Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Northwest Healthcare Properties REIT — Q3 2025 Earnings Presentation
37 slides from Vital Infrastructure Property Trust's earnings presentation, Nov 11, 2025
Slide 1: Q3 2025 Financial Results Presentation
Northwest Healthcare Properties REIT Q3 2025 Financial Results Presentation November 11, 2025 TSX: NWH.UN NWH REIT | Q3 2025 | 1 | St. John of God Specialist Centre, Australia
Slide 2: Presenters and Contents
Presenters Contents Zach Vaughan CHIEF EXECUTIVE OFFICER Northwest & Healthcare Real Estate 3 Q3 2025 Results(1) 5 Stephanie Karamarkovic CHIEF FINANCIAL OFFICER Highlights 6 Financial Performance 8 Capital Management 13 Q&A Property Performance 16 Property Portfolio Overview 19 Mike Brady Appendix
Slide 3: About Northwest
About Northwest A global owner, operator and developer of healthcare infrastructure assets that are critical for healthcare delivery 167 13.4 16M 97% $8.4B PROPERTIES WALE (YRS) GLA (SQFT) OCCUPANCY AUM 7 ~10,000 ~350 1,300+ BBB HOSPITAL BEDS OPERATING CREDIT RATING / COUNTRIES THEATRES TENANTS INVE
Slide 4: Why Healthcare Real Estate?
Why Healthcare Real Estate? Northwest owns critical hospitals and outpatient facilities, a defensive and recession resistant asset class that offers predictable and stable cashflows, supported by strong demand tailwinds. + + = Shift of care to Transition Growing Aging lower-acuity towards medical po
Slide 5: Results
| St. John of God Private Hospital, Australia Results Q3 2025 NWH REIT | Q3 2025 | 5
Slide 6: Q3 2025 Highlights
| Macarthur Health Precinct – Genesis Integrated Cancer and Health Centre, Australia Q3 2025 Highlights EARNINGS GROWTH, STRONG REAL ESTATE OPERATIONS & CAPITAL MANAGEMENT +3.9% >200k SPNOI growth for Q3 square feet of new, renewed 2025, over comparable and early lease extensions prior year period(1
Slide 7: Vital Management Internalization
Vital Management Internalization Proceeds to further reduce leverage and fund future growth OVERVIEW ▪ On November 9, Northwest entered into a conditional agreement for the internalization of management at Vital Healthcare Property Trust (VHP.NZ) ▪ ▪ Northwest will receive a cash payment of NZ$214M
Slide 8: Q3 2025 Financial Performance
| Wakefield Hospital, New Zealand Q3 2025 Financial Performance NWH REIT | Q3 2025 | 8
Slide 9: Financial Snapshot
| Ormiston Hospital, New Zealand Financial Snapshot (consolidated basis) FINANCIAL HIGHLIGHTS SEPTEMBER 30, 2025 DECEMBER 31, 2024 VARIANCE $ VARIANCE % Assets Under Management 8.4 8.3 0.1 1.2% Gross Book Value (“GBV”)(1) 6.0 6.0 - - Debt(1) 2.9 3.0 (0.1) (3.3%) Debt to GBV(1) 48.4% 50.0% (1.7%) (3.
