MORGAN STANLEY SEC (MPS) LKD TO S&P 500 INDX

MRP

The market has flipped from greed to extreme fear within a month, as investors flee for safety over AI bubble fears, labor market woes, and the ongoing government shutdown. The S&P 500 reached extreme historical valuation levels when compared to both 5-year and 10-year averages. Recent volatility indicates a market rotation could be underway. REITs offer a potential stable source of income for investors when markets are volatile. REITs are required by law to disburse high dividends and are backed by tangible, inflation-resistant assets.

MIAMI , Nov. 7, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar") announced today that in view of the continuation of the government shutdown, during which the Securities and Exchange Commission ("SEC") will not declare registration statements effective, Lennar is further extending the expiration date for its previously announced offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") for outstanding shares of Lennar Class A common stock (the "Exchange Offer"). In anticipation that the shutdown may end shortly, the Exchange Offer, which had been scheduled to expire at 12:00 midnight, New York City time, on November 14, 2025, is being extended to expire at 12:00 midnight, New York City time, on November 21, 2025 (the "Expiration Date").

MIAMI , Oct. 31, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B) ("Lennar") announced today that as a result of the ongoing U.S. federal government shutdown, it is extending the expiration date for its previously announced offer to exchange the approximately 20% it owns of the total outstanding shares of Millrose Properties, Inc. (NYSE: MRP) ("Millrose") for outstanding shares of Lennar Class A common stock (the "Exchange Offer"). The Exchange Offer, which had been scheduled to expire at 12:00 midnight, New York City time, on November 7, 2025, will now expire at 12:00 midnight, New York City time, on November 14, 2025 (the "Expiration Date").

Millrose Properties has outperformed since its Lennar spinoff, driven by strong demand from homebuilders seeking capital-light land options. MRP's Q3 results exceeded expectations, with robust FFO and revenue growth, but geographic concentration in CA, TX, and FL presents modest risk. The portfolio's yield is rising as third-party deals ramp up, and the resolution of Lennar's stake sale removes a technical overhang.

Millrose Properties, Inc. (NYSE:MRP ) Q3 2025 Earnings Call October 23, 2025 10:00 AM EDT Company Participants Jesse Ross Darren Richman - CEO & President Robert Nitkin - Chief Operating Officer Adil Pasha - Chief Technology Officer Garett Rosenblum - CFO & Treasurer Conference Call Participants Julien Blouin - Goldman Sachs Group, Inc., Research Division Eric Wolfe - Citigroup Inc., Research Division Craig Kucera - Lucid Capital Markets, LLC, Research Division Aaron Hecht - Citizens JMP Securities, LLC, Research Division Presentation Operator Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Millrose Properties Third Quarter 2025 Earnings Results Conference Call.

MIAMI--(BUSINESS WIRE)--Millrose Properties, Inc. (NYSE: MRP, “Millrose” or the “Company”), the Homesite Option Purchase Platform for residential homebuilders, today announced its financial results for the third quarter ended September 30, 2025. “Our third quarter results showcase both disciplined execution and continued demand for our land capital solutions. We delivered strong growth in funding across counterparties, reflecting the consistent demand for our homesite option platform across mul.

Gilman Hill Asset Management initiated a new position in Millrose Properties (MRP 1.75%) in the third quarter, buying up an estimated $7.9 million worth of shares.

Millrose Properties looks poised to deliver nice returns for investors after a successful spinoff from Lennar earlier this year.

After a strong August, REITs faded slightly in September (-0.73%), pulling the REIT sector's year-to-date average total return down to (-1.74%). Mid-cap REITs (-0.92%) averaged the lowest total return in September. Large caps (-0.29%), micro caps (-0.79%), and small caps (-0.83%) averaged modestly smaller declines. Only 37.4% of REIT securities had a positive total return in September.

REITs in 2025 have shown disciplined capital raising, issuing equity mainly when trading at premiums to NAV and capturing low-cost debt opportunistically. Welltower and CareTrust issued equity at significant premiums, signaling management's awareness of overvaluation and maximizing accretion for shareholders. Undervalued REITs like UMH Properties are shifting to share buybacks, recognizing the accretive opportunity at deep discounts to NAV and cheap AFFO multiples.