Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Vital Infrastructure Ppty — Q1 2026 Earnings Presentation
35 slides from Vital Infrastructure Property Trust's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation May 13, 2026 TSX: VITL.UN Frankston Public Hospital, Australia
Slide 2: Presenters
Presenters Zach Vaughan Stephanie Karamarkovic CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER • +20 years of real estate investment and • +18 years of real estate finance and asset management experience accounting experience • Accomplished executive with strong • Responsible for accounting and fina
Slide 3: Vital Owns and Manages Critical Healthcare Infrastructure Along a Patient's Healthcare Journey
Vital Owns and Manages Critical Healthcare Infrastructure Along a Patient’s Healthcare Journey Where we focus HOME MEDICAL CLINIC / AMBULATORY IN- PATIENT SPECIALIZED LONG - TERM SKILLED HOSPICE HOME OUTPATIENT DIAGNOSTIC SURGERY HOSPITALS REHABILITATION CARE / NURSING FACILITY IMAGING CENTRE CENTRE
Slide 4: Demographics - Aging Population
Demographics - Aging Population In the next decade, Canadian’s aged 65 and above will account for ~1/4 of the population... a 28% increase from today +2M 24.0% 22.0% PEOPLE (65+) 20.0% % of Population (65+) 18.0% 16.0% 14.0% 12.0% Sources: Statistics Canada, 2025 4
Slide 5: Growing Healthcare Spending
Growing Healthcare Spending Spending on Canadian Healthcare is expected to grow at ~5% pa for the next 25 years ANNUAL PHYSICIAN HEALTHCARE SPENDING VISITS & COSTS – UNITED STATES (1) – CANADA (2) Age 2 Visits / year < 45 US$5,100 / year $1.3T 4 Visits / year 45 - 64 US$11,300 / year $374 B 7 Visits
Slide 6: Movement to Outpatient
Movement to Outpatient Procedures in U.S. Outpatient Facilities continue to grow (1) 125 2,500 120 2,400 Technology Advances 2,300 115 2,200 In- patient admissions 110 Outpatient Visits 2,100 105 2,000 Cost Efficiency 100 1,900 95 1,800 90 1,700 Better Patient Outcomes 85 1,600 In-patient per 1,000
Slide 7: Building Canada's Future Healthcare Infrastructure
Building Canada’s Future Healthcare Infrastructure Significant Investment in Modern Healthcare Infrastructure is Needed in Canada “Compared to inpatient settings, ambulatory centres can provide surgery times that are shorter, with faster recoveries, lower infection rates and efficiency gains ranging
Slide 8: Healthcare Infrastructure
Healthcare Infrastructure We are a global owner/operator of Healthcare Infrastructure 105 $5.4B 11.2M 97% 13.2 PROPERTIES GROSS ASSETS SQ.FT. OCCUPANCY WALE (YRS) 6 ~7,200 ~200 850+ BBB (low) stable COUNTRIES HOSPITAL BEDS OPERATING THEATRES TENANTS INVESTMENT GRADE CREDIT RATING Notes: a s at March
Slide 9: Portfolio Overview
Portfolio Overview NOI is strongly diversified by regions & asset mix (1) REGIONS ASSET MIX Other 2% North Brazil America 30% 40% Outpatient Facilities Inpatient 38% Facilities 60% Europe 9% Australia 21% Caxias D’Or Hospital, Brazil Notes: (1) three Months Ended March 31, 2026 Proportionate NOI; ex
Slide 10: Non-Discretionary Tenants
Non - Discretionary Tenants Resilient cash flows underpinned by Non - Discretionary spending Discretionary Hospital / Surgery <5% Primary & General Care Specialty Care Diagnostics & Ancillary Services Wellness & Preventative Health 7% 3% Medical Research & Education 3% Non-Medical / Other 16% 59% 7%
Slide 11: Strong Cash Flow Durability
Strong Cash Flow Durability Vital’s tenant revenues are supported by high quality & highly rated credit 4% >95% GOVERNMENT + PRIVATE INSURANCE 47% 49% <5% NON - CREDIT AA+ (Government & Self-Pay) A (Private Insurance) Non-Credit St. John of God Specialist Centre, Australia Sources: Based on a weight
Slide 12: Top Tenants
