Millrose Properties Reports $3.4B Homesite Sales and $122M Q4 Net Income
Millrose Properties posted Q4 net income of $122.2 million and AFFO of $0.76 per share, supporting a full-year net income of $404.8 million, book value of $35.28, and a $0.75 dividend. In 2025 it delivered over 31,000 homesites for $3.4 billion in takedown proceeds and held $2.4 billion outside Lennar.
1. Financial Results and Dividend Policy
Millrose Properties reported Q4 net income of $122.2 million and AFFO of $0.76 per share, contributing to full-year net income of $404.8 million and a book value of $35.28. The company declared a $0.75 per share dividend and reiterated its policy to distribute 100% of AFFO.
2. Growth Outlook for 2026
Management expects to increase invested capital by approximately $2 billion to about $10.5 billion next year, funding roughly half through existing debt capacity while capping debt-to-capital at around 33% and avoiding equity issuance below book value.
3. Operational Scale and Risk Management
As of year-end 2025, Millrose managed roughly 142,000 homesites across 933 communities in 30 states and processed over 31,000 closings, generating $3.4 billion in takedown proceeds. Ninety-six percent of its portfolio is structured with pooling agreements to secure monthly option payments regardless of market conditions.