US Masters Residential Property Fund (URF) investor relations material

Executive summary

• Nearly 60% of the property portfolio was sold by 30 June 2026, totaling US$105.7 million in realized sales volume.

• At quarter end, the portfolio comprised 74 properties, with 59 under contract, 12 on the market, and 3 being prepared for listing.

• The group targets a full exit from its property portfolio by year-end, though a small number of assets may be delayed due to municipal issues.

• Senior debt facility was fully repaid post quarter using July sales proceeds and escrow balances.

• Distributions of 14 cents per security were paid in H1 2026, with an additional 4 cents declared post quarter.

Financial highlights

• Total revenue for the half-year ended 30 June 2026 was $3.0 million, down 78% year-over-year.

• Net operating loss for the period was $12.8 million, compared to a profit of $4.8 million in the prior year.

• Total comprehensive loss was $19.6 million, slightly higher than the $19.1 million loss in the prior year.

• Net assets decreased by $116.5 million, reflecting property sales and distributions.

• Adjusted FFO loss for H1 2026 was $6.6 million, reflecting ongoing holding and disposal costs.

Outlook and guidance

• The group expects to complete the sale of substantially all remaining properties by year-end, with only a few assets potentially delayed due to municipal or legal issues.

• Management remains confident in resolving outstanding issues and continuing capital returns to security holders.

• Focus remains on distributing net sales proceeds quickly, subject to maintaining reserves.