Millrose Properties (MRP)
Market Price (4/24/2026): $30.82 | Market Cap: $5.1 BilSector: Real Estate | Industry: Single-Family Residential REITs
Millrose Properties (MRP)
Market Price (4/24/2026): $30.82Market Cap: $5.1 BilSector: Real EstateIndustry: Single-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 56% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 81% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 612%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 469%, CFO LTM is 3.7 Bil, FCF LTM is 2.8 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Data Center REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -43% | Key risksMRP key risks include [1] an extreme customer concentration with homebuilder Lennar under unfavorable agreement terms, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 8.2%, FCF Yield is 56% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 81% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 612%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 469%, CFO LTM is 3.7 Bil, FCF LTM is 2.8 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Data Center REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -43% |
| Key risksMRP key risks include [1] an extreme customer concentration with homebuilder Lennar under unfavorable agreement terms, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Millrose Properties reported strong fourth-quarter and full-year 2025 financial results, alongside a positive outlook for 2026, which included a commitment to shareholder returns. The company announced Q4 2025 net income of $0.74 per share and Adjusted Funds From Operations (AFFO) of $0.76 per share, meeting analyst expectations and surpassing previous guidance for the AFFO run rate. Total revenues for the quarter reached $189.5 million, exceeding forecasts by 9.49%. Looking ahead, Millrose Properties anticipates deploying up to $2 billion in net new capital during 2026, projecting approximately 10% year-over-year AFFO per share growth. The company also declared an increased quarterly cash dividend of $0.76 per share, payable on April 15, 2026, underscoring its consistent capital return policy.
2. The company holds a strong "Strong Buy" consensus rating from Wall Street analysts and a high quant rating, indicating significant investor confidence. Millrose Properties currently has a "Strong Buy" consensus rating based on analysis from five Wall Street analysts, with 80% recommending a Strong Buy. Analysts have set an average 12-month price target of $36.13, suggesting a potential upside of 20.89% from the stock's price as of April 9, 2026. Furthermore, the company received a "Strong Buy" quant rating of 4.97, positioning it among the top mid-cap REITs prior to its Q1 2026 earnings release.
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Stock Movement Drivers
Fundamental Drivers
The 7.6% change in MRP stock from 12/31/2025 to 4/23/2026 was primarily driven by a 46.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4232026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.34 | 30.49 | 7.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 411 | 600 | 46.1% |
| Net Income Margin (%) | 46.7% | 63.3% | 35.5% |
| P/E Multiple | 24.5 | 13.3 | -45.7% |
| Shares Outstanding (Mil) | 166 | 166 | 0.0% |
| Cumulative Contribution | 7.6% |
Market Drivers
12/31/2025 to 4/23/2026| Return | Correlation | |
|---|---|---|
| MRP | 7.6% | |
| Market (SPY) | 4.2% | 52.2% |
| Sector (XLRE) | 8.9% | 43.4% |
Fundamental Drivers
The -2.2% change in MRP stock from 9/30/2025 to 4/23/2026 was primarily driven by a -94.1% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4232026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.19 | 30.49 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 232 | 600 | 159.2% |
| Net Income Margin (%) | 10.0% | 63.3% | 534.7% |
| P/E Multiple | 224.2 | 13.3 | -94.1% |
| Shares Outstanding (Mil) | 166 | 166 | 0.0% |
| Cumulative Contribution | -2.2% |
Market Drivers
9/30/2025 to 4/23/2026| Return | Correlation | |
|---|---|---|
| MRP | -2.2% | |
| Market (SPY) | 7.0% | 44.5% |
| Sector (XLRE) | 5.5% | 44.5% |
Fundamental Drivers
The 28.9% change in MRP stock from 3/31/2025 to 4/23/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4232026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.66 | 30.49 | 28.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 600 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 8.4 | |
| Shares Outstanding (Mil) | 166 | 166 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2025 to 4/23/2026| Return | Correlation | |
|---|---|---|
| MRP | 28.9% | |
| Market (SPY) | 28.1% | 51.9% |
| Sector (XLRE) | 8.0% | 50.8% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/23/2026| Return | Correlation | |
|---|---|---|
| MRP | ||
| Market (SPY) | 79.8% | 42.2% |
| Sector (XLRE) | 29.5% | 40.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRP Return | - | - | - | - | 19% | 8% | 28% |
| Peers Return | 45% | -26% | 59% | -6% | -9% | 2% | 48% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 90% |
Monthly Win Rates [3] | |||||||
| MRP Win Rate | - | - | - | - | 45% | 75% | |
| Peers Win Rate | 70% | 35% | 58% | 52% | 38% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MRP Max Drawdown | - | - | - | - | -21% | -4% | |
| Peers Max Drawdown | -5% | -41% | -3% | -10% | -21% | -10% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FOR, INVH, AMH, DHI, LEN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/23/2026 (YTD)
How Low Can It Go
MRP has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.9% | -25.4% |
| % Gain to Breakeven | 61.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.3% | -33.9% |
| % Gain to Breakeven | 64.7% | 51.3% |
| Time to Breakeven | 393 days | 148 days |
| 2018 Correction | ||
| % Loss | -13.5% | -19.8% |
| % Gain to Breakeven | 15.7% | 24.7% |
| Time to Breakeven | 43 days | 120 days |
Compare to FOR, INVH, AMH, DHI, LEN
In The Past
Real Estate Select Sector SPDR Fund (The)'s stock fell -37.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -37.9% loss requires a 61.0% gain to breakeven.
