Monitor Q2 2026 results for achievement of the $0.78-$0.80 AFFO run rate target and continued capital deployment progress. The stock may trade range-bound until the next earnings catalyst given the in-line report.
Price Chart
Executive Summary
Millrose Properties reported Q1 2026 AFFO of $0.76 per share (slightly below $0.77 consensus) and revenue of $194.9M (below $200.9M consensus). The company reaffirmed its full-year 2026 guidance for ~10% AFFO growth and $2B capital deployment. Despite the small miss, operational metrics were solid with continued diversification outside Lennar and a strengthened balance sheet.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net income $122.9M ($0.74 per share); AFFO $125.9M ($0.76 per share)
- Total revenues $194.9M (option fees $185.3M + development loan income $9.6M)
- Reaffirmed FY2026 guidance: Q2 exit AFFO run rate $0.78-$0.80 per share; ~10% YoY AFFO growth
- Invested capital outside Lennar MPA grew $365M sequentially to $2.7B; weighted average yield 9.2%
- Converted credit facility to fully unsecured, adding $500M delayed-draw term loan; total liquidity $1.5B
Financial Impact
Revenue miss of ~3% versus consensus; AFFO per share in line with expectations; net income flat versus prior quarter
Risk Factors
- Interest rate sensitivity — further SOFR declines could compress option rate spreads
- Homebuilding market slowdown affecting builder demand for option purchases
- Concentration risk with Lennar (approx 69% of invested capital)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207650 |
| Document: ck0002017206-20260506.htm | 0001193125-26-207650 |
| Document: ck0002017206-ex99_2.htm | 0001193125-26-207650 |
| Document: 0001193125-26-207650-index-headers.html | 0001193125-26-207650 |
| Document: 0001193125-26-207650-index.html | 0001193125-26-207650 |
| Document: 0001193125-26-207650.txt | 0001193125-26-207650 |
| 8-K Data (Synthetic) | 0001193125-26-207650 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | Insider Cluster | $29.73 $30.49 | ▲ +2.56% | ▲ +3.62% | $24.61 (−17.22%) |
Aug 4, 2026 8w ago | 8-K | $29.42 $30.58 | ▲ +3.94% | ▲ +5.18% | $24.61 (−16.35%) |
Jun 23, 2026 14w ago | 8-K | $29.40 $28.61 | ▼ −2.69% | ▼ −4.62% | $24.61 (−16.29%) |
May 19, 2026 19w ago | Insider Cluster | $27.66 $28.40 | ▲ +2.68% | ▲ +1.93% | $24.61 (−11.03%) |
May 6, 2026 21w ago | 8-K | $28.19 $27.54 | ▼ −2.31% | ▼ −5.09% | $24.61 (−12.70%) |
Feb 26, 2026 31w ago | 8-K | $30.28 $28.07 | ▼ −7.30% | ▼ −0.89% | $24.61 (−18.73%) |
US Market Status
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