Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Northwest Healthcare Properties REIT — Q2 2025 Earnings Presentation
39 slides from Vital Infrastructure Property Trust's earnings presentation, Aug 12, 2025
Slide 1: Q2 2025 Financial Results Presentation
Northwest Healthcare Properties REIT Q2 2025 Financial Results Presentation August 12, 2025 TSX: NWH.UN NWH REIT | Q2 2025 | 1 | Grace Hospital, New Zealand
Slide 2: Presenters and Contents
Presenters Contents Zach Vaughan CHIEF EXECUTIVE OFFICER Northwest & Healthcare Real Estate 3 Q2 2025 Results(1) 5 Stephanie Karamarkovic CHIEF FINANCIAL OFFICER Highlights 6 Financial Performance 7 Capital Management 12 Q&A Property Performance 15 Property Portfolio Overview 19 Mike Brady Appendix
Slide 3: About Northwest
| Macarthur Health Precinct – Genesis Integrated Cancer & Health Centre, Australia About Northwest Northwest Healthcare Properties REIT (TSX: NWH.UN) is a global owner, operator and developer of healthcare infrastructure assets. Global portfolio of key assets (hospitals, outpatient facilities) suppo
Slide 4: Why Healthcare Real Estate?
Why Healthcare Real Estate? Northwest owns healthcare infrastructure assets (predominately 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 Growi
Slide 5: Results Q2 2025
| Brisbane Private Hospital, Australia Results Q2 2025 NWH REIT | Q2 2025 | 5
Slide 6: Q2 2025 Highlights
| Ekera Medical Centre, Australia Q2 2025 Highlights(1) APPOINTMENT OF NEW CEO • Zach Vaughan, CEO joined on July 2, 2025 and will be based full-time in the REIT’s Toronto office • Mr. Vaughan is an accomplished real estate executive with strong international experience • Previously held roles as He
Slide 7: Q2 2025 Financial Performance
| Frankston Public Surgical Centre, Australia Q2 2025 Financial Performance NWH REIT | Q2 2025 | 7
Slide 8: Financial Snapshot
| Dalbergstr. 22, Germany Financial Snapshot (consolidated basis) FINANCIAL HIGHLIGHTS JUNE 30, 2025 DECEMBER 31, 2024 VARIANCE $ VARIANCE % Assets Under Management 8.2 8.3 (0.1) (1.2%) Gross Book Value(1) 6.0 6.0 - - Debt(1) 2.9 3.0 (0.1) (3.3%) Debt to Gross Book Value 48.5% 50.0% (1.5%) (3.1%) (“
Slide 9: Proportionate Income Statement
Proportionate Income Statement(1) THREE MONTHS ENDED SIX MONTHS ENDED $1.3B C$ MILLIONS JUNE 30, 2025 JUNE 30, 2024 (%) CHANGE JUNE 30, 2025 JUNE 30, 2024 (%) CHANGE Investment property dispositions (FY24 and 1H Net Operating Income 65.0 82.2 (21.0%) 130.8 165.9 (21.2%) FY25), offset by 2.9% SPNOI g
Slide 10: Proportionate Balance Sheet
Proportionate Balance Sheet(1) C$ Billions JUNE 30, 2025 DECEMBER 31, 2024 $ Change % Change Investment Properties(2) 4.2 4.1 0.1 2.1% $209M Sale of Assura shares in Other Assets 0.2 0.5 (0.2) (46.4%) April 2025 Total Assets 4.5 4.6 (0.1) (2.7%) Debt 2.5 2.7 (0.2) (6.6%) $203M Net debt reduction, as
Slide 11: NAV Bridge
| Hospital e Maternidade Brasil, Brazil NAV Bridge(1) $25M $35M Property revaluation loss, MTM on Assura PLC offset by ~$30M unrealized shares FX gain on net equity $8.55 0.10 $8.67 ( 0.10 ) 0.14 1.65 1.64 GLOBAL MANAGER 6.90 7.03 Q4 2024 FV adjustment to IP FV adjustment to FX adjustment & Q2 2025
Slide 12: Q2 2025 Capital Management
| Wakefield Hospital, New Zealand Q2 2025 Capital Management NWH REIT | Q2 2025 | 12
Slide 13: Debt Maturity Profile
