Homebuilder Lennar Corp. filed plans to spin off most of its land holdings into a separate public company.

Lennar intends to seek real estate investment trust status for the new company, Millrose Properties Inc., according to a regulatory filing Wednesday. As part of the spinoff, Lennar will contribute a homesite option purchase platform, about $5 billion to $6 billion of land assets, and up to about $1 billion in cash.