US Masters Residential Property Fund (ASX:URF) recorded a funds from operations loss of AU$8.8 million for the quarter ending March 31, as it continues to sell down its portfolio, according to a Wednesday Australian bourse filing.

Its revenue from continuing operations came in at AU$7.1 million during the quarter.

It closed on the sale of 39 properties for a total of $48.1 million during the March quarter, and the full sales pipeline at the end of the period was $150.5 million, which includes assets in the pipeline for sale, on the market, or in attorney review and under contract.

The net proceeds generated from its sales program were used to repay $30.2 million of the Global Atlantic term loan, as well as to fund buybacks of US Masters' stapled securities and for the declaration of a AU$0.01 special distribution subsequent to the quarter-end.

The rebound of US equity markets in the June quarter somewhat alleviated the fears of property buyers, despite uncertainty and broader economic concerns. It continued to see strong buyer appetite for its sales listings over the March quarter and thus far in the June quarter.