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Millrose Properties (MRP) investor relations material
Millrose Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Net income for Q2 2025 was $112.8M ($0.68 per share), driven by $149M in option fees and related income, with AFFO at $115M ($0.69 per share) and a 7.8% annualized ROE.
Completed spin-off from Lennar in February 2025, receiving $5.5B in land assets and $1B in cash, and expanded third-party partnerships, including a $500M capital backstop for New Home Co. and a $3B partnership with Taylor Morrison.
Paid first quarterly dividend of $114.5M ($0.69 per share), reflecting a recurring revenue model and intent to distribute 100% of earnings.
Expanded use cases and redeployed $718M in land acquisitions and development funding with Lennar, supporting ongoing growth.
Ended the quarter with 129,000 homesites across 1,000 communities in 29 states, with 48% of assets in California, Florida, and Texas.
Financial highlights
Q2 2025 revenue from option fees and related income was $149M, with 95-97% of revenue derived from Lennar.
Adjusted EBITDA for Q2 was $128.7M, with an annualized run rate of $516.1M.
Book value per share at quarter end was $35.39; total assets of $8.0B and liquidity of $1.4B as of June 30, 2025.
Debt to capitalization ratio was 15% as of June 30, 2025; total debt $1B.
Management fee expense was $22M (1.25% of gross tangible assets); operating expenses for Q2 2025 were $22.1M.
Outlook and guidance
Raised year-end AFFO quarterly run rate guidance to $0.70–$0.73 per share, reflecting higher transaction funding outside Lennar.
Management confident in scaling the platform, maintaining high returns, and achieving stretch goals for full-year transaction funding.
Intends to maintain REIT status and regular dividend payments of at least 90% of REIT taxable income.
Assess the impact of the New Home Company deal.
Explain the increase in the AFFO guidance.
How does Millrose manage interest rate risk?
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Next Millrose Properties earnings date
Q3 202523 Oct, 2025
Next Millrose Properties earnings date
Q3 202523 Oct, 2025
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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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