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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Millrose Properties
Millrose Properties (MRP) investor relations material
Millrose Properties Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 revenue was $211.0 million and net income was $130.0 million, or $0.78 per diluted share; AFFO was $133.5 million, or $0.80 per share.
Q4 AFFO guidance increased to $0.82–$0.84 per share.
Q3 funding was $1.3 billion and net takedown proceeds were ~$0.8 billion; invested capital reached $9.245 billion.
Dream Finders’ Beazer acquisition financing expanded diversification; pro forma, ~42% of assets were outside the Lennar Master Program Agreement.
No customer terminated an option agreement through Q3.
Financial highlights
Q3 revenue was $211.0 million, including $209.5 million in option fees and $1.5 million in development-loan income.
Q3 net income was $130.0 million, up 24% YoY from $105.1 million; diluted EPS was $0.78 versus $0.63.
Q3 AFFO was $133.5 million, or $0.80 per diluted share, versus $122.5 million, or $0.74; quarterly dividend was $131.2 million, or $0.79 per share.
9M revenue was $602.8 million versus $411.0 million; net income was $378.8 million versus $282.6 million, and diluted EPS was $2.28 versus $1.70.
9M AFFO was $387.0 million, or $2.33 per share, versus $302.3 million, or $1.82.
Outlook and guidance
Q4 AFFO guidance increased to $0.82–$0.84 per share; year-end AFFO annual run rate was expected to exceed prior $3.30-per-share guidance.
Q4 outlook reflects the existing portfolio, recent deployment and Dream Finders financing, including funding timing and financing costs.
Management expected homesite takedowns to proceed on schedule into Q4 and Q1 2027.
Additional build-to-rent community contracts carry a $150.3 million expected purchase price, $100 million of anticipated limited-recourse financing and ~$50 million net investment.
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Latest events from Millrose Properties
- Q2 2026 net income and AFFO grew, portfolio hit $9.7B, and multifamily expansion began.MRP
Q2 2026 - Q1 2026 net income $122.9M, AFFO $125.9M, builder base and liquidity expanded.MRPQ1 2026
- Five independent directors up for election and auditor ratification; external management structure.MRPProxy filing
- Director elections and auditor ratification headline the May 2026 annual meeting agenda.MRPProxy filing
- Delivered 31,575 homesites in 2025 with $5.5B in funding and AFFO per share of $2.58.MRPInvestor presentation
- 2025 net income and AFFO exceeded guidance, with robust growth and a strong 2026 outlook.MRPQ4 2025
- Millrose launches as a REIT with a recycled capital land banking model, distributing shares to Lennar holders.MRPRegistration Filing
- Millrose launches as a REIT land bank with a recycled capital model, strong Lennar ties, and $6–7B in assets.MRPRegistration Filing
- Q3 2025 delivered $105.1M net income, $122.5M AFFO, and improved liquidity with $2B in senior notes.MRPQ3 2025
Next Millrose Properties earnings date
Q4 202625 Feb, 2027
Millrose Properties
Next Millrose Properties earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Millrose Properties Inc is a Canada-based real estate company engaged in the acquisition, development, and management of residential and commercial properties. The company focuses on identifying and investing in real estate assets with long-term growth potential, including rental housing, mixed-use developments, and commercial spaces. The company is headquartered in Toronto, Canada, and its shares are listed on the CSE.