ram-logo
2026.03.2 | INSIGHT
ram基礎服務房產基金-(asx:-rep)-2026上半財年業績更新-article-thumb

RAM基礎服務房產基金 (ASX: REP) 2026上半財年業績更新

我們很高興與您分享 RAM基礎服務房產基金(ASX: REP) 2026上半財年最新業績報告。

在截至2025年12月31日的六個月內,基金業績保持穩健。基金實現每單位1.25澳分的季度分紅,並確認2026上半財年每單位5.0澳分的年派息目標,按此計算當前收益率超過9%1。運營表現保持強勁,在零售和醫療關鍵租戶續租的支持下,新舊租賃價差達6.1%,加權平均租金上漲率為3.6%。

一個關鍵發展是,基金成功與一家大型機構投資者就出售Coomera Square、Springfield Fair、Coles Rutherford、Keppel Bay Plaza和Mowbray Marketplace簽署條款。這將加速資金回流以償還債務並重新啟動回購計劃。基金將保留上述資產的少數股權,從而能夠更有力地專注於投資組合的重新定位,目標是將投資組合中醫療保健主導的資產比重提升至80%。

隨着醫療保健領域投資前景的持續拓展,基金將受益於醫療保健資產佔比的提升,並持續將資本重新部署至更具增長潛力及更高收益的醫療資產及增值型項目。

醫療資產通常通過「三重淨租賃結構」降低資本支出要求,而更長的加權平均租賃期則減少了租戶流失和收入波動。在預期利率長期高位的背景下,這種策略降低了資本需求並減少了費用波動。

在本財年上半年,RAM亦進一步強化了其在醫療領域的專業能力,任命George Websdale為執行董事暨房地產基金主管。George擁有超過30年的專業經驗,專注於醫療地產領域,他的加入進一步鞏固了RAM的機構級投資實力,助力REP基金加速向醫療主導型投資組合轉型。

業績報告亮點

  • 確認基金2026上半財年每單位5.0澳分的年派息目標 2.
  • 已與一家機構投資者就五處零售資產達成出售條款,包括Coomera Square、Springfield Fair、Coles Rutherford、Keppel Bay Plaza及Mowbray Marketplace
  • 基金將保留這些資產的少數股權,此次交易將推動基金向醫療保健領域轉型,同時能夠管理債務並重新啟動回購計劃
  • 租賃表現強勁,已完成20宗租約簽訂,租賃價差擴大至6.1%
  • 與Coles、Big W等全國大型超市,以及Virtus Health、Miami Private Hospital等領先醫療運營商達成租約
  • 投資組合出租率保持在97%3,加權平均租賃期(WALE)為7.0年,彰顯投資組合韌性
  • 租戶結構進一步優化,醫療租戶表現穩健,主要私立醫院無任何租金欠款
  • 投資組合估值保持穩定,加權平均資本化率(WACR)維持在6.09%,過去12個月內75%的資產已完成外部價值重估
  • 基金資金充足,可以充分把握更多具增值效應的投資機會
下載業績報告

1.  基於2026年2月24日收盤價$0.535計算
2.  指引基於3個月BBSY(銀行票據掉期利率)市場一致預期的平均值,並按預測實施資產出售及增值收購。 
3.  按租金收入計算,已簽署的協議備忘錄(HoA)中不包括擬留作開發用途的區域

Important Information: This document is prepared and distributed by RAM Property Funds Managment Limited (ABN 28 629 968 163, AFSL 514484) (RAM). The information contained in this document is not personal financial product advice and does not take into account the personal investment objectives, financial situation, tax position or particular needs of any specific recipient. Therefore, you should not rely on this document in making any investment decisions. This material is for distribution only under such circumstances as may be permitted by applicable law and is intended for the recipient only. RAM specifically prohibits the redistribution of this material in whole or in part without the written permission of RAM and RAM accepts no liability whatsoever for the actions of third parties in this respect. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of any securities, markets, developments, legislation or other information referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of RAM as a result of using different assumptions and criteria. Neither RAM nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material. To the extent that RAM has sourced any material in this document from a third party, RAM accepts no liability for the accuracy, currency or completeness of that material. All information is correct at the time of publication only and is subject to change without notice.

This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned or an official confirmation. This communication is solely for the addressee(s) and may contain confidential and privileged information. Any unauthorised form of reproduction or disclosure of this message is prohibited. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system. The use of this e-mail for any illegal purpose, or for any purpose other than as permitted by Real Asset Management Group, is prohibited and such use may result in legal action. Unless indicated, these views are the author’s and may differ from those of Real Asset Management Group or others in the Firm. We do not represent this is accurate or complete and we may not update this. Past performance is not indicative of future returns.