Millrose Properties Inc Class A ( (MRP) ) has released its Q3 earnings. Here is a breakdown of the information Millrose Properties Inc Class A presented to its investors.
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Millrose Properties Inc. is a company that specializes in purchasing and developing residential land, offering finished homesites to homebuilders through option contracts. Operating within the real estate sector, it provides a unique asset-light strategy for homebuilders seeking to expand their access to finished homesites.
In its third quarter of 2025, Millrose Properties reported strong financial results, highlighting significant cash proceeds from homesite sales and strategic redeployment of capital into land acquisitions and development. The company also enhanced its balance sheet by completing senior notes offerings, which bolstered its liquidity and positioned it for continued growth.
Key financial metrics for the quarter included a net income of $105.1 million, or $0.63 per share, and adjusted funds from operations (AFFO) of $122.5 million, or $0.74 per share. Total revenues reached $179.3 million, with a portfolio weighted average annualized yield of 9.1%. The company also declared a quarterly dividend of $121.2 million, representing an 8.2% yield based on book value.
Millrose’s strategic initiatives included expanding its homebuilder relationships and increasing its homesite inventory and invested capital outside of its Lennar Master Program Agreement. The company raised its guidance for year-end AFFO and new transaction funding, reflecting strong demand for its homesite option platform.
Looking ahead, Millrose Properties is poised for a robust finish to the year, with management expressing confidence in its ability to maintain momentum into 2026. The company’s strengthened capital structure and strategic focus on generating attractive returns for shareholders underscore its optimistic outlook.