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RAM ESSENTIAL SERVICES PROPERTY FUND FY25 Operating Results & Update 27 August 2025 For personal use only
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AGENDA 1. Overview………………………………………………………………. P3-4 2. Strategic Healthcare Transition……………………..……… P5-8 3. Portfolio Performance………………………………………….. P9-13 4. Financial Performance……………………………………......... P14-17 5. Capital Recycling…………………………………….……………. P18-21 6. Unlocking Value – Driving Growth Forward………….. P22-25 7. Outlook & Summary…………………………………………….. P26-28 8. Other Information………………………………………………… P29-37 In the spirit of reconciliation, the Real Asset Management Group acknowledges the traditional custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples. For personal use only
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Cairns Surgical Centre (QLD) 01 OVERVIEW For personal use only
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FY25 HIGHLIGHTS Strong portfolio growth and strategic capital management driving sustainable returns. 1. Normalised FY25 NOI vs FY24 NOI accounting for capital transactions, development and leasing activities 2. By income and includes signed HoA’s excluding areas withheld for development 3. Based on quarterly distributions and number of units each quarter 4. Based on a closing price of $0.62 on 18 August 2025 5. Excluding mark to market hedging movement 6. By book value as of 30 Jun 2025 excl new acquisition Cairns Surgical Centre 7. Since September 2023 Embedded Portfolio Growth Strong leasing spreads of 3.8% across 34 deals Like for like Property NOI growth of +3.2%1 Portfolio Stability 7.1 years WALE +9.2% improved from Jun 2023 Strong tenant performance and no arrears across major private hospitals Curated Tenancy Mix Occupancy stable at 98%2 Enhanced tenancy mix through introduction of Ramsay Health Care Portfolio remains resilient and focused on essential services Positive Valuation Outlook WACR +5 bps to 6.09% 74%6 externally valued in the last 12 months Valuations supported by income growth Gearing Update Gearing 38.8%, which is expected to reduce as capital recycling program progresses Executed $10.4m of the share buy-back in FY25 which concluded on 31 March 2025 Portfolio Continues to Perform DPS 5.00 cpu3 Payout ratio 102%3 Distribution yield 8%4 NTA $0.81/unit5 Capital Recycling ~$120m of assets divested at an avg yield of 5.7%7 Potential to accelerate progress with cost-effective multi asset transaction Positive outlook with sector tailwinds High Quality Accretive Acquisitions Acquisition of Cairns Surgical Centre, anchored by Ramsay Health Care Reducing interest rates, cap rate compression and income growth will drive valuations Attractive Pipeline $72m of headroom enabling accretive opportunities Diverse and evolving pipeline ($300m+) supported by deep healthcare operator relationships $ PORTFOLIO OPERATIONS FINANCIAL PERFORMANCE CAPITAL MANAGEMENT For personal use only
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North West Private Hospital (TAS) 02 STRATEGIC HEALTHCARE TRANSITIONFor personal use only
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Cyclical entry point enables potentially attractive returns Compelling thematic as the sector continues to mature Scarce pure healthcare REIT Government commitment HEALTHCARE TRANSITION EXECUTION – POSITIVE VALUATION OUTLOOK Advancing towards a pure play healthcare REIT offering clarity and a concentrated healthcare exposure. Strong outlook for fundamentals Progress on the significant sale of further retail assets which will provide the pathway for accretive healthcare acquisitions. Retail property values are improving as capital rapidly migrates to the sector. Yields are at relative highs. Healthcare at a low point in the valuation cycle. Opportunity to further diversify across sub-sector and operator. Healthscope speculation and negative sentiment has bottomed out with improving operator sentiment and performance. Limited qualified domestic buyers in healthcare currently, combined with redemption pressure on traditional healthcare landlords, have culminated in favourable market entry conditions. Significant growth in healthcare deal flow pipeline. Further uplift in sentiment from existing and new operators seeking growth. The upcoming Aurora sale is a positive signal for the sector. Various options across the portfolio under review with a targeted focus on an accelerated execution of the 80% healthcare / 20% retail/social infrastructure portfolio transition. For personal use only
