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US Masters Residential Property Fund (URF) investor relations material
US Masters Residential Property Fund H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
86 properties sold in H1 2025 for $119 million, with sales momentum continuing into August and year-to-date closings reaching $155.3 million, supporting a full-year target of $200–225 million.
Portfolio appraisal for the half year ended 30 June 2025 resulted in a 2.84% (or $9.2 million) reduction in value, mainly from the New York premium segment.
Focus remains on executing the sales program, returning capital to security holders, and maximizing value through prudent capital management.
Distributions of $0.11 per stapled security paid year-to-date, with 2.8 million stapled securities repurchased.
Reclassification of US operations to C-Corp and adoption of a formal plan of liquidation to be completed by 31 December 2028.
Financial highlights
Portfolio value decreased by $9.2 million (2.84%) in H1 2025, with New York premium down 4.4%, New Jersey workforce down 1.2%, and New Jersey premium down 1.1%.
Net operating income on a same home basis rose 8% to $4.9 million over the 12 months to 30 June, driven by rental growth on renewals.
Funds from operations (FFO) loss of $19.7 million for H1 2025, or adjusted loss of $4.6 million after excluding one-off expenses and disposal costs.
Pre-tax loss of $35.0 million for H1 2025, but post-tax profit of $4.8 million due to a significant reduction in deferred tax liability.
General and administrative expenses were $5.6 million, or $5.35 million normalized, and remained stable across periods.
Outlook and guidance
Full-year sales target of $200–225 million remains achievable, supported by a robust pipeline and recent sales activity.
FFO expected to remain negative as the portfolio reduces, but focus is on maximizing revenue from held properties and cost management.
Monitoring market conditions and buyer sentiment, especially in New York, due to political uncertainty and cooling demand.
Portfolio is well positioned to support the sales program through the remainder of 2025.
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