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US Masters Residential Property Fund
(Sydney:URF)
US Masters Residential Property Fund (URF) vs. iShares MSCI Australia ETF (EWA)
US Masters Residential Property Fund Business Overview & Revenue Model
US Masters Residential Property Fund Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.80M | 21.28M | 36.74M | 46.19M | 45.78M | 39.57M |
| Gross Profit | 30.80M | 4.21M | 19.22M | 44.57M | 27.51M | 23.60M |
| EBITDA | 2.87M | -85.59M | -36.14M | 2.92M | 10.08M | 8.68M |
| Net Income | -21.58M | -56.59M | -44.56M | -18.97M | 6.91M | 21.14M |
Balance Sheet | ||||||
| Total Assets | 611.75M | 362.52M | 811.61M | 936.56M | 1.02B | 975.36M |
| Cash, Cash Equivalents and Short-Term Investments | 117.35M | 92.49M | 84.51M | 43.54M | 55.03M | 57.51M |
| Total Debt | 229.03M | 117.52M | 360.59M | 459.09M | 505.02M | 482.95M |
| Total Liabilities | 238.88M | 124.56M | 411.24M | 515.32M | 565.96M | 530.56M |
| Stockholders Equity | 372.68M | 238.47M | 399.36M | 419.33M | 453.21M | 444.80M |
Cash Flow | ||||||
| Free Cash Flow | -11.62M | -11.84M | -10.77M | -5.84M | -4.94M | -8.89M |
| Operating Cash Flow | -11.62M | -11.84M | -10.77M | -5.84M | -4.94M | -8.89M |
| Investing Cash Flow | 298.34M | 330.30M | 206.94M | 67.31M | 27.59M | 116.12M |
| Financing Cash Flow | -216.00M | -303.61M | -154.84M | -68.96M | -39.28M | -127.99M |
US Masters Residential Property Fund Technical Analysis
US Masters Residential Property Fund Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$1.83B | 13.44 | 8.27% | 1.81% | 6.96% | 815.99% | |
67 Neutral | AU$226.09M | 11.69 | 10.17% | 3.11% | 11.30% | 18.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$380.21M | 6.37 | 7.93% | 7.46% | -3.97% | 1057.09% | |
54 Neutral | AU$382.37M | -3.81 | -10.44% | 11.21% | -16.67% | -1419.67% | |
49 Neutral | AU$59.18M | -4.95 | -23.55% | 15.14% | -68.24% | 42.03% | |
45 Neutral | AU$130.81M | -2.31 | -5.60% | 2.62% | -35.85% | 35.27% |
US Masters Residential Property Fund Corporate Events
US Masters Residential Property Group reported an estimated unaudited post-tax net asset value of $0.228 per unit as at 27 February 2026, down from a reference NAV of $0.333 per unit as at 31 January 2026. The latest figure reflects updated audited property valuations, adjustments to net realisable value from the 2025 full-year accounts, and a stronger AUD against the USD, with weekly estimates not fully incorporating all intra-month accruals.
The fund cautioned that its reported NAV does not allow for transaction costs on property disposals and that ongoing asset sales will naturally reduce NAV per security as these costs are realised. This underscores the impact of both portfolio run-off and currency movements on investor value, highlighting that the current NAV may trend lower over time as the group continues to execute its property disposal strategy.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group exceeded its 2025 sales target, achieving US$244.2 million in disposals across 179 properties and ending the year with 161 assets remaining. The fund has now set a goal to sell its remaining portfolio by the end of 2026, marking the planned culmination of its asset realisation strategy and prompting the 2025 accounts to be prepared on a non-going concern basis, with property assets measured at net realisable value of US$166.35 million.
The portfolio recorded a fair value decrement of US$10.9 million for the half-year, driven largely by weakness in the New York premium segment and ongoing price declines in Harlem and Hamilton Heights. Operationally, same-home net operating income rose 14.6% on strong rental growth and lower maintenance costs, but funds from operations remained in loss as vacancies and holding costs associated with the sales program weighed on earnings, even as sales proceeds funded 11 cents per stapled security in 2025 distributions plus a further 10 cents declared for early 2026 and supported US$35.9 million in term loan repayments.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 31 December 2025. The disclosure confirms the board’s approval as at 26 February 2026 and details how the group aligns with ASX Corporate Governance Council principles, including board charters, appointment checks and accountability structures.
