Earnings summaries and quarterly performance for Millrose Properties.
Research analysts who have asked questions during Millrose Properties earnings calls.
Recent press releases and 8-K filings for MRP.
Millrose Properties Highlights 2025 Financial Performance and Capital Structure
MRP
Debt Issuance
New Projects/Investments
Earnings
- Millrose Properties reported $5.5 billion in total net acquisition and development and $3.4 billion in total net takedowns for the full year 2025, delivering 31,575 homesites.
- For Q4 2025, the company received $1,035 million in total takedown proceeds and redeployed these, along with a $110 million revolving credit facility drawdown, into new acquisitions.
- As of December 31, 2025, total invested capital reached $8,470 million, with a weighted average yield of 9.2%. Invested capital outside the Lennar Master Program Agreement grew by $2.4 billion in 2025.
- Millrose Properties raised $2 billion in unsecured debt capital in 2025 through senior notes offerings and executed a $1.335 billion revolving credit facility.
- The company's capital structure as of December 31, 2025, includes $2.11 billion in total debt, $9.3 billion in total assets, and $1.26 billion in total liquidity, maintaining a conservative 26.5% Debt to Capitalization ratio.
11 hours ago
Millrose Properties Reports Strong Q4 and Full Year 2025 Results and Provides 2026 Outlook
MRP
Earnings
Guidance Update
New Projects/Investments
- Millrose Properties reported Q4 2025 AFFO of $0.76 per share, reaching the top end of its guidance, with a normalized year-end run rate of $0.77 per share. The company's investment balance outside the foundational Lennar Master Program Agreement finished 2025 at approximately $2.4 billion, surpassing its $2.2 billion stretch target.
- For 2026, Millrose Properties expects to grow invested capital by an additional $2 billion, bringing total invested capital to approximately $10.5 billion, and projects a Q2 2026 quarterly AFFO per share run rate in the range of $0.78 - $0.80 per share. This implies a 10% annual AFFO per share growth based on the $2 billion growth expectation.
- The company's business model demonstrated resilience in 2025, with no builder terminating or threatening to terminate an option agreement despite a challenging homebuilding environment. Millrose delivered over 31,000 homesites and generated $3.4 billion in net homesite sale proceeds.
- Millrose maintains a conservative leverage policy with a target of 33% debt to cap and will not issue equity below its book value of $35.28 per share. The company is optimistic about a re-rating and expects to be able to raise equity above book value in 2026.
2 days ago
Millrose Properties Reports Strong Q4 2025 Results and Provides Optimistic 2026 Guidance
MRP
Earnings
Guidance Update
New Projects/Investments
- Millrose Properties reported strong financial results for Q4 2025, with Adjusted Funds From Operations (AFFO) of $0.76 per share, hitting the high end of its guidance, and a normalized year-end run rate of $0.77 per share.
- For the full year 2025, the company's invested capital outside the foundational Lennar Master Program Agreement reached approximately $2.4 billion, exceeding its $2.2 billion stretch target, and it generated $3.4 billion in net homesite sale proceeds.
- Looking ahead to 2026, Millrose Properties expects to grow invested capital by an additional $2 billion, targeting a total of approximately $10.5 billion, and projects a Q2 2026 quarterly AFFO per share run rate in the range of $0.78-$0.80 per share, implying 10% annual AFFO per share growth.
- The company ended 2025 with a conservative debt to capitalization ratio of 26% and $1.3 billion in total liquidity, reaffirming its commitment to a 33% debt to cap target and not issuing equity below its book value of $35.28 per share.
- Millrose Properties' business model demonstrated resilience in 2025, operating through a challenging homebuilding environment without a single builder terminating an option agreement and delivering over 31,000 homesites to 15 distinct counterparties.
2 days ago
Millrose Properties Reports Strong Q4 and Full Year 2025 Results, Exceeding AFFO Guidance
MRP
Earnings
Guidance Update
Dividends
- Millrose Properties reported Q4 2025 net income of $122.2 million or $0.74 per share, and full-year net income of $404.8 million or $2.44 per share.
- Adjusted Funds From Operations (AFFO) for Q4 2025 came in at $0.76 per share, reaching the high end of guidance, with a normalized year-end run rate of $0.77 per share.
- The company's investment balance, excluding the foundational Lennar Master Program Agreement, reached approximately $2.4 billion by year-end, surpassing its $2.2 billion stretch target.
- Millrose Properties ended 2025 with approximately $1.3 billion in total liquidity and a debt to capitalization ratio of 26%, well within its 33% maximum.
