Vital Infrastructure Property Trust · TSX:VITL.UN
Vital Infrastructure Property Trust — Northwest Healthcare Properties REIT — Q1 2025 Earnings Presentation
44 slides from Vital Infrastructure Property Trust's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Financial Results Presentation
Northwest Healthcare Properties REIT Q1 2025 Financial Results Presentation May 15, 2025 TSX: NWH.UN NWH REIT | Q1 2025 | 1 | ASZ Campus – Buildings W, X & Y, Netherlands
Slide 2: Presenters and Contents
Presenters Contents Craig Mitchell CHIEF EXECUTIVE OFFICER Northwest & Healthcare Real Estate 3 Q1 2025 Results(1) 5 Stephanie Karamarkovic CHIEF FINANCIAL OFFICER Achievements 6 Financial Performance 7 Capital Management 12 Q&A Property Performance 15 Dispositions & HSO Update 18 Property Portfolio
Slide 3: About Northwest
| Macarthur Health Precinct – Genesis Integrated Cancer & Health Centre, Australia About Northwest Northwest Healthcare Properties REIT (TSX: NWH.UN) owns, manages, and develops real estate exclusively focusing on tenants who are operators in healthcare, research, life sciences and education, positi
Slide 4: Why Healthcare Real Estate?
Why Healthcare Real Estate? Northwest focuses on the cure segment of the healthcare real estate spectrum, a defensive asset class that provides attractive risk adjusted returns, driven by an aging population. Growing Growing need Sustained Shift of care to Increased Transition demand for for life &
Slide 5: Results Q1 2025
| Bergman Clinic Arnhem, Netherlands Results Q1 2025 NWH REIT | Q1 2025 | 5
Slide 6: Q1 2025 Highlights
| Playford Health Hub, Australia Q1 2025 Highlights(1) EARNINGS GROWTH & REAL ESTATE OPERATIONS +14.9% +3.9% >280k Increase in AFFO SPNOI growth for Q1 square feet of new, compared to 2025, over comparable renewed and early lease Q1 2024(2) prior year period(3) extensions completed (~89% renewal rat
Slide 7: Q1 2025 Financial Performance
| Ekera Medical Centre, Australia Q1 2025 Financial Performance NWH REIT | Q1 2025 | 7
Slide 8: Financial Snapshot
| Le Carrefour Medical, Canada Financial Snapshot (consolidated basis, proforma the sale of Assura shares and financing activities) FINANCIAL HIGHLIGHTS MARCH 31, 2025 DECEMBER 31, 2024 VARIANCE $ VARIANCE % Assets Under Management 8.2 8.3 (0.1) (1.7%) Gross Book Value(1) 5.9 6.0 (0.1) (1.2%) Debt(1
Slide 9: Proportionate Income Statement
Proportionate Income Statement(1) THREE MONTHS ENDED $1.3B Investment property C$ MILLIONS MARCH 31, 2025 MARCH 31, 2024 (%) CHANGE dispositions, offset by 3.9% annual SPNOI growth(4) Net Operating Income 65.5 83.3 (21.4%) Management Fee Income(2) 8.6 10.6 (18.8%) ~$1.1M General and Administrative (
Slide 10: Proportionate Balance Sheet
Proportionate Balance Sheet(1) (Proforma the sale of Assura shares and financing activities) C$ Billions MARCH 31, 2025 DECEMBER 31, 2024 $ Change % Change Investment Properties(2) 4.2 4.1 0.1 1.3% $209M Sale of Assura shares, Other Assets 0.3 0.5 (0.2) (40.5%) subsequent to Q1 2025 Total Assets 4.5
Slide 11: NAV Bridge
NAV Bridge(1) $34M $35M $43M Property revaluation MTM on Assura PLC Driven by loss as result of minor shares at March 31, unrealized FX gain portfolio cap rate 2025 on net equity expansion (avg. 6.3%) $8.55 ( 0.14 ) 0.16 $8.71 0.14 GLOBAL MANAGER 1.65 1.65 6.90 7.06 Q4 2024 FV adjustment to IP FV ad
Slide 12: Q1 2025 Capital Management
| Macarthur Health Precinct – Genesis Integrated Cancer and Health Centre, Australia Q1 2025 Capital Management NWH REIT | Q1 2025 | 12
Slide 13: Debt Maturity Profile
