Millrose Properties (NYSE:MRP) Posts Earnings Results, Hits Expectations

Millrose Properties (NYSE:MRP) announced its quarterly earnings results on Thursday. The company reported $0.74 EPS for the quarter, meeting analysts’ consensus estimates 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 Trading Up 0.3%

Shares of MRP traded up $0.11 during midday trading on Thursday, hitting $31.11. The stock had a trading volume of 1,025,127 shares, compared to its average volume of 1,252,014. Millrose Properties has a 1 year low of $21.02 and a 1 year high of $36.00. The firm has a market cap of $5.16 billion and a PE ratio of 18.30. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.46 and a quick ratio of 0.46. The stock’s 50 day moving average is $30.43 and its 200 day moving average is $31.80.

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 given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 9.6%. This is a positive change from Millrose Properties’s previous quarterly dividend of $0.73. The ex-dividend date was Monday, January 5th. Millrose Properties’s dividend payout ratio (DPR) is presently 176.47%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MRP. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Millrose Properties in a report on Thursday, January 22nd. BTIG Research initiated coverage on shares of Millrose Properties in a research report on Monday, December 1st. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Citigroup increased their price objective on shares of Millrose Properties from $34.00 to $38.00 and gave the company 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 given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $36.13.

Hedge Funds Weigh In On Millrose Properties

Hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in Millrose Properties by 3.4% in the fourth quarter. HighTower Advisors LLC now owns 11,206 shares of the company’s stock worth $335,000 after purchasing an additional 371 shares during the last quarter. Ieq Capital LLC lifted its stake in shares of Millrose Properties by 0.4% during the 4th quarter. Ieq Capital LLC now owns 112,863 shares of the company’s stock worth $3,371,000 after acquiring an additional 471 shares during the last quarter. Boothbay Fund Management LLC lifted its stake in shares of Millrose Properties by 5.2% during the 3rd quarter. Boothbay Fund Management LLC now owns 13,393 shares of the company’s stock worth $450,000 after acquiring an additional 658 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Millrose Properties by 16.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,405 shares of the company’s stock valued at $161,000 after acquiring an additional 751 shares during the period. Finally, Barclays PLC grew its position in Millrose Properties by 2.0% in the 3rd quarter. Barclays PLC now owns 40,365 shares of the company’s stock valued at $1,357,000 after acquiring an additional 786 shares during the last quarter.

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.