- For Q2 2026, the company anticipates an exiting quarterly AFFO run rate of $0.78-$0.80 per share, with plans to deploy approximately $1 billion in additional invested capital by mid-year. Millrose Properties also reaffirmed its commitment to distribute 100% of AFFO to shareholders.
2 days ago
Millrose Properties Announces Q4 and Full Year 2025 Results
MRP
Earnings
Dividends
New Projects/Investments
- Millrose Properties reported Q4 2025 net income of $122.2 million, or $0.74 per share, and Adjusted Funds From Operations (AFFO) of $125.6 million, or $0.76 per share. For the full year 2025, the company achieved total revenues of $600.461 million and AFFO of $427.904 million, or $2.58 per share.
- The company declared a Q4 quarterly dividend of $0.75 per share.
- As of December 31, 2025, Millrose Properties maintained total assets of $9.3 billion, a net investment balance of $8.5 billion, and total liquidity of $1.3 billion, with a conservative Debt to Capitalization of 26%.
- In Q4 2025, the company funded $1.3 billion for land acquisition and development and received $1.0 billion in net takedown proceeds. Invested capital outside of the Lennar Master Program Agreement grew by $550 million in Q4 2025, reaching $2.4 billion with a weighted average yield of 11.0%.
2 days ago
Millrose Properties Reports Strong Q4 and Full Year 2025 Financial Results
MRP
Earnings
Dividends
Guidance Update
- Millrose Properties reported full-year 2025 net income of $2.44 per share and AFFO of $2.58 per share, with total revenues reaching $600.5 million. For the fourth quarter of 2025, net income was $0.74 per share and AFFO was $0.76 per share.
- As of December 31, 2025, total assets were approximately $9.3 billion , with total invested capital of $8.47 billion and a weighted average annualized yield of 9.2%. Invested capital outside the Lennar Master Program Agreement grew to $2.4 billion.
- The company maintained a strong financial position with $1.3 billion in total liquidity and a conservative debt-to-capitalization ratio of 26% at year-end 2025.
- A quarterly dividend of $0.75 per share was declared for Q4 2025. Millrose anticipates deploying up to $2 billion in net new capital for full-year 2026, projecting approximately 10% year-over-year AFFO per share growth.
2 days ago
Millrose Properties Announces Quarterly Dividend
MRP
Dividends
- Millrose Properties, Inc. declared a quarterly cash dividend of $0.75 per share, totaling approximately $124.5 million, for its Class A and Class B common stock.
- The dividend is scheduled to be paid on January 15, 2026, to shareholders of record as of January 5, 2026.
- CEO Darren Richman stated that the dividend increase reflects the company's disciplined growth, deepening partnerships, and success in recycling capital.
Dec 22, 2025, 9:36 PM
Millrose Properties, Inc. Provides Preliminary Q3 2025 Results
MRP
Earnings
Debt Issuance
- Millrose Properties, Inc. reported preliminary, unaudited results for the third quarter of 2025, with revenues of approximately $179.3 million and net income of approximately $105.1 million, or $0.63 per share.
- Adjusted Funds from Operations (AFFO) for Q3 2025 were approximately $122.5 million, or $0.74 per share.
- As of September 30, 2025, homesite inventory and other related assets totaled approximately $8.7 billion, and Invested Capital was approximately $8.2 billion.
- The company's book value per share was approximately $35.29 as of September 30, 2025.
Oct 9, 2025, 12:07 PM
Millrose Properties Announces Quarterly Dividend
MRP
Dividends
- Millrose Properties, Inc. (MRP) declared a quarterly cash dividend of $0.73 per share on its Class A and Class B common stock on September 22, 2025.
- The total quarterly cash dividend payment is approximately $121.2 million.
- The dividend is payable on October 15, 2025, to stockholders of record as of the close of business on October 3, 2025.
Sep 22, 2025, 8:11 PM
Millrose Properties, Inc. Issues $750 Million in Senior Notes
MRP
Debt Issuance
- Millrose Properties, Inc. completed an offering of $750 million aggregate principal amount of 6.250% Senior Notes due 2032 on September 11, 2025, with interest payable semi-annually on March 15 and September 15 of each year, starting March 15, 2026.
- The Notes are fully and unconditionally guaranteed on a senior unsecured basis by Millrose Properties SPE LLC, a wholly-owned subsidiary of the Company.
- These Notes rank pari passu in right of payment with existing and future senior indebtedness, are senior to future subordinated indebtedness, and are effectively subordinated to secured indebtedness.
- The Company has the option to redeem some or all of the Notes on or after September 15, 2028, and may also redeem up to 40% of the Notes prior to this date with cash from certain equity offerings at 106.250% of the principal amount.
Sep 11, 2025, 11:24 PM
Quarterly earnings call transcripts for Millrose Properties.
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