Millrose Properties (NYSE:MRP) Releases Earnings Results, Misses Estimates By $0.03 EPS

Millrose Properties (NYSE:MRP) posted its quarterly earnings results on Wednesday. The company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.03), Zacks reports. Millrose Properties had a return on equity of 7.90% and a net margin of 64.96%.The business had revenue of $194.93 million during the quarter. The business’s quarterly revenue was up 135.7% compared to the same quarter last year.

Here are the key takeaways from Millrose Properties’ conference call:

• AFFO and cash returns remained strong: Q1 AFFO was $125.9 million ($0.76/sh), net income $122.9 million ($0.74/sh), and the company declared a $0.76 quarterly dividend that was 76% covered by AFFO.
• Demand and scale continue to grow: Invested capital rose to ~$8.7 billion, Millrose now serves 17 counterparties with ~31% of capital outside the Lennar program and manages roughly 144,000 homesites across 904 communities in 30 states.
• Stronger, more flexible balance sheet: The credit facility was converted to unsecured, a $500 million delayed-draw term loan was added (total unsecured capacity ~ $1.8 billion), and quarter-end liquidity was ~$1.5 billion with debt/capital at ~29%.
• Yield and rate dynamics are mixed but managed: “Other Agreements” generate ~10.7% weighted yields versus ~6% cost of debt (accretive spread), but option yields fell ~30 bps with SOFR declines—largely offset by lower interest expense and protected by average option-rate floors (~10%).
• Macro and execution risks persist: Builders face 200–500 bps gross margin compression, rate volatility and regional variability (e.g., elevated Texas inventory) create choppy near-term demand, and management acknowledged potential future capital constraints if deployment outpaces funding options.

Millrose Properties Price Performance

Millrose Properties stock traded down $1.29 during trading hours on Thursday, hitting $26.90. 2,788,197 shares of the company traded hands, compared to its average volume of 1,246,277. The firm has a market cap of $4.47 billion, a P/E ratio of 9.64 and a beta of 0.59. The company has a quick ratio of 0.35, a current ratio of 0.34 and a debt-to-equity ratio of 0.41. The firm’s 50-day simple moving average is $29.61 and its two-hundred day simple moving average is $30.43. Millrose Properties has a 1-year low of $25.22 and a 1-year high of $36.00.

Millrose Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Friday, April 3rd were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 11.3%. The ex-dividend date of this dividend was Thursday, April 2nd. This is a positive change from Millrose Properties’s previous quarterly dividend of $0.75. Millrose Properties’s dividend payout ratio is 124.59%.

Insider Buying and Selling

In related news, Director Matthew B. Gorson bought 1,000 shares of the stock in a transaction on Thursday, March 5th. The shares were purchased at an average price of $30.66 per share, with a total value of $30,660.00. Following the purchase, the director owned 25,611 shares in the company, valued at approximately $785,233.26. This represents a 4.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Millrose Properties

Several hedge funds have recently made changes to their positions in the business. State Street Corp grew its stake in shares of Millrose Properties by 23.0% in 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 last quarter. Permian Investment Partners LP grew its stake in shares of Millrose Properties by 116.4% in the 4th quarter. Permian Investment Partners LP now owns 3,794,312 shares of the company’s stock worth $113,336,000 after purchasing an additional 2,040,900 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Millrose Properties by 44.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,939,771 shares of the company’s stock worth $98,806,000 after purchasing an additional 908,189 shares during the last quarter. Morgan Stanley grew its stake in shares of Millrose Properties by 18.8% in the 4th quarter. Morgan Stanley now owns 2,814,843 shares of the company’s stock worth $84,079,000 after purchasing an additional 444,984 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Millrose Properties by 29.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,204,359 shares of the company’s stock worth $65,844,000 after purchasing an additional 494,937 shares during the last quarter.

Analyst Ratings Changes

MRP has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Millrose Properties in a report on Thursday, January 22nd. Wall Street Zen raised shares of Millrose Properties from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $36.13.

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.