Lennar Stockholders Approve Directors and Executive Compensation, Reject ESG Proposals at 2025 Annual Meeting

Lennar Corporation held its 2025 Annual Meeting of Stockholders where six proposals were put to a vote. Ten individuals, including Serena Wolfe, Jonathan Jaffe, and Stuart Miller, were elected as directors to serve until the 2026 Annual Meeting. The vote counts varied, with Serena Wolfe receiving the most support and Jeffrey Sonnenfeld receiving the least.

Stockholders also approved, on an advisory basis, the compensation of Lennar’s named executive officers, with over 441 million votes in favor. In addition, they ratified the appointment of Deloitte & Touche LLP as the independent auditor for fiscal year 2025.

However, three stockholder proposals were rejected. These included proposals for appointing an independent board chairman, requesting a report on reducing greenhouse gas emissions, and disclosing LGBTQIA+ equity and inclusion efforts within the company’s human capital management strategy. Each failed to receive majority support, with substantial votes against and high abstention counts in the case of environmental and social proposals.

Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, announced that its Board of Directors has declared a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock payable on May 7, 2025 to holders of record at the close of business on April 23, 2025.

Lennar Reports $520M in Q1 Net Earnings Amid Strong Operational Performance

Miami, FL – March 20, 2025 – Lennar Corporation (NYSE: LEN, LEN.B) reported Q1 FY2025 net earnings of $520 million or $1.96 per diluted share, despite market headwinds. Excluding mark-to-market tech losses, EPS was $2.14. The company delivered 17,834 homes, a 6% increase, and reported revenues of $7.6 billion. New orders rose 1% to 18,355 homes, while average selling price declined 1% to $408,000. Gross margin stood at 18.7% and net margin at 10.2%. Lennar also repurchased 5.2 million shares for $703 million and completed the spin-off of Millrose Properties and the acquisition of Rausch Coleman Homes. The company ended the quarter with $2.3 billion in cash and no debt on its $3B credit line. For Q2, Lennar expects to deliver 19,500 to 20,500 homes with a gross margin around 18%.

On January 21, 2025, Lennar Corporation issued a press release reminding stockholders of key details regarding the taxable spin-off of Millrose Properties, Inc. The announcement highlighted the record date and commencement of the election period for stockholders in relation to the previously disclosed spin-off. This move underscores Lennar's efforts to provide clarity and updates to stakeholders about its corporate restructuring initiative.

The press release was filed as Exhibit 99.1 in Lennar's Form 8-K, marking an essential step in the spin-off process. This development aligns with Lennar's strategic focus on enhancing shareholder value while pursuing growth opportunities through its diversified business model.