Millrose Properties Reports Q2 2026: Net Income $125.9M, AFFO $0.77/Share, Dividend $0.77
MRP is trading near its 52-week low of $26.3 (9.3% above the low).
Summary
Millrose Properties reported Q2 2026 net income of $125.9 million, AFFO of $0.77 per share, and a $0.77 dividend. The company continued to diversify its builder base and expand invested capital, while maintaining a strong balance sheet.
Key Events · Earnings and Guidance · MRP
-
Q2 Earnings Beat
Net income of $125.9 million ($0.76/share) and AFFO of $127.6 million ($0.77/share), at the high end of guidance, with total revenues of $196.9 million.
-
Dividend Increase
Declared sixth consecutive quarterly dividend increase to $127.9 million, or $0.77 per share, reflecting confidence in recurring cash flow.
-
Portfolio Diversification
Invested capital outside the Lennar MPA grew to $2.8 billion at a 10.6% yield, with 19 counterparties now on the platform, including first multifamily relationship with JPI.
-
Industry Consolidation Role
Announced intent to provide land banking capital for Dream Finders' proposed acquisition of Beazer Homes, demonstrating the platform's utility in capital-efficient M&A.
Analysis · MRP · Real Estate & Construction
Millrose delivered a solid quarter with net income of $125.9 million and AFFO of $0.77 per share, matching the high end of guidance. The company declared its sixth consecutive quarterly dividend increase, now at $0.77 per share. Invested capital outside the Lennar Master Program Agreement grew to $2.8 billion at a 10.6% yield, reflecting successful diversification. The balance sheet remains conservative with 30% debt-to-capitalization and $1.4 billion in liquidity. The expansion into multifamily via JPI and the role in Dream Finders' acquisition of Beazer Homes signal the platform's growing relevance in industry consolidation.
How filings like this one have moved
In the 30 days to Sep 16, 2026, 29.6% of the 1725 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.33%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MRP was trading at $28.75 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.4B. 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.