Millrose Properties (MRP) Q3 2026 earnings summary

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.