US Masters Residential Property Fund
ASX:URF
Income Statement
Earnings Waterfall
US Masters Residential Property Fund
Income Statement
US Masters Residential Property Fund
| Jun-2013 | Dec-2013 | Jun-2014 | Dec-2014 | Jun-2015 | Dec-2015 | Jun-2016 | Dec-2016 | Jun-2017 | Dec-2017 | Jun-2018 | Dec-2018 | Jun-2019 | Dec-2019 | Jun-2020 | Dec-2020 | Jun-2021 | Dec-2021 | Jun-2022 | Dec-2022 | Jun-2023 | Dec-2023 | Jun-2024 | Dec-2024 | Jun-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||
| Interest Expense |
0
|
1
|
1
|
0
|
3
|
10
|
18
|
22
|
28
|
38
|
38
|
37
|
40
|
41
|
38
|
36
|
32
|
25
|
22
|
22
|
22
|
22
|
21
|
20
|
0
|
|
| Revenue |
8
N/A
|
11
+39%
|
13
+18%
|
14
+9%
|
18
+23%
|
23
+33%
|
28
+22%
|
31
+10%
|
33
+6%
|
35
+5%
|
36
+4%
|
39
+9%
|
45
+15%
|
51
+13%
|
52
+2%
|
46
-11%
|
40
-14%
|
39
-1%
|
42
+6%
|
45
+8%
|
48
+7%
|
46
-4%
|
42
-8%
|
38
-10%
|
31
-19%
|
|
| Gross Profit | ||||||||||||||||||||||||||
| Cost of Revenue |
(4)
|
(6)
|
(8)
|
(9)
|
(11)
|
(14)
|
(15)
|
(15)
|
(16)
|
(15)
|
(15)
|
(16)
|
(18)
|
(19)
|
(17)
|
(14)
|
(13)
|
(12)
|
(13)
|
(15)
|
(17)
|
(18)
|
(19)
|
(17)
|
(14)
|
|
| Gross Profit |
4
N/A
|
5
+23%
|
5
+8%
|
6
+4%
|
7
+19%
|
10
+45%
|
14
+41%
|
16
+16%
|
18
+11%
|
20
+14%
|
21
+6%
|
23
+9%
|
27
+18%
|
32
+15%
|
35
+10%
|
32
-9%
|
26
-17%
|
27
+3%
|
29
+7%
|
30
+3%
|
31
+5%
|
28
-11%
|
24
-15%
|
21
-10%
|
17
-22%
|
|
| Operating Income | ||||||||||||||||||||||||||
| Operating Expenses |
(10)
|
(13)
|
(17)
|
(20)
|
(26)
|
(30)
|
(35)
|
(39)
|
(40)
|
(33)
|
(25)
|
(26)
|
(25)
|
(23)
|
(20)
|
(18)
|
(17)
|
(16)
|
(15)
|
(16)
|
(16)
|
(13)
|
(15)
|
(13)
|
(37)
|
|
| Selling, General & Administrative |
(9)
|
(13)
|
(17)
|
(20)
|
(25)
|
(30)
|
(35)
|
(39)
|
(40)
|
(33)
|
(24)
|
(25)
|
(24)
|
(21)
|
(19)
|
(17)
|
(17)
|
(15)
|
(14)
|
(15)
|
(14)
|
(9)
|
(10)
|
(8)
|
(5)
|
|
| Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
|
| Other Operating Expenses |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(2)
|
(4)
|
(5)
|
(5)
|
(32)
|
|
| Operating Income |
(6)
N/A
|
(8)
-41%
|
(12)
-48%
|
(15)
-29%
|
(19)
-27%
|
(21)
-10%
|
(22)
-4%
|
(23)
-7%
|
(23)
+2%
|
(13)
+43%
|
(3)
+73%
|
(3)
+21%
|
2
N/A
|
9
+280%
|
15
+71%
|
14
-6%
|
9
-36%
|
11
+24%
|
14
+29%
|
14
+0%
|
16
+9%
|
15
-5%
|
9
-39%
|
8
-10%
|
(20)
N/A
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||
| Interest Income Expense |
22
|
31
|
24
|
26
|
60
|
46
|
15
|
(4)
|
(22)
|
(20)
|
(11)
|
(15)
|
(66)
|
(194)
|
(213)
|
(106)
|
(36)
|
2
|
11
|
5
|
(16)
|
(32)
|
(47)
|
(63)
|
(50)
|
|
| Non-Reccuring Items |
(1)
|
(1)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
(3)
|
(1)
|
2
|
(0)
|
(1)
|
(2)
|
(4)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
16
N/A
|
22
+43%
|
12
-45%
|
11
-6%
|
41
+254%
|
25
-38%
|
(6)
N/A
|
(27)
-321%
|
(45)
-65%
|
(32)
+27%
|
(15)
+55%
|
(17)
-20%
|
(64)
-265%
|
(188)
-195%
|
(199)
-6%
|
(90)
+55%
|
(27)
+70%
|
12
N/A
|
23
+85%
|
15
-34%
|
(3)
N/A
|
(19)
-576%
|
(39)
-102%
|
(56)
-45%
|
(71)
-26%
|
|
| Net Income | ||||||||||||||||||||||||||
| Tax Provision |
(10)
|
(14)
|
(11)
|
(15)
|
(30)
|
(25)
|
(18)
|
(18)
|
(17)
|
(17)
|
(12)
|
(11)
|
(7)
|
34
|
43
|
(5)
|
2
|
9
|
(12)
|
(8)
|
(3)
|
0
|
4
|
11
|
48
|
|
| Income from Continuing Operations |
6
|
8
|
1
|
(4)
|
10
|
0
|
(24)
|
(45)
|
(61)
|
(49)
|
(26)
|
(28)
|
(70)
|
(155)
|
(157)
|
(96)
|
(25)
|
21
|
11
|
7
|
(6)
|
(19)
|
(35)
|
(45)
|
(22)
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
1
|
|
| Net Income (Common) |
6
N/A
|
8
+39%
|
1
-89%
|
(4)
N/A
|
10
N/A
|
0
-99%
|
(24)
N/A
|
(45)
-87%
|
(61)
-36%
|
(14)
+78%
|
9
N/A
|
(41)
N/A
|
(83)
-104%
|
(167)
-102%
|
(169)
-1%
|
(108)
+36%
|
(37)
+65%
|
9
N/A
|
(1)
N/A
|
(5)
-256%
|
(18)
-260%
|
(19)
-4%
|
(34)
-82%
|
(45)
-29%
|
(22)
+52%
|
|
| EPS (Diluted) |
0.04
N/A
|
0.04
N/A
|
0
N/A
|
-0.02
N/A
|
0.03
N/A
|
0
N/A
|
-0.08
N/A
|
-0.15
-87%
|
-0.18
-20%
|
-0.03
+83%
|
0.02
N/A
|
-0.11
N/A
|
-0.24
-118%
|
-0.44
-83%
|
-0.51
-16%
|
-0.28
+45%
|
-0.08
+71%
|
0.01
N/A
|
0
N/A
|
-0.01
N/A
|
-0.04
-300%
|
-0.03
+25%
|
-0.05
-67%
|
-0.06
-20%
|
-0.03
+50%
|
|