Added to YB: 2026-03-20
Pitch date: 2026-01-19
MRP [bullish]
Millrose Properties, Inc.
-4.05%
current return
Author Info
No bio for this author
Company Info
Millrose Properties, Inc. is the premier homesite option platform for residential homebuilders. The company specializes in the acquisition and horizontal development of land to provide a predictable, just-in-time supply of finished homesites – the scarcest and mission-critical resource in the homebuilding industry.
Market Cap
$4.8B
Pitch Price
$29.91
Price Target
40.00 (+39%)
Dividend
10.44%
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
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.
Read full article (11 min)