Millrose Properties, Inc. (NYSE: MRP) announced today its preliminary, unaudited results for the third quarter of 2025, providing an early snapshot of the company’s financial performance for the period ending September 30, 2025.
The preliminary figures show net income attributable to Millrose of $105.06 million, an adjustment‑adjusted cash‑flow metric (AFFO) of $122.50 million, a basic earnings per share of $0.74 and a GAAP basic EPS of $0.63. These numbers reflect the company’s continued ability to generate strong earnings and cash flow from its land‑banking model, with the AFFO figure indicating robust cash generation beyond the GAAP net income.
Key adjustments to the GAAP net income include $16.36 million of amortization of deferred financing and issuance costs, $0.55 million of rating agency expenses, $0.19 million of stock‑based compensation, and $0.34 million of credit‑loss provisions. The resulting AFFO demonstrates the company’s capacity to recycle capital efficiently and support future land acquisitions for its home‑builder clients.
The preliminary release offers investors an early view of Millrose’s performance for the quarter, setting the stage for the company’s forthcoming full audited results later in the month.
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