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DEPTH IN DEAL FLOW PIPELINE ACROSS MEDICAL USES AND FORMATS Specialist Services Life Sciences and Medical Storage Private and N4P Surgical Hospitals Mental Health Hospitals Metro Primary Healthcare Private and N4P Hospital Anchored Schemes Source opportunities across the risk spectrum as capital market fundamentals improve, targeting an increased range of healthcare schemes. Combined pursuit of core assets and value-add with assets that offer the fund discretionary alternatives for value-add For personal use only
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CAP RATE COMPARISON CHART Healthcare x Neighbourhood Retail Sector Cap Rate Recent normalisation in the healthcare market presents a rare entry point to acquire prime assets at relative value. Our house view highlights an attractive near-term (6–12 month) acquisition window before pricing begins to stabilise. Neighbourhood retail cap rates are expected to tighten by an average of 50–60bps between now and late 2027, creating an attractive exit environment for selective divestments, with cap-rate compression supporting stronger pricing outcomes. RAM maintains a clear line of sight on market pricing and is well placed to capture dislocations. 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 Jun-27 Dec-27 Retail - Neighbourhood Cap Rates Healthcare - Hospitals Cap Rates Healthcare - Medical Centres Cap Rates Identified Healthcare Acquisition Opportunities 6.50-7.50% Source: MSCI, RAMFor personal use only
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The Gold Coast Surgery Centre (QLD) 03 PORTFOLIO PERFORMANCEFor personal use only
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Key Metrics 30 June 25 PORTFOLIO SUMMARY Number of Properties 26 Total Property Value $671.5m Occupancy 98%1 Gross Lettable Area (GLA) 111,981 sqm WACR 6.09% WALE 7.1 years3 Tenants 245 % income subject to annual rental increases3 88% Blended WARR4 3.38% Diversified portfolio focused on delivering consistent, secure and long-term stable returns. Income Exposure3 Lease Expiry Profile by Income 1. By income and includes signed HoA’s excluding areas withheld for development and strategically held vacancies. 2. Based on 30 June 2025 Valuations 3. Based on gross passing income as of 30 June 2025. 4. Inclusive of market reviews, fixed reviews and CPI reviews. Formula 12% CPI+1% 1% Formula Turnover 10% CPI 32% Fixed 45% 0.00% 15.00% 30.00% 45.00% 60.00% 75.00% FY2026 FY2027 FY2028 FY2029 FY2030+ Expiry by Income 88% Exposed to annual Escalators c.95% of FY26 income under advanced negotiation Geographical Diversification2 NSW 30.4% QLD 39.6% VIC 0.4% TAS 15.2% WA 10.9% NT 3.5% For personal use only
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STRATEGIC TENANT BASE AND GEOGRAPHIC DIVERSIFICATION Medical Essential Retail Swan Medical Centre Cambridge Day Surgery Madeley Medical Centre Panaceum Medical Centre Casuarina Medical Precinct Rosebery Convenience & Medical Centre Cairns Surgical Centre Willetts Health Precinct Keppel Bay Plaza The Banyans Health and Wellness CentreSpringfield Fair Coomera Square Ballina Central The Gold Coast Surgery Centre Miami Private Hospital Mayo Private Hospital Rutherford Shopping Centre Dubbo Private Hospital The Broadway Plaza Corrimal Private Healthcare CentreMildura Medical Centre North West Private Hospital Mowbray Marketplace North Ward Medical Centre Wembley Day Surgery Secret Harbour Medical Centre Specialities/Mini Majors 24% Coles Group 6% Woolworths Group 14% Other Majors 2% Private Hosptials 30% Medical & Wellness 15% GP Clinics & Specialist Consultants 9% 1. Based on gross passing income as of 30 June 2025. c.70% National tenants Tenant Composition1 For personal use only
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STEADFAST PORTFOLIO RESILIENCE Strong leasing performance driving income growth. 1. Normalised FY25 NOI vs FY24 NOI accounting for capital transactions, development and leasing activities 2. By income at 30 June 2025 and strategically held vacancies. and includes signed HoA’s excluding areas withheld for development 3. By number of active leases across the portfolio. 4. Includes Coles and WOW; excludes Mowbray WOW as percentage rent has been rentalised in last option renewal. Stable Occupancy2 Comparable NOI Growth1 Proactive Leasing Driving Increased WALE2 Leasing spreads of +3.8% average across 34 deals continue to outpace inflation C. 62%3 net leases providing hedge against increase in operational expenditures 45% of leases have fixed annual reviews, ensuring strong growth as inflation cools 2.8%4 Supermarket MAT growth will drive increased turnover income $$ 98% 30 June 2023 98% 30 June 2024 98% 30 June 2025 7.1yrs 30 June 2025 6.8yrs 30 June 2024 6.5yrs 30 June 2023 3.2% For personal use only