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About Millrose Properties (MRP)
AI Analysis | Feedback
Like a diversified Simon Property Group, owning and managing various types of high-quality commercial properties, not just malls.
Similar to a smaller Brookfield Asset Management, but specifically focused on investing in and managing prime commercial real estate.
The commercial property equivalent of Equity Residential, but for businesses – they own, develop, and manage high-quality offices, retail, and industrial spaces.
AI Analysis | Feedback
```html- Real Estate Acquisition and Investment: Investing in and purchasing commercial properties to build and expand its portfolio.
- Property Development: Planning, constructing, and renovating commercial real estate projects to enhance value and create new assets.
- Property Management: Overseeing the daily operations, leasing, maintenance, and tenant relations for its portfolio of commercial properties.
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Darren L. Richman, Chief Executive Officer and President
Darren L. Richman is the Chief Executive Officer and President of Millrose Properties. He co-founded Kennedy Lewis with David Kennedy Chene in 2017 and is a Co-Managing Partner of that firm. From 2006 to 2016, Mr. Richman was a Senior Managing Director with The Blackstone Group, where he focused on special situation and opportunistic investments and was a member of the Investment Committee for GSO Capital Partners LP's opportunistic credit and special situation funds. Before joining GSO Capital Partners, he was a Founding Member and Co-Head of the Investment Research Team at DiMaio Ahmad Capital from 2003 to 2006. Prior to that, he was a Vice President and Senior Special Situations Analyst at Goldman Sachs & Co from 1999 to 2003. Mr. Richman began his career at Deloitte & Touche LLP, serving as a Manager in the firm's Mergers and Acquisitions Services Group from 1994 to 1999. He was formerly a Certified Public Accountant. Millrose was spun off from home builder Lennar Corp. in February.
Garett Rosenblum, Chief Financial Officer and Treasurer
Garett Rosenblum is the Chief Financial Officer and Treasurer of Millrose Properties. Previously, Mr. Rosenblum was with Kennedy Lewis. He is a member of the New York State Bar and a Certified Public Accountant in New York. Mr. Rosenblum holds a Juris Doctor degree from St. John's University School of Law and a Bachelor of Science degree in both Finance and Public Relations from Syracuse University. In March 2025, he purchased 5,900 shares of the company's Class A common stock.
Robert Nitkin, Chief Operating Officer
Robert Nitkin is the Chief Operating Officer of Millrose Properties. He joined Kennedy Lewis in 2020 and serves as a Managing Director, focusing on the firm's activities within the Real Estate and Homebuilding sectors. Before joining Kennedy Lewis, Mr. Nitkin was an investment principal at GPS Investment Partners ("GPS"), where he was responsible for evaluating and executing transactions across GPS's credit and private equity investment strategies. Prior to joining GPS in 2015, he was an Associate in the Securities Division at Goldman Sachs & Co. He also worked at Ernst and Young LLP as a member of the Transaction Advisory group.
Adil Pasha, Chief Technology Officer
Adil Pasha is the Chief Technology Officer of Millrose Properties. He joined Kennedy Lewis.
Rachel Presa, General Counsel and Secretary
Rachel Presa is the General Counsel and Secretary of Millrose Properties. She joined Kennedy Lewis in 2021 and is a Managing Director, having served in various legal capacities across the firm. Ms. Presa possesses 14 years of experience representing and advising investment funds, financial institutions, and other clients on legal and compliance matters, including regulatory investigations and enforcement, civil litigation, and bankruptcy and restructuring. From 2010 to 2021, she was Senior Counsel at the law firm of Akin Gump Strauss Hauer & Feld LLP. Before her legal career, Ms. Presa taught English and writing in public high schools.
