Lennar Declares Dividend and Sets Dates for Millrose Spin-off

Core Viewpoint - Lennar Corporation is progressing towards the spin-off of approximately 80% of Millrose Properties, Inc., marking a significant transition to a land-light manufacturing homebuilding model [2][9]. Group 1: Spin-off Details - The Board of Directors of Lennar has declared a dividend and set the date for the spin-off of Millrose, with stockholders receiving one share of Millrose Class A or Class B common stock for every two shares of Lennar Class A or Class B common stock held as of January 21, 2025 [1][2]. - The distribution of Millrose shares will occur before the market opens on February 7, 2025, with "when-issued" trading expected to begin on February 5, 2025, under the symbol "MRP WI" [2][3]. - Millrose will have two classes of stock: Class A common stock, which will have one vote per share, and Class B common stock, which will have ten votes per share [2][3]. Group 2: Stockholder Elections - Lennar stockholders can elect to receive Millrose Class B common stock instead of Class A during an election period from January 21, 2025, to February 3, 2025 [3]. - All stockholders who do not make an election will automatically receive Millrose Class A common stock [3]. Group 3: Tax Implications and Registration - The distribution of Millrose shares will be taxable to Lennar stockholders who receive them [4]. - Detailed information about Millrose and the spin-off is available in a registration statement filed with the SEC, which can be accessed on the SEC website or Millrose's website [5]. Group 4: Future Operations of Millrose - Post spin-off, Millrose will operate as an independent, publicly traded company focused on land purchases, horizontal development, and homesite option purchase arrangements [9].