Millrose Properties, Inc. (NYSE: MRP) announced its final third‑quarter 2025 results on October 23, 2025, reporting $852 million in net cash proceeds from homesite sales, including $766 million from Lennar. The company redeployed $858 million in land acquisitions and development funding with Lennar, and deployed an additional $770 million under other agreements, bringing total homesite inventory to approximately $2.0 billion and invested capital to $1.8 billion at a weighted‑average yield of 11.3%.
The release highlighted a significant capital‑structure move: Millrose completed two senior notes offerings totaling $2 billion—$1.25 billion of 6.375% notes due 2030 and $750 million of 6.25% notes due 2032—replacing short‑term bridge capital and reducing debt to $2 billion. The proceeds were used to repay a $1 billion one‑year term loan, reduce revolving credit facility borrowings by $450 million, and support general corporate purposes, leaving the company with $1.6 billion in liquidity.
Guidance for the year was raised, with updated expectations for year‑end invested capital balance and adjusted funds from operations (AFFO) run‑rate. The company also reaffirmed its dividend policy, targeting 100 % of AFFO, and noted the September 22 dividend of $0.73 per share. These results demonstrate strong cash‑flow generation, a robust capital‑deployment strategy, and a solid balance‑sheet foundation, underscoring Millrose’s ability to support its land‑banking model and deliver shareholder value.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.