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Medical Essential Retail Total Number of Properties2 19 7 26 30 June 2025 Book Value ($m)2 $332.9m $338.6m $671.5m WACR at June 2025 6.10% 6.09% 6.09% WACR Mvt (Dec – Jun) +8 bps +4 bps +5 bps % Portfolio 49.6% 50.4% 100.0% 1. Calculated by value of assets and excludes assets that have been disposed of during the financial year 2. Include completed divestments of Parkwood Medical Centre, Highlands Medical Centre and Bowen Hills Day Surgery. 74%1 of the portfolio has been externally valued within last 12 months Three assets2 settled at approximately 5% discount to book value since December 2024 Weighted average capitalisation rate has expanded by +5 bps to 6.09% since December 2024 Weighted average capitalisation rate for private hospitals sits at 5.77% STABILISING VALUATIONS IN THE FINAL PHASE OF THE CYCLE Valuation Waterfall Cap Rate Peer Benchmarking RetailHealthcare 6.10% 5.68% 6.09% 6.09% 5.97% 5.56% REP Peer 1 Peer 2 REP Peer 1 Peer 2 650.8 671.5 (12.8) 5.5 23.0 5.1 31-Dec-24 Disposals Capital Expenditure and other fair value adjustments Acquisitions Revaluation Movements 30-Jun-25 For personal use only
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Mayo Private Hospital (NSW) 04 FINANCIAL PERFORMANCE For personal use only
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FUNDS FROM OPERATIONS (FFO) 1. Financial performance for the period 1 July 2024 to 30 June 2025. 2. Financial performance for the period 1 July 2023 to 30 June 2024. 3. Normalised FY25 NOI vs FY24 NOI accounting for capital transactions, development and leasing activities Funds from Operations (FFO net of adjustments) FY251 FY242 $m $m Property NOI 44.0 48.8 Management Fees (4.2) (5.2) Net Finance Costs (12.7) (12.7) Other Expenses (2.6) (2.2) Funds from Operations (FFO) 24.5 28.6 Distribution Per Security (cents) 5.0 5.6 FFO performance highlights the impact of strategic portfolio recycling and active asset management. Year-on-year comparisons are impacted by ongoing divestments and acquisition Like for like NOI growth of 3.2%3 Net finance costs stabilised, driven by transactions, debt reduction and hedging FFO of 4.89 cps Accretive securities buy-back program successfully completed in 3Q’FY25 Management fees reduced, reflecting lower AUM from portfolio transition For personal use only
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BALANCE SHEET AND CAPITAL MANAGEMENT OVERVIEW 1. Gearing is defined as ratio of total net borrowing less cash over total assets less cash. 2. Average effective interest rate for the period includes margin, undrawn line fees and swap cost. 3. Excluding mtm hedging movement 4. Assume the $75m extendable hedging facility is not extended beyond its current expiry date of 24 September 2026 Disciplined capital management ensuring flexibility and strength to drive sustainable growth. 30 Jun 2025 30 Jun 2024 Gearing1 38.8% 33.5% Cost of debt2 5.18% 4.83% Total borrowings $267.7 $243.2 Interest Cover Ratio Covenant >1.5x >1.5x Syndicated Facility Limit $340m $340m Key Debt Metrics Hedge Expiry Profile4 $60m $175m 3.29% 3.56% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% $0m $50m $100m $150m $200m $250m FY26 FY27 Total Hedge $m Weighted Average Swap Rate % Gearing of 38.8%1, reflecting balance sheet strength during portfolio transition 10.4m shares acquired in share buyback program during FY2025, enhancing securityholder value Active hedging strategy in place, providing protection through portfolio transition NTA of $0.813 per unit, underpinned by prudent capital management For personal use only
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CAPITAL STRENGTH AND STRATEGIC RISK MANAGEMENT Debt 20242025 1. SWAP weighted average years to maturity. 2. As at 30 June 2024. 3. As at 7 August 2025. 4. As at 8 July 2025 Debt Hedge Hedge $72 m Headroom 1.6 yrs3 Debt Maturity 88% Hedged4 1.5 yrs Hedge Duration1,2 $100 m Headroom 2.0 yrs Debt Maturity 76% Hedged2 2.0 yrs Hedge Duration1 Robust balance sheet and strategic hedging ensures resilience and stability amidst evolving market.For personal use only
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The Banyans Health and Wellness Centre (QLD) 05 CAPITAL RECYCLINGFor personal use only
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Capital Uses and Activities CAPITAL RECYCLING STRUCTURE A prudent approach with sale proceeds to provide immediate access to accretive opportunities. $ Prudent Leverage Management Gearing to be maintained within the target range of 30-40% Share Buy-Back Concluded on 31 March 2025 Accretive Acquisitions Take advantage of market conditions to acquire quality assets with an accretive yield $300m+ healthcare pipeline identified along with multi asset divestments Tenant-Led Value-Add Initiatives Identified Tenant led strategies which equate to risk-adjusted high yielding returns Continue to master-plan strategic development opportunities Construction costs are stabilising Priority 1 2 3 4 For personal use only
