Millrose Properties, Inc. (MRP) Form 8-K — Oct 27, 2026
$MRPForm 8-KItems 2.02, 7.01, 8.01, 9.01Filed Oct 27, 2026, 8:15 AM ET0001193125-26-432747Original filing
Millrose Properties (NYSE: MRP) reported record Q3 2026 net income of $130.0 million, or $0.78 per share, up 24% year over year, with AFFO of $0.80 per share marking its sixth consecutive quarterly increase. The Board authorized a new $250 million share repurchase program and management raised Q4 2026 AFFO guidance to $0.82-$0.84 per share, signaling confidence in cash flow durability.
Key figures
- Eps
- 0.78
- Revenue
- 211004000
- Guidance
- Q4 2026 AFFO run rate raised to $0.82-$0.84 per share
- Net Income
- 130002000
- Total Debt
- 3127456000
- Revenue Yoy
- 17.7% increase vs Q3 2025 ($211.0M vs $179.3M)
- Total Assets
- 10555895000
- Cash Position
- 64535000
- Shares Outstanding
- 166,047,927 basic weighted average (154,228,116 Class A + 11,819,811 Class B issued)
- Affo q3
- $133.5M, or $0.80 per share
- Affo yoy
- $0.80 vs $0.74 in Q3 2025
- Dividend
- $131.2M, or $0.79 per share quarterly dividend
- Homesites
- 156,729 homesites across 834 communities in 30 states
- Liquidity
- $0.8B
- Sfr portfolio
- 1,233 homes, ~$333M cost basis, ~$120M net Millrose capital
- Counterparties
- 22 homebuilder/developer relationships (21 outside Lennar)
- Invested capital
- $9.2B total; $5.9B Lennar MPA at 8.5% yield; $3.4B Other Agreements at 10.8% yield
- Dfh beazer funding
- $1.1B ($580M land banking + $488M preferred at 12%)
- Weighted avg yield
- 9.3%
- Book value per share
- $35.24
- Debt to capitalization
- 36%
- Senior notes sept 2026
- $1.0B in two tranches: $500M 6.500% due 2029, $500M 6.750% due 2031
- Share repurchase authorization
- $250 million
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