Vital announces FY26 First Quarter Results

Dear Unit Holders,
This quarterly update provides an overview of
activities and achievements on the 3 months
ended 30 September 2025.
Highlights for the first quarter of 2026 include:
• Distributions of 2.4375cpu;
• 2.82cpu AFFO for the quarter driven by
5.0% growth in net property income, partly
influenced by timing;
• Practical completion of development projects
Boulcott Hospital, Endoscopy Auckland and
Wakefield Hospital Stage 2a;
• Continued strong leasing momentum with
new leasing and pending agreements lifting
portfolio occupancy to 99%
2
;
• Development completions and leasing
increasing Vital’s weighted average lease
expiry to 19.1 years;
• Asset sales including Toronto Private Hospital
in NSW and a 50% interest in Kawarau
Park, Queenstown providing additional
funds of ~$100m for debt repayment; and
• Continued improvement in the underlying
performance of hospital operator partners
across both New Zealand and Australia.
First Quarter Distribution
Vital is pleased to reconfirm FY26 distribution
guidance of 9.75 cents per unit (cpu) and
announce a first quarter distribution of
2.4375cpu. The record date is 13 November
2025 and payment will be made on
25 November 2025.
Vital’s Distribution Reinvestment Plan (DRP) will
remain available for investors, providing an
option to reinvest distributions for additional
FY26 First
Quarter
Update
1 JULY 2025 - 30 SEPTEMBER 2025
Chris Adams
Fund Manager
6 November 2025
Vital units, without paying brokerage, commissions
or other transaction costs. DRP units will be priced
in accordance with the DRP terms and conditions,
with a 2% discount.
Fund Performance
Vital units closed at $2.23 on 30 September
2025. The total return for the 12 months to this
date was 25.8% versus 14.9% for the S&P/NZX
All Real Estate Index over the same period. This
reflects a continuation of Vital delivering above
benchmark
1
returns over the short and longer
term, in line with its objective to deliver unitholders
attractive risk adjusted returns, funded by the
highly defensive and long dated cash flows.
Development Update
In line with the above development completions
Vital now has only $19.6m left to spend on its
committed development pipeline of $201.3m.
This pipeline includes the $36.7m expansion
project at Grace Hospital in Tauranga, due
for completion mid-2026 and RDX on the
Gold Coast due to complete in early 2026
(A$134.2m). Developments remain a key
driver of medium to longer term value for unit
holders. Vital’s strategy for future development
opportunities is to be shovel ready to unlock the
embedded value in the portfolio when conditions
are favourable.
We thank you for your ongoing support of Vital.
Unique offering: only
NZX-listed healthcare
property landlord
Sector leading WALE
of 19.1 years
Occupancy of 99%
2
Attractive risk
adjusted return
Healthcare sector
exposure; highly
defensive
Experienced Board
and management team
Organic income
growth from annual
lease reviews
Development upside
All values in this report are in NZ dollars unless stated otherwise.
Practical completion of Boulcott Hospital expansion was achieved in July 2025.
The opening was held in August 2025, officiated by the Hon Simeon Brown, Minister
of Health, with the Hon Chris Bishop, Minister of Transport also in attendance.
1
S&P/NZX All Real Estate Index (inception in 2004)
2
Inclusive of new leasing and heads of agreements secured
Boulcott Hospital, Wellington

STANDING INVESTMENTS
GRESB & PERFORMANCE SCORE
WITHIN LISTED HEALTHCARE
(GLOBALLY, 20 PEERS)
PLACE
1
ST
DEVELOPMENTS
GRESB & PERFORMANCE SCORE
WITHIN LISTED HEALTHCARE
(GLOBALLY, 6 PEERS)
PLACE
2
ND
GRESB Results
Vital has been recognised as a
Global Sector Leader in both Standing
Investments and Developments within
Listed Healthcare for the 2025 GRESB
Assessment, placing Vital among the
top ESG performers globally.
Standing Investments
• Score 87/100 (+5 from 2024), 2nd in peer group,
1st in listed healthcare.
Developments
• Score 97/100, 2nd overall in peer group and listed
healthcare, just behind Northwest.
GRESB benchmarks ESG performance across more than
1,000 real estate entities globally, with GRESB data used
by 150+ investors representing US$53 trillion AUM.
“ We’re very proud to be recognised
by GRESB again this year as Global
Sector Leaders. This result reflects the consistent
effort by our team and tenant partners to enhance
the sustainability of our assets and operations.”
— Liz Ingram, Sustainability Manager, A/NZ Region
19.1 years
1
~$3.3bn
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
PORTFOLIO
VALUE
Development
Financial
During the quarter, Boulcott Hospital expansion,
Endoscopy Auckland and Wakefield Hospital
Stage 2a reached practical completion. Vital now
has three committed developments under way at
a total projected cost of $201.3m.
Vital recorded 5.0% growth in Net Property Income
compared to the prior corresponding period, reflecting rent
reviews and rent from developments.
Cash from operations measured by AFFO of 2.82cpu was
achieved for the quarter, driven by increased property
income, lower tax expense and maintenance spend timing
differences.
Distributions for Q1 are 2.4375cpu, consistent with guidance,
on a payout ratio of 86.4% The distribution reinvestment plan,
with a 2.0% discount remains active.
$2.56
NET TANGIBLE ASSETS OR NTA PER UNIT
Wakefield Hospital, Wellington
1
Inclusive of landlord options
PORTFOLIO OVERVIEW (AS OF 30 SEPTEMBER 2025)
$19.6m
REMAINING COMMITTED DEVELOPMENT SPEND
WORTH OF DEVELOPMENTS REACHED PRACTICAL
COMPLETION DURING Q1 FY26 ACROSS THREE SITES
$148m
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY26 | 2

