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Bonney Lake, Wash. – February 2018 – Lennar is getting ready to Grand Open a new phase of homes for sale at Tehaleh in Bonney Lake on Saturday, February 24. With four distinctive floorplans available, it’s a great opportunity to own a new Lennar home in the gorgeous Tehaleh masterplanned community. This new phase of Lennar homes at Tehaleh will showcase home automation features and Wi-Fi CERTIFIED™ Home Designs.
“Tehaleh is such a beautiful community and we’re thrilled to offer more new homes for sale here that showcase our new home automation features,” said Bill Salvesen, Vice President of Lennar Seattle. “This gorgeous masterplan has lots of green belts, trails, gathering spaces, schools and an incredible view of Mount Rainier. It’s a great location for families to thrive.”
Lennar is offering four distinctive floorplans that range in size from 2,873 to 3,264 square feet of living space, including the Bainbridge plan, a Next Gen® – The Home Within A Home™. These unique residences were designed specifically for multigenerational families and feature an attached private suite with its own separate entrance, living room, bedroom, bathroom and kitchenette.
Every new home in this upcoming release will showcase Lennar’s Wi-Fi CERTIFIED™ Home Designs, which feature built-in wireless access points for strong internet connectivity in every room. This pairs perfectly with Lennar’s newly elevated Everything’s Included® program that now includes integrated home automation products from today’s trusted brands. Manage lights, front door locks and monitoring, indoor temperature, music, movies and more remotely from a smart device or voice controlled with Amazon Alexa.
Lennar’s Welcome Home Center at Tehaleh is located at 19001 Cascadia Boulevard East in beautiful Bonney Lake. Visit www.lennar.com/seattle or call (855) 761-9439 for more information.
With hundreds of communities nationwide and homes designed for first-time, move-up and luxury homebuyers, Lennar has grown to become one of the nation’s leading and most respected homebuilders. Lennar has a longstanding history of building homes of enduring quality in only the most well planned and desirable locations throughout the country.
If home is where the heart is, then why not make it the best home it can be? This season is your opportunity to fall in love with Lennar’s new Connected Home. Lennar is the first homebuilder worldwide to offer new Wi-Fi CERTIFIED™ home designs that feature built-in wireless access points for strong internet connectivity in every room, and a series of integrated home automation products that come as standard. So that you can have better coverage, while your whole family does too!
Lennar has redesigned their signature Everything’s Included® program to offer homebuyers a truly modern and connected way to live, that’s also outfitted for future innovation and technology advances in years to come. They’ve also worked to create a home automation experience that’s easy to navigate by including set-up activation and support so that new homeowners don’t even have to think about it.
Lennar’s Wi-Fi CERTIFIED™ homes meet the standards for strong, consistent connectivity throughout the entire home that are set by the Wi-Fi alliance, a global network. The process for creating these homes starts with the design, where a series of wireless access points are mapped throughout the home and then built in during construction. The end result provides strong coverage in every room.
Adding to the value that Lennar’s Everything’s Included® program has become known for — such as upscale kitchen countertops, upgraded cabinetry and gourmet kitchen appliances – buyers will now also receive a wide range of smart home products from top manufacturers at no additional cost. Items that allow families to manage indoor temperature, front door locks and monitoring, lights, music, movies and more all remotely on a smart device or with voice control from Amazon Alexa.
In an attempt to offer a seamless transition for new homeowners into a connected lifestyle, Lennar includes set-up, activation and support for the first 90 days. Amazon employees will come get everything working for you, show you how to use it and be there for any issues that pop up along the way, either by phone or an in-home visit by appointment.
Homeshoppers can best experience Lennar’s Connected Home by visiting and touring the model homes at any new active Lennar community. Find communities all over the Bay Area, Denver, Inland Empire, Palm Springs, Vancouver, Portland, Reno, Seattle, Los Angeles, Orange County, Bakersfield, Fresno, Las Vegas, San Diego, Sacramento and Tucson markets by visiting www.lennar.com and starting your search today!
With hundreds of communities nationwide and homes designed for first-time, move-up and luxury homebuyers, Lennar has grown to become one of the nation’s leading and most respected homebuilders. Lennar has a longstanding history of building homes of enduring quality in only the most well planned and desirable locations throughout the country.
