Millrose Properties plans $2 bln in net new capital deployment in 2026

Millrose Properties

26/02/2026 13:11

Overview

Homesite option platform's Q4 net income was $122.2 mln, with EPS of $0.74

Q4 AFFO reached $125.6 mln

Company plans $2 bln capital deployment in 2026, enhancing portfolio diversification

Outlook

Millrose expects to deploy up to $2 bln in net new capital in 2026

Company targets 2Q exit AFFO run rate of $0.78–$0.80 per share

Millrose maintains maximum debt-to-capital target of 33%

Result Drivers

YIELD EXPANSION - Yield increased to 9.2% driven by diversification strategy, with new investments outside Lennar generating 11% yields

ZERO OPTION TERMINATIONS - Co maintained zero option terminations across portfolio despite affordability headwinds and macro uncertainty

CAPITAL DEPLOYMENT - Co plans $2 bln in net new capital deployment in 2026, aiming to diversify beyond Lennar relationship

Company press release: ID:nBwbgssvpa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 EPS
$0.74
Q4 Net Income
$122.20 mln
Q4 Adjusted FFO
$125.60 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

Wall Street's median 12-month price target for Millrose Properties Inc is $39.00, about 25.8% above its February 25 closing price of $31.00

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)