(Disclosure: Rose Law Group represents Lennar.)
By Vincent Salandro | Builder
During its third quarter earnings call, Lennar executive chairman and co-CEO Stuart Miller outlined the company’s plans for a land banking spinoff.
The spinoff, to be called Millrose Properties Inc. and expected to qualify as a Real Estate Investment Trust (REIT), will acquire and develop land for Lennar and other home builders and will deliver fully-developed homesites under a land option contract.
The spinoff underscores Lennar’s shift toward an asset-light, land-light business model, a direction the home builder has been moving since 2020. While still going through a confidential review process with the U.S. Securities Exchange Commission (SEC), Miller shared plans for Millrose during the earnings call as well as how it will affect Lennar.
