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US Masters Residential Property Fund (URF) fair value: what the stock is really worth

As of Sep 29, 2026: fair value of US Masters Residential Property Fund A$0.23, price A$0.11, upside +109.1%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? Yes
Good quality? No
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Real Estate · AU · ISIN AU000000URF4

UM Thin data Sep 27, 2026

US Masters Residential Property Fund

URF · AU

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value A$0.2300 · Strongly undervalued (+109.1%)

!Quality 43/100

!Weak Growth (revenue 5y −13.9 %/yr)

!Low debt · negative free cash flow

!Mixed vs. peers (4/9)

!Narrow moat 10/100

!Evidence only low, so the estimate is less certain

26 models, one by oneBear A$0.1700 to bull A$0.3500 Growth analysisrevenue history, year by year Quality 43/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range A$0.0519 – A$0.1285 · fair‑value band A$0.1700 – A$0.3500 · the A$0.1100 price screens below the A$0.2300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

US Masters Residential Property Fund (Fund) is listed on the Australian Securities Exchange. The Fund was established to give investors exposure to US residential property and is the largest Australian-listed property trust with a primary strategy of investing in freestanding and multi-tenant US residential property in the New York metropolitan area. As of 31 December 2024, the Fund's portfolio has 623 housing units across 340 freestanding properties, with a gross asset value of approximately 710 million US dollars. The Fund conducts all its New York metropolitan area residential investment through its controlled entity US Masters Residential Property (USA) Fund, a Maryland Real Estate Investment Trust (US REIT). In June 2024, the fund created a stapled group, by stapling units in a new fund US Masters Residential Property Fund II (ARSN 676 798 468) (URFII) to existing units in the Fund. URF II was created to own a new responsible entity, US Masters Responsible Entity Limited (ACN 672 783 345 | AFSL 553 794), which is now owned by Fund Unitholders, independent of any financial services organization and operates on a cost-recovery basis. US Masters Residential Property Fund was incorporated in 2011 in Australia.

Stock analysis

US Masters Residential Property Fund (URF) currently trades at A$0.1100, while our model-based Fair Value estimate is A$0.2300, implying the stock looks roughly 52.2% undervalued today.

Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the evidence level at low.

Scenario range: A$0.1700 (bear) to A$0.3500 (bull), the price of A$0.1100 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

US Masters Residential Property Fund reported revenue of A$21.3M in FY2025 versus A$39.6M in FY2021, a compound −14.4%/yr. Reported net income was −A$56.6M in FY2025.

Key figures

Market cap A$82.6M (≈ $58.0M) · P/S ratio 3.95 · EPS (TTM) A$−0.0800 · Net margin −270% · Return on equity −18.0% · Return on assets (EBIT) 0.5% · Operating margin −38.6% · Revenue (TTM) A$20.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 11% fair-value upside, at 109%, URF screens cheaper than that median.

Fair Value models

Bear A$0.1700 Fair Value A$0.2300 Bull A$0.3500

Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.

Highest evidence

NCAV (Graham) A$0.1700 A$0.2300 A$0.3500 53

All 1 models by family

Asset-Based

NCAV (Graham) A$0.1700 A$0.2300 A$0.3500 53

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Quality Score breakdown

Overall quality 43/100

Of which business quality 45 · Market factors (momentum, volatility) 48

Profitability 0

Margins and returns on capital today

Quality Growth 11

Are margins and returns improving?

Cashflow 25

Earnings quality: real cash, not paper profit

Fin. Strength 65

Balance sheet, leverage, solvency risk

Investment 100

Disciplined investing over empire-building

Low Volatility 84

Calm price path (market factor)

Momentum 38

Price trend over the last 3–12 months (market factor)

52W Momentum 26

Distance to the 52-week high (market factor)

Net Issuance 100

Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100

Revenue is shrinking: the last year, the last three and the last five years are all negative.

Revenue growth 1 year

−42.1%

Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

−22.5%

Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

−13.9%

Start year 2020 (pandemic). Over 10 years: −5.4% a year

Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.

