Us Masters Residential Property Fund · ASX:URF
Us Masters Residential Property Fund — FY2023 Earnings Presentation
13 slides from Us Masters Residential Property Fund's earnings presentation, Mar 6, 2024
Slide 1: Full-Year 2023 Update
For personal use only Full-Year 2023 Update 6 March 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: Full Year 2023 Accounts
Full Year 2023 Accounts • 2023 results represent the results achieved during the first 12 months of the Brooksville partnership. For personal use only • Selling program continues to be a key initiative for the Fund in order to continue to return capital to Unitholders. • 31 property sales during the
Slide 4: Portfolio Valuation – Family Portfolio: Full-Year Results
Portfolio Valuation 1 – 4 Family Portfolio: Full-Year Results ($USD millions, excl. impairment expense1)) 30 June 2023 31 December 2023 Segment Total Full-Year Change For personal use only Valuation Change Valuation Change New Jersey Workforce -$2.54m $3.71m $1.16m 0.59% New Jersey Premium $0.54m -$
Slide 5: Asset Sales Program
Asset Sales Program The Fund closed on the sale of 31 assets for a total value of US$53.8 million during 2023. For personal use only The Fund explored the potential options available for a sub-portfolio bulk sale, which was unattractive for the time being relative to the results the Fund continu
Slide 6: Operating Activities
Operating Activities • During 2023, the Fund recognised a total comprehensive loss of $18.6 million for the period. For personal use only • This result was due to reduced property price appreciation compared to the prior year, as well as the burden of increased disposal costs and lost rental revenue
Slide 7: Capital Management
Capital Management Global Atlantic Debt: 31 December 2023 For personal use only As a result of property sales, total debt reduced by approx. US$31.1 million in 2023. Capital Allocation: 31 December 2023 Source: US REIT. AUD/USD 31 December 2023 spot rate of 0.6812 used. 1. Approximate cash reserve r
Slide 8: Net Operating Income
Net Operating Income The Fund’s trailing 1-4 family Net Operating Income (NOI) to 31 December 2023 was US$16.7 million. For personal use only Source: US REIT. Figures may not sum due to rounding. Note: “Same-home” assets by segment will not match the total portfolio distribution as it excludes asset
Slide 9: General and Administrative expenses ($A)
General and Administrative expenses ($A) For personal use only Source: US REIT. Figures may not sum due to rounding. AUD/USD average rate of 0.7513, 0.6947 and 0.6644 for 2021, 2022 and 2023 respectively. 9
Slide 10: Funds from Operations (FFO)
Funds from Operations (FFO) Excluding disposal costs and non-recurring items, the FFO loss for full-year 2023 was A$6.7 million. For personal use only Source: US REIT. Excludes Convertible Preference Unit (URFPA) distributions as they are equity distributions. AUD/USD average rate of 0.7476, 0.6953,
Slide 11: Responsible Entity Update
Responsible Entity Update • E&PIL continue to work on a potential internalisation of the RE of URF. For personal use only • The RE has established corporate vehicles to house the new RE and has made good progress addressing the legal, regulatory, compliance and operational aspects for the new RE and
Slide 12: US Masters
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Slide 13: For further information
For further information For personal use only Investor Relations URFInvestorRelations@usmrpf.com 13
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