Millrose Properties, Inc. announced record financial results for the third quarter ended September 30, 2026, alongside a new share repurchase authorization. The company reported net income attributable to common shareholders of $130.0 million, or $0.78 per share, and Adjusted Funds From Operations (AFFO) of $133.5 million, or $0.80 per share.
The company raised its fourth quarter AFFO outlook to a range of $0.82 to $0.84 per share. Millrose also declared a quarterly dividend of $131.2 million, or $0.79 per share, which was paid on October 15, 2026.
In a separate announcement, the Board of Directors authorized a new $250 million share repurchase program for the Company’s Class A common stock. Repurchases may be made in the open market or through privately negotiated transactions, subject to market conditions. The company emphasized that the program does not obligate it to repurchase any specific number of shares.
Portfolio highlights for the quarter include the redeployment of $1.3 billion in land acquisitions and development funding. Millrose generated $0.8 billion in net cash proceeds from homesite sales and finalized approximately $1.1 billion in capital support related to Dream Finders Homes' acquisition of Beazer Homes, effective October 20, 2026. As of September 30, 2026, the company held 156,729 homesites across 834 communities in 30 states.
Financially, Millrose reported total revenues of $211.0 million from option fees and development loan income. The company maintained a total liquidity of $0.8 billion as of September 30, 2026, and corporate debt stood at $3.1 billion with a debt-to-capitalization ratio of 36%.
