MRP News & Events

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.

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."

Millrose Properties files automatic mixed securities shelf

Millrose Properties announced the closing of an amendment to its credit facility with JPMorgan Chase Bank, N.A. serving as administrative agent, adding a new $500M term loan to expand floating rate unsecured debt capacity under the facility to $1.835B. The amended unsecured facility, replacing the previously secured revolving credit facility, combines the new Term Loan with a $1.335B unsecured revolving credit commitment, providing the Company with increased liquidity and financial flexibility to serve homebuilding partners across the country. Borrowings under the agreement bear interest at a variable rate based on Adjusted Term SOFR plus a margin ranging from 2.00% to 2.50%, depending on the Company's leverage ratio. The facility matures on March 25, 2030. Proceeds from the credit agreement will be used for general corporate purposes, including refinancing existing indebtedness. In connection with the new agreement, liens under the Company's prior secured credit facility were released.