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

Millrose Properties (NYSE:MRP) issued its 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. The firm had revenue of $194.93 million for the quarter. Millrose Properties had a return on equity of 7.90% and a net margin of 64.96%.Millrose Properties’s revenue was up 135.7% on a year-over-year basis.

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 Stock Up 1.3%

NYSE MRP traded up $0.35 on Friday, reaching $27.25. The company had a trading volume of 1,123,604 shares, compared to its average volume of 1,373,069. The firm has a market capitalization of $4.52 billion, a PE ratio of 9.76 and a beta of 0.59. Millrose Properties has a 1 year low of $25.22 and a 1 year high of $36.00. The firm has a 50-day moving average of $29.61 and a 200-day moving average of $30.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.34 and a quick ratio of 0.35.

Millrose Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Friday, April 3rd were issued a $0.76 dividend. The ex-dividend date was Thursday, April 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 11.2%. This is a boost from Millrose Properties’s previous quarterly dividend of $0.75. Millrose Properties’s dividend payout ratio (DPR) is currently 124.59%.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, Director Matthew B. Gorson purchased 1,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was purchased at an average price of $30.66 per share, for a total transaction of $30,660.00. Following the acquisition, the director directly owned 25,611 shares in the company, valued at $785,233.26. The trade was a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Millrose Properties

A number of institutional investors have recently made changes to their positions in MRP. NewEdge Advisors LLC acquired a new position in shares of Millrose Properties in the 1st quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd raised its position in shares of Millrose Properties by 984.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,323 shares of the company’s stock valued at $44,000 after purchasing an additional 1,201 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Millrose Properties in the 1st quarter valued at approximately $45,000. Global Retirement Partners LLC raised its position in shares of Millrose Properties by 201.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,765 shares of the company’s stock valued at $53,000 after purchasing an additional 1,180 shares in the last quarter. Finally, Atlas Capital Advisors Inc. acquired a new position in shares of Millrose Properties in the 4th quarter valued at approximately $89,000.

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.