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US Masters Residential Property Fund (URF) investor relations material
US Masters Residential Property Fund Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary19 Nov, 2025
Executive summary
Closed sales of 40 properties for US$60.79 million in Q3 2025, totaling US$179.78 million across 126 properties for the year-to-date.
Net proceeds from sales used to repay US$35.47 million of the Global Atlantic Term Loan, reducing the balance to US$114.56 million as of 30 September 2025.
US$51.2 million repatriated to Australia, supporting a 10 cent distribution in August and total 2025 distributions of 11 cents per security.
No security buybacks in Q3, but 2.8 million securities repurchased YTD for A$1.1 million.
Sales pipeline at quarter-end was US$157.5 million, with post-quarter sales reaching US$200.98 million, within the annual target range.
Financial highlights
Net Operating Income (NOI) on a same-home basis for the 12 months to 30 September 2025 was US$3.31 million, up 5.2% year-over-year.
General & Administrative (G&A) expenses for the 9 months ended 30 September 2025 were A$7.76 million (A$7.52 million normalized), largely unchanged from the prior year.
Funds From Operations (FFO) loss of A$30.7 million for the 9 months to 30 September 2025; adjusted FFO loss of A$7.3 million excluding disposal costs and one-off items.
Post-tax Net Asset Value (NAV) as of 30 September 2025 was $0.421 per stapled security.
Outlook and guidance
2025 sales target range of US$200–225 million achieved as of 31 October 2025.
Directors will continue to assess use of net proceeds for distributions, buybacks, or further debt repayment.
Strategy for remaining GA Facility debt
Capital allocation priorities for available cash
Impact of vacancy strategy on FFO and NOI
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Frequently asked questions
US Masters Residential Property Fund is a real estate investment trust (REIT) focused on acquiring, renovating, and managing residential properties in the United States, particularly in the New York metropolitan area. The fund primarily invests in freestanding houses, multi-family units, and townhouses to generate rental income and long-term capital appreciation. URF aims to provide investors with exposure to the U.S. residential real estate market by leveraging its expertise in property management and value-add renovation strategies. US Masters Residential Property Fund is managed from Sydney, Australia, and its shares are listed on the ASX.
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