The US Masters Residential Property Fund (URF) listed on the ASX on 23 July 2012. The Fund is focused on acquiring residential properties located in the New York metropolitan (Tri-state) area, with a particular focus on Hudson County, New Jersey. The Manager has identified this as an attractive area of investment given it’s close proximity to New York City and the gentrification of the area. The Fund reported a net loss after tax of $45.1m on the back of increasing costs. Revenue continued to improve, up 33.4% on the pcp, driven by increased rental income. Rental income continues to improve as the number of properties leased increases. The Fund reported a loss before tax of $27.0m, its first full year loss before tax since listing in 2012. Costs increased at a greater rate than revenue, which was a key driver in the loss combined with a lower contribution from joint venture profits on the back of the disposal of multi-dwelling properties and a lower increase in the fair value of investment properties than the pcp.
04 Apr 2017
ASX Property - US Residential - New York - US Masters Residential Fund (ASX: URF)
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ASX Property - US Residential - New York - US Masters Residential Fund (ASX: URF)
US Masters Residential Property Fund (URF:ASX) | 0 0 0.0% | Mkt Cap: 593.5m
- Published:
04 Apr 2017 -
Author:
Independent Investment Research Team -
Pages:
9
The US Masters Residential Property Fund (URF) listed on the ASX on 23 July 2012. The Fund is focused on acquiring residential properties located in the New York metropolitan (Tri-state) area, with a particular focus on Hudson County, New Jersey. The Manager has identified this as an attractive area of investment given it’s close proximity to New York City and the gentrification of the area. The Fund reported a net loss after tax of $45.1m on the back of increasing costs. Revenue continued to improve, up 33.4% on the pcp, driven by increased rental income. Rental income continues to improve as the number of properties leased increases. The Fund reported a loss before tax of $27.0m, its first full year loss before tax since listing in 2012. Costs increased at a greater rate than revenue, which was a key driver in the loss combined with a lower contribution from joint venture profits on the back of the disposal of multi-dwelling properties and a lower increase in the fair value of investment properties than the pcp.