Us Masters Residential Property Fund · ASX:URF
Us Masters Residential Property Fund — Q1 2024 Earnings Presentation
14 slides from Us Masters Residential Property Fund's earnings presentation, May 22, 2024
Slide 1: Q1 2024 Webinar Update
For personal use only Q1 2024 Webinar Update 22 May 2024
Slide 2: Disclaimer
Disclaimer This presentation is prepared by the US REIT, and is authorised for release by E&P Investments Limited (ACN 152 367 649 | AFSL 410 433) (Responsible Entity) as the Responsible Entity for the US Masters Residential Property Fund (ARSN 150 256 161) (Fund). For personal use only This present
Slide 3: Q1 2024 Update
Q1 2024 Update • 15 property sales during the quarter for a total of US$26.5 million. • 43 property sales over the 12 months to 31 March 2024 for a total of US$77.3 For personal use only million. • The Fund has continued with directing excess cash to capital management opportunities, such as the buy
Slide 4: Asset Sales Program
Asset Sales Program Stabilising interest rates have appeared to buoy the Fund’s sales, though the quiet winter months were evident in the quarters’ results. The sales for the quarter were split between more premium assets in Jersey City and Brooklyn, with these markets For personal use only contin
Slide 5: Capital Management
Capital Management Global Atlantic Debt: 31 March 2024 Debt Levels & Blended Cost of Interest Calculation US$ Balance at US$ Balance at US$ Balance at 31-Mar-23 31-Dec-23 31-Mar-24 Global Atlantic - Term Loan (4.00%) 341,775,265 312,367,269 296,841,528 For personal use only Total 341,775,265 312,367
Slide 6: Net Operating Income
Net Operating Income The Fund’s trailing 1-4 family Net Operating Income (NOI) to 31 March 2024 was US$14.7 million. Millions $14.0 For personal use only $12.0 $6.0m $6.2m $6.2m $6.3m $6.2m $5.2m $10.0 $8.0 $4.0m $2.5m $2.4m $2.4m $2.6m $2.3m $2.6m $6.0 $1.6m $4.0 $6.7m $6.4m $6.2m $6.0m $5.9m $5.9m
Slide 7: General and Administrative expenses ($A)
General and Administrative expenses ($A) $7.0m 7.0 1.3 6.0 $5.7m For personal use only 0.5 1.3 US Management Fees 5.0 0.4 0.6 One-off LPT costs 0.5 4.0 One-off Lease Write Off 0.4 0.5 Responsible Entity & 3.0 $2.6m Admin Fees Australian G&A 0.7 2.0 4.1 0.2 US G&A 0.2 3.0 0.2 1.0 1.4 - H1 2023 H2 202
Slide 8: Funds from Operations (FFO)
Funds from Operations (FFO) Excluding disposal costs and non-recurring items, the FFO loss for Q1 2024 was A$1.8 million. A$ 2021 2022 2023 Q1 2024 For personal use only Revenue from Ordinary Operations 39.7 44.1 44.1 10.5 One-Off Income - 0.2 - - Insurance Proceeds - 0.1 1.4 - Investment Property E
Slide 9: Responsible Entity Update
Responsible Entity Update • E&PIL have released the Meeting Booklet regarding the plan to internalise the RE of the Fund. This booklet can be found on the Fund’s website here. For personal use only • This proposal has been recommended to Unitholders for a number of reasons, following E&P Investment
Slide 10: Internalisation Proposal FAQs
Internalisation Proposal FAQs Q: How many Units in URF II will Unitholders receive and when? A: Absent on-market buybacks, assuming the proposal passes on a poll, Unitholders For personal use only will receive the exact number of units in the stapled securities that they hold as of the Record Date o
Slide 11: Internalisation Proposal FAQs
Internalisation Proposal FAQs Q: What are the estimated annual fees of the RE? A: It is estimated that the costs of operating the Internalised group will be For personal use only approximately A$2.0 million per annum. Q: What is a cost-recovery basis? A: A cost-recovery basis refers to the proposed
Slide 12: Internalisation Proposal FAQs
Internalisation Proposal FAQs Q: What does it mean that the RE is owned by the Unitholders? For personal use only A: The proposed RE structure is one that is only accountable to Unitholders and is not externally owned, which intends to provide greater alignment between the new responsible entity and
Slide 13: US Masters
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Slide 14: For further information
For further information For personal use only Investor Relations URFInvestorRelations@usmrpf.com 14
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