Top 10 Tenants Vital’s 10 largest tenants for the three months Vital's Five Largest ended March 31, 2026 (1) Tenants Include: TOP 10 TENANTS REPRESENT 40.7% OF PROPORTIONATE RENT 1 Rede D'Or, Brazil The largest integrated health care network in Brazil TENANT REGION % # OF 2 Healthscope Limited LOCAT
Slide 13: Lease Maturity Profile
Lease Maturity Profile (1) 100% 90% >71% 80% OF LEASES MATURE POST 2034 70% >64% 60% % of leases expiring 50% <4% AVERAGE ANNUAL LEASE 40% EXPIRY OVER THE NEXT 8YRS 30% 20% 10% 0% 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Notes: (1) r epresented by area; as at March 31, 2026; excluding assets he
Slide 14: Building Canada's Next Generation of Healthcare Infrastructure
Building Canada’s Next Generation of Healthcare Infrastructure Vital is the preferred partner for the Canadian healthcare system Lakeridge Health (Jerry Coughlan Health & Wellness Centre) Royal Victoria Regional Health Centre Built in 2023 in Pickering, Ontario, Partnership with Royal Victoria Regio
Slide 15: Strong Macro Tailwinds Yet Valuation Gap Remains
Strong Macro Tailwinds Yet Valuation Gap Remains Considerable valuation upside as macro tailwinds become better reflected in market pricing Vital’s distribution yield remains attractive Vital’s distribution yield exceeds the average vs. healthcare - focused TSX peers across all Canadian REIT sectors
Slide 16: Q1 2026 Highlights
Q1 2026 Highlights Earnings Growth, Strong Real Estate Operations & Capital Management +3.0% >300k SPNOI (1) growth for Q1 2026, over square feet of new, renewed and comparable prior year period early lease extensions completed (~83% renewal rate) $7.55 BBB (low) Stable Confirmed by DBRS Net Asset V
Slide 17: Why Invest in Vital?
Why Invest in Vital? Opportunity to Access an Established Global Portfolio of Critical Healthcare Infrastructure 1 Unique Asset Base: Only listed Canadian REIT owning critical Healthcare Infrastructure 2 Sector Fundamentals: Defensive and recession resistant asset class with strong demand tailwinds
Slide 18: Q1 2026 Results
QF MITTAL | crores INFRASTRUCTURE | TRUST Q1 2026 Results
Slide 19: Proportionate Income Statement
Proportionate Income Statement (1) THREE MONTHS ENDED C$ MILLIONS March 31, 2026 March 31, 2025 VARIANCE (%) Primarily driven by the exclusion of approximately $8.5M of NOI from Net Operating Income 58.5 65.8 (11.1%) Vital Trust, as Vital Trust is no longer included in NOI following Management Fee I
Slide 20: Proportionate Balance Sheet
Proportionate Balance Sheet (1) Include the acquisition of transitional - care facility in Ottawa, Ontario for $51.3M, favourable foreign translation C$ BILLIONS MARCH 31, 2026 DECEMBER 31, 2025 VARIANCE (#) VARIANCE (%) adjustments of $81.9M, and capital additions of $5.4M Investment Properties 3.1
Slide 21: Net Operating Income Bridge ($M)
Net Operating Income Bridge ($M) North America SPNOI (1) (1.2% growth) was negatively affected by higher operating costs from the transition to outsourced facilities operations. Excluding this impact, North America SPNOI growth would have been 3.8%, and overall SPNOI growth would have been 4.0% V it
Slide 22: Leasing Achievements
Leasing Achievements (in thousands of square feet) LEASE RENEWALS RETENTION % NEW LEASES (SF) EARLY LEASE (SF) EXTENSIONS (SF) North America 92 80% 12 - Brazil - - - - Europe 183 85% 36 - Australia 1 100% - - TOTAL – Q1 2026 276 83% 48 - MAJOR LEASING ACHIEVEMENTS in Q1 2026 Through active ~83% ~324
Slide 23: Net Asset Value Bridge
Net Asset Value Bridge (1) $35M $26M $42M Fair value losses were mainly driven Mark - to- market losses on Vital Unrealized FX gain on net equity by transaction price adjustments on Trust units (NZ$2.00/unit at Q4 European assets held for sale 2025 vs. NZ$1.81/unit at Q1 2026) $7.55 0.23 $7.55 (0.09
Slide 24: Debt Maturity Profile and Weighted Average Interest Rate
