Millrose Properties posts record Q3 2026 earnings and raises outlook
Millrose Properties reported third‑quarter 2026 net income of $130.0 million, or $0.78 per share, and AFFO of $0.80 per share, the sixth consecutive quarterly increase. The company completed a $1.1 billion capital support for Dream Finders Homes’ acquisition of Beazer Homes and launched a single‑family‑rental pilot acquiring 1,233 homes for $333 million. It also authorized a $250 million share‑repurchase program and raised its Q4 AFFO outlook to $0.82‑$0.84 per share.
Why it matters
The higher earnings and raised AFFO guidance suggest stronger cash flow, supporting the new share‑repurchase program and dividend of $0.79 per share. The Dream Finders financing and SFR pilot diversify assets, with about 42% of the portfolio now outside the Lennar agreement, potentially reducing reliance on a single counterparty.
Key facts
- 1Net income attributable to common shareholders was $130.0 million, or $0.78 per share. sec.gov
- 2Adjusted Funds From Operations (AFFO) was $133.5 million, or $0.80 per share. sec.gov
- 3Total revenues were $211.0 million from option fees and development loan income. sec.gov
- 4The company completed approximately $1.1 billion of capital support for Dream Finders Homes’ acquisition of Beazer Homes. sec.gov
- 5It acquired 1,233 completed single‑family homes from Lennar for an aggregate cost basis of $333 million, funded with $120 million of balance‑sheet capital. finance.yahoo.com
- 6Board authorized a new $250 million share‑repurchase program. sec.gov
Summary written by AlphAI AI Desk from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.