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Lennar Corporation J.P. Morgan Homebuilding Conference May 18, 2017

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Lennar Corporation J.P. Morgan Homebuilding Conference

May 18, 2017

Disclaimer Statement

This presentation includes "forward-looking statements," as that term is defined in the Private

Securities Litigation Reform Act of 1995. These forward-looking statements include statements

regarding our business, financial condition, results of operations, cash flows, strategies and

prospects. You can identify forward-looking statements by the fact that these statements do not

relate strictly to historical or current matters. Rather, forward-looking statements relate to

anticipated or expected events, activities, trends or results. Because forward-looking

statements relate to matters that have not yet occurred, these statements are inherently subject

to risks and uncertainties. Many factors could cause our actual activities or results to differ

materially from the activities and results anticipated in forward-looking statements. These

factors include those described in our Securities and Exchange Commission filings, including

those under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed

with the Securities and Exchange Commission. We do not undertake any obligation to update

forward-looking statements, except as required by federal securities laws.

2

Macro Overview

813

1,1

51

1,3

09

1,1

32

888

892

1,1

62 1

,451

1,4

33

1,1

94

852

705

663

1,0

68

1,0

84

1,0

72

1,1

80

1,1

46

1,0

81

1,0

03

895

840 1,0

30

1,1

26

1,1

98

1,0

76

1,1

61

1,1

34

1,2

71

1,3

03

1,2

31

1,2

73

1,3

59

1,4

99

1,6

11

1,7

16

1,4

65

1,0

46

622

445

471

431

535

618

648

715

782 845

945

1,0

30

621

901

1,0

47

913

450

268

375

536

587

551

440

379

400

636

665

669

626

474

407

373

298

174

170 1

62

259

278 3

16

340

346

339

338

330 3

47

349

345

352

336

309

284

109

116

178

245 307

355 3

97 392 4

00 3

75 330

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017E

2018E

2019E

Tota

l Housing S

tart

s (0

00's

)

Starts SF Starts MF Pent-up Demand

Proj. Annual Housing Demand

Household Formations: 1,200 - 1,300Obsolescence: 200 - 400Second Homes: 100 - 200

1,500 - 1,900

• The market

overcorrected and

has been under

supplying

household demand

in both the for-sale

as well as for-rent

markets

Source: Housing starts from US Census Bureau (April 2017) and analyst estimates (March 2017); Proj. household formations: Joint Center for Housing Studies of 1.2-1.3M (March 2014), Wells Fargo (January 2015), Freddie Mac (August 2014)Note: Excludes manufactured housing

AnnualHousing Demand

Production

Deficit

Considered Normal Production

Considered Housing Depression

Macro Overview: Production deficit of homes, both for-sale and for-rent

4

158

60

80

100

120

140

160

180

200

220

'81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17

35 Year Average Affordability: 128

5.2

3

4

5

6

7

8

9

10

11

12

13

'63 '65 '67 '69 '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17

53 Year Average Months Supply: 6.1

5

Macro Overview: Inventories are tight and affordability remains strong

Source: National Association Realtors (NAR)Calculation: Median Family Income / Qualifying Income * 100Qualifying Income: Is the amount you would need to earn per year to afford a median priced SF home; if a maximum of only 25% of income could be designated to your mortgage payment

Months Supply of New Residential Sales: Inventory remains tight

Affordability: Housing affordability remains above long-term averages

Source: US Census Bureau

Macro Overview: Millennial population will be a driver of growth

6

U.S. Population Age 35-44 (000's)

Source: US Census Bureau. Population data in the International Data Base for 2016-2030 are based on the 2014 National Projections(1) Per analysis of US Census data by Trulia

• An astonishing 60%

of millennials in

America now either

live with parents,

siblings, other

relatives or

roommates, an 115-

year high(1)

