Millrose Properties reported Q4 FY2025 net income attributable to common shareholders of USD 122.2 million, or USD 0.74 per share, on total revenues of USD 189.5 million, and Adjusted Funds From Operations (AFFO) of USD 125.6 million, or USD 0.76 per share. The company said its year-end quarterly AFFO run rate was about USD 0.77 per share, above the high end of guidance. For FY2025, Millrose posted net income attributable to common shareholders of USD 379.9 million, or USD 2.44 per share, on total revenues of USD 600.5 million, and AFFO of USD 427.9 million, or USD 2.58 per share. Millrose declared a quarterly dividend of USD 124.5 million, or USD 0.75 per share, and said it distributes 100% of AFFO to shareholders. Millrose ended 2025 with total homesites under option contracts and other related assets of USD 9.2 billion and invested capital outside the Lennar Master Program Agreement of about USD 2.4 billion, with zero option terminations across the portfolio. The total portfolio weighted average annualized yield was 9.2% as of December 31, 2025, with new homesite investments outside the Lennar agreement generating yields of about 11.0%. The company finished the year with about 142,000 homesites across 933 communities in 30 states, and said it delivered over 31,000 homesites to builders during 2025. For 2026, Millrose said its full-year pipeline supports up to USD 2.0 billion in net new capital deployment, implying about 10% year-over-year AFFO per share growth, and reiterated a maximum debt-to-capital target of 33% and that it will not issue equity below book value.

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