Key Highlights

  • FY26 distributions were 4.55 cents per unit and NTA was AUD 0.71 per unit.
  • The portfolio reported 97% occupancy and leasing spreads of 4% across 21 transactions.
  • The AUD 218.6 million divestment of five retail properties became unconditional.

Market figures for RAM Essential Services Property Fund (ASX:REP) showed AUD 0.425 per security and a 0.00% move. The company disclosed operating results and other details for the reporting period.

Retail Property Sale and Healthcare Focus

The fund reported an unconditional sale of five retail Assets for a net realised value of AUD 218.6 million. The properties are Coomera Square, Springfield Fair, Coles Rutherford, Keppel Bay Plaza and Mowbray Marketplace. The buyer is the newly established Forest Retail JV fund, in which REP retains a 10% interest. The fund indicated settlement in the second quarter of FY27. Following the transaction, it anticipates a higher share of healthcare-related income and a longer weighted average Lease expiry.

Leasing and Operating Portfolio

The FY26 presentation recorded 21 leasing deals, comprising 15 new agreements and six renewals, with positive leasing spreads of 4%. Portfolio occupancy was 97% by income, including signed heads of agreement and excluding areas held for development. The weighted average rent review was 3.5%, with 84% of leases featuring fixed or inflation-linked reviews. REP reported no arrears across its private hospital assets.

Capital Position and Reported Metrics

Net tangible assets were AUD 0.71 per unit and FY26 distributions were 4.55 cents per unit. The presentation reported a weighted average Capitalisation rate of 6.20%, compared with 6.09% previously. Following the retail divestment, the fund reported pro forma gearing of 16.8% and a weighted average lease expiry of 8.1 years. It stated that 61% of Debt was hedged at 30 June 2026.

Reported Developments and Next Reporting Priorities

The announcement for RAM Essential Services Property Fund (ASX:REP) describes the reported period and identifies the figures above as either completed results, historical operating measures or management guidance where explicitly stated. The figures should be read in the context of their stated reporting periods and accounting definitions. The reported developments concern the company’s own operations, and the announcement does not establish that planned transactions, targets or forecasts have already been completed.