Millrose Properties, Inc. (MRP)
NYSEReal EstateReit - ResidentialSnapshot 2026-11-05
$26.50-1.60%
Close 2026-11-05 · 1-day change
NYSEReal EstateReit - ResidentialSnapshot 2026-11-05
QuarterlyIQ Insights · MRP
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within real estate on a research-validated quality screen. As of 2026-11-05.
The screen ranks MRP against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 2 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 3 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated strong grew net income 57% of the time over the next year (vs 53% for the rest of the cohort, n=2781).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Met or beat guidance 100% of the last 1 guided quarters · 2.6% avg surprise
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Guidance Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.
Stated in 4 of 5 supplied quarters. Management reported: “Guidance Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.” “This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder base to 18 counterparties outside of Lennar, and the first-time expansion of the Millrose platform into multifamily assets through a new land banking relationship with JPI, a wholly owned subsidiary of Sumitomo Forestry, broadening the addressable market beyond single-family homesites, demonstrating the flexibility of the platform in serving the evolving needs of the residential housing ecosystem.”
“Guidance Raising guidance for year-end 2026 Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.82 to $0.84 per share.”
“This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder bas…”
“1 Based on current pipeline depth, total net new capital deployment of up to $2 billion is expected for full year 2026 – implying approximately 10% year-over-year AFFO per share growth.”
“Based on current pipeline depth, total net new capital deployment of up to $2 billion is expected for full year 2026 – implying approximately 10% year-over-year AFFO per share growth.”
This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder bas…
Stated in 3 of 5 supplied quarters. Management reported: “This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder base to 18 counterparties outside of Lennar, and the first-time expansion of the Millrose platform into multifamily assets through a new land banking relationship with JPI, a wholly owned subsidiary of Sumitomo Forestry, broadening the addressable market beyond single-family homesites, demonstrating the flexibility of the platform in serving the evolving needs of the residential housing ecosystem.”
Share Repurchases In October 2026, the Company’s Board of Directors authorized a new $250 million share repurchase program, reflecting its confidence in the Company’s strong financial performance and…
Stated in 1 of 5 supplied quarters. Management reported: “Share Repurchases In October 2026, the Company’s Board of Directors authorized a new $250 million share repurchase program, reflecting its confidence in the Company’s strong financial performance and long-term prospects, while providing flexibility to opportunistically repurchase shares.”
The Company remains committed to maintaining a conservative leverage profile, with a maximum debt-to-capitalization target of 33%.
Stated in 3 of 5 supplied quarters. Management reported: “The Company remains committed to maintaining a conservative leverage profile, with a maximum debt-to-capitalization target of 33%.” “The Company remains committed to a maximum debt-to-capital target of 33% and will not issue equity below book value.”
“The Company remains committed to maintaining a conservative leverage profile, with a maximum debt-to-capitalization target of 33%.”
Millrose targets cash dividends at 100% of AFFO.
Stated in 1 of 5 supplied quarters. Management reported: “Millrose targets cash dividends at 100% of AFFO.”
“Millrose targets cash dividends at 100% of AFFO.”
Over the trailing year it converted 22.83x of net income into operating cash flow. Historically, Real Estate names rated robust grew net income 63% of the time over the next year (vs 46% for the rest of the cohort, n=2193).
Most sensitive to the broad stock market and real (inflation-adjusted) rates.
Not enough signal to read sensitivity to the US dollar, Fed net liquidity (low R² over the window).
32 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Real Estate names rated volatile grew net income 55% of the time over the next year (vs 55% for the rest of the cohort, n=2851).
Not investment advice. As of 2026-11-05.
“This capital growth of approximately $117 million compared to the prior quarter reflects the organic expansion of Millrose's business model, including the continued diversification of its builder bas…”
“During the quarter, we expanded our counterparty base to 17 homebuilders, including the addition of a top-10 national builder, and strengthened our capital foundation by converting to a fully unsecur…”
“We expect to grow invested capital outside of the Lennar Master Program Agreement by an additional $2 billion, further diversifying beyond our foundational Lennar relationship at accretive yields."”
“Share Repurchases In October 2026, the Company’s Board of Directors authorized a new $250 million share repurchase program, reflecting its confidence in the Company’s strong financial performance and…”
“The Company remains committed to a maximum debt-to-capital target of 33% and will not issue equity below book value.”
“Millrose expects to adhere to a maximum debt to capitalization of 33% going forward.”