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FY25 Settled Assets CAPITAL RECYCLING UPDATE Driving value through strategic capital transactions and recycling initiatives. ~$120m settled since commencement of the capital recycling programme closely in line with book value Successful divestment of numerous low growth or assets nearing the end of the value-add lifecycle Further $80m+ identified and positioned for divestment during FY26 Bowen Hills Day Surgery (QLD) Parkwood Medical Centre (QLD) Highlands Health Centre (QLD) $ ~5.7% average yield on divested assets $ Yeronga Village (QLD) Tanilba Bay Centre (NSW) Southlakes Medical Centre (WA) For personal use only
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CAPITAL RECYCLING PROGRAM CONTINUED Leveraging the liquidity edge from the portfolio. 1. Based on fully leased net income over net purchase price on acquisition Acquisitions: Cairns Surgical Centre Over 7%1 yields on acquired assets providing immediate accretion Evolving high-quality healthcare pipeline targeting 7%+ yield Sector tailwinds underpinned by increasing healthcare demand Healthcare valuations at a low point in the cycle = opportunity Extensive pipeline of scarce, high quality healthcare assets Enhanced tenant covenant, increasing WALE Diversification through introduction of new tenants and healthcare sub sectors $ For personal use only
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Wembley Day Surgery (WA) 06 UNLOCKING VALUE – DRIVING GROWTH FORWARDFor personal use only
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COMPLETED PROJECT Successfully executed development project, expanding the fund’s portfolio and generating increased returns. Cardiac catheterisation lab expansion Further development opportunities currently being master planned for FY26 & FY27 Further developments to be structured with a similar Yield on Cost funding structure Practical completion achieved 30-year lease reset which has significantly increased the WALE ~$7m Total Development Cost North-West Private Hospital (TAS) – Stage 1 – Completed For personal use only
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STRATEGIC VALUE-ADD INITIATIVES – 7%+ TARGETED YIELD Highly engaged relationships with major tenants – prudent balance sheet utilisation. 1. Total project cost may incorporate assumptions on building contract price, leasing incentives and other costs that may be subject to change. Project Overview Development Update Property Name Sector Phase 1 – Phase 2 – Phase 3 – Masterplanning Income Pre-commitment & DA Approval Construction^ Delivered Key Projects in FY25 Northwest Catheterisation Lab Medical Total Delivered Project Costs1 $7 Million Near Term Term Value Add Projects Dubbo Private Hospital Medical Mayo Private Hospital Medical Northwest Private Hospital Medical Miami Private Hospital Medical Ballina Central Essential Retail Rutherford Marketplace Essential Retail Total Project Costs1 – Approx. $105 million Medium Term Strategic Value Add Projects Mowbray Marketplace Essential Retail Willetts Medical Total Project Costs1 – Approx. $35 million Total Future Project Costs1 – Approx. $140+ million For personal use only
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KEY PROJECT ATTRIBUTES Key development attributes for a value-add project. Tenant-Led Value Expansions Tenant-led strategies targeting high return yield on cost outcomes Expansion and reinvestment into our key tenants such as Healthcare at Dubbo, Northwest and Mayo Private Hospitals Key attribute for acquisitions Mayo Private Hospital Location: Taree, NSW | Approx Value : $25m Dubbo Private Hospital Location: Dubbo, NSW | Approx Value : $10m Willets Health Precinct Location: Mackay, QLD | Approx Value : $10m Northwest Private Hospital – Stage 2 Location: Regional, TAS | Approx Value : $15m Prudent deployment of capital to facilitate healthcare tenant investment into repositioning services to more profitable areas Enhancing asset performance by aligning with occupier needs, unlocking growth for both tenant and asset Brownfield development projects Identify tenant-led opportunities Low site coverage provides value-add pathway Low Site Coverage Ratio Very low site coverage across the portfolio circa 20% and circa 10% for the medical portfolio The underutilised land bank presents a strategic opportunity to enhance site coverage and unlock incremental embedded value Tenant Repositioning Brownfield Development For personal use only
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Miami Private Hospital (QLD) 07 OUTLOOK & SUMMARY For personal use only
