Millrose Properties Q2 2026: Net Income Rises to $125.9M, AFFO $0.77/Share, Dividend $0.77
MRP is trading near its 52-week low of $26.3 (12% above the low).
Summary
Millrose Properties delivered Q2 2026 net income of $125.9 million, AFFO of $0.77 per share, and declared a $0.77 dividend. Option fee revenues surged 38% year-over-year as the homesite platform expanded to $9.6 billion in assets.
Key Events · Earnings and Guidance · MRP
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Q2 Net Income of $125.9M
Net income rose to $125.9 million from $112.8 million in Q2 2025, driven by a 38% increase in option fee revenues to $195.4 million.
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AFFO of $0.77/Share, Dividend $0.77
Adjusted Funds from Operations reached $0.77 per share, fully covering the $0.77 per share dividend declared for the quarter.
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Homesite Platform Expands to $9.6B
Homesites under option contracts grew to $9.6 billion from $8.9 billion at year-end, reflecting $2.2 billion in new investments during the first half of 2026.
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New $1.835B Credit Facilities
On March 25, 2026, the company replaced its secured revolver with a $1.335 billion unsecured revolving credit facility and a $500 million delayed draw term loan, with $485 million drawn at quarter-end.
Analysis · MRP · Real Estate & Construction
Millrose Properties reported a strong second quarter, with net income climbing to $125.9 million from $112.8 million a year ago, driven by a 38% jump in option fee revenues as the homesite option platform continues to scale. The company declared a $0.77 per share dividend, fully covered by AFFO of $0.77. The balance sheet shows significant growth in homesites under option contracts to $9.6 billion, funded by a new $1.335 billion unsecured credit facility and a $500 million delayed draw term loan. A $284 million development loan payoff reduced leverage and credit risk. With $6.9 billion in future development commitments, the company is positioned for continued revenue growth, though rising interest expense on $2.5 billion in debt bears watching.
At the time of this filing, MRP was trading at $29.42 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $26.30 to $36.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.