Millrose Properties reported a record third quarter for 2026, exceeding both revenue and earnings estimates. Performance was driven by aggressive capital redeployment and a significant expansion of its counterparty base, which now includes 22 homebuilder relationships. The company raised its fourth-quarter AFFO outlook and initiated its first share repurchase program.
Key Highlights
- Revenue of $211.0 million and EPS of $0.78 both beat analyst expectations, supported by a total portfolio weighted average yield of 9.3%.
- Capital deployment reached $1.3 billion for the quarter, more than tripling management's previously targeted $400 million organic deployment rate.
- Diversification efforts resulted in 42% of the asset base being invested outside the Lennar Master Program pro forma for a $1.1 billion support package for Dream Finders Homes.
- The Board authorized a new $250 million share repurchase program and raised the year-end quarterly AFFO run rate guidance to a range of $0.82 to $0.84 per share.