RAM Essential Services Property Fund (REP) investor relations material

Executive summary

• Unconditional sale of five retail assets for AUD 218.6 million, representing over a third of total assets, with settlement due in Q2 FY27 and a retained 10% interest in the new retail JV fund.

• Strategic transition to a specialist healthcare REIT, with healthcare income rising to 74% of the portfolio post-transaction and WALE increasing to over 8 years.

• Portfolio remains resilient with high occupancy (97–97.3%), strong rental income growth, and 84% of leases linked to fixed or CPI reviews.

• Management is focused on restoring value for securityholders, closing the gap to NTA, and actively considering capital management options.

Financial highlights

• FY26 FFO was AUD 14.7 million, down from AUD 24.5 million in FY25, mainly due to asset sales and non-recurring items.

• Like-for-like recurring property income grew 4.4% to AUD 37.9 million; underlying FFO up 4.1% to AUD 17.6 million.

• Distributions paid for the year totaled 4.55 cents per unit.

• NTA per security was AUD 0.71 as of June 30, 2026.

• Statutory net loss of AUD 30.1 million, reflecting fair value losses on investment properties.

Outlook and guidance

• FY27 DPU guidance is 3.6–3.8 cents per unit, representing an 8.5–9% yield, with ~90% of distributions expected to be tax deferred.

• Management will continue to pursue value-maximizing strategies, including capital recycling, buybacks, or asset sell-downs.

• Acquisitions are unlikely in the short term due to trading at a discount to NTA.