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Highlights

  • REP’s net operating cash flow rose 36.77% YoY to AUD 17.25mn in H1FY25, aided by improved cash generation. 
  • The company reaffirms its FY25 distribution per security guidance at 5.0 - 5.2 cents per share. 
  • REP declared a distribution of 1.25 cents per stapled security in June 2025 quarter.  

RAM Essential Services Property Fund (ASX:REP) is an ASX-listed REIT company that manages a diversified portfolio of medical and essential retail properties, anchored by high-quality tenants. The company is focused on delivering stable income. 

In the first half of the financial year 2025 (H1FY25), REP recorded rent from investment properties of AUD 28.14 million, up 4.08% from AUD 27.04 million in H1FY24, driven by higher rental income, increased recoverable outgoings, and a positive straight-line adjustment of AUD 0.244 million compared to a negative adjustment in the prior period. Occupancy in the Stapled Fund’s portfolio improved to 98.04% from 97.50% a year earlier, further supporting rental growth.  

Interest income for the period surged to AUD 0.09 million from AUD 0.01 million, reflecting a 1,025% increase. Net cash from operating activities increased 36.77% to AUD 17.25 million in H1FY25, driven by higher customer receipts, increased interest  income and lower supplier payments.  

Business Update 

On 23 July 2025, REP declared a distribution of 1.25 cents per stapled security for the June 2025 quarter, with a payment date of 30 July 2025. 

Earlier, on 30 April 2025, the company reported the resignation of Director Bryce Mitchelson, who held 200,000 fully paid stapled securities at the time of his departure. 

Company Outlook 

The company has reaffirmed its FY25 distribution per security (DPS) guidance at 5.0 to 5.2 cents, representing an estimated yield of 8%. The distribution is expected to have a tax-deferred component of approximately 90%, with targeted funds from operations (FFO) payout ratio in the range of 95% to 100%. 

Top 10 Shareholders of REP 

The top 10 shareholders of REP have ~49.24% of the total shareholding. Wehl (Scott Gregory) and Argo Investments Limited hold maximum stakes of 31.54% and 4.71%, respectively.   

Share performance of REP 

REP shares advanced 3.31% to close at AUD 0.625 per share on 11 August 2025. Over the past year, the stock has dipped 2.34% but posted gains of 5.04% over one month, 3.31% over six months, and 6.84% in the past week. In the last three months, REP gained 8.70%. 

The 52-week high for REP is AUD 0.725, recorded on 17 September 2024, while the 52-week low is AUD 0.530, reached on 7 April 2025. 

Support and Resistance Summary 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, and currency, is 11 August 2025. The reference data in this report has been partly sourced from EODHD/Others. 

  

Technical Indicators Defined:  

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.