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Millrose Properties
Millrose Properties (MRP) investor relations material
Millrose Properties Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved strong Q4 and full-year 2025 results, with net income of $122.2 million ($0.74/share) in Q4 and $404.8 million ($2.44/share) for the year, outperforming guidance and validating the business model in its first year as a public company.
AFFO reached $125.6 million ($0.76/share) in Q4 and $427.9 million ($2.58/share) for the year, both ahead of guidance.
Platform scaled to 142,000 homesites across 933 communities in 30 states, serving 15 builder counterparties, including 9 of the top 25 U.S. homebuilders.
Invested capital outside the Lennar agreement grew by $2.4 billion in 2025, with 14–15 counterparties outside Lennar by year-end.
Delivered over 31,000 homesites in 2025, maintaining zero option agreement terminations despite industry headwinds.
Financial highlights
Q4 2025 net income: $122.2 million ($0.74/share); AFFO: $125.6 million ($0.76/share); total revenues: up to $189.5 million.
Full-year 2025 net income: $404.8 million ($2.44/share); AFFO: $427.9 million ($2.58/share); total revenues: $600.5 million.
Portfolio weighted average annualized yield: 9.2% at year-end; new investments outside Lennar generated 11.0% yields.
Book value per share at year-end: $35.28–$35.29; total assets: $9.3 billion; total debt: $2.1 billion.
Paid Q4 dividend of $0.75/share (8.4% annualized yield), distributing 100% of AFFO.
Outlook and guidance
Plans to deploy up to $2 billion in new capital in 2026, targeting Q2 exit AFFO run rate of $0.78–$0.80/share and 10% AFFO per share growth.
Conservative leverage policy maintained at or below 33% debt to capitalization; half of 2026 growth to be funded by existing debt capacity.
Confident in pipeline visibility, with $9 billion in forward flow relationships and robust replacement cycle.
Management expects similar capital deployment volumes in 2026, supporting further AFFO growth.
Compare yields of Lennar vs. other agreements
Reason for zero option terminations in 2025
How will 2026 capital deployment be funded?
Comfort level exceeding 33% leverage cap
Floor levels on floating rate option payments
Economic impact of cross-termination pooling
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Next Millrose Properties earnings date
Q1 202613 May, 2026
Millrose Properties
Next Millrose Properties earnings date
Q1 202613 May, 2026
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Frequently asked questions
Millrose Properties Inc is a Canada-based real estate company engaged in the acquisition, development, and management of residential and commercial properties. The company focuses on identifying and investing in real estate assets with long-term growth potential, including rental housing, mixed-use developments, and commercial spaces. The company is headquartered in Toronto, Canada, and its shares are listed on the CSE.
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