Millrose Properties, Inc. Stock Price, News & Analysis

Millrose Properties (NYSE:MRP) has announced plans to offer $1.0 billion in senior notes due 2030. The offering will be available exclusively to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.

The company plans to use the proceeds to repay $500 million of outstanding term loan debt maturing in 2026, settle $450 million in revolving credit borrowings, and fund general corporate purposes. The notes will not be registered under the Securities Act and will be offered through exemption provisions.

Millrose Properties (NYSE:MRP) reported strong Q2 2025 results, with net income of $112.8 million ($0.68 per share) and AFFO of $115.0 million ($0.69 per share). The company generated $797 million in net cash proceeds from homesite sales, including $768 million from Lennar.

The company expanded its homebuilder relationships by deploying $813 million with third-party customers at an 11.2% weighted average yield. Notable achievements include closing a $500 million land banking investment with New Home Company and securing a $1 billion Delayed Draw Term Loan. The company maintains a strong portfolio of 129,000 homesites across 1,000 communities in 29 states.

Millrose raised its year-end AFFO guidance to $0.70-$0.73 per share and declared a quarterly dividend of $0.69 per share. The company maintains a conservative leverage profile with total debt of $1.0 billion and a debt-to-capitalization ratio of 15%.

Taylor Morrison (NYSE: TMHC) has secured a significant $3 billion financing facility agreement with Kennedy Lewis Investment Management (KLIM) to support its build-to-rent brand, Yardly. The facility will provide funding for land acquisition, development, and construction costs of build-to-rent communities.

KLIM, which manages approximately $30 billion in assets, will help Taylor Morrison optimize its capital structure and provide balance sheet relief. The agreement builds upon an existing land banking partnership between the two companies and aims to address housing affordability challenges while providing a pathway for renters to become future Taylor Morrison homeowners.

Millrose Properties (NYSE:MRP), a Homesite Option Purchase Platform serving residential homebuilders, has scheduled its Q2 2025 earnings release for July 31, 2025, before market opening. The company will host a conference call at 10:00 AM ET on the same day.

Investors can access the conference call, webcast, and earnings materials through the company's investor relations website at ir.millroseproperties.com. A replay of the conference call will be made available after the broadcast.

Millrose Properties (NYSE: MRP) has declared its first quarterly cash dividend of $114.5 million, or $0.69 per share for both Class A and Class B common stock following its Q1 2025 spin-off from Lennar Corporation. The dividend will be distributed on July 15, 2025, to shareholders of record as of July 3, 2025. CEO Darren Richman emphasized the company's commitment to returning 100% of earnings to shareholders, attributing the dividend to increasing demand for their Homesite Option Purchase Platform for residential homebuilders.

Millrose Properties (NYSE: MRP) reported strong Q1 2025 results in its first earnings release as an independent company following its spin-off from Lennar. The company achieved net income of $64.8 million ($0.39 per share), driven by $82.7 million in option fees. Key highlights include:

The company declared its inaugural dividend of $0.38 per share and reported a book value of $35.40 per share. Millrose's portfolio includes 111,000 homesites across 876 communities in 29 states, with a total portfolio weighted average yield of 8.7%. The company has raised its 2025 third-party transaction funding guidance to $1.5 billion and increased its year-end quarterly EPS run-rate guidance to $0.69-$0.71.

Notable transactions include a $700 million commitment to acquire Landsea Homes homesites and the acquisition of 24,000 homesites from Rausch Coleman Homes for $859 million. The company maintains strong liquidity of $1.1 billion with a conservative debt-to-capitalization ratio of 5%.

Millrose Properties (NYSE: MRP), a Homesite Option Purchase Platform serving residential homebuilders, has scheduled its Q1 2025 earnings release and conference call. The company will announce financial results for the quarter ending March 31, 2025, before market opening on Wednesday, May 14, 2025.

A conference call will be held at 10:00 AM ET on the same day. Investors and interested parties can access the conference call, webcast, and earnings materials through the investor relations section at ir.millroseproperties.com. A replay of the call will be made available after the broadcast.

Millrose Properties (NYSE: MRP) has announced its first-ever dividend of $65 million, or $0.38 per share for both Class A and B common stock, payable on April 15, 2025. This initial dividend covers the period from the company's February 7, 2025 spin-off from Lennar through March 31, 2025, representing a pro-rated portion of a normalized quarterly dividend of $0.65 per share.

The company has reported strong transaction momentum, closing approximately $250 million in transactions outside the Lennar Master Program Agreement at yields exceeding 11%. Millrose expects to close an additional $100 million in transactions within 30 days and projects $1 billion in such transactions for 2025.

For its fiscal Q2 ending June 30, 2025, Millrose projects earnings per share of $0.65-$0.68, with an anticipated quarterly EPS run rate of $0.67-$0.69 by year-end 2025. The company is seeking additional financing to support its growth.

Lennar (NYSE: LEN) has completed the taxable spin-off of Millrose Properties (NYSE: MRP), distributing approximately 80% of Millrose's stock to Lennar stockholders. Each Lennar stockholder received one share of Millrose Class A common stock for every two shares of Lennar stock held as of January 21, 2025.

Millrose received $5.5 billion in land assets and $1.0 billion in cash from Lennar, with a book value of equity of approximately $5.8 billion. The company will have access to a $1.3 billion revolving credit facility, expandable to $2.0 billion. Millrose intends to qualify as a REIT and will operate as a homesite option purchase platform, initially serving Lennar with plans to expand to other homebuilders.

This spin-off advances Lennar's strategy to become a pure-play, asset-light home manufacturer, continuing its transformation from 19% controlled homesites in 2013 to 82% by the end of 2024.