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Millrose Properties (MRP) investor relations material
Millrose Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Reported Q3 2025 net income of $105.1M ($0.63 per share) and AFFO of $122.5M ($0.74 per share), reflecting strong operational performance and capital redeployment.
Generated $852M in net cash from homesite sales and redeployed $858M in new land acquisitions and development funding, including $766M and $858M with Lennar.
Completed spin-off from Lennar on February 7, 2025, receiving $5.5B in land assets and $1B in cash, and became an independent, publicly traded REIT focused on land banking.
Expanded builder partnerships to 12 counterparties, managing a portfolio of 139,000 homesites across 876 communities in 30 states.
Completed $2B in senior notes offerings, repaid all outstanding DDTL Credit Facility borrowings, and increased total liquidity to $1.6B.
Financial highlights
Q3 2025 revenues were $179.3M, driven by $170.3M in option fee revenues and $8.9M in development loan income.
Book value per share at quarter end was $35.29.
Declared a quarterly dividend of $121.2M ($0.73 per share), representing an 8.2% yield on book value.
Total assets reached $9.0B, with liquidity of $1.6B as of September 30, 2025.
Management fee expense was $25.9M (1.25% of gross tangible assets); interest expense was $43.7M; income tax expense was $5.9M.
Outlook and guidance
Raised year-end AFFO quarterly run rate guidance to $0.74–$0.76 per share.
Increased 2025 target for new transaction funding under other agreements to $2.2B.
Committed to distributing 100% of AFFO to shareholders and maintaining regular dividend payments targeting at least 90% of REIT taxable income.
Sustaining growth in non-Lennar funding?
Capital deployment strategy with leverage headroom?
Portfolio yield evolution from agreement mix?
Tech platform's impact on builder operational agility?
Profile of new non-Lennar builder relationships?
How do you identify builders using land banking for risk?
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Next Millrose Properties earnings date
Q4 20255 Feb, 2026
Next Millrose Properties earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Millrose Properties Inc is a Canada-based real estate company engaged in the acquisition, development, and management of residential and commercial properties. The company focuses on identifying and investing in real estate assets with long-term growth potential, including rental housing, mixed-use developments, and commercial spaces. The company is headquartered in Toronto, Canada, and its shares are listed on the CSE.
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