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

Millrose Properties (NYSE:MRP) posted its quarterly earnings data on Thursday. The company reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74, Zacks reports. The firm 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

Shares of MRP traded down $0.03 during midday trading on Thursday, hitting $30.98. 628,225 shares of the company traded hands, compared to its average volume of 1,243,454. The stock has a 50-day moving average of $30.43 and a 200-day moving average of $31.80. The firm has a market cap of $5.14 billion and a P/E ratio of 18.23. Millrose Properties has a one year low of $21.02 and a one year high of $36.00. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.46 and a quick ratio of 0.46.

Millrose Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Monday, January 5th were paid a $0.75 dividend. The ex-dividend date was Monday, January 5th. This represents a $3.00 dividend on an annualized basis and a yield of 9.7%. This is an increase from Millrose Properties’s previous quarterly dividend of $0.73. Millrose Properties’s dividend payout ratio (DPR) is presently 176.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MRP shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Millrose Properties in a research note on Thursday, January 22nd. BTIG Research began coverage on shares of Millrose Properties in a research note on Monday, December 1st. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of Millrose Properties from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. One investment 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $36.13.

Hedge Funds Weigh In On Millrose Properties

A number of large investors have recently added to or reduced their stakes in the business. Baird Financial Group Inc. bought a new position in Millrose Properties in the 1st quarter worth $224,000. Royal Bank of Canada purchased a new position in shares of Millrose Properties during the first quarter valued at about $1,508,000. Advisors Asset Management Inc. bought a new position in Millrose Properties in the first quarter worth about $45,000. NewEdge Advisors LLC bought a new position in Millrose Properties in the first quarter worth about $39,000. Finally, Goldman Sachs Group Inc. purchased a new stake in Millrose Properties in the first quarter worth about $18,093,000.

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.