36,000

38,000

40,000

42,000

44,000

46,000

48,000

50,000

'90 '92 '94 96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '26 '28 '30

Key homebuying demographic begins

to decline

Key homebuying demographic is poised

to return to growth after a 14-year decline

Strategic Overview

Stuart MillerChief Executive Officer

33 yrs. Experience33 yrs. with Lennar

Jon JaffeChief Operating Officer

32 yrs. Experience32 yrs. with Lennar

Jeff KrasnoffCEO of Rialto

38 yrs. Experience29 yrs. with Lennar/LNR

Rick BeckwittPresident

32 yrs. Experience10 yrs. with Lennar

Jay MantzPresident

Eric FederVice Chairman

Brett ErsoffPresident, RMF

John HermanCOO & CIO, RMF

Cheryl BaizanChief Financial Officer

Erik HigginsChief Financial Officer

Mike AlvaradoVP & Chief Legal Officer

Mike WhiteVP & Treasurer

Lynn JochimExecutive VP

Greg McWilliamsSouth Regional President

Kofi BonnerNorth Regional President

Emile HaddadChairman & CEO of FivePoint

33 yrs. Experience28 yrs. with Lennar

Todd FarrellPresident

Ed EasleyRegional President

11 Division Presidents

Rob HuttonCentral Regional President

7 Divisions

Greg McGuffPacific NW Regional President

4 Divisions

Jeff RoosWestern Regional President

8 Divisions

Fred RothmanEastern Regional President

14 Divisions

Bruce GrossChief Financial Officer

33 yrs. Experience25 yrs. with Lennar

Jimmy TimmonsPresident, Mortgage

Tom Fischer President, Title

Cristina PardoVP, Controller

Diane BessetteVP & Treasurer

David CollinsController

Carl GarraffoChief HR Officer

Kay HowardChief Marketing Officer

Laura LeteChief Information Officer

Mike PetrolinoVP Taxation

Mark SustanaGeneral Counsel

Financial Services FivePointRialtoMultifamilyHB Regional Presidents

Corporate

Strategic Overview: Deep and consistent management team

8

Strategic Overview: Diversified in Nation’s strongest housing markets

Homebuilding Division

9

Key

10

Strategic Overview: Summary

Over many cycles, Lennar’s management team has crafted a playbook of

strategies that flex as the cycle adjusts

Moderate growth rate

Soft pivot land strategy

Focus on operational efficiencies

Path to lower leverage

Reversion to pure-play homebuilder

Adjust growth rate throughout cycle based on land / strategic opportunities along with

embedded risk from cycle duration

Early cycle:

— Aggressive growth

— Divisions get to critical mass

Mid cycle:

— Moderate growth

— Less land acquisition needed and fewer new

communities to open, focusing on best land

— Less emphasis on hiring new marginal

associates, and focus on keeping best performers

— Less pressure on subcontractors and focus on quality

(less defects) rather than quantity

Mature cycle:

— Further reduce growth

Strategic Overview: Moderate growth rate

11

Growth Rate Cash Flow

Early cycle 15-20% + Negative

Mid cycle 7-10% Neutral to Positive

Mature cycle 3-5% Positive

Moderating

growth

Short-

term land

Positive

free cash

flow

Efficient

balance

sheet

8.7

7.8

6.9

6.3

5.2 4.8

2011 2012 2013 2014 2015 2016 2017E 2018E 2019E

Strategic Overview: Soft pivot land strategy

12

Years of land supply owned decreasing

Early cycle:

— Purchase deeply discounted, long duration land

Mid cycle:

— Soft pivot to purchase shorter duration land

Mature cycle:

— Purchase options, adjust contract terms, and purchase short duration land

for just-in-time production

Land Heavy

Land Lighter

Land Light

Support net margin with a lower growth rate by focusing on business efficiencies

SG&A efficiencies

— Transition to digital marketing

— Lower outside brokerage participation and

commission rate

— Targeted marketing leads to increasing

conversions

— Utilization of simplified technology systems

Construction efficiencies

— Streamline Everything’s Included ® platform

— Even-flow production

— Reduce floor plans

— Reduce SKUs

— Reduce model homes needed

— Utilize new technologies to reduce materials waste and labor hours

13

As land costs increase, operating efficiencies will lead to strong operating margins

Strategic Overview: Focus on operational efficiencies

Significant SG&A reduction

*Midpoint of 9.1-9.3% guidance provided by management

14.7%

12.6%

10.6% 10.5%

10.0%

9.4%9.2%

2011 2012 2013 2014 2015 2016 2017E*

54.0%

50.2% 49.1%

47.1%

39.4%

2012 2013 2014 2015 2016

14

Strategic Overview: Path to lower leverage

HB Debt / Capital

1) Stockholders’ Equity increasing: Homebuilding generating profits from increased volumes and strong operating leverage

Ancillary businesses pivoting from investing to harvesting phase

2) Generating positive cash flow: Soft pivot land lighter strategy

Moderate growth taking stress out of operations

Focus on operational efficiencies

3) Significant reduction in interest costs: June 1, 2017 maturity of $400 million @ 12.25% will significantly reduce interest costs

Strategic Overview: Ancillary businesses transitioning from investing to harvesting phase

15

Stand-alone platforms with maximum flexibility allowing for the creation of significant shareholder value

