• Closed on the sale of 39 properties for US$48.07 million
• Sales pipeline of US$150.50 million as of Q1 2025
• Funds From Operations (FFO) loss of A$8.8 million, adjusted FFO loss of A$2.3 million

The Group's Q1 2025 report highlights uncertainty in the US markets, with inflation concerns and potential tariffs impacting investor sentiment. However, the rebound of US equity markets has somewhat alleviated the fears of property buyers, although mortgage rates have remained high. During the quarter, the Group closed on the sale of 39 properties for a total of US$48.07 million. The full sales pipeline as of the end of the quarter was US$150.50 million, which includes assets in the pipeline for sale, on the market or in attorney review and under contract. Though there is no guarantee that assets under contract will close, particularly in light of recent US equity market volatility, the Group remains optimistic that it will meet the 2025 sales target by year-end. Operationally, the Group's Q1 2025 General & Administrative (G&A) expenses were A$2.8 million, or A$2.6 million on a normalised basis, slightly higher than Q1 2024 due to currency movements and costs associated with the internalised RE structure. Net Operating Income (NOI) on a same-home basis for the 12-months ended 31 March 2025 was US$8.1 million, a 5% increase compared to 2024. The Group recorded a Funds From Operations (FFO) loss of A$8.8 million for Q1 2025, excluding disposal costs and one-off items, the adjusted FFO was a loss of A$2.3 million. The net proceeds generated from the Group's sales programme during the quarter were used to repay US$30.19 million of the Global Atlantic Term Loan, as well as to fund buybacks of URF Stapled Securities and the declaration of a 1 cent special distribution subsequent to quarter end.

The Group has set a sales target for the 2025 calendar year in the range of US$200 to $225 million. Though there is no guarantee that assets under contract will close, the Group remains optimistic that it will meet the 2025 sales target by year-end based on actual sales year to date, the existing pipeline at quarter end and the properties that are expected to be added to the sales pipeline as the year progresses.