RAM Essential Services Property Fund (REP) Trading Update summary

Executive summary

• Q1 FY26 distribution of 1.25 cents per unit delivered, in line with guidance, continuing a track record since listing.

• Strategic transition to a pure-play healthcare REIT is progressing on a carefully managed 24-month timetable, with strong investor support.

• Portfolio is diversified across healthcare operators, minimizing tenant concentration risk and ensuring steady income.

Financial highlights

• Fund WALE stands at 7.1 years with 98% occupancy, and gearing remains within the 30%-40% range.

• Net tangible assets (NTA) are supported by a positive outlook, with recent lease agreements strengthening fundamentals.

• Distribution guidance for FY26 reaffirmed at 5.0–5.2 cents per security, equating to an 8% yield.

Outlook and guidance

• Anticipated interest rate reductions and capitalisation rate compression are expected to support valuations into FY26.

• The transition to a majority healthcare weighting remains on track, with further asset divestments planned.