| Metric | Value ($ M) | vs Q2 FY25 |
|---|---|---|
| Revenue | 179.26 | 20.3% |
| Total Income | 179.26 | 20.3% |
| Expenditure | 26.42 | 19.3% |
| PBT | 110.92 | 5.6% |
| Net Profit | 105.06 | 6.8% |
| OPM | 85.26% | 0.12pp |
| NPM | 58.61% | 17.07pp |
| EPS | 0.63 | 7.3% |
Millrose Properties Reports Robust Q3 2025 Financial Results
04 May 2026 · 4 May, 8:50 am
Summary
Millrose Properties, Inc. announced its financial results for the third quarter ended September 30, 2025. The company reported net income attributable to common shareholders of $105.1 million, or $0.63 per share, and Adjusted Funds From Operations (AFFO) of $122.5 million, or $0.74 per share. Total revenues for the quarter were $179.3 million. Millrose is raising guidance for year-end Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.74 to $0.76 per share, driven by continued strong demand for Millrose’s homesite option platform.
Key Highlights
- 1
Millrose Properties reported net income attributable to common shareholders of $105.1 million, or $0.63 per share, for the third quarter of 2025.
- 2
Adjusted Funds From Operations (AFFO) reached $122.5 million, or $0.74 per share, in Q3 2025.
- 3
Total revenues for the third quarter of 2025 amounted to $179.3 million.
- 4
The company declared a quarterly dividend of $121.2 million, or $0.73 per share, on September 22, 2025.
- 5
Millrose received $766 million in net cash proceeds from homesite sales to Lennar and redeployed $858 million in new land acquisitions and development funding with Lennar during the quarter.
- 6
The company funded an additional $770 million under other agreements at a weighted average yield of 11.1% in Q3 2025.
- 7
Millrose is raising guidance for year-end Adjusted Funds from Operations (AFFO) quarterly run rate to a range of $0.74 to $0.76 per share.
Management Comments
Darren Richman
“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 multiple partnerships and demonstrating the value our platform can deliver to our homebuilder customers. We are pleased to further strengthen our capital structure with the issuance of two tranches of senior notes totaling $2.0 billion, replacing short term bridge capital with longer term debt at favorable rates, making our balance sheet stronger than ever with substantial liquidity. As a result of our prudent approach to deploying capital amidst a continually growing investment pipeline, we are raising guidance while remaining laser focused on generating attractive returns for shareholders. We are confident Millrose will round out the year with a solid fourth quarter and enter FY 2026 with momentum.”
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