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ANNUALREPORT2004“AsIlookbackoverthislastyear,IdosowithagreatdealofrespectandappreciationfortheAssociatesofLennarwhohavecontributedtooursuccesses.”LETTERTOSHAREHOLDERSDEARSHAREHOLDERS,Aswecompleteourfirst50years,IcannothelpbutreflectbackontheaccomplishmentsofourCompany,ajourneythatbeganwiththedeliveryoflessthan100homesin1954.SincethathumblebeginninghereinMiami,wehavecreatedshareholders’equity...