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Underlying growth Strong leasing outcomes with circa 3.8% average spreads on renewals and new deals Stable comparable NOI growth of circa 3.2%1 Resilient portfolio 97%2 of Fund income from secure essential service tenants 98%3 occupancy and an increase to 7 years WALE Circa 60% leases are on net basis providing hedge against expense increase 45% of income link to fixed annual review mechanism which as inflation cools will maintain higher growth Actively managed Progression of: ▪ $119m in divestments ▪ $300m+ healthcare deal flow pipeline of accretive acquisitions Provides optionality for continued growth of asset base via strategic developments and near-term acquisitions Prudent capital management Gearing of 38.8%, with further capital recycling activity to ensure gearing remains within the targeted gearing range of 30% - 40% Successfully accessing liquidity through the cycle Future strategy Attractive to move to a higher healthcare weighting FY26 DPS guidance of 5.00 – 5.20 cents per security, with approximately 90% tax deferred and a forecast yield of 8%4 SUMMARY A consistent track record since listing in challenging conditions. 1. Normalised FY25 NOI vs FY24 NOI accounting for capital transactions, development and leasing activities 2. Based on gross income as of 30 June 2025. 3. By income and includes signed HoA’s excluding areas withheld for development. 4. Based on a closing price of $0.625 on 18 August 2025. For personal use only
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FY2026 GUIDANCE 1. Guidance assumes average 3-month BBSY consensus 2. Based on a closing price of $0.62 on 18 August 2025 5.00 – 5.20c 1 In line with consensus 8% 2 ~90% 95% – 100% Distribution Per Security Forecast Distribution Yield Target FFO Payout Ratio Forecast Distribution Tax Deferred Subject to the successful execution of strategy, the DPS is expected to be in the following range, which equates to an attractive yield based on current price.For personal use only
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Bay Plaza Shopping Centre (QLD) 08 OTHER INFORMATION For personal use only
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FFO RECONCILIATION FY251 FY24 Statutory net (loss)/profit $m (14.7) (24.5) Adjusted for: Reversal of unrealised fair value (gain) on investment properties $m 22.5 34.0 Reversal of unrealised fair value (gain) on derivatives $m 4.1 3.3 Reversal of realised fair value (gain) on investment properties $m 4.3 3.2 Add back amortised leasing costs and tenant incentives $m 7.9 5.0 Add back amortised borrowing costs $m 0.8 1.5 Add back straight lining of rent $m 6.0 Add back rent free and abatements $m (0.3) - Impairment of intangibles assets $m - - Funds From Operations (FFO) $m 24.5 28.6 Distribution declared $m 25.2 28.9 Weighted securities on issue (million) m 504.5 511.4 FFO (cents per security) Cents 4.9 5.6 Distribution per security (cents per security) Cents 5.0 5.6 1. FY25 reflects the disposal of Yeronga, Tanilba Bay, South Lake, Bowen Hills, Parkwood, Highlands and acquisition of Cairns Surgical Centre. For personal use only
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INCOME STATEMENT Revenue FY251 FY24 Rent from investment properties $m 57.9 55.7 Interest revenue $m 0.2 - Total revenue $m 58.0 55.7 Expenses Direct property expenses $m (21.3) (18.3) Fund management fees $m (4.2) (5.1) Net realised losses on revaluation of investment properties $m (4.3) (3.2) Net unrealised losses on revaluation of investment properties $m (22.5) (34.0) Net unrealised losses on derivative financial instruments $m (4.1) (3.3) Finance costs $m (13.5) (14.2) Other admin expenses $m (2.9) (2.0) Impairment of intangibles $m - - Total expenses $m (73.0) (80.1) Statutory net (loss)/profit $m (14.7) (24.4) Funds from operations (FFO) $m 24.5 28.6 Weighted average securities on issue m 504.5 511.4 FFO per security cps 4.9 5.6 Distributions $m 25.2 28.9 Distribution per security cps 5.0 5.6 Net tangible assets per security $ 0.81 0.88 1. FY25 reflects the disposal of Yeronga, Tanilba Bay, South Lake, Bowen Hills, Parkwood, Highlands and acquisition of Cairns Surgical Centre. For personal use only
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CONSOLIDATED BALANCE SHEET FY251 FY24 Cash and cash equivalents $m 4.4 9.4 Investment properties $m 671.5 683.4 Other assets $m 14.7 16.4 Non current assets held for sale $m - 42.3 Total assets $m 690.6 751.5 Borrowings $m (267.7) (284.5) Trade and other payables $m (24.9) (22.5) Total liabilities $m (292.6) (307.0) Net assets $m 398.1 444.5 Stapled securities on issue (millions) M 504.5 511.4 NTA per security ($) $ 0.81 0.88 1. FY25 reflects the disposal of Yeronga, Tanilba Bay, South Lake, Bowen Hills, Parkwood, Highlands and acquisition of Cairns Surgical Centre. For personal use only