Debt Maturity Profile $1.0B(2) <$96M >$265M Of 2025 debt maturities Northwest’s debt maturities Total debt repaid (WAIR of 7.12%), outstanding, to be Available liquidity for short-term expiries including subsequent events(1). amended, refinanced addressed through normal course refinancings or extend
Slide 14: Interest Rate Hedging Profile
Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk. HEDGING MATURITY PROFILE(1) MARCH 31, DECEMBER 31, 1,000 3.50% RATES 3.30% 2025(1) 2024 3.03% 900 3.00% 2.70% Weighted Average Variable Debt 5.34% 6.33% 800 Weighted Average Interest Rate 2.55% 2.52% 700 2.50% Weighted Average
Slide 15: Q1 2025 Property Performance
| Brunssum MOB, Netherlands Q1 2025 Property Performance NWH REIT | Q1 2025 | 15
Slide 16: Net Operating Income Bridge ($M)
Net Operating Income Bridge ($M) 3.9% ~$0.5M Divestment of >96% non-core assets in Of Northwest’s rents SPNOI growth vs. prior Of additional line with strategy are subject to comparable period(1) development income contractual growth(2) 2.4 0.5 (20.8) 83.3 0.1 65.5 Q1-2024 SPNOI Developments Disposi
Slide 17: Leasing Achievements
| Medimall MOB, Netherlands Leasing Achievements REGION LEASE RENEWALS RETENTION % NEW LEASES (SF) EARLY LEASE (SF) EXTENSIONS (SF) North America 51,151 88.6% 18,705 34,000 Brazil - - - - Europe 111,016 89.2% 8,195 48,449 ANZ 3,120 83.6% 6,146 - TOTAL – Q1 2025 165,288 88.9% 33,046 82,449 Major Leas
Slide 18: Dispositions & HSO Update
| St. Asaph Street, New Zealand Dispositions & HSO Update NWH REIT | Q1 2025 | 18
Slide 19: Dispositions: UK Portfolio Sale
Non-core asset sales and sales Dispositions of listed and unlisted securities UK Portfolio Sale continue to unlock embedded value (adjusted sale metrics) Assura PLC | 100% Sale of Listed Securities (LSE:AGR) $917.3M ADJUSTED GROSS Gross proceeds gain on PROCEEDS Sale via two Gain of over 20% origina
Slide 20: Healthscope Update – Background
Healthscope Update – Background Australia has strong and consistent Healthscope is the 2nd largest private hospital operator Private Health Insurance coverage in Australia with 38 hospitals 12.5 48% 46% Sales Process Commenced 12.0 Persons Covered (m) A market check process for a sale of Healthsco
Slide 21: Healthscope Update – Northwest
Healthscope Update – Northwest Northwest’s Healthscope portfolio includes high-quality, sought after hospitals Northwest Update Portfolio lease structure protects Northwest’s interests All rent has been paid to date (other than the rent subject to the agreed upon deferral arrangements) and Healt
Slide 22: Property Portfolio Overview
| Belmont Private Hospital, Australia Property Portfolio Overview NWH REIT | Q1 2025 | 22
Slide 23: Global Portfolio Overview
Global Portfolio Overview GLOBAL SUMMARY 169 13.6 15.8M 97% $8.2B(1) PROPERTIES WALE (YRS) GLA (SQFT) OCCUPANCY AUM BRAZIL CANADA USA NETHERLANDS GERMANY AUSTRALIA NEW ZEALAND 8 Properties 47 Properties 12 Properties 16 Properties 27 Properties 45 Properties 14 Properties 17.7 WALE (YRS) 5.2 WALE (Y
Slide 24: NOI Is Strongly Diversified By Regions & Asset Mix
| Landsberger Allee 44, Germany NOI Is Strongly Diversified By Regions & Asset Mix(1) Income from stable rent collections and long-term leases. REGIONS ASSET MIX Life Sciences Q1 2025 2% Brazil Q1 2025 21% North America 18% 1% MOB 34% 32% Hospital and 41% 34% Healthcare Europe Q1 2024 Q1 2024 Facili
Slide 25: Lease Maturity Profile
Lease Maturity Profile(1) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2025 2026 2027 2028 2029 2030 2031 2032 2033+ North America Brazil Europe Australasia Total 2025 2026 2027 2028 2029 2030 2031 2032 2033+ Total North America 8.4% 8.0% 11.6% 17.6% 7.2% 9.1% 6.4% 4.4% 27.2% 100% Brazil 0.0% 0.0% 0.
