MRP News & Events

Millrose Properties (MRP) announced its intent to provide land banking capital to support Dream Finders Homes' (DFH) proposed acquisition of Beazer Homes (BZH). Upon completion of the acquisition, Millrose intends to acquire homesites currently owned by Beazer Homes, enabling Dream Finders to achieve capital-efficient growth in controlled homesites while preserving balance sheet flexibility. Millrose believes this transaction represents an attractive opportunity additive to Millrose's existing pipeline. To support incremental capital capacity for this opportunity, Millrose has received a letter from Goldman Sachs stating that it is highly confident that financing of up to $500 million can be arranged in connection with the transaction. Millrose's existing pipeline will continue to be funded through available capacity under its existing unsecured credit facility and from scheduled homesite sale proceeds. The transaction is expected to result in a temporary increase in Millrose's debt-to-capitalization ratio above its leverage policy target. The Company plans to restore its target leverage through potential future accretive equity issuances above book value or organic deleveraging from operating cash flows, including homesite sale proceeds. Millrose remains committed to its policy of not issuing equity below book value.

Reports Q1 revenue $194.93M, consensus $200.9M. "We began 2026 with solid first quarter results, reflecting consistent execution of our strategy," said Darren Richman, Chief Executive Officer and President of Millrose. "Across the homebuilding industry, builders are navigating competing priorities - sustaining community count growth while exercising balance sheet discipline in a margin-compressed environment. As builders seek to preserve margins while sustaining growth, demand for capital-light lot access is increasing, and our platform is positioned at the center of that structural shift."

The Company is reaffirming its previously issued guidance from its fourth quarter and full year 2025 earnings call. First quarter results and pipeline activity remain consistent with these expectations. The Company expects to deploy approximately $1 billion of additional invested capital by mid-2026 using existing debt capacity, targeting a second quarter exit quarterly AFFO run rate of $0.78-$0.80 per share Based on current pipeline depth, total net new capital deployment of up to $2 billion is expected for full year 2026 - implying approximately 10% year-over-year AFFO per share growth.

Millrose Properties files automatic mixed securities shelf