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Millrose Properties Inc Class A (MRP)
NYSE:MRP
Earnings Data
Report Date
May 20, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.77Last Year’s EPS
0.39Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance for Millrose in its first public year: significant homesite delivery (31,000+), strong capital recycling ($3.4B), AFFO outperformance (4Q $0.76, normalized $0.77) and a deep, actionable pipeline with clear path to meaningful AFFO growth (management estimates +7% to +10% ACCRETION from planned deployments). Headwinds remain—industry affordability/rate pressures, market-specific softness (Texas, Las Vegas), a current valuation discount and the need to access equity capital above book value to fully fund the longer-term pipeline. Overall, the highlights (operational scale, cash generation, low leverage, explicit growth runway) outweigh the lowlights, leaving management optimistic but selective as it scales into 2026.Company Guidance
Operational Scale and Homesite Deliveries
Managed ~142,000 homesites across 933 communities in 30 states for 15 counterparties; executed over 31,000 homesite closings in 2025 (each requiring full title and closing workflows). Delivered projects with average new-home selling prices ~20% below the national average, supporting affordability.
AFFO and Earnings Outperformance
4Q adjusted FFO of $0.76 per share (top end of guidance $0.74–$0.76) and a normalized year-end run rate of $0.77 per share. Reported full-year net income of $404.8 million ($2.44 per share) and 4Q net income of $122.2 million ($0.74 per share).
Strong Capital Recycling and Transaction Volume
Generated $3.4 billion of net homesite sale proceeds in 2025 and deployed $5.5 billion in new land acquisitions and development funding, demonstrating cash-generative recycling of capital.
Invested Capital Growth and Pipeline
Invested capital outside the Lennar master program finished at ~$2.4 billion, surpassing the prior $2.2 billion stretch target (~+9% above target). Company expects to grow invested capital outside Lennar by an additional $2.0 billion (targeting ~$10.5 billion total invested capital with >40% outside Lennar).
Balance Sheet Strength and Liquidity
Year-end total assets of ~$9.3 billion, total debt of $2.1 billion (debt-to-capitalization ~26%, well inside 33% target), and ~ $1.3 billion in total liquidity to support near-term pipeline.
Dividend and Shareholder Returns
Paid Q4 dividend of $124.5 million ($0.75 per share) representing an 8.4% annualized yield on equity and approximately 80 basis points higher than the first quarter dividend. Management reiterated commitment to distributing 100% of AFFO.
Low Leverage and Conservative Capital Policy
Maintains a conservative leverage target of 33% debt-to-cap (currently ~26%), will not issue equity below book value (book value per share $35.28), and expects to fund roughly half of the next $2 billion growth through existing debt capacity.
Technology, Risk Management, and Partner Adoption
Proprietary technology supports real-time lot selection, title tracking and automated workflows; 96% of portfolio (by investment balance) subject to cross-termination pooling; expanded counterparties from 12 to 15 with majority of funded growth coming from existing partners—signaling strong industry adoption.
Accretive Yield Spread and AFFO Growth Potential
Investments yielding ~11% versus cost of debt ~6.3% drive accretive AFFO. Management guidance: deploying $1.0 billion at current yields could drive >7% AFFO per-share growth; fully executing the $2.0 billion opportunity implies ~10% annual AFFO per-share growth.
MRP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MRP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $31.00 | $31.11 | +0.35% |
Oct 23, 2025 | $32.20 | $31.98 | -0.70% |
Jul 31, 2025 | $29.11 | $28.59 | -1.80% |
May 14, 2025 | $24.79 | $25.88 | +4.39% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Millrose Properties Inc Class A (MRP) report earnings?
Millrose Properties Inc Class A (MRP) is schdueled to report earning on May 20, 2026, Before Open (Confirmed).
What is Millrose Properties Inc Class A (MRP) earnings time?
Millrose Properties Inc Class A (MRP) earnings time is at May 20, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MRP EPS forecast?
MRP EPS forecast for the fiscal quarter 2026 (Q1) is 0.77.