US Masters Residential Property Fund (Fund) (URF) Fair Value & Analysis
Real Estate · AU · Market cap A$103M
Fair value as of: Aug 13, 2026
From 4 valuation models · updated yesterday
Share price +5.1% over the past month.
Below-average quality, and screening another 76% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (A$0.0600). The favourable scenario is already priced in.
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (A$0.0200 to A$0.0600). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range A$0.0685 – A$0.1696 · fair‑value band A$0.0200 – A$0.0600 · the A$0.1650 price screens above the A$0.0400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
US Masters Residential Property Fund (Fund) (URF) currently trades at A$0.1650, while our model-based Fair Value estimate is A$0.0400, implying the stock looks roughly 75.8% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Trailing-twelve-month revenue stands at A$20.9M. Revenue declined 58.0% year over year. It earns a return on equity of -18.0%. Net debt stands at A$25.2M. Fundamentals as of Aug 13, 2026
Our scenario range runs from A$0.0200 (bear case) to A$0.0600 (bull case); at A$0.1650, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -44% fair-value upside, at -76%, URF screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 4 models by family
Widest divergence: Asset-Based (A$0.2300) versus Multiples (A$0.0400). Highest evidence: EV/EBITDA (54).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 45 · Market factors (momentum, volatility) 60
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
US Masters Residential Property Fund (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.
URF screens 76% overvalued. Compare with AvalonBay Communities, Inc →
Peer Group
REIT - Residential · 49 stocks
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.
Valuation Multiples vs REIT - Residential median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Residential stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| AvalonBay Communities, Inc AVB | $179.79 | $126.12 | -30% |
| EQR EQR | $64.42 | $36.19 | -44% |
| Essex Property Trust, Inc ESS | $282.46 | $177.90 | -37% |
| Invitation Homes INVH | $29.78 | $15.91 | -47% |
| Mid-America Apartment Communities, Inc MAA | $132.33 | $65.28 | -51% |
| Sun Communities, Inc SUI | $118.34 | $121.64 | +3% |
| UDR, Inc UDR | $37.30 | $19.76 | -47% |
| American Homes 4 Rent (AMH or the General Partner) AMH | $33.83 | $21.07 | -38% |
| Equity LifeStyle Properties, Inc ELS | $63.97 | $20.93 | -67% |
| Camden Property Trust, an S&P 500 Company CPT | $108.38 | $41.51 | -62% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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