Millrose Properties (NYSE:MRP) Issues Earnings Results, Meets Expectations

Millrose Properties (NYSE:MRP) released its quarterly earnings results on Thursday. The company reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74, Zacks reports. Millrose Properties had a net margin of 67.42% and a return on equity of 6.90%. The company had revenue of $189.50 million for the quarter.

Here are the key takeaways from Millrose Properties’ conference call:

• Millrose outperformed guidance in 2025, with $2.4 billion of invested capital outside its Lennar program, Q4 AFFO of $0.76 (normalized to $0.77), $3.4 billion of homesite sale proceeds and over 31,000 homesites delivered; management sees a pipeline to grow invested capital by ~$2 billion to ~$10.5 billion and projects ~10% AFFO per-share growth if fully executed.
• Management emphasizes the defensive nature of the model — option payments are contractual, not tied to home prices or builder margins, and Millrose reported no builder terminations or threats in 2025, supporting income predictability through cycles.
• The company maintains a conservative capital posture, exiting 2025 with 26% debt-to-cap and ~$1.3 billion liquidity, a stated 33% leverage target, a refusal to issue equity below book value ($35.28), and plans to fund roughly half of the near-term growth from existing debt capacity, which supports dividend reliability.
• Watchpoints include localized market weakness (parts of Texas and Las Vegas), exposure to floating-rate option income with floors, and a persistent valuation discount versus REIT peers — factors that could affect near-term sentiment even as management expects a re‑rating over time.

Millrose Properties Price Performance

MRP traded up $0.25 on Friday, hitting $31.36. 5,378,710 shares of the company’s stock were exchanged, compared to its average volume of 1,279,156. Millrose Properties has a fifty-two week low of $21.02 and a fifty-two week high of $36.00. The stock has a market cap of $5.20 billion and a price-to-earnings ratio of 12.85. The firm has a 50-day moving average price of $30.50 and a 200-day moving average price of $31.80. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 0.34.

Millrose Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Monday, January 5th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 9.6%. The ex-dividend date was Monday, January 5th. This is an increase from Millrose Properties’s previous quarterly dividend of $0.73. Millrose Properties’s payout ratio is 176.47%.

Institutional Trading of Millrose Properties

Several large investors have recently bought and sold shares of MRP. NewEdge Advisors LLC purchased a new stake in shares of Millrose Properties in the 1st quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Millrose Properties by 984.4% in the third quarter. Caitong International Asset Management Co. Ltd now owns 1,323 shares of the company’s stock worth $44,000 after acquiring an additional 1,201 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in shares of Millrose Properties in the first quarter valued at $45,000. Global Retirement Partners LLC boosted its holdings in Millrose Properties by 201.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,765 shares of the company’s stock valued at $53,000 after purchasing an additional 1,180 shares during the period. Finally, Atlas Capital Advisors Inc. acquired a new position in Millrose Properties during the 4th quarter worth $89,000.

Analysts Set New Price Targets

MRP has been the topic of a number of analyst reports. BTIG Research started coverage on Millrose Properties in a research report on Monday, December 1st. They set a “buy” rating and a $35.00 target price on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Millrose Properties in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Millrose Properties currently has a consensus rating of “Buy” and a consensus target price of $36.13.

About Millrose Properties

Millrose Properties Corp is a publicly traded real estate investment trust that focuses on the acquisition, ownership and development of industrial and logistics properties. The company seeks to capitalize on the growing demand for modern warehouse facilities driven by e-commerce, freight distribution and last-mile delivery requirements. Millrose structures its investments to generate stable, long-term rental income through diversified lease agreements with industrial and logistics operators.

The firm’s core activities include sourcing strategically located industrial assets, overseeing property management operations and executing targeted development or renovation projects.