Ram Essential Services Property Fund (REP)

Hi Tony,

This  ~$300mn REIT is new to the MM report, it only listed in 2021 before falling over 40% hence we must be conscious of the stock as a “Dividend Trap” – although the dividends have helped reduce the pain. The stocks looking solid value below 60c and the board clearly agree:

• As of December 31, 2024, the fund repurchased 177,470 fully paid units through its on-market buy-back program.
• After its recent result the company is buying again, on a recent trading day, it repurchased 65,000 fully paid units as part of its ongoing buy-back program.

The companies recent 1H earnings report was ok but nothing overly exciting:

• Occupancy levels remain robust at 97%, supported by major retail and healthcare tenants.
• However, there are concerns about the sustainability of rents in the healthcare sector, although management reports no current issues with arrears.

We like REP below 60c for its more than 8% yield, supported by the buyback and discount – we would call it a “buy into dips” below 60c.

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Ram Essential Services Property Fund (REP)

LAST UPDATED 06/03/2025 15:54

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Ram Essential Services Property Fund (REP)

LAST UPDATED 06/03/2025 15:54