The filing outlines that the group has followed key governance recommendations, such as having a disclosed board charter and written agreements with directors and senior executives. This comprehensive governance mapping is intended to give investors clearer visibility over oversight practices and to verify compliance with ASX listing requirements, reinforcing the funds’ governance framework and transparency for stakeholders.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group reported a sharp deterioration in its 2025 financial performance, with total revenue down 46% to $20,487 and the net operating loss widening 27% to $57,293. The total comprehensive loss attributable to security holders ballooned by 2,924% to $84,663, driving basic and diluted loss per stapled security to 8.2 cents compared with 6.3 cents a year earlier.
Net tangible assets per stapled security fell significantly, dropping from $0.637 to $0.346 pre-tax and from $0.579 to $0.346 post-tax, highlighting substantial erosion in asset backing for investors. Despite the deeper losses and lower NTA, the group declared cash distributions totaling $0.11 per stapled security in 2025, indicating a continued focus on income returns even as underlying financial metrics weaken and pressure its long-term capital position.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group reported an estimated unaudited post-tax net asset value of $0.277 per unit as at 6 February 2026, down from a reference NAV of $0.395 per unit at 31 December 2025, reflecting an updated AUD:USD exchange rate of 0.7013. The decline also follows the declaration of a $0.10 per stapled security special distribution on 5 February and ongoing property disposals, which the manager notes naturally reduce NAV as transaction costs are realised.
The fund is finalising its half-yearly property portfolio valuation, with updated independent appraisals and net realisable value adjustments to be reflected in the 31 December 2025 full-year financial report expected in late February 2026. Management emphasised that the weekly NAV figure is preliminary, unaudited and does not capture all intra-month accruals, signalling that investors should treat the current estimate as indicative rather than definitive for valuing their holdings.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
Harvest Lane Asset Management has increased its substantial holding in US Masters Residential Property Fund, lifting its relevant interest from 5.07% to 6.09% of the fund’s ordinary shares. The change reflects additional acquisitions taking its voting power to 41,896,131 shares out of 688,451,287 on issue.
The enlarged stake signals growing institutional interest in the fund and may influence future unitholder dynamics given Harvest Lane’s expanded voting power. This shift in ownership could affect governance outcomes and strategic decisions at the fund, with implications for existing investors monitoring any further accumulation or activism.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group plans to sell all remaining properties in its New York Premium, New Jersey Premium and New Jersey Workforce portfolio by the end of 2026, while acknowledging that some disposals may slip into 2027 due to regulatory, tenant or buyer-related delays. The initiative continues the asset sale program begun in 2023 and is aimed at returning capital to investors as efficiently as possible, following a detailed review to identify and mitigate saleability risks in a limited number of properties.
With the intention to cease operations after the asset sales and a completed U.S. tax restructure, the group will prepare its 2025 financial statements on a non‑going concern basis and remeasure investment properties to net realisable value, factoring in expected selling costs of about 7.25% of gross sale prices. Updated independent valuations and these accounting adjustments will be reflected in the 31 December 2025 full‑year financial report, expected in late February 2026, clarifying the exit path and likely capital outcomes for securityholders.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has declared a special distribution of 10 cents per stapled security to its securityholders. The distribution will trade ex on 10 February 2026, with a record date of 11 February 2026 and payment expected on or around 20 February 2026, signalling a return of capital or income that may be welcomed by investors seeking yield from the US-focused residential property vehicle.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Fund has declared a distribution of AUD 0.10 per fully paid stapled security, with an ex-date of 10 February 2026, a record date of 11 February 2026 and payment scheduled for 20 February 2026. The distribution, which does not relate to a specific period within the current financial year, underlines the fund’s ongoing capital management and income-return profile for unitholders, reinforcing its positioning as an income-focused vehicle in the U.S. residential property investment space.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group reported a preliminary unaudited after-tax NAV of $0.379 per unit as of 30 January 2026, down from the December reference NAV of $0.395 due largely to foreign exchange adjustments using a strengthened AUD:USD rate of 0.6964. The fund is finalising half-year portfolio valuations for inclusion in the December 2025 full-year report, noting that the estimate omits intra-month accruals and transaction costs tied to ongoing property disposals, which will naturally pressure NAV until valuations and sales costs are fully captured later in February.