MRP
Millrose Properties, Inc.30.78
-0.86-2.72%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms growth via forward flows
Q&A largely reaffirmed the prepared remarks' growth outlook, emphasizing high visibility into the $1B midyear deployment via $9B forward flow commitments across 10 counterparties—no new builders needed. Management confirmed adding three counterparties this quarter (to 15 total), but most $690M funded came from existing ones. They'd flex leverage above 33% briefly for strategic opportunities, yet prioritize conservatism given annual balance sheet cycling. Floating yields in other agreements have floors 50-200bps below current rates. They sidestepped third-party homesite price details and preferred equity. No walk-backs. Confident execution tone; watch deployment ramp and valuation catch-up.
Key Stats
Market Cap
5.11BP/E (TTM)
23.50Basic EPS (TTM)
1.31Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Millrose Properties spun off from Lennar in February 2025, posted FY2025 option fee revenues of $570.9M (88% from Lennar at 8.5% weighted average yield) and development loan income of $29.5M, with net income of $379.9M. Q4 saw $884.7M takedowns under the Master Program Agreement (up sequentially) and $139.3M from Other Agreements at 11% yield, funding $1.34B in new land/development while recycling capital into $8.5B invested base yielding 9.2% (implied quarterly run-rate $196M). Liquidity stood strong at $35M cash plus $1.225B revolver availability against $2.1B debt (Senior Notes due 2030/2032). Q4 accelerated takedowns. Capital recycled smoothly. Lennar's option exercise rights pose execution risk.
8-K
Millrose shares 2025 growth stats
Millrose Properties disclosed investor materials under Regulation FD ahead of March 2-3, 2026 conferences, highlighting 2025 growth with $5.5B in net acquisition and development funding, $8.5B invested capital (9.2% weighted average yield), and 31,575 homesites delivered across 15 counterparties. Capital structure stays conservative at 26% debt-to-capitalization with $1.3B liquidity. Portfolio yields rose 50bps yearly.
8-K
Strong 2025 results, growth outlook
Millrose Properties reported Q4 net income of $0.74 per share and full-year 2025 net income of $2.44 per share, with AFFO at $0.76 and $2.58 per share, respectively. Non-Lennar invested capital hit $2.4 billion, topping the $2.2 billion stretch target at 11.0% yield, while total portfolio yield rose to 9.2%. No option terminations occurred. Expects up to $2 billion new 2026 deployments. Debt-to-capital stays at 26%.
8-K
Quarterly dividend declared
10-Q
Q3 FY2025 results
Millrose Properties posted solid Q3 results, with revenues hitting $179.3 million from option fees and development loans—up from zero a year ago, thanks to the February spin-off from Lennar. Operating income soared to $152.8 million, a stark turnaround from last year's $63.7 million loss, while net income landed at $105.1 million or $0.63 per diluted share, reflecting 91% of fees from Lennar. The company grew its homesite inventory to $8.4 billion across 30 states, fueled by $1.6 billion in land acquisitions and developments, offset by $883 million in takedowns. Liquidity stays strong with $242.6 million cash and full $1.335 billion revolver availability, backed by $2 billion in senior notes due 2030 and 2032. Yet heavy reliance on Lennar poses risks if homebuilding slows.
IPO
Sector
Industry
CSR
D/B/A Centerspace
64.42-0.42
ELS
Equity Lifestyle Properties, In
61.66-1.06
EQR
Equity Residential
60.73-0.37
ESS
Essex Property Trust, Inc.
255.44-3.82
GMRE
Global Medical REIT Inc.
35.42+0.18
INVH
Invitation Homes Inc.
26.84-0.06
MAA
Mid-America Apartment Communiti
133.19+0.49
MMI
Marcus & Millichap, Inc.
27.95+0.17
SITC
SITE Centers Corp.
6.31-0.06
UMH
UMH Properties, Inc.
16.14+0.18