Debt Maturity Profile ~$81M >$400M of 2026 debt maturities wer e addressed through repayments Available current liquidity Vital’s debt maturities made subsequent to quarter end ($65M in Canada and $16M in for near - term expiries as at March 31, 2026 (1)(2) Europe ) Economic weighted Australia’s deb
Slide 25: Interest Rate Hedging Profile
Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk (1)(2) DEBT COMPOSITION MARCH 31, DECEMBER 31, RATES 2026 2025 $2,000 5.29% 6.0% 5.27% 5.10% 5.13% 5.5% Weighted Average Variable Debt 5.02% 4.88% 5.0% 4.25% $1,500 4.5% Weighted Average Interest Rate Weighted Average Fixed Rat
Slide 26: Appendix
QF MITTAL | crores INFRASTRUCTURE | TRUST Appendix
Slide 27: Proportionate Income Statement (three months ended March 31)
Proportionate Income Statement (three months ended March 31) MARCH 31, 2026 MARCH 31, 2025 PROPORTIONATE BASIS CHANGE C$ MILLIONS IFRS BASIS ADJUSTMENTS (1) PROPORTIONATE PROPORTIONATE (#) (%) BASIS (1) BASIS (1) Net Operating Income 47.5 11.0 58.5 65.8 (7.3) (11.1%) Management Fee Income (2) 3.9 (1
Slide 28: Proportionate Balance Sheet
Proportionate Balance Sheet MARCH 31, 2026 DECEMBER 31, 2025 PROPORTIONATE BASIS CHANGE C$ BILLIONS IFRS BASIS ADJUSTMENTS (1) PROPORTIONATE PROPORTIONATE (#) (%) BASIS (1) BASIS (1) Investment Properties 2.4 0.7 3.1 3.0 0.1 4.4% Assets Held for Sale 0.4 0.1 0.4 0.5 (0.0) (5.8%) Other Assets 0.8 (0.
Slide 29: Case Study: Jerry Coughlan Health & Wellness Centre
Case Study: Jerry Coughlan Health & Wellness Centre A purpose built four - storey ambulatory surgical & medical outpatient centre in Pickering, Ontario 65.4k 4 >9,000 GLA OPERATING SURGERIES (SQFT ) THEATRES PA >50% 207 75ys MAJOR TENANT ON - SITE GROUND OCCUPANCY PARKING BAYS LEASE Jerry Coughlan H
Slide 30: Case Study: Outpatient Surgical Centre Development
Case Study: Outpatient Surgical Centre Development (Partnership with Royal Victoria Regional Health Centre) Construction of a new healthcare services building on existing Royal Victoria Regional Health centre property in Barrie, Ontario 119k $112M Q4 2029 Rendered Image of Ambulatory Surgical Centre
Slide 31: Board of Trustees / Management
Board of Trustees / Management Vital's strong governance framework ensures diversity is considered in determining optimal board composition POSITION APPOINTED TO POSITION INDEPENDENCE Board of Trustees Bobby Julien Chair 2025 Independent Peter Aghar Trustee 2024 Independent Graham Garner Trustee 202
Slide 32: Summary
Summary VITAL INFRASTRUCTURE PROPERTY TRUST ANALYST COVERAGE Ticker VITL.UN Brokerage Name Analyst Contact Listed Exchange TSX ATB Cormark Capital Markets Sairam Srinivas Sairam.Srinivas@atb.com Distribution Payable (C$) $0.03 / Monthly BMO Capital Markets Tom Callaghan Tom.Callaghan@bmo.com Unit Pr
Slide 33: Measures
Measures As defined in the Q1 2026 MD&A 1. Adjusted EBITDA 8. Net Asset Value (“NAV”) 2. AFFO 9. Net Operating Income (“NOI”) 3. AFFO per Unit 10. Same Property NOI (“Same 4. AFFO Payout Ratio Property NOI”/ “SPNOI”) 5. Debt to Adjusted EBITDA 6. Debt to Gross Book Value 7. Investment Properties on
Slide 34: Investor Relations Contact
Investor Relations Contact Vital Infrastructure Property Trust (TSX: VITL.UN) Steven Hong VP, Investor Relations & Corporate Development steven.hong@vitalreit.com Corporate Head Office 180 Dundas Street West Suite 1100 Toronto ON M5G 1Z8 (416) 366 - 2000 Epworth Freemasons Private Hospital, Australi
Slide 35: Forward Looking Disclaimer
Forward Looking Disclaimer This presentation provides a summary description of Vital Infrastructure Property Trust hospitals, the REIT’s ability to successfully complete its planned dispositions, (“Vital” or the “REIT”) . This presentation should be read in conjunction with and is developments and a
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