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US Masters Residential Property Fund (ASX:URF) - Co Head, Brian Disler
Co Head, Brian Disler
Source: US Masters Residential Fund
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  • US Masters Residential Fund (URF) has tabled its latest quarterly report, revealing US$14.6 million (A$19.96 million) in property sales occurred over the three-month period
  • The fund also paid off a Bridge Loan with Global Atlantic Financial Group, meaning it ended the quarter with US$340 million (A$464.8 million) in debt facilities available
  • To date, the investment business has spent $11.3 million on general expenses this year, while year-to-date adjusted earnings totalled $8.4 million
  • URF recorded quarterly rent collections of 99 per cent at the end of September and rent-ready occupancy of 95 per cent — with most of the fund’s properties located in New York
  • Company shares opened Friday’s trading session at 29.5 cents each

US Masters Residential Fund (URF) has tabled its latest quarterly report, revealing it completed US$16.4 million (A$22.4 million) in property sales.

A total of eight transactions occurred during the three-month period, with another two sales in the pipeline and three additional properties for sale.

Beyond sales, the fund managed to pay off the remaining US$24.6 million (A$33.6 million) repayment for its Bridge Loan with Global Atlantic Financial Group.

The business ended the quarter with US$340 million (A$464.8 million) in debt facilities available, while it had around US$41.4 million (A$56.6 million) in cash.

To date, the real estate investment company has spent $11.3 million on general expenses — URF has a full year spend target of between $14 million and $15 million.

In terms of earnings, the property stock’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for FY21 total $8.4 million.

URF said its quarterly rent collections sat at 99 per cent at the end of September, while its rent-ready occupancy hovered around 95 per cent.

The majority of the company’s real estate holdings are located in New York and New Jersey, as well as one property in Essex County.

Moving forward, the ASX-lister said it would focus on improving its liquidity and portfolio cashflow, as requested by its shareholders.

US Masters Residential Fund opened Friday’s trading session at 29.5 cents each.

URF by the numbers
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