US Masters Residential Property Fund (URF) EGM 2025 summary

Opening remarks and agenda

• Chair's address opened the meeting, outlining the agenda and purpose, including consideration of the annual financial report and a major buyback proposal.

Specific resolutions to be voted on

• Securityholders considered and approved a resolution authorizing an on-market buyback of up to 25% of issued Stapled Securities over the 12 months from 4 April 2025.

• Proxy voting results: 381,742,872 for, 6,299,931 against, 1,439,159 open, 0 abstain.

Strategic initiatives and plans

• Asset sales program exceeded its 2024 target, closing US$151 million in sales; 2025 target increased to US$200–225 million.

• Proceeds from asset sales to be allocated to distributions, security buybacks, and early senior debt repayment, with debt maturing May 2026.

• Q4 2024 saw the buyback of 6.0 million Stapled Securities for A$2.1 million.