+24.2%

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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.

11.4% (2019) → −25.5% (2024)

What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss

not computed

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Compare US Masters Residential Property Fund with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Residential · 47 stocks

Beats the industry median on 4/8 measures

A mixed picture versus its industry peers.

Valuation

Quality Score 45 · Below median

Fair Value upside +109.1% · Top 25%

Profitability

Return on assets −0.2% · Bottom 25%

Operating margin (TTM) −38.6% · Bottom 25%

Growth and dividend

Revenue growth −58.0% · Bottom 25%

Balance sheet

Debt / equity 0.49× · Below median

Valuation Multiplesvs REIT - Residential median · lower = cheaper

P/B 0.24× · Cheapest 25%

P/S (TTM) 2.77× · Cheaper than median

Strength profile in five axes (Snowflake)

This stock

Sector peers

VALUE (fair-value potential)100 · sector 38

FUTURE (revenue growth)0 · sector 7

PAST (return on equity)0 · sector 5

HEALTH (low debt)75 · sector 61

DIVIDEND (yield)0 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Residential stocks, each showing price versus our Fair Value estimate.

Stock	Price	Fair Value	vs Fair Value
Comcast Holdings CCZ	$64.67	$71.54	+11%
Essex Property Trust, Inc ESS	$271.61	$292.02	+8%
Sun Communities, Inc SUI	$112.26	$152.95	+36%
Mid-America Apartment Communities, Inc MAA	$118.35	$122.78	+4%
American Homes 4 Rent (AMH or the General Partner) AMH	$30.64	$53.24	+74%
UDR, Inc UDR	$33.84	$34.92	+3%
Equity LifeStyle Properties, Inc ELS	$59.23	$31.11	−47%
Camden Property Trust, an S&P 500 Company CPT	$98.12	$53.80	−45%
Unum Group UNMA	$21.59	$30.29	+40%
Millrose Properties, Inc MRP	$27.19	$41.87	+54%

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US Masters Residential Property Fund · Fair Value
A$0.2300 +52%Fair Value
Calculator →

<a href="https://www.fairvalue-calculator.com/stock/URF" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">US Masters Residential Property Fund · Fair Value</span><br><b style="font-size:20px">A$0.2300</b> <span style="color:var(--fvc-g-mitte);font-weight:700;font-size:14px">+52%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "US Masters Residential Property Fund Fair Value". https://www.fairvalue-calculator.com/stock/URF

Frequently asked questions

Is US Masters Residential Property Fund (URF) overvalued or undervalued?

As of Sep 27, 2026, our model estimates a fair value of A$0.2300 versus a price of A$0.1100, about +109% upside (undervalued).

What is the fair value of URF?

Our model-based fair value for US Masters Residential Property Fund is A$0.2300 (as of Sep 27, 2026), built from audited fundamentals. The current price: A$0.1100.

What is the quality score of URF?

US Masters Residential Property Fund has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.

What is the price target for US Masters Residential Property Fund (URF)?

Our model-based price target is the fair value of A$0.2300 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario A$0.1700, optimistic scenario A$0.3500. It is a calculation from audited fundamentals, not an analyst target.

What is the US Masters Residential Property Fund stock forecast for 2026?

Our models put fair value at A$0.2300, about +109% upside versus a price of A$0.1100 (undervalued). Cautious scenario A$0.1700, optimistic scenario A$0.3500. The calculation is refreshed regularly with new filings.

What is the revenue of US Masters Residential Property Fund (URF)?

US Masters Residential Property Fund reported trailing-twelve-month revenue of about A$20.9M (latest available figure, as of Sep 27, 2026).

What is the intrinsic value of US Masters Residential Property Fund (URF)?

Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For US Masters Residential Property Fund it is A$0.2300 per share (as of Sep 27, 2026), against a price of A$0.1100. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).

Is US Masters Residential Property Fund stock overvalued or undervalued in 2026?

As of Sep 27, 2026, URF trades below its calculated fair value: price A$0.1100, fair value A$0.2300, a gap of about +109% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.

