Lennar Completes Spin-off of Millrose Properties

MIAMI, Feb. 7, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B, "Lennar"), one of the nation's leading homebuilders, and Millrose Properties, Inc. (NYSE: MRP, "Millrose"), a "first-of-its-kind" homesite option purchase platform, jointly announced today that they have successfully completed the previously announced taxable spin-off (the "Spin-Off") of Millrose from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders (the "Distribution"). Prior to the open of trading on the New York Stock Exchange today, each holder of Lennar Class A or Class B common stock as of the close of business on January 21, 2025, the record date of the Spin-Off, received one share of Millrose Class A common stock, unless the holder elected to receive one share of Millrose Class B common stock, for each two shares of Lennar Class A or Class B common stock. Fractional shares of Millrose Class A common stock will be aggregated and sold in the public market with proceeds distributed pro-rata to Lennar stockholders who would have been entitled to receive fractional shares of Millrose Class A common stock. Fractional shares of Millrose Class B common stock will be rounded down.