Millrose Properties Q2 net income $112.8M, AFFO $0.69/share; raises guidance

Millrose Properties, Inc.

2025-Q2 EPS reported $1.07 revenue$231,700,000

Net income $112.8M ($0.68 diluted EPS); AFFO $115M ($0.69/share).
Generated $797M net cash proceeds from homesite sales, $768M from Lennar; redeployed $718M.
Deployed $813M with third-party homebuilders at 11.2% yield; outside-Lennar portfolio $1.3B.
Raised AFFO guidance to $0.70-$0.73/share quarterly run rate from prior levels.
Closed $1B delayed draw term loan from Goldman Sachs and JPMorgan; debt $1.0B (15% debt-to-cap).

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