How Does the Asset Sale Help Lennar (LEN)?

Third Avenue Management, an investment management company based in New York City, released its “Third Avenue Real Estate Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the calendar year, the fund returned +23.27% (after fees) versus +10.85% for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Third Avenue Real Estate Value Fund featured stocks like Lennar Corporation (NYSE:LEN) in the Q4 2023 investor letter. Headquartered in Miami, Florida, Lennar Corporation (NYSE:LEN) is a homebuilder. On March 14, 2024, Lennar Corporation (NYSE:LEN) stock closed at $152.86 per share. One-month return of Lennar Corporation (NYSE:LEN) was 1.76%, and its shares gained 47.69% of their value over the last 52 weeks. Lennar Corporation (NYSE:LEN) has a market capitalization of $42.18 billion.

Third Avenue Real Estate Value Fund stated the following regarding Lennar Corporation (NYSE:LEN) in its fourth quarter 2023 investor letter:

“In addition, Lennar Corporation (NYSE:LEN) indicated that it is marketing for-sale its multifamily portfolio, which is comprised of 38 properties in 15 states with 11.4k units that should be highly coveted given the sub-markets and modern vintage. To the extent a transaction is effectuated, it is estimated that Lennar would generate more than $1.0 billion of net proceeds, which would not only surface value from this overlooked vertical, but likely be returned to shareholders via share repurchases.”

A construction crew installing roof tiles on a newly built row home.

Lennar Corporation (NYSE:LEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Lennar Corporation (NYSE:LEN) was held by 65 hedge fund portfolios, compared to 63 in the previous quarter, according to our database. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.