MRP
Millrose Properties, Inc.30.78
-0.86-2.72%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
5.11BP/E (TTM)
23.50Basic EPS (TTM)
1.31Dividend Yield
0.06%Recent Filings
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.
8-K
Robust Q3 results, raised guidance
Millrose Properties reported Q3 2025 net income of $105.1 million, or $0.63 per share, with AFFO at $122.5 million, or $0.74 per share, fueled by $179.3 million in revenues from option fees and development loans. The company generated $852 million in net cash from homesite sales, including $766 million from Lennar, and redeployed $858 million into new Lennar deals plus $770 million under other agreements at 11.1% yield, lifting total invested capital to $8.2 billion at 9.1% weighted average yield. It raised AFFO run rate guidance to $0.74–$0.76 per share and full-year other agreements funding to $2.2 billion, while completing $2.0 billion in senior notes to boost liquidity to $1.6 billion. Balance sheet strengthened, yet debt costs rose.
8-K
Millrose issues $750M notes, repays debt
Millrose Properties completed a $750 million offering of 6.250% senior notes due 2032 on September 11, 2025, using proceeds to fully repay and terminate its DDTL Credit Agreement, releasing all related security interests. The notes, guaranteed by a wholly-owned subsidiary, rank pari passu with existing senior debt but are effectively junior to secured obligations under the revolving credit facility. Repayment simplifies the capital structure. Covenants curb liens and mergers.
8-K
Millrose upsizes notes offering
Millrose Properties priced its upsized private offering of $750 million in 6.25% senior notes due 2032 at par, boosting the deal by $250 million from initial plans. The notes, sold to qualified buyers under Rule 144A and Regulation S, close September 11, 2025. Proceeds will repay a $500 million term loan due 2026 and fund general corporate needs. This extends debt maturity while recycling capital for land acquisitions.
8-K
Launches $500M notes offering
Millrose Properties launched a $500 million senior notes offering due 2032 on September 8, 2025, exempt from registration under Rule 144A and Regulation S. Proceeds, paired with cash on hand, will repay the full $500 million principal of its term loan maturing June 23, 2026, and cover expenses. This refinances short-term debt with longer maturity. Forward-looking statements highlight market condition risks.
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