MIAMI, Oct. 7 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share for both Class A and Class B common stock payable on November 13, 2008 to holders of record at the close of business on October 23, 2008. The $0.04 per share dividend represents a 75% decrease from the quarterly dividend previously paid by the Company during the year. Stuart Miller, President and Chief Executive Officer of Lennar Corporation, said, 'After thorough consideration by the Company's Board of Directors and management, we have decided to reduce the Company's quarterly dividend. Despite ending our third quarter with $857 million of cash and a 30.2% net debt-to-capital ratio, we concluded that it is prudent to preserve cash to fund future operations and opportunities.'

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar brand name. Lennar's Financial Services segment provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the 'Investor Relations' section of the Company's website, www.lennar.com.

Some of the statements in this press release are '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 under the caption 'Risk Factors' in Item 1A of our Annual Report on Form 10-K for our fiscal year ended November 30, 2007. We do not undertake any obligation to update forward-looking statements, except as required by Federal securities laws.

SOURCE Lennar Corporation