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US Masters Residential Fund (ASX:URF) tables Sept. quarter update

Market News, Real Estate
ASX:URF      MCAP $195.4M
12 November 2021 03:00 (AEST)
US Masters Residential Property Fund (ASX:URF) - Co Head, Brian Disler

Source: US Masters Residential Fund

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.

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