Overview

• U.S. homesite option platform's Q1 revenue and net income rose sharply yr/yr

• Q1 AFFO per share increased to $0.76 from $0.39 a year ago

• Company expanded builder base and invested $989 mln in land and development funding

Outlook

• Millrose expects to deploy about $1 bln in invested capital by mid-2026

• Company targets Q2 exit quarterly AFFO run rate of $0.78–$0.80 per share

• Millrose expects up to $2 bln net new capital deployment for full-year 2026

Result Drivers

• PORTFOLIO EXPANSION - Growth in builder counterparty base, including a top-10 national builder, contributed to increased homesites under option contracts and asset diversification

• CAPITAL REDEPLOYMENT - Company redeployed $989 mln in land acquisitions and development funding, supporting portfolio and revenue growth

• YIELD STABILITY - Portfolio weighted average annualized yield remained stable at 9.2% despite a decline in the base rate, reflecting growth in homesite investments outside the Lennar agreement

Company press release: ID:nBw7f34NVa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$0.74
Q1 Net Income		$122.90 mln
Q1 Adjusted FFO		$125.90 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate rental, development & operations peer group is "buy"

• Wall Street's median 12-month price target for Millrose Properties Inc is $39.00, about 29.6% above its May 5 closing price of $30.09

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

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