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Millrose Properties sees FY26 AFFO growth roughly 10% y/y

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.

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