AI Analysis | Feedback
The key risks to Millrose Properties' business include its sensitivity to the housing market, its significant customer concentration, and the impact of interest rate fluctuations.
- Weakening Homebuilding Activity and Builder Defaults: Millrose Properties' business model, which involves acquiring and holding homesites for homebuilders, makes it highly sensitive to prolonged housing slowdowns and overall homebuilding activity. A downturn in the housing market could lead to a decrease in demand for homesites, potential funding pressures for Millrose, and an increased risk of credit losses or defaults from its builder counterparties. While contractual protections and positive gross margins are in place to mitigate the risk of builders walking away from lots, a severe downturn could still impact the company.
- Customer Concentration with Lennar: A substantial portion of Millrose Properties' revenue, specifically 84%, has historically been derived from its master program agreement with Lennar. While the company is actively diversifying its portfolio by engaging with other counterparties, this high level of dependence on a single customer presents a significant concentration risk. Any adverse changes in its relationship with Lennar or a significant reduction in Lennar's homebuilding activity could materially impact Millrose Properties' financial performance.
- Interest Rate Fluctuations and Funding Pressures: As a real estate investment and management company, Millrose Properties is susceptible to changes in interest rates and broader funding pressures. Rising interest rates can increase the company's borrowing costs, making it more expensive to acquire and develop new homesites. Moreover, higher interest rates can also impact the affordability of homes, potentially dampening overall housing demand and subsequently affecting the financial health of Millrose's homebuilder clients.
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- Widespread adoption of remote and hybrid work models, reducing demand for traditional office spaces.
- Accelerated e-commerce adoption and evolving retail consumption patterns, diminishing the need for traditional brick-and-mortar retail properties.
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NullAI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Millrose Properties (MRP) over the next 2-3 years:
- Increased Capital Deployment for Land Acquisition and Development: Millrose Properties plans to deploy up to $2 billion in new capital in 2026 for new land acquisitions and development funding. This strategy is expected to drive approximately 10% year-over-year Adjusted Funds From Operations (AFFO) per share growth, indicating a direct correlation with future revenue expansion.
- Expansion of Homebuilder Counterparties and Diversification: The company is actively expanding its client base beyond its foundational relationship with Lennar. Millrose Properties significantly increased invested capital outside the Lennar Master Program Agreement in 2025, reaching 15 distinct homebuilder counterparties, including 9 of the top 25 national homebuilders. The expectation to grow invested capital with non-Lennar counterparties by an additional $2 billion in 2026 signifies a strategic diversification that will broaden revenue streams.
- Leveraging the Homesite Option Purchase Platform (HOPP'R) in an Undersupplied Housing Market: Millrose Properties operates as a Homesite Option Purchase Platform (HOPP'R), providing a just-in-time supply of finished homesites to residential homebuilders. Given that the housing market remains structurally undersupplied, this platform addresses a critical need for homebuilders, thereby creating sustained demand for Millrose's services and driving revenue through option fees and development loan income.
- Yield Expansion from New Investments: New homesite investments made by Millrose Properties outside of the Lennar Master Program Agreement generated higher weighted average yields of approximately 11.0% in 2025, compared to the overall portfolio yield of 9.2%. By continuing to pursue these higher-yielding investment opportunities with new homebuilder partners, the company is poised to enhance its overall revenue growth and profitability.
