Millrose Properties Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw strong recurring earnings, expanded builder relationships, and disciplined capital deployment. AFFO and net income rose, with robust liquidity and a deep pipeline supporting continued growth. Industry trends toward capital efficiency and asset-light models are accelerating demand.
Fiscal Year 2025
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Delivered strong Q4 and full-year 2025 results, exceeding guidance and scaling to 142,000 homesites across 30 states. AFFO and dividend growth were driven by robust builder demand, disciplined capital deployment, and a conservative leverage policy, with a positive 2026 outlook.
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Q3 results showed strong earnings, robust capital deployment, and expanding builder partnerships, with net income of $105.1M and AFFO of $122.5M. Guidance was raised for year-end AFFO and transaction funding, supported by a $2B debt raise and $1.6B in liquidity.
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Q2 2025 saw strong growth, robust demand for land banking, and expansion into new partnerships. Net income reached $112.8M, AFFO was $115M, and guidance was raised. Portfolio risk is mitigated by credit enhancements and diversification.
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First quarter as a public REIT saw strong demand for land banking, with $64.8M net income and $351M in non-Lennar transactions at 11.7% yields. Guidance for 2025 non-Lennar funding was raised to $1.5B, with all earnings to be distributed as dividends.