3 weeks ago
17
MarketBeat
Sat, February 28, 2026 astatine 11:35 AM CST 9 min read
-
Land-banking adoption and scale: Millrose said adoption accelerated successful 2025, delivering much than 31,000 homesites and $3.4 cardinal successful takedown proceeds portion managing astir 142,000 homesites crossed 933 communities and holding astir $2.4 cardinal of invested superior extracurricular the Lennar program.
-
Solid financials and payout policy: Q4 nett income was $122.2 cardinal with AFFO of $0.76/share (normalized run-rate $0.77), full-year nett income was $404.8 million, publication worth was $35.28, and the institution paid a $0.75/share dividend portion reiterating it volition administer 100% of AFFO.
-
2026 maturation with leverage discipline: Management expects to turn invested superior by astir $2 cardinal to ~$10.5 cardinal (over 40% extracurricular Lennar), plans to money astir fractional via existing indebtedness capacity, and targets a ~33% debt-to-capital ceiling portion avoiding equity issuance beneath publication value.
-
Interested successful Millrose Properties, Inc.? Here are 5 stocks we similar better.
Millrose Properties (NYSE:MRP) outlined accelerating adoption of its homesite “land banking” exemplary successful its fourth-quarter and full-year 2025 net call, describing 2025 arsenic a proving twelvemonth for the company’s permanent-capital attack and mounting expectations for further maturation successful 2026.
Chief Executive Officer and President Darren Richman said Millrose was built to conscionable homebuilders’ propulsion for balance-sheet ratio successful a marketplace defined by persistent lodging undersupply. Under its model, the institution acquires and funds improvement nether enactment agreements, and builders instrumentality down homesites connected a predetermined schedule. Richman emphasized that Millrose’s income is generated done contractual monthly enactment payments that are owed careless of marketplace conditions, and that the institution does not speculate connected onshore appreciation, instrumentality entitlement risk, oregon enactment successful homebuilding margins.
→ Diamondback Sees Resilient Demand Despite Cautious Guidance
Richman said 2025 was the company’s archetypal twelvemonth arsenic a nationalist institution and described manufacture reception arsenic exceeding expectations. He noted that the concern equilibrium extracurricular the foundational Lennar Master Program Agreement ended the twelvemonth astatine astir $2.4 billion, surpassing a antecedently discussed $2.2 cardinal “stretch target.”
During 2025, Millrose generated $3.4 cardinal of nett homesite merchantability proceeds and delivered much than 31,000 homesites to builders nationwide, according to management. Richman added that these projects had an mean location selling terms astir 20% beneath the nationalist mean for recently built single-family homes, which helium framed arsenic supportive of lodging affordability.
.png)
English (CA) · 
English (US) · 
Spanish (MX) ·