Sometimes the hassle of making reservations, rushing through traffic and sitting in crowded restaurants can be overwhelming. This Valentine’s Day, why not try something new and less-stressful? Celebrating the day at home is an intimate, cost-efficient and thoughtful alternative. Here are some ways you can make the holiday of love just as special in the comfort of your new Lennar home.
Bring your spouse’s favorite dish to them without leaving the house by ordering from the plethora of food delivery apps that bring you food from local restaurants. To make the delivery wait fun and exciting, plan a scavenger hunt around the house. Instead of having one large gift, buy or make your spouse a few smaller gifts that are meaningful and hide them around the house with notes. Each note can lead to the next gift until they get to the final one!
If you prefer to cook on Valentine’s Day, try a food subscription box and cook a new meal together with your spouse. The food subscription box could also double as an ongoing Valentine’s Day gift.
Create a cozy bar and spend the evening with other couples in the neighborhood creating custom cocktails or “mocktails” with friends. Another option is to ask couples to bring their favorite bottle of wine and have an in-house wine tasting. Paired with a nice charcuterie platter, your neighbors and your spouse will be happy they didn’t have to leave the neighborhood!
Kids feel the joy of Valentine’s Day just as much as their parents, if not more. Valentine’s Day is not only a time to celebrate romantic love, but to value other loved ones as well. If you can’t find a baby-sitter to go out on the town, do an activity that the whole family can enjoy. Spend time in your spacious kitchen baking cookies and have a cookie decorating contest using icing, sprinkles, edible hearts and other sweet treats.
After the cookie decorating contest, have a movie night where the whole family gets to enjoy all of the cookies and other snacks you made together.
These ideas for a stay-in Valentine’s Day could spark a new tradition for you and your spouse, your family, and maybe even the whole neighborhood. This year, start thinking outside of the box by staying inside of your beautiful Lennar home to enjoy the holiday.
MIAMI, Feb. 12, 2018 /PRNewswire/ — Lennar Corporation (NYSE: LEN and LEN.B) (“Lennar”) announced that it has completed the previously-announced strategic combination with CalAtlantic Group, Inc. (NYSE: CAA) (“CalAtlantic”).
The transaction, which is in the form of a merger of CalAtlantic into a wholly-owned subsidiary of Lennar, was overwhelmingly approved today by both companies’ stockholders. Pursuant to the Certificate of Merger filed in Delaware, the merger will be effective today at 11:59 PM ET.
Stuart Miller, Chief Executive Officer of Lennar, said, “We are extremely pleased to announce the completion of this strategic combination with CalAtlantic, creating the nation’s leading homebuilder. This combination benefits from overall economic strength, driven by low unemployment, rising wages, favorable tax reform, higher consumer confidence and strong housing demand. In this context, the normalization of interest rates should be offset by these favorable economic conditions.”
Mr. Miller continued, “This combination brought together two leading homebuilders in familiar markets with compatible product lines. With stable to improving market conditions, this combination enables our company to use local market concentration to drive synergies and efficiencies in the most strategic markets in the country.”
“As we articulated previously, the preparation for the integration process has been well underway and our integration team has made tremendous progress on the roadmap to begin achieving direct cost savings, production efficiencies, technology improvement, consistent underwriting of land acquisitions and overhead reduction. As we close this transaction, we are prepared to drive operational excellence by bringing down direct costs and S,G&A expenses, and enhancing shareholder value.”
Mr. Miller concluded, “We would like to extend a warm welcome to all of the CalAtlantic associates joining the Lennar family, including Scott Stowell, currently CalAtlantic’s Executive Chairman of the Board, who will join our Board of Directors and Jeff McCall, currently CalAtlantic’s Chief Financial Officer, who will become our new Senior Vice President focusing on corporate services.”
