RAM Essential Services Property Fund (REP) Trading Update summary

Capital recycling progress

• Eleven asset divestments completed, totaling $119 million at a cumulative yield of approximately 5.7%.

• $75.6 million in retail assets divested since September 2023, supporting a shift to healthcare assets.

• Liquidity from divestments enables migration to high-quality healthcare assets and accretive acquisitions.

Key acquisitions and portfolio enhancement

• Acquired Cairns Day Surgery, fully leased and anchored by Ramsay Health Care, for $23 million.

• Three ex-growth assets sold for $27.4 million, increasing portfolio WALE to 6.9 years.

• $100 million in private surgical hospitals and healthcare acquisitions in exclusive due diligence.

Strategic objectives and capital management

• Focus remains on building a healthcare-centric portfolio with enhanced tenant quality and sustainable income.

• Ongoing review of value-add and development opportunities for new acquisitions.

• Maintained a healthy balance sheet with leverage in the early to mid-30% range.