US Masters Residential Property Fund (URF) Q4 2025 earnings summary

Executive summary

• Exceeded 2025 sales target with US$244.2 million in sales across 179 properties; 161 properties remain at year-end.

• Targeting sale of remaining portfolio by end of 2026, aiming to return capital to security holders efficiently.

• 2025 annual report prepared on a non-going concern basis, with property assets measured at net realisable value.

• Recognised a fair value decrement of US$10.9 million (5.71%) for H2 2025, mainly from New York Premium segment.

• Paid distributions totaling 11 cents per stapled security in 2025, with an additional 10 cents declared for Q1 2026.

Financial highlights

• Net realisable value of portfolio at 31 December 2025: US$166.35 million.

• Same-home Net Operating Income (NOI) for 2025: US$1.44 million, up 14.6% year-over-year.

• Adjusted Funds From Operations (FFO) loss for 2025: A$10.9 million, compared to A$8.4 million loss in 2024.

• General & Administrative expenses for 2025: A$10.7 million (A$10.5 million excluding one-off costs).

• NAV per stapled security at 31 December 2025: $0.346; 688.5 million stapled securities on issue.

Outlook and guidance

• Aims to complete sale of remaining portfolio by end of 2026, subject to market and property-specific factors.

• Expects continued FFO losses as portfolio is sold down and properties are held vacant for sale.