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| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Millrose Properties Earnings Notes | 12/29/2026 | |
| Can Millrose Properties Stock Recover If Markets Fall? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to MRP.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03272026 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.0% | 3.0% | 0.0% |
| 03132026 | HIW | Highwoods Properties | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -0.2% | -0.2% | -4.1% |
| 03062026 | ARE | Alexandria Real Estate Equities | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -7.1% | -7.1% | -7.8% |
| 03062026 | VNO | Vornado Realty Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -3.5% | -3.5% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.6% | -3.6% | -5.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 30.55 |
| Mkt Cap | 14.0 |
| Rev LTM | 2,290 |
| Op Inc LTM | 619 |
| FCF LTM | 855 |
| FCF 3Y Avg | 904 |
| CFO LTM | 1,035 |
| CFO 3Y Avg | 1,132 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 6.9% |
| Rev Chg Q | 4.0% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | -0.7% |
| Op Inc Chg 3Y Avg | 1.2% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 15.0% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 27.5% |
| CFO/Rev 3Y Avg | 9.4% |
| FCF/Rev LTM | 22.8% |
| FCF/Rev 3Y Avg | 9.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.0 |
| P/S | 3.8 |
| P/Op Inc | 11.0 |
| P/EBIT | 11.0 |
| P/E | 13.9 |
| P/CFO | 13.6 |
| Total Yield | 9.0% |
| Dividend Yield | 3.1% |
| FCF Yield 3Y Avg | 4.8% |
| D/E | 0.4 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.1% |
| 3M Rtn | 2.3% |
| 6M Rtn | -2.7% |
| 12M Rtn | 11.2% |
| 3Y Rtn | 15.1% |
| 1M Excs Rtn | 1.7% |
| 3M Excs Rtn | -0.6% |
| 6M Excs Rtn | -8.2% |
| 12M Excs Rtn | -23.3% |
| 3Y Excs Rtn | -56.7% |
Price Behavior
| Market Price | $30.49 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 02/07/2025 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $29.45 | $23.44 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 3.5% | 30.1% |
| 3M | 1YR | |
| Volatility | 26.0% | 25.5% |
| Downside Capture | 73.54 | 71.66 |
| Upside Capture | 73.38 | 83.65 |
| Correlation (SPY) | 52.4% | 41.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.54 | 1.01 | 1.02 | 0.89 | 0.74 | -0.08 |
| Up Beta | 2.54 | 1.61 | 1.99 | 1.35 | 0.61 | 0.12 |
| Down Beta | 1.16 | 1.26 | 1.14 | 1.02 | 0.84 | 0.09 |
| Up Capture | 189% | 98% | 90% | 53% | 76% | 10% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 21 | 29 | 55 | 119 | 137 |
| Down Capture | 153% | 76% | 71% | 85% | 85% | 57% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 14 | 21 | 33 | 70 | 129 | 144 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRP | |
|---|---|---|---|---|
| MRP | 38.1% | 25.5% | 1.23 | - |
| Sector ETF (XLRE) | 11.8% | 13.5% | 0.58 | 38.0% |
| Equity (SPY) | 36.1% | 12.7% | 2.15 | 41.6% |
| Gold (GLD) | 38.7% | 27.3% | 1.18 | 3.4% |
| Commodities (DBC) | 45.3% | 18.0% | 1.93 | -12.6% |
| Real Estate (VNQ) | 14.6% | 13.3% | 0.77 | 42.5% |
| Bitcoin (BTCUSD) | -16.3% | 42.1% | -0.31 | 14.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRP | |
|---|---|---|---|---|
| MRP | 5.0% | 32.2% | 0.67 | - |
| Sector ETF (XLRE) | 4.5% | 19.1% | 0.14 | 40.5% |
| Equity (SPY) | 12.6% | 17.1% | 0.58 | 42.2% |
| Gold (GLD) | 21.0% | 17.8% | 0.96 | 2.7% |
| Commodities (DBC) | 14.5% | 19.1% | 0.62 | 2.1% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 44.0% |
| Bitcoin (BTCUSD) | 4.9% | 56.4% | 0.31 | 17.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRP | |
|---|---|---|---|---|
| MRP | 2.5% | 32.2% | 0.67 | - |
| Sector ETF (XLRE) | 6.8% | 20.4% | 0.29 | 40.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 42.2% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 2.7% |
| Commodities (DBC) | 10.0% | 17.8% | 0.47 | 2.1% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 44.0% |
| Bitcoin (BTCUSD) | 68.5% | 66.9% | 1.08 | 17.6% |
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Returns Analyses
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 AFFO per share | 0.78 | 0.79 | 0.8 | 5.3% | Higher New | Guidance: 0.75 for Q4 2025 | |
| 2026 Invested Capital Deployment | 2.00 Bil | -9.1% | Lowered | Guidance: 2.20 Bil for 2025 | |||
| 2026 AFFO per share growth | 10.0% | ||||||
Prior: Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 AFFO per share | 0.74 | 0.75 | 0.76 | 4.9% | 3.5% | Raised | Guidance: 0.71 for Q4 2025 |
| 2025 Debt-to-Capitalization Ratio | 0.33 | 0 | 0 | Affirmed | Guidance: 0.33 for 2025 | ||
| 2025 New transaction funding | 2.20 Bil | ||||||
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