Millrose Properties Inc Class A (MRP)
NYSE:MRP
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Earnings Data
Report Date
Jul 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.76Last Year’s EPS
0.68Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized Millrose's recurring, contractual earnings, disciplined deployment and expanding, diversified platform. Management reported growth in invested capital, covered dividend, enhanced unsecured liquidity and operational scale, while noting modest yield compression tied to lower SOFR and industry-wide margin pressure. Near-term demand was described as choppy in March and some regional pockets (notably parts of Texas and select Florida submarkets) require selectivity. Management addressed potential future capital-raising considerations but currently has substantial unsecured capacity and $1.5 billion of liquidity. Overall, the positives (predictable AFFO growth, dividend coverage, diversification, capital structure improvements, and scalable operations) materially outweigh the lowlights (macro variability, margin compression, modest yield decline and targeted market headwinds).Company Guidance
Recurring Earnings and AFFO Growth
First-quarter AFFO of $125.9 million ($0.76 per share), driven by $185 million in option fees and ~$10 million in development loan income. AFFO per day was 2.5% higher versus the prior quarter despite a 90-day quarter versus 92 days previously, demonstrating resilient recurring cash generation.
Dividend Fully Covered with Attractive Yield
Declared quarterly dividend of $0.76 per share ($126.2 million). Dividend fully covered by AFFO ($0.76 per share). Annualized dividend yield on book equity of 8.7%, up ~30 basis points from the prior quarter.
Invested Capital Growth and Diversification
Invested capital grew to approximately $8.7 billion from $8.5 billion at year-end (≈+2.35%). 95% of capital is pooled. Counterparty base expanded to 17 from 15 (+13.3%), with ~31% of the portfolio deployed outside the Lennar master program, signaling diversification beyond the anchor relationship.
Platform Scale and Operational Advantage
Platform manages ~143,000 home sites across 904 communities in 30 states and 17 counterparties. Management emphasized proprietary lot-pricing dataset, technology and real-time underwriting capabilities that create a durable competitive moat and operational scalability.
Capital Structure Enhancements and Liquidity
Converted credit facility from secured to unsecured and added a $500 million delayed draw term loan, bringing total unsecured capacity to ~ $1.8 billion. Quarter-end liquidity approximately $1.5 billion (including $425 million revolver drawn and ~$49 million cash) and debt-to-capitalization ~29% (inside 33% maximum).
Spread Economics and Yield Profile
Other agreements generate a weighted average yield of ~10.7% versus Millrose's average cost of debt of ~6%, producing an approximate spread of ~4.7 percentage points that is accretive to AFFO as deployment increases.
Credit Realization in Florida
Post-quarter event: full payoff of ~ $284 million development loan (principal, accrued interest and fees) on multiple Florida communities, evidencing disciplined underwriting and recoverability in well-located submarkets.
Consistent Balance Sheet and Book Value
Book value per share at quarter-end of $35.26 and total assets of ~ $9.6 billion, reflecting stable capital base alongside conservative leverage posture.
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 |
|---|---|---|---|
May 06, 2026 | $30.09 | $28.19 | -6.31% |
Feb 26, 2026 | $30.17 | $30.28 | +0.35% |
Oct 23, 2025 | $31.34 | $31.12 | -0.70% |
Jul 31, 2025 | $28.34 | $27.83 | -1.80% |
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 Jul 30, 2026, Before Open (Confirmed).
What is Millrose Properties Inc Class A (MRP) earnings time?
Millrose Properties Inc Class A (MRP) earnings time is at Jul 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is MRP EPS forecast?
MRP EPS forecast for the fiscal quarter 2026 (Q2) is 0.76.