Slide 10: Proportionate Income Statement
Proportionate Income Statement(1) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER SEPTEMBER SEPTEMBER SEPTEMBER $1.3B C$ MILLIONS (%) CHANGE (%) CHANGE 30, 2025 30, 2024 30, 2025 30, 2024 Investment property dispositions (FY24 and YTD Net Operating Income 66.8 69.7 (4.2%) 197.6 235.7 (16.1%) FY25), o
Slide 11: Proportionate Balance Sheet
Proportionate Balance Sheet(1) C$ Billions SEPTEMBER 30, 2025 DECEMBER 31, 2024 $ Change % Change Investment Properties(2) 4.3 4.1 0.1 3.3% $209M Other Assets 0.3 0.5 (0.2) (40.2%) Sale of Assura shares in April 2025 Total Assets 4.6 4.6 (0.0) (1.1%) Debt 2.5 2.7 (0.1) (5.2%) Other Liabilities 0.4 0
Slide 12: NAV Bridge
| Hospital Santa Luiza, Brazil NAV Bridge(1) Unrealized FX gain on net equity, Property revaluation $20M loss YTD FY25 $80M offset by ~$100M FV adjustment that reflects strategic initiatives in Australasia & Europe $8.55 0.27 ( 0.40 ) ( 0.08 ) 0.14 $8.48 1.22 GLOBAL 1.65 MANAGER 6.90 7.26 Q4 2024 FV
Slide 13: Q3 2025 Capital Management
| Brisbane Private Hospital, Australia Q3 2025 Capital Management NWH REIT | Q3 2025 | 13
Slide 14: Debt Maturity Profile
Debt Maturity Profile ~$20M >$250M Northwest’s debt maturities Of 2025 debt maturities outstanding, to be Available liquidity for addressed through normal course as at September 30, 2025(1). refinancings or repayment using the credit near-term expiries facility $700 >50% of 2026 9% maturities occur
Slide 15: Interest Rate Hedging Profile
Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk. DEBT COMPOSITION SEPTEMBER 30, DECEMBER 31, $3,000 5.00% RATES 4.57% 4.58% 2025 2024 4.31% 4.48% 4.28% 4.50% $2,500 3.79% 4.00% Weighted Average Interest Rate Weighted Average Variable Debt 4.76% 6.33% 3.50% $2,000 Canadian $m
Slide 16: Q3 2025 Property Performance
| Grace Hospital, New Zealand Q3 2025 Property Performance NWH REIT | Q3 2025 | 16
Slide 17: Net Operating Income Bridge
| Dalbergstr. 22, Germany Net Operating Income Bridge ($M) +3.8% Divestment of attributable to SPNOI growth non-core assets and development income 2.5 0.2 $72.1 7.4 $69.4 2.2 $66.8 Q3-2024 SPNOI Developments Dispositions FX Q3-2025 Notes: Figures may not sum due to rounding. Source: Q3 2025 MD&A. NW
Slide 18: Leasing Achievements
| Hospital e Maternidade, Brazil Leasing Achievements (in thousands of square feet) LEASE RENEWALS RETENTION % NEW LEASES (SF) EARLY LEASE (SF) EXTENSIONS (SF) North America 53 83% 20 5 Brazil - - - - Europe 59 92% 21 3 Australasia 37 97% 2 - TOTAL – Q3 2025 150 90% 43 8 TOTAL – 1H 2025 384 89% 84 1
Slide 19: Property Portfolio Overview
| Ekera Medical Centre, Australia Property Portfolio Overview NWH REIT | Q3 2025 | 19
Slide 20: Global Portfolio Overview
Global Portfolio Overview GLOBAL SUMMARY 167 13.4 15.7M 97% $8.4B PROPERTIES WALE (YRS) GLA (SQFT) OCCUPANCY AUM BRAZIL CANADA USA NETHERLANDS GERMANY AUSTRALIA NEW ZEALAND 8 Properties 46 Properties 12 Properties 16 Properties 27 Properties 44 Properties 14 Properties 17.2 WALE (YRS) 5.2 WALE (YRS)
Slide 21: NOI Is Strongly Diversified By Regions & Asset Mix
| Dalbergstr. 22, Germany NOI Is Strongly Diversified By Regions & Asset Mix(1) Income from stable rent collections and long-term leases. REGIONS ASSET MIX Research Facilities Q3 2025 2% Brazil Q3 2025 22% North America 1% 19% 32% 32% 38% Q3 2024 Europe Hospitals Q3 2024 23% 18% 57% 61% 26% Outpatie
Slide 22: Lease Maturity Profile
Lease Maturity Profile(1) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033+ North America Brazil Europe Australasia Total 2025 2026 2027 2028 2029 2030 2031 2032 2033+ Total North America 3.4% 6.7% 11.8% 16.7% 8.7% 11.6% 6.9% 4.8% 29.4% 100% Brazil 0.0% 0.0% 0
Slide 23: Northwest Healthcare Properties REIT Summary
| St. John of God Specialist Centre, Australia SUMMARY Northwest Healthcare Properties REIT Ticker NWH.UN Listed Exchange TSX Distribution Payable (C$) $0.03 / Monthly Unit Price(1) $4.99 Market Capitalization (C$)(1) $1.27 Billion Distribution Yield(1) 7.21% 52-Week Trading Range(1) $4.33-$5.26 Vol
Slide 24: Contact Information
