Ram Essential Services Property Fund · ASX:REP
Ram Essential Services Property Fund — FY2026 Earnings Presentation
23 slides from Ram Essential Services Property Fund's earnings presentation, Aug 26, 2026
Slide 1: FY26 Operating Results & Update
RAM ESSENTIAL SERVICES PROPERTY FUND FY26 Operating Results & Update 26 August 2026 REAL ASSET MANAGEMENT I P AGE 1
Slide 2: Agenda
AGENDA 1. Full Year Highlights P3-6 2. Portfolio Performance P7-9 3. Financial Performance P10-12 4. Future Strategy P13-15 5. Summary P16-17 6. Other information P18-23 In the spirit of reconciliation, the Real Asset Management Group acknowledges the traditional custodians of country throughout Aus
Slide 3: Full Year Highlights
1. FULL YEAR HIGHLIGHTS REAL ASSET MANAGEMENT Mayo Private I P AGE 3 Hospital (NSW)
Slide 4: FY26 Full Year Highlights
FY26 FULL YEAR HIGHLIGHTS Delivered on strategy to move to specialist healthcare REIT Portfolio Operations Financial Performance Capital Management Leasing Income and NTA Transaction Now Unconditional $ Strong leasing outcomes with positive FY26 DPS 4.55cpu $218.6m sale of 5 retail assets now spread
Slide 5: Update on Retail Transaction
UPDATE ON RETAIL TRANSACTION Unconditional contracts exchanged to divest five retail assets Deal Structure On-going REP Considerations Metrics Divestment of five retail assets - +1.3 years1 increase in WALE Discrete five asset fund established Coomera Square, Springfield Fair, Coles Rutherford, Kepp
Slide 6: Transition to Healthcare Provides Long-Term Value
TRANSITION TO HEALTHCARE PROVIDES LONG-TERM VALUE Rationale and benefits for move to healthcare focus 1 Growing Aged Population underpins the Long-term Healthcare Investment Momentum 3 Robust Private Health Insurance underwrite Rent Coverage of Healthcare Real Estate 80 47 65+ 85+ Total % of Total A
Slide 7: Portfolio Performance
2. PORTFOLIO PERFORMANCE REAL ASSET MANAGEMENT I Springfield P AGE 7 Fair (QLD)
Slide 8: Portfolio Summary
PORTFOLIO SUMMARY Diversified portfolio with high exposure to CPI reviews and increasing WALE Key Portfolio Metrics Tenant Mix1 Income Exposure1 30 June 2026 Essential Retail, Expiry, 0.33% Formula, 15.27% Number of Properties 26 Medical & Wellness, 43.4% 28.6% Total Property Value ($m) $662.6m 84%
Slide 9: Valuations Have Stabilised with Eyes on Market Transactions
VALUATIONS HAVE STABILISED WITH EYES ON MARKET TRANSACTIONS Healthcare Essential Retail Total 96% of the portfolio has been externally valued in June 20261. Number of Properties 19 7 26 30 June 2026 Book Value ($m) $319.6m $343.0m $662.6m Weighted average capitalisation rate has increased for 11 bps
Slide 10: Financial Performance
3. FINANCIAL PERFORMANCE REAL ASSET MANAGEMENTNorthI West P AGE Private 10 Hospital (TAS)
Slide 11: Funds From Operations (FFO)
FUNDS FROM OPERATIONS (FFO) Financials reflect strategic realignment and reset FFO Reconciliation FY261 FY252 $m $m Like-for-Like Property Income grew 4.4% Recurring Medical Property NOI 17.4 16.4 to $37.9m. Recurring Retail Property NOI 20.5 19.9 Underlying FFO increased 4.1% to $17.6m, Recurring P
Slide 12: Balance Sheet and Capital Management Overview
BALANCE SHEET AND CAPITAL MANAGEMENT OVERVIEW Transaction provides significant balance sheet flexibility Gearing of 43.5%1 reduces to 16.8% post transaction Retail transaction proceeds strengthen financial flexibility through debt reduction Low gearing post divestment presents opportune basis for re
Slide 13: Future Strategy
4. FUTURE STRATEGY REAL ASSET MANAGEMENTGold ICoast P AGE Surgery 13 Centre (QLD)
Slide 14: FY2027 Guidance
FY2027 GUIDANCE DPS is expected to be in the following range equating to an attractive yield on current trading price 3.6 – 3.8c 1 8.5 – 9.0% 2 ~90% 90% – 100% Distribution Per Forecast Forecast Distribution Target FFO Payout Security Distribution Yield Tax Deferred Ratio 1. Guidance assumes average
Slide 15: Where Are We Post Transaction?
WHERE ARE WE POST TRANSACTION? The portfolio remains strong but faces headwinds from the macro-economic and listed environments POSITIVE NEGATIVE + Executed retail sales transaction in line - 40% discount to NTA with the stated strategy - Macro headwinds persist in ‘higher for + Gearing of 16.8% lon
Slide 16: Summary
5. SUMMARY REAL ASSET MANAGEMENT Dubbo Private I P AGE 16 Hospital (NSW)
Slide 17: Summary
SUMMARY A consistent track record since listing in challenging conditions Underlying Strong leasing outcomes with circa 4% average spreads on 21 renewals and new deals growth 98%1 of rental income from secure essential service tenants or 99% post transaction 97%2 occupancy and 8.1 years WALE post tr
Slide 18: Other Information
6. OTHER INFORMATION REAL ASSET MANAGEMENT Miami Private I P AGE 18 Hospital (QLD)
Slide 19: FFO Reconciliation
FFO RECONCILIATION FY261 FY252 3 Statutory net loss $m (30.1) (10.1) Adjusted for: Reversal of unrealised fair value (gain) on investment properties $m 38.4 17.9 Reversal of realised fair value (gain) on investment properties $m (0.3) 4.3 Reversal of unrealised fair value (gain) on derivatives $m (2
Slide 20: Income Statement
INCOME STATEMENT Revenue FY26 FY251 Rent from investment properties $m 40.6 50.0 Realised gains on derivative financial instruments $m 0.1 - Net unrealised gains on derivative financial instruments $m 2.5 - Net realised gains on disposal of investment properties $m 0.4 - Interest revenue $m 0.2 0.2
Slide 21: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET 1 FY26 FY25 Cash and cash equivalents $m 9.6 4.4 Investment properties $m 417.8 676.1 Other assets $m 9.6 17.4 Investment properties held for sale $m 224.1 - Total assets $m 661.1 697.9 Borrowings $m (289.3) (267.7) Trade and other payables $m (22.) (27.5) Total liabilitie
Slide 22: Our ESG Approach
OUR ESG APPROACH We prioritise strong risk management in our investments, with a particular focus on ESG risks and disclosures. We also recognise that sustainable growth extends beyond environmental concerns – it also requires a commitment to people by ensuring fair treatment, equal opportunities, a
Slide 23: Important Information
IMPORTANT INFORMATION GENERAL ADVICE WARNING: The information contained herein does not have any regard to the specific investment objectives, financial situation or the particular needs of any person. The information in this presentation is not intended to be personal financial advice. This materia
Ram Essential Services Property Fund — FY2026 Earnings Presentation on 6ix