US homesite option platform's Q2 net income rose to $125.9 million
Q2 AFFO reached $127.6 million, or $0.77 per share
Company expanded builder relationships and redeployed $1.1 billion in land acquisitions and funding
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
$0.76
Q2 Net Income
$125.90 million
Q2 Adjusted FFO
$127.60 million
Result Drivers
Portfolio expansion - Co expanded builder and developer relationships, increasing homesites under option contracts and invested capital
Capital redeployment - Early repayment of $284 million in development loans, with proceeds redeployed into new opportunities at prevailing underwriting standards
Platform diversification - Co expanded into multifamily assets through new land banking relationship, broadening addressable market beyond single-family homesites
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "buy"
Wall Street's median 12-month price target for Millrose Properties Inc is $36.50, about 27.4% above its August 3 closing price of $28.65
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago
MRP•