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OUR ESG APPROACH We understand that sustainable growth goes beyond environmental considerations – it also requires a focus on people: ensuring fair treatment, equal opportunities and a positive societal impact. This is why we prioritise social initiatives that promote diversity, employee wellbeing, community engagement and transparent stakeholder relationships as key components of our broader ESG strategy. Equality The RAM team is majority female, and women are also well-represented in leadership roles. These metrics compare favourably to industry averages. We are also a certified Family Inclusive Workplace and an AWEI Bronze Employer. Diversity RAM prides itself on having a truly diverse workforce. Our Australia-based staff come from more than 13 different cultural backgrounds with over half of the workforce being multilingual. We have also been named an Inclusive Employer by Diversity Council Australia (DCA) for the period of 2021-2022, 2023-2024. CSR Our Charitable Program Real Giving receives 1% of profits in Australia from the firm as a minimum and the staff then decide which good and worthy causes benefit. We are also a certified Workplace Giving Employer. Good Governance RAM has built up a comprehensive and well-resourced team to ensure strong governance. RAM is also an active member of organisations that promote and require high standards in this area. For personal use only
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STRENGTHENING REP’S ESG FOUNDATIONS Sustainability is central to RAM’s investment approach. We were among the first asset managers to integrate solar power into property assets and remain committed to reducing our carbon footprint. Building on this foundation, we are now establishing an FY25 emissions baseline for the Essential Services Property Fund (ASX:REP) and undertaking a readiness assessment with Greener to prepare for Australia’s upcoming mandatory climate reporting standards. Scope 1: RAM actively minimises fossil fuel use in greenfield developments, particularly in heating, hot water and cooking. For existing properties, we have successfully implemented solar panels, offering tenants cleaner, cost-effective energy while generating additional income for property owners. Scope 2: To meet national and global sustainability standards (such as Green Star and NABERS ratings), RAM’s development team collaborates with Second Party Opinion (SPO) providers. We align with the Australian Climate Positive Roadmap, ensuring that future upgrades and refurbishments contribute to long-term energy efficiency. Scope 3: RAM prioritises tenants with strong ESG commitments, particularly healthcare operators with transparent ESG goals. We have also worked with legal providers to introduce energy and waste management disclosure measures in leases, enabling better monitoring and management of each asset’s carbon footprint. Baseline & Readiness Data collection to include energy, water, waste and asset-level information to establish REP’s first emissions baseline. Conduct a gap assessment against Australia’s new ASRS climate reporting standards. Define a roadmap to compliance, including measurement uplift, governance requirements, resourcing and indicative timelines. Outputs will provide investors with a credible plan for future compliance, not just current measurement. Reporting Deliver emissions data and readiness outputs designed to support future climate disclosures. Identify governance and reporting requirements to strengthen monitoring and transition planning. Position REP to meet mandatory climate reporting requirements through a streamlined, staged approach. In FY25, RAM is working with an independent ESG consultant to measure REP’s Scope 1, Scope 2 and operational Scope 3 emissions, and conduct a readiness assessment. This project will establish REP’s emissions baseline and provide a roadmap to mandatory climate reporting under Australia’s new ASRS standards, including governance, compliance and transition planning. For personal use only
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HEALTHCARE REAL ESTATE TEAM Highly experienced and specialised team with a proven track record in developing value-add opportunities to secure superior outcomes for investors. Scott Wehl Founder, Executive Chairman Matthew Strotton Executive Director, Head of Real Estate David Grose Executive Director, CFO Doug Rapson Director, Head of Capital Transactions Andrew Browne Senior Project Manager Nick Rooney Investment Analyst Ruoshi Zhang Investment Analyst Scott Kelly Managing Director, Group CEO Adam Thompson Director, Real Estate Development RAM Healthcare Team Sam Wood, Director, Head of Healthcare Real Estate Leisa Liggett Head of Property Management Abe Crowther Associate Director, Head of Retail Leasing Chang Liu Portfolio Manager Peter Granato Director, Fund Management - REP Ben Russell Portfolio Manager For personal use only
