Added to YB: 2026-03-20
Pitch date: 2026-01-19
MRP [bullish]
Millrose Properties, Inc.
+1.13%
current return
Author Info
No bio for this author
Company Info
Millrose Properties, Inc. is the premier permanent capital solution for residential homebuilders and developers.
Market Cap
$4.8B
Pitch Price
$29.13
Price Target
40.00 (+35%)
Dividend
10.63%
EV/EBITDA
N/A
P/E
10.11
EV/Sales
9.56
Sector
Specialized REITs
Category
dividend
Millrose Properties, Inc. - $MRP
MRP: REIT spinoff from Lennar owns $8B+ homesites for builders. Pays 100% AFFO as divs, ~10% yield today. Div grew from $0.38 Q1 to $0.75 Q4 '25, targeting $3.22+ run-rate end-2026. ROE ~8.5% now, growing to 10%+ in 2-3yrs via non-Lennar biz expansion (11-11.5% fees vs LEN's 8.5%). Risk mitigated by geographic diversification (876 communities/30 states) & cross-collateralized pools. Target $36-$40 (BV+) on 8-9% yield. Estimated ~20% annualized return over 2-3yrs from divs + appreciation. Risk: RE downturn could hit BV.
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