Quarterly ResultMay 6, 2026, 08:31 AM
Millrose Properties Q1 Net Income $0.74/Share; AFFO $0.76/Share
AI Summary
Millrose Properties reported solid first-quarter 2026 financial results with net income of $122.9 million ($0.74 per share) and AFFO of $125.9 million ($0.76 per share). The company expanded its counterparty base to 17 homebuilders, including a top-10 national builder, and redeployed $989 million in land acquisitions. Millrose also strengthened its capital structure by converting its credit facility to a fully unsecured structure and adding a $500 million delayed draw term loan, increasing total capacity to over $1.8 billion.
Key Highlights
- Net income attributable to common shareholders was $122.9 million, or $0.74 per share.
- Adjusted Funds From Operations (AFFO) reached $125.9 million, or $0.76 per share.
- Total revenues from option fees and development loan income were $194.9 million.
- Declared a quarterly dividend of $0.76 per share, totaling $126.2 million.
- Expanded counterparty base to 17 homebuilders, adding a top-10 national builder.
- Redeployed $989 million in land acquisitions and development funding.
- Converted credit facility to fully unsecured, adding a $500 million term loan for over $1.8 billion capacity.
- Reaffirmed full-year 2026 guidance for up to $2 billion net new capital deployment.