Lennar says ‘our balance sheet has never been in a stronger position’

Stuart Miller, Executive Chairman of Lennar, said, "We have also remained very focused on our balance sheet and liquidity. Accordingly, at year end, we had homebuilding debt to capital of 14.4%, the lowest in our history, no borrowings on our $2.6 billion revolver and cash of $4.6 billion. With liquidity of $7.2 billion and no debt maturing until fiscal 2024, our balance sheet has never been in a stronger position than it is today." Rick Beckwitt, Co-CEO and Co-President of Lennar, said, "Much of our balance sheet and inventory management progress was driven by our land strategy, while simultaneously driving sales, deliveries and managing production. During the quarter, we reassessed every deal in our land pipeline and worked with our strong land relationships to improve the underwriting on many deals. Our ending community count for the quarter was 1,208, which was up slightly from the third quarter. We also continued to make significant progress on our land light strategy. This was evidenced by our years supply of owned homesites improving to 2.5 years from 3.0 years and our controlled homesite percentage increasing to 63% from 59% year over year." Jon Jaffe, Co-CEO and Co-President of Lennar, said, "During the quarter, consistent with our strategy of cost control and cycle time reduction, our homebuilding machine continued to be intensely focused on carefully managing production. Our cycle time during the quarter was flat sequentially, indicating that the well documented supply chain and labor issues that impacted our productivity are beginning to become more manageable and perhaps subside. Our quarterly starts and sales pace were 3.6 homes and 3.7 homes per community, respectively, and we ended the fourth quarter with approximately 900 completed, unsold homes, less than one home per community, demonstrating our focus on inventory management."