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SELECTED BIOGRAPHIES AND INDIVIDUAL EXPERIENCE Matthew Strotton – Executive Director, Head of Real Estate Matthew has over 29 years of experience in global real estate markets across real estate development, investment and funds management. Prior to joining RAM, Matthew was a Global Director and Head of Funds Management at QIC Global Real Estate, with responsibilities for Australian and United States capital transactions, wholesale funds and client mandates. As part of the leadership team at QIC Global Real Estate, Matthew oversaw all the group’s direct and unlisted investment activities and established QIC’s offshore capabilities in the United States. During his 19 years at QIC, Matthew was part of both the development and asset management teams and capital transactions prior to leading the funds management group. Prior to joining QIC, Matthew worked for Lend Lease Development in various development roles in Australia. Sam Wood – Director, Head of Healthcare Real Estate Sam has over 20 years of experience in commercial real estate, having previously worked for CBIC (City of Brisbane Investment Corporation), Vicinity Centres and Urbis. Sam’s primary role for RAM in the last 5 years has been to grow and manage RAM’s medical portfolio. Sam has acquired over 25 medical properties in the last 4 years. Prior to joining RAM, Sam was Portfolio Manager for CBIC, where he oversaw the retail portfolio and led the fund and investment function of the business. He worked across all facets, including capital transactions, development, asset management, lending, research and fund analytics. Prior to his tenure at CBIC, Sam was a Senior Analyst for Vicinity Shopping Centres, the second largest-retail landlord in Australia. He was responsible for delivering on strategy for the development, leasing, capital transaction and shopping centre management teams across a 100-centre national portfolio. Previously, Sam worked as an Associate Director for advisory firm Urbis. Adam Thompson – Director, Real Estate Development Adam has over 25 years of experience in the construction industry across Australia and the UK. Prior to joining RAM, Adam worked as Executive Manager of Development and Construction at Healthe Care Australia, one of the country’s leading private hospital operators. In this role, he managed and delivered over $450 million in both brownfield and greenfield projects. Adam has extensive experience in healthcare development, having delivered approximately half a billion dollars in development value across Australia. His development portfolio includes 27 private, mental health and day hospitals, as well as 36 smaller projects and refurbishments. Ben Russell – Portfolio Manager, Healthcare Real Estate Ben has more than 10 years of experience in the commercial real estate industry. As a Portfolio Manager at RAM, Ben is responsible for driving the performance of the firm's healthcare real estate assets. Prior to joining RAM, Ben spent a decade in London and was most recently an Associate Director at private equity real estate firm Tristan Capital Partners. Here, he worked across all facets of the business, including investments, asset management and capital raising. Ben also spent 5 years at JLL in London, where he delivered strategic advice to the firm's European capital markets clients. Earlier in his career, he worked at the Ray White Group in Brisbane. Ben holds Bachelors of Commerce (Finance & Accounting) and Business Management (Real Estate & Development) from the University of Queensland. Peter Granato – Director, Fund Manager REP Peter has over 25 years of experience as a Finance and Property professional, having worked within C-suite and executive leadership teams across both large private and ASX listed groups. He possesses advanced financial acumen, debt, asset management and operational skills, complemented by proven experience spanning the health, retail, residential and infrastructure sectors. Prior to joining RAM, Peter served as the Chief Financial Officer at a prominent and diverse private property group, overseeing finance, strategy, development and asset management. His previous 7-year tenure at an ASX-listed construction group involved various roles in the senior leadership team where he held responsibility for all renewable energy, property and real asset interests for the group. He has also held senior finance roles over his career at Stockland, Lend Lease, Morgan Stanley Real Estate and Marcol Group. Doug Rapson – Director, Head of Capital Transactions Doug has over 15 years of experience in commercial real estate across funds management, development and capital transaction disciplines. As Head of Capital Transactions, Doug focuses on divesting non-core assets and building a substantial pipeline of off-market individual and portfolio opportunities, particularly in healthcare. He was also the Lead Portfolio Manager of REP, responsible for a portfolio of 35 assets worth approximately $750 million in essential services retail and healthcare. Prior to joining RAM in 2018, Doug worked as a Senior Executive in Capital Markets at JLL with direct involvement in more than $1.75 billion in real estate transactions including multiple complex deals involving portfolio transactions, partial ownership divestment and/or acquisition structures and receivership transactions. Previously, Doug worked as a Senior Consultant in the Strategic Consulting Business at JLL specialising in development and infrastructure advisory, financial modelling and structured transactions. Earlier in his career, Doug worked as a Consultant at Urbis. Leisa Liggett – Head of Property Management Leisa has over 30 years of leadership in the management and development of retail and commercial property portfolios across Australia, the UK, and Spain. Her extensive experience spans private and public sectors, delivering transformative asset strategies and portfolio outcomes. As Head of Property Management at RAM, Leisa leads with a deep commitment to maximising portfolio performance. Previously, she served as Portfolio Manager for Retail First, overseeing a $1 billion portfolio of regional and neighbourhood shopping centres across South-East Queensland. In this role, she successfully led a team of 43, driving asset value growth and operational excellence. Internationally, Leisa represented a £5 billion portfolio for an open-ended German investment fund while at Savills, managing iconic retail assets in Glasgow, Barcelona and London. Her achievements include leading the development of Mahon Point Shopping Centre in Cork and executing the record-breaking £272.5 million divestment of St. Enoch Centre in Glasgow, marking Scotland's largest single-asset sale at the time. Adam Willis – Director, Head of Institutional Capital Adam has over 20 years of experience in finance, having worked for some of the world's leading financial institutions in Sydney, Australia and London, UK. Adam joined RAM from DWS, where he served as Director – Client Coverage, managing relationships with wholesale, wealth, and family office clients. Prior to this, he led several divisions across Europe during his 7-year tenure at MSCI. Previously, he was the Head of Distribution at Legal and General Investment Management where he led a division of 60+ relationship managers, responsible for £500bn of client assets. This team was responsible for raising £15bn per annum from investors in the UK, Europe, Asia and the Gulf. For personal use only
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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 material has been prepared by RAM Property Funds Management Ltd (ABN 28 629 968 163; AFSL 514484)(RPFM) for informative and illustrative purposes only and should not be construed as legal, tax, investment or other advice. This material does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. All investments involve the potential for a loss of capital. Prospective investors should seek separate, independent financial and professional advice if required prior to making an investment to assess the suitability, lawfulness and risks involved. The statements in this Presentation are not intended to be complete or final and are qualified in their entirety by reference to the Full Year Reporting Documents for FY25 lodged with the ASX (the “Full Year Results”). Indications of, and guidance on, future earnings and financial position and performance and activities are “forward-looking statements”. Due care and attention has been used in the preparation of any forward-looking statements. While RPFM and the RAM Group believe that there is a reasonable basis for the forward-looking statements, such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the RAM Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Except as required by law, the Group does not undertake any obligation to publicly update or review any forward- looking statements, whether as a result of new information or future events. Past performance is not necessarily indicative of future performance. In the event that the descriptions or terms described herein are inconsistent with or contrary to the descriptions in or terms of the Full Year Results, the Full Year Results will prevail. For personal use only