| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 194.93 | 135.7% |
| Total Income | 194.93 | 135.7% |
| Expenditure | 28.85 | 22.1% |
| PBT | 127.92 | 189.5% |
| Net Profit | 122.88 | 208.7% |
| OPM | 85.20% | 30.02pp |
| NPM | 63.04% | 14.91pp |
| EPS | 0.74 | 89.7% |
Millrose Properties Reports Q1 2026 Net Income of $0.74 Per Share
06 May 2026 · 6 May, 6:01 pm
Summary
Millrose Properties, Inc. announced its financial results for the first quarter ended March 31, 2026. The company reported a net income of $0.74 per share and AFFO of $0.76 per share. Millrose generated $726 million in net cash proceeds from homesite sales and redeployed $989 million in land acquisitions and development funding. The company also expanded its counterparty base and strengthened its capital foundation by converting to a fully unsecured credit facility.
Key Highlights
- 1
Millrose Properties reported a first quarter net income of $0.74 per share.
- 2
Adjusted Funds From Operations (AFFO) for the first quarter was $0.76 per share.
- 3
The company redeployed $989 million in land acquisitions and development funding across the portfolio.
- 4
Net cash proceeds from homesite sales generated $726 million with zero option terminations.
- 5
The company expanded its counterparty base to 17 homebuilders, including a top-10 national builder.
- 6
Millrose converted its credit facility to a fully unsecured structure and added a $500 million delayed draw term loan commitment, expanding total capacity to over $1.8 billion.
- 7
Homesites under option contracts and other related assets totaled $9.5 billion.
Management Comments
Darren Richman
“We began 2026 with solid first quarter results, reflecting consistent execution of our strategy. Across the homebuilding industry, builders are navigating competing priorities — sustaining community count growth while exercising balance sheet discipline in a margin-compressed environment. As builders seek to preserve margins while sustaining growth, demand for capital-light lot access is increasing, and our platform is positioned at the center of that structural shift.” “As margins compress across the industry, the carrying cost of land on the balance sheet weighs more heavily on builder returns — yet the multi-year nature of land investment means those commitments cannot be deferred without sacrificing future growth. That is the precise tension our platform is designed to resolve. During the quarter, we expanded our counterparty base to 17 homebuilders, including the addition of a top-10 national builder, and strengthened our capital foundation by converting to a fully unsecured credit facility — positioning Millrose to meet that growing demand at scale.”
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