Millrose Properties Q3 net income hits record; raises AFFO outlook
MRP•Millrose Properties reported record third-quarter net income of $130 million and adjusted FFO of $133.5 million, with EPS of $0.78. It raised fourth-quarter AFFO guidance to $0.82-$0.84 per share and authorized a $250 million share repurchase program.
1. Record quarterly results
Millrose Properties reported record third-quarter net income of $130 million, EPS of $0.78 and adjusted FFO of $133.5 million. The company said AFFO increased for the sixth consecutive quarter and raised its fourth-quarter AFFO outlook to $0.82-$0.84 per share.
2. Expansion and capital plans
Millrose authorized a $250 million share repurchase program. It said it expanded relationships to 22 homebuilders, redeployed $1.3 billion in land acquisitions and development funding, and generated $0.8 billion in net cash proceeds from homesite sales.
