In December 2007, during the subprime mortgage crisis, the company sold an 80% interest in 11,000 properties for 40% of their previously stated book value to Morgan Stanley.[29]

In early 2008, the company reported a 60% year-over-year drop in new home deliveries as it suffered from the financial crisis of 2007-2008.[30][31]

In 2011, former businessman and convicted felon Barry Minkow engaged in an extortion scheme to manipulate the company's stock, which caused the shares to lose 26% of their value in a day. Minkow was sentenced to 5 years in prison, and was ordered to pay $584 million in restitution. San Diego real estate developer Nicolas Marsch III hired Minkow to back his claims that Lennar cheated Marsch out of millions of dollars on a private golf community.[32][33][34][35]

In March 2013, the company acquired 20.6 acres in Norcross, Georgia for $7.59 million.[36]

In April 2014, the company proposed building 572 single family homes and 124 townhouses in Forsyth County, Georgia.[37]

In June 2014, the company began selling houses at the former navy shipyard at Bayview-Hunters Point, San Francisco.[38][39][40]

In February 2016, the company acquired 143 acres in Miami Lakes for $74.4 million and announced plans to build 267 single-family homes and 238 townhouses on the site.[41] The company also sold a new 167-unit apartment complex in Chicago.[42]

In November 2016, the company sold a 252-unit apartment complex in Orlando, Florida for $42.83 million.[43]

In January 2017, the company acquired a parcel in Charlotte, North Carolina for $23 million an announced plans to construct a mixed-use property on the site.[44]

In February 2017, the company acquired WCI Communities, which operated in Florida, for $643 million.[45]

In March 2017, the company acquired Westchester Pavilion in White Plains, New York for $56.6 million and announced plans to redevelop the site into 700 apartments and 90,000 square feet of retail space.[46]

In April 2017, the company acquired a 225-acre farm in Wake County, North Carolina for $25.7 million.[47]

In October 2017, the company acquired land in Plantation, Florida and announced plans to build a 271-unit luxury apartment complex on the site.[48]

In February 2018, the company acquired CalAtlantic Homes.[49]

References[edit]

