Millrose Properties Inc (NYSE:MRP)

Q4 2025 Millrose Properties Inc Earnings Call Transcript

Feb 26, 2026 / 03:00 PM GMT

Release Date Price: $31.11 (+0.35%)

Transcript 10-K8-K

Key Points

Positve

Millrose Properties Inc (MRP) exceeded its investment balance target, reaching approximately $2.4 billion, surpassing the $2.2 billion stretch target.
The company reported a strong AFFO growth, with a fourth-quarter run rate of $0.77 per share, ahead of expectations.
MRP's business model is structurally insulated from market cyclicality, providing predictable recurring income not tied to home prices or land values.
The company delivered over 31,000 home sites in 2025, contributing to housing affordability with prices approximately 20% below the national average.
MRP maintains a conservative leverage policy with a target of 33% debt to capitalization, ensuring financial stability.

Negative

The housing market faced significant headwinds in 2025, including affordability challenges and elevated interest rates.
MRP's valuation is currently at a discount compared to peers, reflecting market uncertainty about its new business model.
The company is reliant on a limited number of counterparties, with 15 distinct partners, which could pose a risk if any major partner withdraws.
There is a potential risk of over-leverage if the company exceeds its 33% debt to capitalization target to fund growth.
MRP's growth projections are contingent on favorable market conditions and the ability to raise equity above book value, which may not materialize as expected.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MRP.N - Millrose Properties Inc
Q4 2025 Millrose Properties Inc Earnings Call
Feb 26, 2026 / 03:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to Millrose Properties 4th quarter and full year 2025 earnings results conference call.

All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press followed with the number one on your telephone keypad. If you would like to withdraw your question, press one again.

Thank you. I will now turn the call over to Jessie Ross, Melrose, head of financial planning and analysis. Jessie, you may begin your conference.

-------------------------------------------------------

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.