Millrose Properties Q1 AFFO per share nearly doubles yr/yr

Millrose Properties

06/05/2026 13:13

Overview

U.S. homesite option platform's Q1 revenue and net income rose sharply yr/yr

Q1 AFFO per share increased to $0.76 from $0.39 a year ago

Company expanded builder base and invested $989 mln in land and development funding

Outlook

Millrose expects to deploy about $1 bln in invested capital by mid-2026

Company targets Q2 exit quarterly AFFO run rate of $0.78–$0.80 per share

Millrose expects up to $2 bln net new capital deployment for full-year 2026

Result Drivers

PORTFOLIO EXPANSION - Growth in builder counterparty base, including a top-10 national builder, contributed to increased homesites under option contracts and asset diversification

CAPITAL REDEPLOYMENT - Company redeployed $989 mln in land acquisitions and development funding, supporting portfolio and revenue growth

YIELD STABILITY - Portfolio weighted average annualized yield remained stable at 9.2% despite a decline in the base rate, reflecting growth in homesite investments outside the Lennar agreement

Company press release: ID:nBw7f34NVa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.74
Q1 Net Income
$122.90 mln
Q1 Adjusted FFO
$125.90 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 29.6% above its May 5 closing price of $30.09

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