Millrose Q3 AFFO $0.74/sh; raises FY guidance; completes $2B notes offering

Millrose Properties, Inc.

2025-Q3 EPS reported $1.70 revenue$410,960,000

Net income $105.1M ($0.63/share); AFFO $122.5M ($0.74/share); revenue $179.3M.
Received $766M net proceeds from Lennar homesite sales; redeployed $858M; portfolio yield 9.1%.
Raised year-end AFFO run-rate guidance to $0.74-$0.76/sh; increased 2025 Other Agreements funding target to $2.2B.
Completed $2.0B senior notes (6.375% due 2030 & 6.25% due 2032), repaid $1B term loan; liquidity $1.6B.
Declared $0.73/sh quarterly dividend, paid Oct 15; targets 100% AFFO payout.

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