MRP News & Events

In an industry initiation note on the homebuilding and real estate services sector, BTIG analyst Ryan Gilbert initiated coverage of Millrose Properties (MRP), which was recently spun off from Lennar (LEN), with a Buy rating and $35 price target. BTIG believes Millrose Properties can offer builders a "compelling rate both due to its cost of capital advantages and services via its technology platform," and feels the stock is "cheap relative to the opportunity."

Millrose Properties (MRP) issued the following statement in connection with the completion of Lennar (LEN) previously disclosed offer to exchange shares of Millrose Class A common stock for shares of Lennar Class A common stock. "The completion of this exchange represents an important milestone in Millrose's evolution as an independent public company, further diversifying our shareholder base and increasing liquidity in our stock," said Darren Richman, CEO and president of Millrose. "The significant oversubscription demonstrates strong market confidence in our permanent capital solution for homebuilders and our growth trajectory. Lennar remains our founding and cornerstone partner, providing consistent demand for finished homesite inventory as we continue expanding our platform to serve a diversified network of top-tier homebuilders."

Lennar (LEN) announced its offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties (MRP) for outstanding shares of Lennar Class A common stock. In February 2025, Lennar completed the spin-off of Millrose through a distribution of approximately 80% of Millrose's stock to Lennar stockholders. The Exchange Offer begins immediately and will expire on November 7, 2025, unless extended or terminated. The Exchange Offer enables Lennar stockholders to exchange shares of Lennar Class A common stock for shares of Millrose Class A common stock at a 6% discount, subject to an upper limit of 4.1367 shares of Millrose Class A common stock per share of Lennar Class A common stock tendered and accepted in the Exchange Offer. Goldman Sachs & Co. and J.P. Morgan Securities are serving as dealer managers for the Exchange Offer.