MRP · Millrose Properties, Inc.
One customer — 88% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues.”
One customer — 85% of revenue (the year ended December 31, 2025)
“Revenues earned under the Master Program Agreement with Lennar represented 85% of the Company's total option fee revenues.”
One customer — 84% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, the Company derived from Lennar approximately 84% of the Company's total revenues and 88% of the Company's total option fee revenues.”
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Adjusted Funds From Operations (AFFO) non-GAAP | $127.6M | Q2 2026 | — |
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| Adjusted Funds From Operations (AFFO) per share non-GAAP | $0.77 | Q2 2026 | — |
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| Counterparties | 19 | Q2 2026 | — |
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| Counterparties outside of Lennar | 18 | Q2 2026 | — |
| Debt-to-capitalization ratio | 30% | Q2 2026 | — |
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| Invested Capital net of realized homesite sales (Other Agreements) non-GAAP | $2.8B | Q2 2026 | — |
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| Invested Capital Outside of the Lennar Master Program Agreement non-GAAP | $2.8B | Q2 2026 | — |
| Lennar capital redeployed into new land acquisitions and development funding | $566M | Q2 2026 | — |
| Lennar homesites under option contracts | $6.4B | Q2 2026 | — |
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| Lennar net cash proceeds from homesite sales | $567M | Q2 2026 | — |
| Lennar weighted average yield | 8.5% | Q2 2026 | — |
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| Other Agreements funded | $555M | Q2 2026 | — |
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| Other Agreements weighted average yield | 10.6% | Q2 2026 | — |
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| Quarterly dividend | $127.9M | Q2 2026 | — |
| Total communities | 877 | Q2 2026 | — |
| Total homesites | 143,771 | Q2 2026 | — |
| Total Homesites Under Option Contracts and Other Related Assets | $9.7B | Q2 2026 | — |
| Total Homesites Under Option Contracts and Other Related Assets (Other Agreements) | $3.2B | Q2 2026 | — |
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| Total liquidity | $1.4B | Q2 2026 | — |
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| Total portfolio weighted average annualized yield | 9.2% | Q2 2026 | — |
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| Communities | 904 | Q1 FY2026 | — |
| Homesites | 143,000 | Q1 FY2026 | — |
| Lennar Invested Capital balance | $6B | Q1 FY2026 | — |
| Capital deployed with non-Lennar counterparties | $689M | Fourth Quarter 2025 | — |
| Capital recycled into new land acquisitions and development funding (Lennar) | $2.9B | Full Year 2025 | — |
| Capital redeployed with Lennar | $651M | Fourth Quarter 2025 | — |
| Homesites delivered to builders | 31,000 | Full Year 2025 | — |
| Increase in Invested Capital versus Q3 (non-Lennar) | $550M | Fourth Quarter 2025 | — |
| Invested Capital - Lennar Master Program Agreement | $6.1B | Full Year 2025 | — |
| Net takedown proceeds from Lennar | $851M | Fourth Quarter 2025 | — |
| Total debt | $2.1B | Full Year 2025 | — |
| Year-end quarterly AFFO run rate non-GAAP | $0.77 | Full Year 2025 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Residential — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
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MRP
this stock
Millrose Properties, Inc.
|
$5.04B | +1.5% | — | 10.6 | 4.2% |
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AVB
Avalonbay Communities Inc
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$26.28B | +1.5% | +4.4% | 25.2 | 2.6% |
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EQR
Equity Residential
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$24.74B | +4.6% | +4.8% | 28.6 | 2.8% |
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ESS
Essex Property Trust, Inc.
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$18.48B | +9.9% | +6.4% | 44.8 | 3.5% |
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INVH
Invitation Homes Inc.
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$17.89B | +9.0% | +4.2% | 27.8 | 2.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MRP | +4.7% | +3.1% | -0.9% | +8.4% | +1.5% |
| SPY | +0.4% | +4.5% | +13.8% | +3.9% | +13.9% |
| vs SPY | +4.3% | -1.4% | -14.6% | +4.5% | -12.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.