Financial Services is closely linked to Homebuilding, and Multifamily closely mirrors the core business in

many ways, giving it flexibility to remain or separate

Rialto

Financial Services

Asset Management: Focused on managing 3rd party

capital to generate superior, risk-adjusted returns on

commercial real estate opportunities

— Asset light model, limited investment, management

fees & high returns ($8B+ AUM)

Mortgage Finance: Commercial mortgage originator of

Class A operating properties

Independently financed with public debt and warehouse

lines of credit

Focused on originating mortgages to Lennar

homebuyers as well as 3rd parties

10th largest national non-bank mortgage originator by

retail sales volume

Among the top national title agents and title insurers

Utilizing warehouse lines of credit and immediately

selling to private and public financial institutions

Geographically diversified development pipeline, ~$8

billion, located in top growth and gateway U.S. markets

Lennar Multifamily Venture manages $2.2 billion in

equity commitments, focused on develop-hold portfolio

Fully integrated development, construction, property

and asset management platform

Exceptional land development and management

company

Directly managing ~40,000 homesites and ~21 million

square feet of commercial real estate in some of the

most desirable and land constrained markets in the

country

IPO completed on May 10, 2017 on the NYSE

FivePoint

Multifamily

Strategic Overview: Reversion to pure-play as we move from investing to harvesting phase

16

IPO

completed

on 5/10/17

Positioned for

strategic

opportunity

Creating significant shareholder value

Homebuilding &

Financial Services

Optionality with

Multifamily

Reversion

to

pure-playLEN maintains

~40% ownership

WCI Communities Acquisition

18

On February 10, 2017, Lennar closed on the acquisition of WCI Communities, a premier lifestyle

community developer and luxury homebuilder of single and multi-family homes throughout Florida

Terms of the deal:

— $643 million, or $23.50 per share in cash, and assumption of WCI’s $250 million senior notes

Value creation for shareholders:

— Acquired >13,500 homesites of low-cost land in most of the highest growth, largest FL coastal markets,

including 51 active communities and a pipeline of future communities that will produce strong gross margins

— Reallocation of WCI and Lennar product and branding will maximize our returns. ~1/3 of the communities

that we acquired will be converted to the Lennar brand

— Utilizing our efficient operating platform and leveraging our purchasing power we expect will decrease direct

costs by an estimated $8 - $12 psf or 200 - 300 bps on new starts once the re-bidding process is complete

— Synergies associated with lowering G&A costs will have some up front costs, but we anticipate annualized

savings of approximately $30 million beginning in late 2017

— Capturing incremental profits through the rollout of our mortgage operations to WCIs homebuilding

operations and its Berkshire Hathaway Home Services operation

Factors for 100% cash consideration, similar to a stock buyback:

— Operating strategies of moderating growth and soft pivot, leading to strong profitability, provide us with the

confidence that we will continue to generate strong cash flow

— WCI’s existing, proven, communities offset the need to purchase raw land at retail prices for future growth

— We continue to believe the housing market is strong and will continue to improve for the foreseeable future

— We believed our stock was undervalued given our strong core business and the maturity of our ancillaries

WCI Communities Acquisition: Overview

Strong Balance Sheet

$654

$400

$250

$400

$250 $275

$500 $600

$500 $600 $575

$400

$650

$500

$1,234

12.25%

6.875%(2)

4.75%

6.95% 4.125%

4.50%

4.50%

4.75%

4.125% 4.75%

4.875%

4.50%(3)

4.75%

HB Cash Jun-17 Aug-17 Dec-17 Jun-18 Dec-18 Jun-19 Nov-19 Apr-21 Jan-22 Nov-22 Dec-23 Apr-24 May-25

Credit Facility

(1)

20

At February 28, 2017*($ in millions)

* Pro forma for April 2017 debt issuance

(1) Revolving credit facility commitment of $1.502 billion, less: $250 million drawn and $18 million LOCs outstanding at 2/28/17

(2) WCI $250 million senior notes have a redemption price at August 15, 2017 of 103.438%

(3) $650 million debt issuance in April 2017

Strong Balance Sheet: Balanced debt maturity ladder

Ratings:

Moody’s: Ba1

S&P: BB

Fitch: BB+

Conclusion

Buy discounted

land and grow

aggressively

Soft pivot to shorter duration

retail land

Moderate growth, improve

operational efficiencies

Generate significant cash flow

Pay down debt

Consider strategic

cash deployment

22

Focused on being a pure-play HB, generating positive cash flow and investable through the cycle

Investable through the cycle