During the company’s fourth quarter earnings call, Lennar executive chairman Stuart Miller said the previously announced separation of Quarterra Multifamily as its own public company would not occur in 2022. Due to market uncertainties, Miller said there was no prospective future date for the spinoff of the multifamily division.

“We believe that we have a very high-end public company waiting and almost ready to enter the public arena,” Miller said on the earnings call. “While I remain confident and enthusiastic that Quarterra will be spun and Lennar will become a ‘pure play’ home builder as promised, it will not happen by year-end.”

In late July, LMC, a subsidiary of Lennar and a vertically integrated multifamily apartment builder, developer, and asset manager, rebranded to Quarterra Multifamily. At the time, it was announced Quarterra was to separate from the home builder and launch as an independent, NYSE-listed, alternative asset manager. Quarterra focuses on the development, ownership, and management of multifamily, single-family rental, and land development strategies on behalf of institutional partners. The multifamily division, launched in 2011, owns or manages 60 rental properties with more than 41,000 units. Operating earnings for the multifamily segment at Lennar increased to $14.8 million in the fourth quarter of 2022 from $9.3 million in the fourth quarter of 2021.

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