Millrose Properties (MRP) Q2 2026 earnings summary

Executive summary

• Q2 2026 net income was $125.9M ($0.76/share), AFFO was $127.6M ($0.77/share), and the AFFO run rate reached $0.80/share at the high end of guidance.

• Revenues for Q2 2026 were $196.9M, up 32% year-over-year, driven by option fees and development loan income.

• Expanded builder relationships to 19 counterparties, including entry into multifamily land banking and support for industry M&A.

• Declared and paid a quarterly dividend of $0.77/share, marking the sixth consecutive increase and yielding 8.8% on equity.

• Redeployed $1.1B in land acquisitions and development funding, with $1.0B in takedown proceeds received.

Financial highlights

• Total assets as of June 30, 2026: $9.7B; invested capital: $8.8B; book value per share: $35.24.

• Q2 revenues: $196.9M; net income: $125.9M ($0.76/share); AFFO: $127.6M ($0.77/share).

• Weighted average yield on invested capital: 9.2%; 8.5% for Lennar, 10.6% for other agreements.

• Dividend yield on equity: 8.8% (annualized); AFFO yield: 8.7% (annualized).

• Debt-to-capitalization ratio: ~30%; total liquidity: $1.4B.

Outlook and guidance

• Pipeline remains strong with high demand for capital-efficient solutions and continued growth outside the Lennar agreement.

• AFFO run rate guidance maintained at ~$0.80/share, with ongoing expansion into multifamily and support for industry consolidation.

• Management expects to maintain regular dividends of at least 90% of REIT taxable income.

• Sufficient liquidity anticipated through cash, operating cash flows, and credit facilities.

• No change to leverage target, but flexibility for M&A is under evaluation.