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Millrose Properties posts higher Q2 revenue and AFFO, expands partners
Millrose said 32% of its invested capital was deployed outside the Lennar Master Program Agreement, about double a year ago.
HousingWire reports that Millrose Properties posted Q2 2026 revenue of $196.9 million and adjusted funds from operations of $127.6 million, up from $149.0 million revenue and $115.0 million AFFO a year earlier.
The company reported zero option terminations across its land-banking platform, while its portfolio grew to 143,771 homesites from about 129,000 a year ago, and its number of third-party partners rose to 18 from 11 a year ago.
HousingWire also notes that about 32% of Millrose’s invested capital was deployed outside the Lennar Master Program Agreement, roughly double the share from a year ago. The outlet links that shift to partnership-driven growth, including agreements tied to multifamily operator JPI and Dream Finders Homes in connection with Dream Finders’ acquisition of Beazer Homes.
Millrose’s executives argued the current housing-market environment validates the company’s land-banking model rather than undermines it, citing the challenge builders face in balancing sales, incentives, margins, and future lot pipelines while maintaining capital efficiency. The company continues to position its approach as a long-term solution, despite its spin-off from Lennar occurring less than 18 months ago.