Debt Maturity Profile <$90M >$230M Northwest’s debt maturities Of 2025 debt maturities outstanding, to be addressed through normal Available liquidity for near-term expiries as at June 30, 2025(1). course refinancings or repayment using the credit facility >50% of 2026 $600 9% maturities occur in Q4
Slide 14: Interest Rate Hedging Profile
Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk. HEDGING MATURITY PROFILE JUNE 30, DECEMBER 31, RATES 2025 2024 $900 4.00% $800 3.50% Weighted Average Variable Debt 5.02% 6.33% 3.12% 3.11% 2.99% 2.94% Weighted Average Interest Rate $700 3.00% 2.60% Weighted Average Fixed Rat
Slide 15: Q2 2025 Property Performance
| Brunssum MOB, Netherlands Q2 2025 Property Performance NWH REIT | Q2 2025 | 15
Slide 16: Net Operating Income Bridge ($M)
| Lingard Day Centre, Australia Net Operating Income Bridge ($M) +3.0% Divestment of attributable to SPNOI growth non-core assets and development income 1.8 0.7 $84.7 (20.1) $82.3 0.3 $65.0 Q2-2024 SPNOI Developments Dispositions FX Q2-2025 Notes: Figures may not sum due to rounding. Source: Q2 2025
Slide 17: Leasing Achievements
| Hospital Santa Luiza, Brazil Leasing Achievements REGION LEASE RENEWALS RETENTION % NEW LEASES (SF) EARLY LEASE (SF) EXTENSIONS (SF) North America 83,490 87.9% 14,442 28,000 Brazil - - - - Europe 127,539 89.0% 13,515 - Australasia 7,567 100% 22,890 - TOTAL – Q2 2025 218,596 88.9% 50,847 28,000 TOT
Slide 18: Healthscope Update
Healthscope Update Northwest’s Healthscope portfolio includes high-quality, sought after hospitals Receiver-led Process Update ▪ Sale process by receivers commenced in late July 2025 ▪ New owner anticipated to be confirmed in Q4-25 (transition process and timing of regulatory approvals to be determi
Slide 19: Property Portfolio Overview
| Currumbin Clinic, Australia Property Portfolio Overview NWH REIT | Q2 2025 | 19
Slide 20: Global Portfolio Overview
Global Portfolio Overview GLOBAL SUMMARY 168 13.5 15.8M 97% $8.2B PROPERTIES WALE (YRS) GLA (SQFT) OCCUPANCY AUM BRAZIL CANADA USA NETHERLANDS GERMANY AUSTRALIA NEW ZEALAND 8 Properties 46 Properties 12 Properties 16 Properties 27 Properties 45 Properties 14 Properties 17.4 WALE (YRS) 5.4 WALE (YRS)
Slide 21: NOI Is Strongly Diversified By Regions & Asset Mix
| Maitland Private Hospital, Australia NOI Is Strongly Diversified By Regions & Asset Mix(1) Income from stable rent collections and long-term leases. REGIONS ASSET MIX Research Facilities Q2 2025 2% Brazil Q2 2025 21% North America 1% 17% 33% 31% 34% Q2 2024 Europe Hospitals Q2 2024 31% 18% 57% Out
Slide 22: Lease Maturity Profile
Lease Maturity Profile(1) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033+ North America Brazil Europe Australasia Total 2025 2026 2027 2028 2029 2030 2031 2032 2033+ Total North America 4.4% 7.1% 11.8% 17.2% 8.0% 10.6% 6.6% 4.8% 29.5% 100% Brazil 0.0% 0.0% 0
Slide 23: Northwest Healthcare Properties REIT Summary
| St. John of God Specialist Centre, Australia SUMMARY Northwest Healthcare Properties REIT Ticker NWH.UN Listed Exchange TSX Distribution Payable (C$) $0.03 / Monthly Unit Price(1) $4.83 Market Capitalization (C$)(1) $1.23 Billion Distribution Yield(1) 7.45% 52-Week Trading Range(1) $4.33-$5.88 Vol
Slide 24: Contact Information
| Ormiston Hospital, New Zealand Contact Information Zach Vaughan, CEO zach.vaughan@nwhreit.com Mike Brady, President mike.brady@nwhreit.com Stephanie Karamarkovic, CFO stephanie.karamarkovic@nwhreit.com Alyssa Barry, Investor Relations alyssa.barry@nwhreit.com 604-997-0965 NWH REIT | Q2 2025 | 24
Slide 25: Disclaimer
