Millrose Properties, Inc. Stock Price, News & Analysis

Millrose Properties (NYSE: MRP) reported third quarter 2025 results and strategic financing actions on October 23, 2025. Millrose generated $852 million in net cash proceeds from homesite sales (including $766 million from Lennar) and redeployed $858 million with Lennar. Q3 results included net income $105.1M ($0.63/sh) and AFFO $122.5M ($0.74/sh). Total revenues were $179.3M and portfolio yield was 9.1%. The company completed $2.0B of senior notes, holds $1.6B liquidity, reported $9.0B total assets, and ended the quarter with ~139,000 homesites across 30 states. Guidance was raised for year-end invested capital and AFFO run rate to $0.74–$0.76 per share.

Lennar (NYSE: LEN) launched an exchange offer on Oct 10, 2025 to exchange the approximately 20% stake it currently owns in Millrose (NYSE: MRP) — 33,298,764 shares as of Oct 7, 2025 — for Lennar Class A common stock.

The offer runs from Oct 10, 2025 and expires on Nov 7, 2025 unless extended or terminated. Tendering Lennar Class A shares will receive Millrose Class A shares at a 6% discount, subject to a cap of 4.1367 MRP shares per LEN share and a final exchange ratio tied to the three‑day VWAP expected on Nov 3–5, 2025. The offer is registered on a Form S-4; completion depends on the Registration Statement becoming effective and could be delayed or withdrawn if the SEC does not declare it effective during the current U.S. government shutdown.

Millrose Properties (NYSE: MRP) provided preliminary, unaudited Q3 2025 results as of October 9, 2025 and will file full results before market open on October 23, 2025. Key preliminary metrics for the three and nine months ended September 30, 2025: Revenues ~$179.3M and $411.0M, respectively; GAAP net income $105.1M or $0.63 per share; AFFO ~$122.5M or $0.74 per share. Other highlights: Homesite inventory $8.7B, Invested Capital $8.15B, weighted average yield 9.1%, and book value per share ~$35.29. Results are preliminary and subject to change pending Form 10-Q finalization.

Millrose Properties (NYSE: MRP) will release its Q3 2025 financial results for the quarter ended September 30, 2025 before market open on Thursday, October 23, 2025. Millrose will host a conference call and webcast the same day at 10:00 AM ET. Earnings materials, the live webcast, and a replay will be available via the company's investor relations site: ir.millroseproperties.com.

Millrose Properties (NYSE:MRP), a Homesite Option Purchase Platform for residential homebuilders, has declared a quarterly cash dividend of $121.2 million, equivalent to $0.73 per share for both Class A and Class B common stock.

The dividend will be paid on October 15, 2025, to shareholders of record as of October 3, 2025. CEO Darren Richman emphasized that this dividend reflects the company's strong performance and demonstrates their consistent business model and confidence in future earnings growth.

Millrose Properties (NYSE:MRP) has successfully priced an upsized private offering of $750 million in Senior Notes, representing a $250 million increase from the initially announced size. The Notes, due 2032, carry a 6.25% interest rate and are priced at 100.000% of principal amount.

The offering is scheduled to close on September 11, 2025. The company plans to use the proceeds to repay its $500 million term loan due June 2026 and for general corporate purposes. The Notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Millrose Properties (NYSE:MRP) has announced plans to offer $500 million in senior notes due 2032. The offering will be conducted under Rule 144A and Regulation S, exclusively available to qualified institutional buyers and certain non-U.S. persons.

The company intends to use the proceeds, combined with cash on hand, to fully repay its $500 million term loan that matures in June 2026. This debt refinancing initiative effectively extends Millrose's debt maturity profile by approximately 6 years.

Millrose Properties (NYSE:MRP) has priced an upsized private offering of $1.25 billion in Senior Notes due 2030, representing a $250 million increase from the initially announced size. The notes carry a 6.375% interest rate and are priced at 100.000% of principal amount.

The offering, expected to close on August 7, 2025, will primarily be used to repay existing debt, including $500 million in term loan debt and $450 million in revolving credit borrowings. The notes will be offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

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.