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Millrose Properties Q3 net income hits record; raises AFFO outlook

By Reuters News


Overview

  • US homesite option platform reported record Q3 net income and sixth straight quarterly AFFO increase

  • Company raised Q4 AFFO guidance to $0.82-$0.84 per share

  • Company authorized $250 mln share repurchase program


Outlook

  • Millrose raises Q4 AFFO outlook to $0.82-$0.84 per share

  • Company expects increased diversification of asset base following Dream Finders transaction

  • Millrose says it will focus on expanding counterparty relationships and financing solutions


Result Drivers

  • DISCIPLINED UNDERWRITING - Co attributed record Q3 results to disciplined underwriting and platform resilience in a challenging housing market, per CEO Darren Richman

  • COUNTERPARTY EXPANSION - Co expanded relationships to 22 homebuilders and redeployed $1.3 bln in land acquisitions and development funding

  • HOMESITE SALES - Co generated $0.8 bln in net cash proceeds from homesite sales


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.78

Q3 Net Income

$130 mln

Q3 Adjusted FFO

$133.50 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

  • Wall Street's median 12-month price target for Millrose Properties Inc is $35.00, about 46.4% above its October 26 closing price of $23.91

  • The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 9 three months ago


Reuters Recommended Reads

  • Oct 26 - Alexandria Real Estate Q3 net loss widens on impairments

  • Oct 26 - Public Storage Q3 Core FFO company lifts 2026 outlook as portfolio expands

  • Oct 26 - Welltower Q3 normalized FFO per share rises 25%, guidance raised


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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