Disclaimer This presentation provides a summary description of Northwest Healthcare Properties Real Estate unchanged, (viii) the current economic and political conditions in the countries in which the REIT Investment Trust (“NWH” or the “REIT”). This presentation should be read in conjunction with a
Slide 26: Appendix
| Macarthur Health Precinct – Genesis Integrated Cancer and Health Centre, Australia Appendix NWH REIT | Q2 2025 | 26
Slide 27: Proportionate Income Statement (three months ended June 30)
Proportionate Income Statement (three months ended June 30) JUNE 30, 2025 JUNE 30, 2024 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Net Operating Income 76.3 (11.3) 65.0 82.2 (17.3) (21.0%) Management Fee Income(2) 3.6 2.7 6.
Slide 28: Proportionate Income Statement (six months ended June 30)
Proportionate Income Statement (six months ended June 30) JUNE 30, 2025 JUNE 30, 2024 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Net Operating Income 153.5 (22.7) 130.8 165.9 (35.1) (21.2%) Management Fee Income(2) 7.4 5.1 1
Slide 29: Proportionate Balance Sheet
Proportionate Balance Sheet JUNE 30, 2025 DECEMBER 31, 2024 PROPORTIONATE BASIS CHANGE C$ BILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE ($) (%) BASIS(1) BASIS(1) Investment Properties(2) 5.4 (1.1) 4.2 4.1 0.1 2.1% Other Assets 0.6 (0.4) 0.2 0.5 (0.2) (46.4%) Total Assets 6.0 (1.5) 4
Slide 30: G&A Summary
G&A Summary(1) C$ Millions Index Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 General and Administrative 14.9 12.9 15.6 12.5 14.7 14.5 Expenses Less: Unit-Based Compensation A 2.5 0.3 (0.5) 2.1 2.6 1.0 Less: Severance - - 3.5 - 0.4 1.3 Continued G&A cost reduction comparable to G&A Attributed to
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 | Q2 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 June 30, 2025. TENANTS INCLUDE: TOP 10 TENANTS REPRESENT 37.3% OF PROPORTIONATE RENT 1 Rede D'Or, Brazil: The largest integrated health care network in Brazil # OF TENANT REGION % LOCATIONS 2 Healthscope
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 NZX and retai
Slide 34: Commitment to Sustainability
| Macarthur Health Precinct – Genesis Integrated Cancer and Health Centre, Australia CASE STUDY: Commitment to Sustainability Completion of 6-star Green Star rated building Project Overview Delivery & ESG ▪ Northwest Healthcare Properties, as ▪ Stage 1 practical completion reached in manager of Vita
Slide 35: Jerry Coughlan Health & Wellness Centre
| Jerry Coughlan Health & Wellness Centre, Canada CASE STUDY: Jerry Coughlan Health & Wellness Centre Project Overview Delivery & Completion ▪ Design and construction of a ▪ Substantial completion in FY23 and purpose built, four-storey formal opening in Q1 2024 medical office and ambulatory care hyb
Slide 36: Epworth Healthcare, Melbourne Australia
CASE STUDY: Epworth Healthcare, Melbourne Australia Northwest has supported Epworth for over 15+ years with expansion opportunities, advice and capital. Developments have added to the quality and value of assets, driving operational benefits and efficiencies that attract practitioners. 2003-2005: 20
Slide 37: 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 38: 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 39: Non-IFRS Measures
| Hospital Santa Helena, Brazil Non-IFRS Measures As defined in the Q2 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
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