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

Millrose Properties (NYSE:MRP) announced its quarterly earnings data on Thursday. The company reported $0.74 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.74, Zacks reports. The business 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 Trading Up 2.4%

Shares of Millrose Properties stock traded up $0.74 during trading hours on Friday, hitting $31.85. The company’s stock had a trading volume of 868,321 shares, compared to its average volume of 1,257,307. The stock has a market cap of $5.29 billion and a price-to-earnings ratio of 18.71. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.46 and a current ratio of 0.46. Millrose Properties has a twelve month low of $21.02 and a twelve month high of $36.00. The firm has a fifty day moving average of $30.46 and a 200-day moving average of $31.80.

Millrose Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Monday, January 5th were paid a $0.75 dividend. This is a boost from Millrose Properties’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Monday, January 5th. This represents a $3.00 annualized dividend and a dividend yield of 9.4%. Millrose Properties’s dividend payout ratio is currently 176.47%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MRP shares. BTIG Research assumed coverage on Millrose Properties in a research note on Monday, December 1st. They set a “buy” rating and a $35.00 price objective on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Millrose Properties in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $36.13.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Permian Investment Partners LP increased its position in shares of Millrose Properties by 116.4% during the fourth quarter. Permian Investment Partners LP now owns 3,794,312 shares of the company’s stock valued at $113,336,000 after acquiring an additional 2,040,900 shares during the last quarter. State Street Corp boosted its position in shares of Millrose Properties by 23.0% during the 4th quarter. State Street Corp now owns 5,080,719 shares of the company’s stock worth $151,761,000 after purchasing an additional 950,421 shares during the period. Wellington Management Group LLP increased its holdings in Millrose Properties by 44.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,939,771 shares of the company’s stock valued at $98,806,000 after purchasing an additional 908,189 shares during the last quarter. Millennium Management LLC increased its holdings in Millrose Properties by 125.0% in the 3rd quarter. Millennium Management LLC now owns 1,614,377 shares of the company’s stock valued at $54,259,000 after purchasing an additional 896,938 shares during the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in Millrose Properties in the first quarter valued at approximately $18,093,000.

Millrose Properties Company Profile

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.