Key Highlights

  • Millrose Properties' $0.79 dividend trades ex-dividend October 5, 2026, payable October 15, which the company called another quarterly increase.
  • Second-quarter revenue was $196.9 million versus $149.0 million, and net income to common was $125.9 million, or $0.76 per share.
  • Second-quarter AFFO, a non-GAAP measure, was $127.6 million, or $0.77 per share, compared with $115.0 million, or $0.69.
  • On September 22, Millrose priced $500 million of 6.500% notes due 2029 and $500 million of 6.750% notes due 2031.

Millrose Properties, Inc. (NYSE:MRP) declared a quarterly dividend of $0.79 per share, a yield of 12.18%, payable October 15 to shareholders of record on October 5, 2026. The company called the payout another quarterly dividend increase, following the $0.77 paid July 15. Second-quarter AFFO, a non-GAAP measure, was $0.77 per share.

Dividend Program and Shareholder Returns

Millrose's board declared the quarterly dividend of $0.79 per share on September 23, 2026, about $131.2 million in total, payable October 15 to shareholders of record on October 5. The shares trade ex-dividend on October 5.

The second-quarter dividend of $0.77 per share was declared on June 23 and paid on July 15, and the company described it as its sixth consecutive quarterly dividend increase. For the first half of 2026, AFFO, a non-GAAP measure, was $253.5 million, or $1.53 per share, and net income to common stockholders was $248.8 million, or $1.50 per share. Each dividend remains subject to board approval.

About the Company

Millrose Properties, Inc. is a real estate investment trust that holds homesites under option for homebuilders. At June 30, 2026, the company reported 143,771 homesites across 877 communities in 30 states, with 19 homebuilder and developer relationships, 18 of them outside Lennar. It reported zero option terminations since inception and a land-banking partnership with JPI.

Option Fee Revenue, AFFO and Invested Capital

Millrose reported second-quarter revenue of $196.9 million, made up of $195.4 million of option fees and $1.5 million of development loan income, compared with $149.0 million a year earlier. Net income to common stockholders was $125.9 million, or $0.76 per share, compared with $112.8 million, or $0.68. AFFO, a non-GAAP measure, was $127.6 million, or $0.77 per share, compared with $115.0 million, or $0.69. First-half revenue was $391.8 million.

The company reported $9.7 billion in homesites under option contracts and related assets at a weighted-average yield of 9.2%. Under its Lennar master program agreement, homesites under option were $6.4 billion and invested capital was $6.0 billion at a weighted-average yield of 8.5%, and second-quarter Lennar homesite sales proceeds were $567 million, of which $566 million was redeployed.

Under its other agreements, invested capital was $2.8 billion, up $117 million from the first quarter, at a weighted-average yield of 10.6%, with $3.2 billion of homesites under option. The company reported cash of $34.2 million, total debt of $2.5 billion, total assets of $9.7 billion, debt to capitalization of about 30% and total liquidity of $1.4 billion.

Notes Offering, Term Loan and the Dream Finders Commitment

On September 22, Millrose priced $500 million of 6.500% notes due 2029 and $500 million of 6.750% notes due 2031 at par, with closing on October 6, and it reported a $500 million delayed-draw term loan and a $50 million increase in its revolver to $1.385 billion. The company stated that proceeds are for general corporate purposes, which may include acquiring homesites from the combined Dream Finders and Beazer, and for repaying about $850 million outstanding on the revolver. Millrose also stated that all of the 2031 notes are subject to special mandatory redemption if the Dream Finders transaction is not consummated by May 13, 2027, and that on August 6 it committed up to $1.25 billion to support Dream Finders' acquisition of Beazer.

Outlook

Millrose's $0.79 quarterly dividend is payable October 15 to shareholders of record on October 5, 2026. AFFO (non-GAAP) relative to the dividend, completion of the Dream Finders transaction by May 13, 2027, and the use of note proceeds, including repayment of about $850 million outstanding on the revolver, are the relevant considerations.