Millrose Properties, Inc. Stock Price, News & Analysis

Lennar (NYSE: LEN) announced final results of its exchange offer that expired on November 21, 2025. Lennar accepted 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock (Lennar previously owned approximately 20% of Millrose).

Total Lennar Class A shares validly tendered were 85,296,924; 84,518,299 were subject to proration and 778,625 were odd-lot shares not subject to proration. The final proration factor was 8.604228%. Computershare was exchange agent; Goldman Sachs and J.P. Morgan were dealer managers; Vestra Advisors was Millrose financial advisor.

Lennar (NYSE: LEN) announced preliminary results of its exchange offer on Nov 24, 2025. The offer to exchange up to 33,298,764 shares of Millrose Class A for Lennar Class A stock expired on Nov 21, 2025 and was oversubscribed.

Computershare reported 91,972,752 Lennar Class A shares tendered (including 31,341,148 by guaranteed delivery). The Final Exchange Ratio is 4.1367 Millrose shares per Lennar share. Lennar intends to accept 8,049,596 tendered Lennar shares in exchange for the full 33,298,764 Millrose shares offered, implying a preliminary proration factor of 7.97%.

Guaranteed-delivery deliveries are due by 5:00 p.m. on Nov 25, 2025; final proration will be announced after that period.

Lennar (NYSE: LEN) announced a final exchange ratio of 4.1367 in its offer to exchange up to 33,298,764 shares of Millrose Class A stock (about 20% of Millrose outstanding) that Lennar owns for Lennar Class A common stock.

Under the ratio, each Lennar Class A share validly tendered and accepted will receive 4.1367 Millrose Class A shares. If fully subscribed, Lennar can accept up to approximately 8,049,596 Lennar Class A shares. The Exchange Offer may be prorated if oversubscribed and expires at 12:00 midnight New York City time on November 21, 2025.

Lennar (NYSE: LEN) announced on November 7, 2025 that it is further extending the expiration date for its previously announced exchange offer to swap the approximately 20% of Millrose Properties (NYSE: MRP) it owns for Lennar Class A common stock.

The offer, originally set to expire at 12:00 midnight New York time on November 14, 2025, is extended to 12:00 midnight on November 21, 2025 because the SEC is not declaring registration statements effective during the U.S. federal government shutdown. Completion is contingent on the Form S-4 registration statement being declared effective; Lennar may further extend or terminate the offer if effectiveness is not achieved.

Lennar (NYSE: LEN and LEN.B) announced an extension of the expiration date for its previously announced Exchange Offer to exchange the approximately 20% of Millrose Properties, Inc. (NYSE: MRP) shares that Lennar owns for Lennar Class A common stock.

The Exchange Offer expiration was moved from 12:00 midnight ET on November 7, 2025 to 12:00 midnight ET on November 14, 2025 because the SEC has not been declaring Form S-4 registration statements effective during the ongoing U.S. federal government shutdown. If the Registration Statement is not declared effective by the new Expiration Date, Lennar may further extend or terminate the Exchange Offer.

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.