| Hospital Santa Helena, Brazil Contact Information Zach Vaughan, CEO zach.vaughan@nwhreit.com Mike Brady, President mike.brady@nwhreit.com Stephanie Karamarkovic, CFO stephanie.karamarkovic@nwhreit.com Alyssa Barry, Investor Relations alyssa.barry@nwhreit.com 604-997-0965 NWH REIT | Q3 2025 | 24
Slide 25: Disclaimer
Disclaimer This presentation provides a summary description of Northwest Healthcare Properties Real Estate to the REIT, (viii) the tax laws as currently in effect remaining unchanged, (ix) the current economic and Investment Trust (“NWH” or the “REIT”). This presentation should be read in conjunctio
Slide 26: Appendix
| Grace Hospital, New Zealand Appendix NWH REIT | Q3 2025 | 26
Slide 27: Proportionate Income Statement (three months)
Proportionate Income Statement (three months ended September 30) SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Net Operating Income 79.2 (12.3) 66.8 69.7 (2.9) (4.2%) Management Fee Income(
Slide 28: Proportionate Income Statement (nine months)
Proportionate Income Statement (nine months ended September 30) SEPTEMBER 30, 2025 SEPTEMBER 30, 2024 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Net Operating Income 232.6 (35.0) 197.6 235.7 (38.1) (16.1%) Management Fee Inc
Slide 29: Proportionate Balance Sheet
Proportionate Balance Sheet SEPTEMBER 30, 2025 DECEMBER 31, 2024 PROPORTIONATE BASIS CHANGE C$ BILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Investment Properties(2) 5.4 -1.1 4.3 4.1 0.1 3.3% Other Assets 0.7 -0.4 0.3 0.5 (0.2) (40.2%) Total Assets 6.0 -1.5
Slide 30: G&A Summary
G&A Summary(1) C$ Millions Index Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 General and Administrative 14.9 12.9 15.6 12.5 14.7 14.5 15.8 Expenses Less: Unit-Based 2.5 0.3 (0.5) 2.1 2.6 1.0 2.1 Compensation A Less: Severance - - 3.5 - 0.4 1.3 2.1 $1.0M Continued G&A cost G&A Attributed
Slide 31: Deep Connections With Key Operating Partners
Deep Connections With Key Operating Partners Northwest has deep relationships with the biggest brands in health and health sciences across its regions. NWH REIT | Q3 2025 | 31
Slide 32: Top 10 Tenants
Top 10 Tenants The REIT’s 10 largest tenants for the three THE REIT'S FIVE LARGEST months ended September 30, 2025. TENANTS INCLUDE: TOP 10 TENANTS REPRESENT 37.4% OF PROPORTIONATE RENT 1 Rede D'Or, Brazil: The largest integrated health care network in Brazil # OF TENANT REGION % LOCATIONS 2 Healths
Slide 33: Vital Healthcare Property Trust (NZX:VHP)
CASE STUDY: Vital's tenants include the Vital Healthcare Property Trust (NZX:VHP)(1) largest three private hospital operators in New Zealand and six of the top ten private Northwest owns a ~28.2% interest in the only specialist healthcare hospital operators in Australia landlord on the NZ. | Royston
Slide 34: Building Canada's Healthcare Infrastructure
CASE STUDY: Building Canada’s Healthcare Infrastructure Jerry Coughlan Health & Wellness Centre – a purpose built four-storey ambulatory surgical & medical outpatient centre 65.4k 4 >9,000 GLA OPERATING SURGERIES (SQFT) THEATRES PA >50% 207 75ys MAJOR TENANT ON-SITE GROUND OCCUPANCY PARKING BAYS LEA
Slide 35: Experienced Management Team
Experienced Management Team Zach Vaughan, CEO Tracey Whittall, COO • More than 20 years of real estate investment and asset • More than 20 years of financial services industry management experience experience • Accomplished real estate executive with strong • Responsible for technology, sustainabili
Slide 36: Experienced Board of Trustees
Experienced Northwest's strong governance framework ensures diversity Board of Trustees is considered in determining optimal board composition. Bobby Julien Peter Aghar Graham Garner Maureen O’Connell Non-Executive Chair Trustee Trustee Trustee Zach Vaughan Laura King Dr. David Klein Karine MacIndoe
Slide 37: Non-IFRS Measures
| Hospital Caxias, Brazil Non-IFRS Measures As defined in the Q3 2025 MD&A 1. AFFO 8. Net Asset Value (“NAV”) 2. AFFO per Unit 9. Net Operating Income (“NOI”) 3. AFFO Payout Ratio 10. Same Property NOI (“Same Property NOI”/ “SPNOI”) 4. Adjusted EBITDA 11. Debt to Gross Book Value 5. Investment Prope
Northwest Healthcare Properties REIT — Q3 2025 Earnings Presentation on 6ix