Millrose Properties, Inc.

Millrose Properties, Inc. reported strong financial results for the second quarter and first six months of 2026, with significant increases in revenue and net income compared to the prior year. The company's core business of purchasing and developing residential land for homebuilders through option contracts continues to drive growth. Millrose also highlighted its ongoing relationship with Lennar, which accounted for a substantial portion of its revenues, and its intention to elect REIT status.

Millrose Properties reported strong second quarter 2026 financial results, with net income of $125.9 million, or $0.76 per share, and Adjusted Funds From Operations (AFFO) of $127.6 million, or $0.77 per share. The company declared its sixth consecutive quarterly dividend increase to $0.77 per share. Millrose continued its strategic expansion, redeploying $1.1 billion into land acquisitions and development funding, growing Invested Capital outside its Lennar Master Program Agreement to $2.8 billion, and expanding its counterparty base to 19 homebuilders and developers, including a new venture into multifamily assets.

Millrose Properties, Inc. announced its Board of Directors declared a quarterly cash dividend of $0.77 per share for Class A and Class B common stock. The total dividend distribution will be approximately $127.9 million. This dividend is payable on July 15, 2026, to stockholders of record as of July 6, 2026. CEO Darren Richman highlighted the company's consistent earnings and dividend, attributing it to long-term builder relationships.

Millrose Properties reported a strong first quarter for 2026, with net income attributable to common stockholders increasing by nearly 90% to $122.9 million and basic EPS reaching $0.74. Total revenues more than doubled, driven by significant growth in both option fee revenues and development loan income. The company also saw an increase in its homesites under option contracts and declared a dividend of $0.76 per share.

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.