US Masters Residential Property Fund (URF) Q3 2025 TU earnings summary

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.