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2026.03.2 | INSIGHT
ram基础服务房产基金-(asx:-rep)-2026上半财年业绩更新-article-thumb

RAM基础服务房产基金 (ASX: REP) 2026上半财年业绩更新

我们很高兴与您分享 RAM基础服务房产基金 (ASX: REP) 2026上半财年最新业绩报告。

在截至2025年12月31日的六个月内,基金业绩保持稳健。基金实现每单位1.25澳分的季度分红,并确认2026财年每单位5.0澳分的年派息目标,按此计算当前收益率超过9%1。运营表现保持强劲,在零售和医疗关键租户续租的支持下,新旧租赁价差达6.1%,加权平均租金上涨率为3.6%。

一个关键发展是,基金成功与一家大型机构投资者就出售Coomera Square、Springfield Fair、Coles Rutherford、Keppel Bay Plaza和Mowbray Marketplace签署条款。这将加速资金回流以偿还债务并重新启动回购计划。基金将保留上述资产的少数股权,从而能够更有力地专注于投资组合的重新定位,目标是将投资组合中医疗保健主导的资产比重提升至80%。

随着医疗保健领域投资前景的持续拓展,基金将受益于医疗保健资产占比的提升,并持续将资本重新部署至更具增长潜力及更高收益的医疗资产及增值型项目。

医疗资产通常通过“三重净租赁结构”降低资本支出要求,而更长的加权平均租赁期则减少了租户流失和收入波动。在预期利率长期高位的背景下,这种策略降低了资本需求并减少了费用波动。

在本财年上半年,RAM亦进一步强化了其在医疗领域的专业能力,任命George Websdale为执行董事暨房地产基金主管。George拥有超过30年的专业经验,专注于医疗地产领域,他的加入进一步巩固了RAM的机构级投资实力,助力REP基金加速向医疗主导型投资组合转型。

业绩报告亮点

  • 确认基金2026上半财年每单位5.0澳分的年派息目标 2.
  • 已与一家机构投资者就五处零售资产达成出售条款,包括Coomera Square、Springfield Fair、Coles Rutherford、Keppel Bay Plaza及Mowbray Marketplace
  • 基金将保留这些资产的少数股权,此次交易将推动基金向医疗保健领域转型,同时能够管理债务并重新启动回购计划
  • 租赁表现强劲,已完成20宗租约签订,租赁价差扩大至6.1%
  • 与Coles、Big W等全国大型超市,以及Virtus Health、Miami Private Hospital等领先医疗运营商达成租约
  • 投资组合出租率保持在97% 3 ,加权平均租赁期(WALE)为7.0年,彰显投资组合韧性
  • 租户结构进一步优化,医疗租户表现稳健,主要私立医院无任何租金欠款
  • 投资组合估值保持稳定,加权平均资本化率(WACR)维持在6.09%,过去12个月内75%的资产已完成外部价值重估
  • 基金资金充足,可以充分把握更多具增值效应的投资机会
下载业绩报告

1.  基于2026年2月24日收盘价$0.535计算
2.  指引基于3个月BBSY(银行票据掉期利率)市场一致预期的平均值,并按预测实施资产出售及增值收购。
3.  按租金收入计算,已签署的协议备忘录(HoA)中不包括拟留作开发用途的区域

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