Us Masters Residential Property Fund · ASX:URF
Us Masters Residential Property Fund — Corporate Update (September 2024)
13 slides from Us Masters Residential Property Fund's corporate update, Sep 10, 2024
Slide 1: Webinar Update
For personal use only 30 June 2024 Webinar Update 10 September 2024
Slide 2: Disclaimer
Disclaimer This Webinar Update (Update) has been prepared by the US REIT, and authorised for release by US Masters Responsible Entity Limited (ACN 672 783 345 | AFSL 553 794) (Responsible Entity). An investment in the Group is subject to various risks, many of which are beyond the control of the Res
Slide 3: Half Year Update
Half Year Update • 31 property sales over the 6 months to 30 June 2024 for a total of US$54.32 million. • Sales pipeline of US$118.27 million as of 30 June 2024, with US$64.43 million of this For personal use only under contract or with an accepted offer. • The Group has continued with directing exc
Slide 4: Internalisation Update
Internalisation Update • The Internalisation of the Responsible Entity (RE) for URF was finalised at the end of the half year, with the Group’s Board now comprised of three independent directors; Stuart Nisbett, Peter Shear and Jack Lowenstein. For personal use only • Units in URF and URF II were st
Slide 5: Asset Sales Program
Asset Sales Program As evidenced in the Group’s realised sales volume and the prices realised compared to book value, it has been pleasing to see the continued resilience of local property market conditions. For personal use only The Group closed on the sale of US$27.8 million for the quarter, t
Slide 6: Asset Sales Program
Asset Sales Program The Group ended the half year with US$64.4 million of properties under contract or with an accepted offer in place, US$15.5 million on the market and US$38.3 million in the short-term pipeline for sale. For personal use only Between 30 June and 30 August 2024, the Group close
Slide 7: Capital Management
Capital Management Global Atlantic Term Loan: 30 June 2024 For personal use only As a result of property sales, total debt reduced by US$17.4 million in Q2 2024. Buyback Program During the quarter the Group executed on the purchase of 15.9 million URF Ordinary Units and 0.4 million URF Stapled Secur
Slide 8: Capital Management
Capital Management For personal use only Management is currently finalising its review of the most tax effective manner to repatriate proceeds from the US to Australia. Once the review is complete, and any changes or recommendations are implemented, the Group expects to increase the level of repatri
Slide 9: Net Operating Income
Net Operating Income The Fund’s trailing 1-4 family Net Operating Income (NOI) to 30 June 2024 was US$13.0 million. $14 only $12 USD Millions $5.3m For personal use $10 $5.5m $5.5m $5.5m $5.7m $4.5m $8 $3.4m $1.8m $1.7m $6 $1.6m $1.8m $1.9m $1.9m $1.1m $4 $5.2m $6.0m $5.7m $5.5m $5.4m $5.5m $2 $4.0m
Slide 10: General and Administrative expenses ($A)
General and Administrative expenses ($A) 8.0 $7.0m 7.0 $6.7m For personal use only 1.3 6.0 $5.7m 1.3 US Management Fees 0.5 One-off LPT costs 5.0 1.3 0.4 1.3 One-off Lease Write Off 0.6 0.5 4.0 Responsible Entity & 0.4 0.4 Admin Fees 0.5 0.4 Australian G&A 3.0 US G&A 2.0 4.1 3.0 3.2 1.0 - H1 2023 H2
Slide 11: Funds from Operations (FFO)
Funds from Operations (FFO) Excluding disposal costs and non-recurring items, the FFO loss for the half year ended 30 June 2024 was A$3.3 million. For personal use only Source: US REIT. Excludes Convertible Preference Unit (URFPA) distributions as they are equity distributions. AUD/USD average rate
Slide 12: Q&A
For personal use only Q&A
Slide 13: For further information
For further information For personal use only Investor Relations URFInvestorRelations@usmrpf.com 13
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