Further non-core asset sales
During the quarter, Vital completed the sale of Toronto Private
Hospital for A$38.3m and progressed the $36m sale of a 50%
interest in the Kawarau Park Health Hub to unconditional status, with
settlement to occur on 28 November 2025. The transaction also
involves the introduction of Queenstown based Mackersy Property
Limited to assist with management of the non-health related tenancies
representing ~35% of income, with Vital maintaining management of
the remaining 65% of health related tenant income.
Vital also settled the sale of surplus land adjacent Burnside Hospital
in Stepney SA for A$2.5m and contracted the sale of a development
site in Woolloongabba, QLD for A$14.0m (subject to FIRB
approval). The sale of these properties is the result of a reassessment
of potential development opportunities which can be activated to
generate adequate returns over the short to medium term.
Net proceeds from these asset sales will go towards debt repayment
and facilitating accretive development opportunities.
Boulcott Hospital, Wellington
Endoscopy Auckland, Auckland
33%
AUSTRALIANEW ZEALAND
GEOGRAPHIC DIVERSITY
80%
SUB-SECTOR
EXPOSURE
PRIVATE
HOSPITALS
67%16 %
AMBULATORY
CARE
SUB-SECTOR
EXPOSURE
4%
LIFE
SCIENCES
SUB-SECTOR
EXPOSURE
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY26 | 3

Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management Ltd
For the period
3 months to
30 Sep 25
$000s
3 months to
30 Sep 24
$000s
Variance
$000s
Change
%
Gross property income 44,546 41,692
Property expenses (7,346) (6,203)
Like-for-like net property income37,20035,489 1 , 7 11 4.8%
Net property income from disposals 481 1,313
Net property income from developments 1,280 627
Straight-line rent (659) (656)
Non-recurring items 548 403
Foreign exchange 176 -
Net property income39,0263 7,176 1,850 5.0%
Q1 UPDATE
Financial performance: Net property income (unaudited)
1
Financial Position (unaudited)
As at
30 Sep 25
$000s
30 Jun 25
$000s
Variance
$000s
Change
%
Assets
Investment properties 3,266,203 3,170,566 95,6373.0%
Investment properties - held for sale 51, 9 6 4 41,294
Other assets 43,087 36,232
Liabilities
Borrowings 1,416,437 1,368,449 47,988 3.5%
Other liabilities 201,876 200,128
Debt to gross assets42.1%42.1%0.0%
Total unitholders' funds 1,742,941 1,679,515 63,426 3.8%
-
Units on issue (000s) 680,800 678,896
Net tangible assets ($/unit)2.562.470.093.6%
Period end NZD/AUD exchange rate0.87700 .9275
1
On a ‘constant currency’ basis. Due to rounding, numbers may not add precisely to totals.
Ormiston Hospital, Auckland
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY26 | 4

For the period
3 months to
30 Sep 25
$000s
3 months to
30 Sep 24
$000s
Variance
$000s
Change
%
Gross property income 46,455 44,033
Property expenses (7,429) (6,857)
Net property income 39,026 3 7,176 1,850 5.0%
Corporate expenses (1,154) (1,417)
Strategic transaction expenses - (592)
Management fees (base & incentive) (4,404) (4,473)
Net finance expenses (12,110) (11,479)
Operating profit 21,358 19,215 2,143 11.2%

Non-operating gains/(losses)
Fair value gain/(loss) on investment property 5,038 (36,575)
Net gain/(loss) on disposal of investment property 254 (827)
Fair value gain/(loss) on derivatives 5,755 (16,085)
Realised & unrealised gain/(loss) on foreign exchange (4,736) (47)
Profit/(Loss) before income tax 27,669 (34,319) 61,988 180.6%
Current and deferred taxation (3,948) 4,308
Profit/(Loss) for the period attributable to unitholders of the Trust 23,721 (30,011) 53, 732 179.0%
Funds from Operations (FFO) 19, 218 17, 511 1, 707 9.7%
Adjusted Funds from Operations (AFFO) 19,158 17,310 1,848 10.7%
AFFO per unit 2.82 2.57 0.26 9.7%
Weighted average units on issue (000s) 679,144 673, 5295 , 6150.8%
Average NZD/AUD exchange rate 0.9061 0 . 912 3
YEAR-TO-DATE UPDATE
Year-to-date Financial Performance (unaudited)
Important note: The information in this investor update is general information only and does not contain all information necessary to make an investment decision. The financial information
in this investor update has not been audited. No representation or warranty, express or implied, is made to the accuracy, adequacy or reliability of information in this update, including the
financial information. This investor update contains forward looking statements which are inherently susceptible to uncertainty. Vital’s actual results may vary materially from those expressed
or implied in this investor update. The Manager is under no obligation to provide any update to information included in this update, including as a result of the audit process.
Grace Hospital, Tauranga
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY26 | 5

Our
Board
Majority independent
board; directors
located in Auckland
(x2), Melbourne
& Toronto (x2)
Bios available at www.vitalhealthcareproperty.co.nz/board-management/
Executive
Team
Located across
New Zealand
and Australia
Vanessa Flax
VP, Regional General
Counsel and Company
Secretary
Dr Michael
Stanford AM
Independent Director
and Chair of the Audit
Committee
Zachary Vaughan
Non-Independent
Director
Michael Groth
Chief Financial
Officer
Richard Roos
Co-Head,
A/NZ Region
Kirsty Bowyer
VP - Development
Chris Adams
Fund Manager
Alex Belcastro
SVP - Developments
and Precincts
Graham Stuart
Independent Chair
and Member of the
Audit Committee
Angela Bull
Independent Director
and Member of the
Audit Committee
Mike Brady
Non-Independent
Director
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management Ltd