  1. ^ a b c d "Lennar Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission. 
  2. ^ "The Top 100: 2017". builderonline.com. 
  3. ^ "Fortune 500: Lennar". Fortune. 
  4. ^ "Obituaries: Howard H. Miller, Home Builder". Sun-Sentinel. January 6, 1998. 
  5. ^ "Florida Builders Gird for Lawsuits Over Homes Damaged in Storm". The New York Times. October 4, 1992. 
  6. ^ Myerson, Allen R. (September 3, 1992). "Investing Into the Wind: An Odd, Volatile Game". The New York Times. 
  7. ^ Belsie, Laurent (October 4, 1992). "Home-Construction Industry in Florida Examined in Wake of Hurricane Andrew". The Christian Science Monitor. 
  8. ^ "LENNAR TO BUY EXXON'S REAL ESTATE UNIT". The New York Times. Reuters. December 8, 1995. 
  9. ^ VRANA, DEBORA (March 14, 1996). "A New Landlord for Coto". Los Angeles Times. 
  10. ^ Brown, Eliot (October 24, 2012). "Starwood to Buy LNR Property". The Wall Street Journal. (subscription required)
  11. ^ "Lennar's founder dies at 69". American City Business Journals. August 5, 2002. 
  12. ^ "Leonard Miller, 69; Led Expansion of the Lennar Corp". Los Angeles Times. July 29, 2002. 
  13. ^ "LENNAR ADDING TO HOLDINGS IN SOUTHERN CALIFORNIA". The New York Times. Bloomberg News. April 9, 1998. 
  14. ^ "LENNAR AGREES TO BUY U.S. HOME FOR $476 MILLION". The New York Times. Bloomberg News. February 18, 2000. 
  15. ^ "Lennar to acquire U.S. Home Corp. in major merger". American City Business Journals. February 18, 2000. 
  16. ^ Petruno, Tom (February 18, 2000). "Lennar to buy U.S. Home for $36 a Share". Los Angeles Times. 
  17. ^ "Lennar Corp. buys Sunstar Homes from Fortress Group". American City Business Journals. December 21, 2001. 
  18. ^ "Lennar wraps up acquisition of Patriot Homes". American City Business Journals. January 24, 2002. 
  19. ^ "Lennar buys two Chicago firms". American City Business Journals. August 13, 2002. 
  20. ^ Pasco, Jean O. (March 21, 2005). "In Vallejo, a Lesson in Converting El Toro". Los Angeles Times. 
  21. ^ "LNR, Lennar close $1B Newhall Land buy". American City Business Journals. January 28, 2004. 
  22. ^ Perez, Evan (July 22, 2003). "Lennar and LNR Set a Pact To Purchase Newhall Land". The Wall Street Journal. (subscription required)
  23. ^ Howard, J. Lee (February 23, 2004). "Lennar to buy Queens". American City Business Journals. 
  24. ^ "Former Marine base El Toro goes to Lennar homes". American City Business Journals. February 17, 2005. 
  25. ^ Pasco, Jean O. (February 18, 2005). "With El Toro Sold, What's Next?". Los Angeles Times. 
  26. ^ Ohl, Joshua (March 24, 2006). "Lennar Buys More Anaheim Platinum Triangle Land for $56M". CoStar Group. 
  27. ^ "Robert J. Strudler, 64, Chairman of Lennar". The New York Times. November 13, 2006. (subscription required)
  28. ^ "Robert J. Strudler, 64; board chairman of home builder Lennar". Los Angeles Times. November 11, 2006. 
  29. ^ Isidore, Chris (December 3, 2007). "Builder dumps homes in Morgan Stanley deal". CNNMoney. 
  30. ^ "Builder: Housing woes continue to worsen". CNNMoney. March 27, 2008. 
  31. ^ "Housing slump keeps Lennar earnings in red". American City Business Journals. June 26, 2008. 
  32. ^ Parloff, Roger (January 5, 2012). "Barry Minkow: All-American con man". Fortune. 
  33. ^ Whelan, Robbie (January 5, 2012). "Minkow Sentenced to 5 Years". The Wall Street Journal. (subscription required)
  34. ^ Barrett, Paul M. (December 20, 2013). "American Hustle: The CEO, the Ex-Partner, the Pastor, and the $1 Billion Shakedown: A scheme to smear homebuilder Lennar backfires". Bloomberg Businessweek. 
  35. ^ Reckard, E. Scott (April 3, 2015). "Court upholds Lennar's $1-billion verdict against San Diego developer". Los Angeles Times. 
  36. ^ Kelly, James (March 26, 2013). "Lennar Buys 21 Acres in Norcross for $7.6 Million". CoStar Group. 
  37. ^ Trubey, J. Scott (April 30, 2014). "Lennar plans large subdivision in Forsyth County". The Atlanta Journal-Constitution. 
  38. ^ Torres, Blanca (June 27, 2014). "Lennar's Shipyard docks first homes". American City Business Journals. 
  39. ^ Pender, Kathleen (October 18, 2016). "SF's newest neighborhood, the Shipyard, is relatively affordable". San Francisco Chronicle. 
  40. ^ "Lennar Announces Grand Opening of New Model Homes Designed by Laurel & Wolf at The San Francisco Shipyard on Saturday, September 10th" (Press release). Business Wire. August 30, 2016. 
  41. ^ Rodriguez, Ernest (February 2, 2016). "Lennar Buys 143 Acres in Miami Lakes". CoStar Group. 
  42. ^ GALLUN, ALBY (February 17, 2016). "Insurer to buy West Loop apartment project". Crain Communications. 
  43. ^ Thilert, Nina (November 1, 2016). "Lennar Sells Crest at Millenia Apts in Orlando". CoStar Group. 
  44. ^ Fahey, Ashley (January 19, 2017). "Uptown parcel sells to Lennar for $23 million for mixed-use project". American City Business Journals. 
  45. ^ "Lennar Completes Acquisition of WCI Communities" (Press release). PR Newswire. February 10, 2017. 
  46. ^ Williams, Marcus (March 8, 2017). "Lennar Affiliate Buys The Westchester Pavilion for 700-Unit, Mixed-Use Redevelopment". CoStar Group. 
  47. ^ Hoyle, Amanda (April 19, 2017). "Lennar makes 'historic' $26M land buy for development in Apex". American City Business Journals. 
  48. ^ Owers, Paul (October 4, 2017). "Lennar Buys Land for Multifamily Project in Plantation". CoStar Group. 
  49. ^ "Lennar Completes Strategic Combination with CalAtlantic" (Press release). PR Newswire. February 12, 2018. 

External links[edit]