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has reported an estimated unaudited net asset value of $0.383 per unit as at 23 January 2026, down from an estimated $0.395 per unit at 31 December 2025, largely reflecting movements in the AUD:USD exchange rate. The figure is preliminary, does not fully capture all intra-month accruals, and remains subject to change pending completion of the fund’s half-yearly property valuation process, with final valuations to be incorporated into the 31 December 2025 full-year financial report expected in late February 2026; the manager also notes that ongoing property disposals will naturally reduce NAV per security over time as transaction costs are realised.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.28 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has reported an estimated unaudited net asset value of $0.395 per unit after tax as at 16 January 2026, unchanged from its most recent monthly reference NAV at 31 December 2025. The weekly NAV update reflects an AUD:USD exchange rate of 0.6683 and is based on preliminary figures ahead of the fund’s half-yearly property portfolio revaluation, with final audited valuations to be included in the 31 December 2025 full-year financial report due in late February 2026. The manager cautions that the weekly estimate does not capture all intra-month accruals and that ongoing property disposals will naturally cause NAV per security to decline as transaction costs are realised, a key consideration for securityholders assessing the fund’s value trajectory.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has repatriated US$40 million of available cash from its US-based US Masters Residential Property (USA) Fund back to the Australian-listed US Masters Residential Property Fund as of 21 January 2026. The board indicated it will update securityholders on future capital management decisions in due course, signalling potential changes in how capital is deployed or returned to investors following this cash transfer.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group reported an unaudited net asset value of $0.395 per unit as at 31 December 2025, noting that this estimate does not yet reflect the outcome of its half-yearly property revaluation, which will be incorporated into its full-year financial report due by the end of February. The group continued to accelerate its orderly sell-down of its US residential portfolio, closing the sale of 28 properties in December for US$26.72 million and 179 properties over calendar 2025 for US$244.19 million, with significant associated repayments made on its GA loan facility; it also ended the year with a substantial sales pipeline of US$151.47 million across assets under contract, on the market and in earlier-stage discussions, underscoring ongoing balance-sheet de-leveraging and a progressive reduction in portfolio size.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Fund has cancelled 2,430,717 fully paid stapled units as part of its on-market buy-back program, effective 31 December 2025. The reduction in securities on issue is expected to modestly enhance value per remaining unit holder and signals ongoing capital management by the fund as it adjusts its capital structure in line with market conditions and strategic objectives.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group has amended its existing term loan facility, lifting the interest rate from 4.0% to 6.0% per annum from 1 January 2026, applying an amendment fee of 0.125% to the outstanding principal, and extending the loan’s maturity to 31 December 2026. The board says the revised terms, with all other material conditions unchanged, are intended to provide the group with continued capital management flexibility, potentially supporting its capacity to manage its US residential property portfolio and funding profile over the extended term.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
The US Masters Residential Property Group announced its estimated unaudited net asset value (NAV) per unit as of December 12, 2025, at $0.406, reflecting a slight decrease from the previous month’s NAV due to currency exchange rate adjustments. The company highlighted that the NAV does not account for transaction costs associated with property sales, which may lead to a gradual decline in NAV as properties are disposed of. This announcement marks the final NAV estimate for 2025, with the next update scheduled for January 21, 2026.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group reported an estimated unaudited net asset value (NAV) of $0.412 per unit as of November 30, 2025. In November, the company closed sales of 12 assets totaling $16.48 million, contributing to a year-to-date total of 151 assets sold for $217.47 million. The sales activity reflects the company’s ongoing strategy to dispose of properties, which impacts the NAV due to transaction costs. The company also has a robust sales pipeline with $75.57 million under contract or in attorney review, $50.77 million listed for sale, and $46.52 million in the sales pipeline, indicating continued focus on asset liquidation.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.
US Masters Residential Property Group announced its estimated unaudited net asset value (NAV) per unit as of December 5, 2025, was $0.414, reflecting a slight decrease from the previous monthly estimate due to foreign exchange rate adjustments. The NAV is calculated following ASX listing rules and does not account for transaction costs associated with property sales, which may cause a gradual decline in NAV as properties are disposed of.
The most recent analyst rating on (AU:URF) stock is a Sell with a A$0.50 price target. To see the full list of analyst forecasts on US Masters Residential Property Fund stock, see the AU:URF Stock Forecast page.