Is fair value the same as the market price of URF?

No. The price is what the market pays today (A$0.1100); the fair value is what the company's own numbers justify (A$0.2300). For US Masters Residential Property Fund the two are A$0.1200 per share apart. That gap is exactly why we show both numbers side by side.

How much is US Masters Residential Property Fund worth?

The market values US Masters Residential Property Fund at about A$82.6M (market capitalisation, as of Sep 27, 2026). Per share that is A$0.1100; our models calculate a fair value of A$0.2300 per share.

What do the bullish and bearish scenarios say about URF?

Our models span a range for US Masters Residential Property Fund: cautious scenario A$0.1700, base A$0.2300, optimistic A$0.3500 per share (as of Sep 27, 2026, price A$0.1100). The range comes from different growth and margin assumptions, not from analyst opinions.

How solid is the balance sheet of US Masters Residential Property Fund (URF)?

Balance-sheet figures for US Masters Residential Property Fund (as of Sep 27, 2026): return on equity −18.0%, debt of 0.49 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.

How far is URF from its 52-week high?

US Masters Residential Property Fund trades at A$0.1100, about 12% below its 52-week high of A$0.1250 and 5% above the low of A$0.1047 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.2300 is for.

Which stocks are comparable to US Masters Residential Property Fund?

From the same area (Real Estate) we also value Comcast Holdings, Essex Property Trust, Inc, Sun Communities, Inc, Mid-America Apartment Communities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.

Is US Masters Residential Property Fund stock attractive at the current price?

The data as of Sep 27, 2026: price A$0.1100, calculated fair value A$0.2300 (+109%), Quality Score 43/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.

How is the fair value of URF calculated?

We run US Masters Residential Property Fund through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$0.2300, with the spread shown as a cautious and an optimistic scenario.

Is it still worth investing in stocks now?

The global stock market currently sits 15.9 % above its aggregate fair value. US Masters Residential Property Fund currently trades 52 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.

What is the share price of US Masters Residential Property Fund (URF)?

The closing price on Sep 29, 2026 was A$0.1100. Our model-based fair value is A$0.2300, about +109% upside (undervalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with US Masters Residential Property Fund right now?

The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (A$0.1700). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (A$0.1700 to A$0.3500) leaves room in how you read the outcome.

Key figures of US Masters Residential Property Fund

How large is the market capitalisation of US Masters Residential Property Fund (URF)?

The market capitalisation of US Masters Residential Property Fund is A$82.6M (≈ $58.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.

What is the P/S ratio of US Masters Residential Property Fund (URF)?

The price-to-sales ratio of US Masters Residential Property Fund is 3.95 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.

What are the earnings per share of US Masters Residential Property Fund (URF)?

Earnings per share at US Masters Residential Property Fund are A$−0.0800. Earnings per share over the last twelve months: total profit spread across every single share.

What is the net margin of US Masters Residential Property Fund (URF)?

The net margin of US Masters Residential Property Fund is −270% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.

What is the return on equity of US Masters Residential Property Fund (URF)?

The return on equity (ROE) of US Masters Residential Property Fund is −18.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.

What is the EBIT return on assets of US Masters Residential Property Fund (URF)?

On an EBIT basis the return on assets of US Masters Residential Property Fund is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.

What is the operating margin of US Masters Residential Property Fund (URF)?

The operating margin of US Masters Residential Property Fund is −38.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.

How fast is revenue growing at US Masters Residential Property Fund (URF)?

Revenue at US Masters Residential Property Fund is growing −58.0% versus a year earlier (3y avg −22.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.

How fast are earnings growing at US Masters Residential Property Fund (URF)?

Earnings per share at US Masters Residential Property Fund are growing −68.4% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does US Masters Residential Property Fund (URF) generate?

The free cash flow of US Masters Residential Property Fund is −A$11.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net debt does US Masters Residential Property Fund (URF) carry?

The net debt of US Masters Residential Property Fund is A$25.2M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.

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