Added to YB: 2026-03-20
Pitch date: 2026-01-19
MRP [bullish]
Millrose Properties, Inc.
-5.43%
current return
Author Info
No bio for this author
Company Info
Millrose purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules.
Market Cap
$4.9B
Pitch Price
$30.73
Price Target
40.00 (+38%)
Dividend
10.17%
EV/EBITDA
N/A
P/E
12.10
EV/Sales
11.64
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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