• Sales momentum with 86 properties sold in H1 for US$119m
• Strong sales pipeline of US$176m as of 30 June
• Portfolio valuation down 2.84% mainly from New York Premium

The US Masters Residential Property Fund (URF) provided a webinar update on its performance for the first half of 2025. The key highlights include:Sales momentum: The group closed on the sale of 86 properties for US$119m in the first half, including 47 sales worth US$71m in Q2 2025. As of the end of the half, the group had US$176m in the sales pipeline, with US$61m under contract, US$50m on the market, and US$64m in the short-term pipeline. The group believes the sales program is on track to achieve the full-year sales target of US$200-225m.Portfolio valuation: The full portfolio appraisal completed as of 30 June 2025 recorded a US$9.2m (-2.84%) decrement. The New York Premium segment was down 4.4% (-US$7.4m), the New Jersey Workforce segment was down 1.2% (-US$1.4m), and the New Jersey Premium segment was down 1.1% (-US$0.4m). The softer New York results reflect the slower sales pace amid political uncertainty, though outcomes remain in line with transaction experience.Debt reduction and capital management: The group repaid US$72m on the Global Atlantic facility in H1 2025, reducing the balance to US$151m. An amendment to the Tangible Net Worth covenant removed restrictions on moving funds back to Australia, allowing the group to repatriate over US$51 million in 2025 to date. This facilitated the payment of 11c distributions to stapled security holders (YTD) and the purchase of 2.8m stapled securities.Operating performance: The group's trailing 1-4 family Net Operating Income (NOI) to 30 June 2025 was US$4.9 million, an 8% increase from the comparable period in 2024. General and administrative expenses remained stable, and the adjusted FFO loss for the half year ended 30 June 2025 was A$4.6 million.