Lennar and CalAtlantic are two of the nation’s largest homebuilders, building affordable, move-up and retirement homes for all generations. As a result of the combination, Lennar will be the largest homebuilder in the United States based on revenues. Lennar will own or control approximately 250,000 homesites and be actively selling homes in approximately 1,300 residential communities in 21 states. In its most recent fiscal year, Lennar delivered 29,394 single family homes and CalAtlantic delivered 14,602 single family homes. Both companies also provide mortgage financing, title insurance and closing services to buyers of homes they build and to others. In addition, Lennar’s Rialto segment is a vertically integrated asset management platform, focusing on investing throughout the commercial real estate capital structure. Lennar’s Multifamily segment is a nationwide developer of high quality multifamily rental properties.
As a result of the merger, CalAtlantic stockholders will receive with regard to each share of CalAtlantic common stock, 0.885 shares of Lennar Class A common stock and 0.0177 shares of Lennar Class B common stock. Stockholders had the option to receive $48.26 per share in cash instead of Lennar stock with regard up to 24,083,091 shares, and a major CalAtlantic stockholder had agreed that to the extent stockholders did not elect to receive cash with regard to the maximum number of shares, the major stockholder would receive $48.26 per share in cash for the remainder of the 24,083,091 shares. Therefore, the merger consideration will consist of approximately $1.16 billion in cash, 82,731,943 shares of Lennar Class A common stock and 1,654,639 shares of Lennar Class B common stock. Based on closing prices reported on the New York Stock exchange on Friday, February 9, 2018, the value of the Lennar Class A and Class B common stock that will be issued in the merger totaled $4.9 billion. Lennar may issue additional shares and pay additional cash in the future as a result of conversions of convertible debt securities and exercises of options, restricted stock units and stock appreciation rights that had been issued by CalAtlantic.
Lennar’s strategic combination with CalAtlantic was approved by approximately 99.4% of the Lennar votes that were cast with regard to it and approximately 99.9% of the CalAtlantic shares that were voted with regard to it.
At the Lennar stockholders meeting, Lennar’s stockholders also approved increasing the number of shares of Class A common stock that Lennar is authorized to issue to 400 million shares from the previously authorized 300 million shares.
Note regarding forward-looking statements
This press release contains “forward-looking statements,” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “will,” “expect,” “outlook,” “anticipate,” “intend,” “plan,” “believe,” “seek”, “see,” “would,” “target” or other similar words, phrases or expressions and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as the statement that Lennar and its subsidiaries will be the largest homebuilder in the United States on the basis of revenues and other statements that are not historical facts. These statements are based on current expectations of Lennar’s management, but are not necessarily accurate predictions of future performance.
These forward looking statements are subject to risks, uncertainties and assumptions. Accordingly, the forward-looking statements should be evaluated with consideration given to the risks and uncertainties that could cause actual results and events to differ materially from those contemplated by the forward-looking statements, including the possibility that the future homebuilding revenues of Lennar and its subsidiaries will be less than expected or that other homebuilders’ revenues will be greater than currently expected by Lennar’s management. There is a description of a number of risks that could affect Lennar and its subsidiaries in the “Risk Factors” section of Lennar’s Annual Report on Form 10-K for the fiscal year ended November 30, 2017. However it is not possible to identify all risks that could affect Lennar or to assess the potential impact of all risks on Lennar’s businesses. Additional information about these and other important factors relating to Lennar and its businesses can be found in Lennar’s filings with the SEC. Statements in this press release should be evaluated in light of these factors.
The statements in this press release speak only as of its date. Lennar undertakes no obligation to update any forward-looking or other statements to reflect events or circumstances after this press release is issued, except as required by applicable laws or regulations.
Where to find additional information about the merger
In connection with the Merger, Lennar filed with the SEC a registration statement on Form S-4, File No. 333-221738, which includes a joint proxy statement of Lennar and CalAtlantic that also constitutes a prospectus with regard to the Lennar shares that are being issued in the Merger. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. You can obtain a copy of the joint proxy statement/prospectus and other documents filed by Lennar or CalAtlantic with the SEC at the SEC’s website www.sec.gov. Copies of documents filed by Lennar with the SEC are also available free of charge on Lennar’s website www.lennar.com or by contacting Allison Bober, Investor Relations, at 305-485-2038.
CONTACT: Allison Bober, Investor Relations, Lennar Corporation, (305) 485-2038; Danielle Tocco, Media Relations, Lennar Corporation, (949) 789-1633
