Australia · Delayed Price · Currency is AUD RAM Essential Services Property Fund Earnings Call Transcripts
Fiscal Year 2026
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Unconditional sale of five retail assets for AUD 218.6 million accelerates the shift to a healthcare-focused REIT, reducing gearing to 16.8% and boosting healthcare income to 74% of the portfolio. FY 2027 guidance targets an 8.5–9% yield, with management exploring capital management options.
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Portfolio remains resilient with 97% occupancy and a seven-year WALE, as the transition to 80% healthcare advances with the sale of five retail assets. Normalized FFO declined due to one-off costs, but full-year projections and DPU yield above 9% remain on track.
Fiscal Year 2025
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Portfolio delivered stable cash flows, 3.2% annual growth, and 98% occupancy, with a strategic shift toward healthcare assets. Gearing is 38.8%, NTA is AUD 0.81, and guidance targets an 8%+ yield as capital recycling and value-add projects continue.
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Strong half-year results driven by high occupancy, robust leasing, and a shift toward healthcare assets. FFO and distributions met expectations, with gearing stable at 35% and cap rates stabilizing. Guidance targets an 8% yield, supported by a healthy acquisition pipeline.