US Masters Residential Property Fund (URF) - Net Assets

Latest as of December 2025: AU$237.96 Million AUD ≈ $168.37 Million USD

Based on the latest financial reports, US Masters Residential Property Fund (URF) has net assets worth AU$237.96 Million AUD (≈ $168.37 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (AU$362.52 Million ≈ $256.51 Million USD) and total liabilities (AU$124.56 Million ≈ $88.14 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check US Masters Residential Property Fund tangible equity quality to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	AU$237.96 Million
% of Total Assets	65.64%
Annual Growth Rate	6.73%
5-Year Change	-46.5%
10-Year Change	-66.29%
Growth Volatility	45.45

US Masters Residential Property Fund - Net Assets Trend (2011–2025)

This chart illustrates how US Masters Residential Property Fund's net assets have evolved over time, based on quarterly financial data. See URF cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for US Masters Residential Property Fund (2011–2025)

The table below shows the annual net assets of US Masters Residential Property Fund from 2011 to 2025. For live valuation and market cap data, see URF market cap overview.

Year	Net Assets	Change
2025-12-31	AU$237.96 Million ≈ $168.37 Million	-40.57%
2024-12-31	AU$400.37 Million ≈ $283.29 Million	-4.96%
2023-12-31	AU$421.24 Million ≈ $298.06 Million	-7.50%
2022-12-31	AU$455.42 Million ≈ $322.24 Million	+2.39%
2021-12-31	AU$444.80 Million ≈ $314.72 Million	+8.57%
2020-12-31	AU$409.68 Million ≈ $289.87 Million	-26.95%
2019-12-31	AU$560.82 Million ≈ $396.81 Million	-32.23%
2018-12-31	AU$827.53 Million ≈ $585.53 Million	+2.41%
2017-12-31	AU$808.06 Million ≈ $571.75 Million	+14.46%
2016-12-31	AU$706.00 Million ≈ $499.54 Million	+7.57%
2015-12-31	AU$656.31 Million ≈ $464.38 Million	+22.50%
2014-12-31	AU$535.77 Million ≈ $379.09 Million	+53.41%
2013-12-31	AU$349.24 Million ≈ $247.11 Million	+46.56%
2012-12-31	AU$238.29 Million ≈ $168.61 Million	+149.23%
2011-12-31	AU$95.61 Million ≈ $67.65 Million	--

Equity Component Analysis

This analysis shows how different components contribute to US Masters Residential Property Fund's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 135205.1% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Common Stock	AU$523.51 Million	219.53%
Other Comprehensive Income	AU$209.50 Million	87.85%
Total Equity	AU$238.47 Million	100.00%

US Masters Residential Property Fund Competitors by Market Cap

The table below lists competitors of US Masters Residential Property Fund ranked by their market capitalization.

Company	Market Cap
AEC SECURITIES BK:BYD-R	$73.08 Million
Hainan Poly Pharm Co Ltd SHE:300630	$73.10 Million
Tridomain Performance Materials PT JK:TDPM	$73.11 Million
COMMERCIAL SYN BAGS ORD (BSE) NSE:COMSYN	$73.19 Million
Teuton Resources Corp. V:TUO	$73.01 Million
Isbir Sentetik Dokuma Sanayi AS IS:ISSEN	$73.00 Million
Jorjin Technologies TWO:4980	$72.98 Million
Abeo SAS PA:ABEO	$72.96 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in US Masters Residential Property Fund's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 399,357,000 to 238,468,000, a change of -160,889,000 (-40.3%).
Net loss of 56,589,000 reduced equity.
Dividend payments of 76,603,000 reduced retained earnings.
Share repurchases of 1,144,000 reduced equity.
Other comprehensive income decreased equity by 27,370,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	AU$-56.59 Million	-23.73%
Dividends Paid	AU$76.60 Million	-32.12%
Share Repurchases	AU$1.14 Million	-0.48%
Other Comprehensive Income	AU$-27.37 Million	-11.48%
Other Changes	AU$817.00K	+0.34%
Total Change	AU$-	-40.29%

Book Value vs Market Value Analysis

This analysis compares US Masters Residential Property Fund's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.43x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 1.15x to 0.43x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2011-12-31	AU$0.13	AU$0.15	x
2012-12-31	AU$0.33	AU$0.15	x
2013-12-31	AU$0.48	AU$0.15	x
2014-12-31	AU$0.63	AU$0.15	x
2015-12-31	AU$0.73	AU$0.15	x
2016-12-31	AU$1.91	AU$0.15	x
2017-12-31	AU$0.94	AU$0.15	x
2018-12-31	AU$1.00	AU$0.15	x
2019-12-31	AU$0.77	AU$0.15	x
2020-12-31	AU$0.56	AU$0.15	x
2021-12-31	AU$0.61	AU$0.15	x
2022-12-31	AU$0.62	AU$0.15	x
2023-12-31	AU$0.57	AU$0.15	x
2024-12-31	AU$0.56	AU$0.15	x
2025-12-31	AU$0.35	AU$0.15	x

Capital Efficiency Dashboard

This dashboard shows how efficiently US Masters Residential Property Fund utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): -23.73%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -265.88%
• Asset Turnover: 0.06x
• Equity Multiplier: 1.52x
Recent ROE (-23.73%) is below the historical average (-6.53%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2011	0.38%	35.71%	0.01x	1.01x	AU$-9.20 Million
2012	-0.63%	-34.31%	0.02x	1.08x	AU$-25.33 Million
2013	2.34%	76.58%	0.02x	1.23x	AU$-26.74 Million
2014	-0.84%	-27.73%	0.02x	1.77x	AU$-50.06 Million
2015	0.01%	0.17%	0.03x	2.07x	AU$-53.45 Million
2016	-7.73%	-130.06%	0.03x	2.13x	AU$-103.51 Million
2017	-1.96%	-36.50%	0.03x	1.99x	AU$-82.42 Million
2018	-5.54%	-92.26%	0.03x	2.04x	AU$-113.95 Million
2019	-27.55%	-293.32%	0.04x	2.31x	AU$-210.59 Million
2020	-23.32%	-211.84%	0.04x	2.52x	AU$-136.49 Million
2021	4.75%	53.42%	0.04x	2.19x	AU$-23.34 Million
2022	1.52%	15.09%	0.04x	2.25x	AU$-38.41 Million
2023	-4.52%	-41.06%	0.05x	2.23x	AU$-60.90 Million
2024	-11.16%	-121.28%	0.05x	2.03x	AU$-84.49 Million
2025	-23.73%	-265.88%	0.06x	1.52x	AU$-80.44 Million

Industry Comparison

This section compares US Masters Residential Property Fund's net assets metrics with peer companies in the REIT - Residential industry.

Industry Context

Industry: REIT - Residential
Average net assets among peers: $343,520,000
Average return on equity (ROE) among peers: 7.49%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
US Masters Residential Property Fund (URF)	AU$237.96 Million	0.38%	0.52x	$73.07 Million
Ingenia Communities Group (INA)	$343.52 Million	7.49%	0.88x	$1.22 Billion

About US Masters Residential Property Fund

AU:URF Australia REIT - Residential

Market Cap

$73.07 Million

AU$103.27 Million AUD

Market Cap Rank

#20541 Global

#692 in Australia

Share Price

AU$0.15

Change (1 day)

+0.00%

52-Week Range

AU$0.15 - AU$0.42

All Time High

AU$1.78