• Exceeded sales target of US$150 million, realizing US$151.0 million in sales
• Targeting US$200-225 million in sales volume for FY2025
• Completed review of US tax structure, reclassifying US Vehicle from REIT to C-Corp structure

US Masters Residential Property Fund (URF I) and US Masters Residential Property Fund II (URF II), collectively referred to as the Stapled Group, released their full-year statutory accounts for the year ended 31 December 2024. The group's primary focus during the year was the execution of its asset sales program, which it has implemented to realize value and return capital to security holders. The group exceeded its sales target of US$150 million, realizing a total sales volume of US$151.0 million. Looking ahead to 2025, the group's primary focus will be to continue increasing the velocity of the asset sales program, targeting US$200-225 million in sales volume for the financial year. As of 21 February, the group already had visibility over approximately US$174.2 million in its sales pipeline. During the financial year, the fair value of the group's portfolio recognized a decrement of US$12.8 million or 2.35% across the portfolio, with the New Jersey Workforce segment seeing a 0.21% increase in fair value. Outside of the asset sales program, the group completed a review of the US tax structure alongside its advisors, reclassifying the US Vehicle from a REIT structure to a Corporate (C-Corp) structure. This change will allow the group to utilize its historical losses to reduce taxable income expected from the sales program and facilitate the repatriation of funds from the US to Australia without incurring a withholding tax obligation.

The group is targeting US$200-225 million in sales volume for the 2025 financial year, representing a significant increase from the US$151.0 million realized in 2024. The group has already built a sales pipeline of approximately US$174.2 million as of 21 February 2025, providing a solid starting position for the year ahead.