Lennar completes spin-off of Millrose Properties; distributes 80% of shares

LENNAR CORP /NEW/

Distribution: 1 Millrose share for every 2 Lennar shares; Millrose now trades on NYSE under MRP.
Lennar retains 33.2M Millrose shares (20%) for future disposal via spin-off, split-off, or sale.
Millrose received $5.5B in land assets and $1.0B cash from Lennar; book equity ~$5.8B as of Dec 31, 2024.
Millrose intends to elect REIT status; externally managed by Kennedy Lewis affiliate of $25B AUM firm.
Spin-off accelerates Lennar's land-light strategy: controlled homesites rose to 82% in 2024 from 19% in 2013.

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