The company's strong capital deployment outside its Lennar relationship at higher yields (11.0%) suggests successful diversification. The 10% expected AFFO growth in 2026 could drive valuation expansion, especially if execution continues with zero terminations.
Price Chart
Executive Summary
Millrose Properties reported strong Q4 and full-year 2025 results, with full-year net income of $2.44 per share and AFFO of $2.58 per share. The company exceeded its investment target, deploying $2.4 billion outside its Lennar Master Program at higher yields, with zero option terminations. It expects up to $2 billion in new capital deployment in 2026, targeting 10% year-over-year AFFO growth.
Key Financial Metrics
Key Facts
- Full-year 2025 net income of $2.44 per share and AFFO of $2.58 per share
- Invested capital outside Lennar Master Program Agreement reached $2.4 billion, surpassing $2.2 billion target
- Zero option terminations across the portfolio in 2025
- 2026 pipeline supports up to $2 billion in net new capital deployment
- Year-end quarterly AFFO run rate of ~$0.77 per share, above guidance
Financial Impact
Full-year 2025 revenue of $600.5 million and net income of $379.9 million
Segment Breakdown
| Segment |
|---|
| Lennar Master Program Agreement |
| Other Agreements |
Risk Factors
- Execution risk in deploying up to $2 billion in new capital in 2026
- Dependence on housing market conditions remaining constructive
- Potential for increased competition in land banking
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-073913 |
| Document: ck0002017206-20260226.htm | 0001193125-26-073913 |
| Document: ck0002017206-ex99_2.htm | 0001193125-26-073913 |
| Document: 0001193125-26-073913-index-headers.html | 0001193125-26-073913 |
| Document: 0001193125-26-073913-index.html | 0001193125-26-073913 |
| Document: 0001193125-26-073913.txt | 0001193125-26-073913 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | Insider Cluster | $29.73 $30.49 | ▲ +2.56% | ▲ +3.62% | $24.61 (−17.22%) |
Aug 4, 2026 8w ago | 8-K | $29.42 $30.58 | ▲ +3.94% | ▲ +5.18% | $24.61 (−16.35%) |
Jun 23, 2026 14w ago | 8-K | $29.40 $28.61 | ▼ −2.69% | ▼ −4.62% | $24.61 (−16.29%) |
May 19, 2026 19w ago | Insider Cluster | $27.66 $28.40 | ▲ +2.68% | ▲ +1.93% | $24.61 (−11.03%) |
May 6, 2026 21w ago | 8-K | $28.19 $27.54 | ▼ −2.31% | ▼ −5.09% | $24.61 (−12.70%) |
Feb 26, 2026 31w ago | 8-K | $30.28 $28.07 | ▼ −7.30% | ▼ −0.89% | $24.61 (−18.73%) |
US Market Status
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