Us Masters Residential Property Fund · ASX:URF
Us Masters Residential Property Fund — Shareholder Meeting (April 2025)
22 slides from Us Masters Residential Property Fund's shareholder meeting presentation, Apr 3, 2025
Slide 1: General Meeting
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Slide 2: Agenda
Agenda Chair’s Address Purpose of the Meeting Presentation of Financial Statements Formal Business of the Meeting 2
Slide 3: Purpose of the Meeting
Purpose of the Meeting Consideration of the Annual Financial Report Securityholders will consider the annual financial report of the Group for the financial year ended 31 December 2024 together with the declaration of the Directors, the Directors’ Report and the Auditor’s Report. 3
Slide 4: Purpose of the Meeting: The Buyback Proposal
Purpose of the Meeting The Buyback Proposal The purpose of this meeting is for the Securityholders to consider, and if thought fit, to approve the Buyback Proposal, whereby the Responsible Entity is seeking to obtain Securityholder approval to buy back a maximum of 25% of the number of Stapled Secur
Slide 5: 2024 FY Financial Statements
5 2024 FY Financial Statements 5
Slide 6: General and Administrative expenses
General and Administrative expenses A$Millions 18.0 US Management Fees $16.3m One-off Listed Property Trust (LPT) costs 16.0 1.0 One-off severance costs 1.7 14.0 One-off restructuring costs $12.7m $12.7m 1.5 One-off transaction related costs 12.0 0.8 2.7 2.6 One-off Lease Write Off 1.2 10.0 0.5 Resp
Slide 7: Net Operating Income
Net Operating Income The Fund’s trailing 1-4 family same-home Net Operating Income (NOI) to 31 December 2024 was US$9.4 million. Source: US REIT. Notes: Figures may not sum due to rounding. Note: “Same-home” assets by segment will not 7 match the total portfolio distribution as it excludes assets he
Slide 8: Funds from Operations (FFO)
Funds from Operations (FFO) Excluding disposal costs and non-recurring items, the FFO loss for the year ended 31 December 2024 was -$8.4 million. Source: US REIT. Excludes Convertible Preference Unit (URFPA) distributions as they are equity distributions. AUD/USD average rate of 0.6947, 0.6644 and 0
Slide 9: Portfolio Valuation
Portfolio Valuation During the 2024 financial year, the fair value of our portfolio decreased by US$12.8 million, or 2.35%. Within this movement the New Jersey Workforce segment saw a slight increase of 0.21%, the New Jersey Premium and New York Premium segments declined by 3.05% and 3.90%, respecti
Slide 10: Asset Sales Program
Asset Sales Program The Group set a target of US$150 million in property sales during the 2024 calendar year. The Group ultimately closed on the sale of US$151 million in property sales during the year. The 2025 target has been increased to US$200 – US$225 million. While this remains a target
Slide 11: Tax Restructure
Tax Restructure - Successful completion of the US tax structure review in January 2025. - The trustees of US Masters Residential Property (USA) Fund (‘US Vehicle’) elected to reclassify it from a REIT to a Corporate (C-Corp) structure, adopting a formal plan of liquidation for US tax purposes. - The
Slide 12: Capital Management
Capital Management Capital Allocation $A Million Cash Balance $100.57 Comprised of: Cash balance held in the US $92.04 Cash balance held in Australia $8.53 Less: Global Atlantic Liquidity Covenant -$16.01 Less: Working Capital -$11.50 Less: AFSL Cash Reserve Requirement (1) -$3.50 Less: Reserved for
Slide 13: Capital Management: Quarterly Buyback Program
Capital Management Quarterly Buyback Program During Q4 2024, the Group executed on the purchase of 6.0 million URF Stapled Securities for an aggregate consideration of $2.1 million. Source: US REIT. 13
Slide 14: Formal Business
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Slide 15: Annual Report
Annual Report The first item of business is to consider the annual financial report of the Group for the financial year ended 31 December 2024, together with the declaration of the Directors, the Directors’ Report and the Auditor's report. The Group’s 2024 Annual Report is taken as tabled. 15
Slide 16: Resolution 1
Resolution 1 The first item of business, Resolution 1, is to consider, and if thought fit, to pass the following resolution as an ordinary resolution: “That the Securityholders of the Fund authorise and approve, for the purposes of Section 601KH(8)(a) of the Corporations Act (as inserted by ASIC Leg
Slide 17: Voting
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Slide 18: Proxy Votes
Proxy Votes TOTAL VALID VOTES FOR OPEN ABSTAIN AGAINST 381,742,872 1,439,159 0 6,299,931 Resolution 1 Buyback Proposal 18
Slide 19: Next steps
Next steps The results of the meeting will be released on the ASX, and the Fund’s website later today: www.usmastersresidential.com.au 19
Slide 20: Close of Meeting
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Slide 21: Disclaimer
Disclaimer This Presentation has been prepared and authorised for release by US Masters Responsible Entity Limited (ACN 672 783 345 | AFSL 553 794) (Responsible Entity) as the Responsible Entity of the US Masters Residential Property Group a listed stapled entity consisting of US Masters Residential
Slide 22: For further information
For further information Investor Relations URFInvestorRelations@usmrpf.com 22
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