Slide 26: Northwest Healthcare Properties REIT Summary
| Brunssum MOB, Netherlands SUMMARY Northwest Healthcare Properties REIT Ticker NWH.UN Listed Exchange TSX Distribution Payable (C$) $0.03 / Monthly Unit Price(1) $4.87 Market Capitalization (C$)(1) $1.23 Billion Distribution Yield(1) 7.39% 52-Week Trading Range(1) $4.33-$5.88 Volume Weighted Avg. P
Slide 27: Contact Information
| Ormiston Hospital, New Zealand Contact Information Craig Mitchell, CEO craig.mitchell@nwhreit.com Mike Brady, President mike.brady@nwhreit.com Stephanie Karamarkovic, CFO stephanie.karamarkovic@nwhreit.com Alyssa Barry, Investor Relations alyssa.barry@nwhreit.com 604-997-0965 NWH REIT | Q1 2025 |
Slide 28: Disclaimer
Disclaimer This presentation provides a summary description of Northwest Healthcare Properties Real Estate unchanged, (viii) the current economic and political conditions in the countries in which the REIT Investment Trust (“NWH” or the “REIT”). This presentation should be read in conjunction with a
Slide 29: Appendix
| Sliedrecht MOB, Netherlands Appendix NWH REIT | Q1 2025 | 29
Slide 30: Proportionate Income Statement (three months ended March 31)
Proportionate Income Statement (three months ended March 31) MARCH 31, 2025 MARCH 31, 2024 PROPORTIONATE BASIS CHANGE PROPORTIONATE PROPORTIONATE C$ MILLIONS IFRS BASIS ADJUSTMENTS(1) BASIS(1) BASIS(1) ($) (%) Net Operating Income 77.1 (11.6) 65.5 83.3 (17.8) (21.4%) Management Fee Income(2) 3.8 4.9
Slide 31: Proportionate Balance Sheet
Proportionate Balance Sheet MARCH 31, 2025 DECEMBER 31, 2024 PROPORTIONATE BASIS CHANGE C$ BILLIONS IFRS BASIS ADJUSTMENTS(1) PROPORTIONATE PROPORTIONATE BASIS(1) BASIS(1) ($) (%) Investment Properties(2) 5.3 (1.1) 4.2 4.1 0.1 1.3% Other Assets 0.6 (0.4) 0.3 0.5 (0.2) (40.5%) Total Assets 5.9 (1.5)
Slide 32: G&A Summary
G&A Summary C$ Millions Index Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 General and Administrative 19.3 15.0 17.4 15.5 17.3 14.7 16.7 Expenses Less: Unit-Based 1.9 (0.7) 2.6 0.3 (0.5) 2.1 2.6 A $1.1M Compensation Less: Severance - - - - 3.8 - 0.4 G&A Attributed to AFFO B 17.4 15.7 14.8
Slide 33: Northwest's Strategic Healthcare Property Platform
Northwest's Strategic Healthcare Property Platform CORE PRESERVE, BUILD & GROW COMPETENCIES Investment Development Asset Management Management Management WHOLLY OWNED FEE BY THE REIT GENERATING Funds Management JV’s INVESTMENTS Direct Property Unlisted Ownership Public Institutional Companies JVs Eu
Slide 34: 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 | Q1 2025 | 34
Slide 35: Top 10 Tenants
Top 10 Tenants The REIT’s 10 largest tenants for the three THE REIT'S FIVE LARGEST months ended March 31, 2025. TENANTS INCLUDE: TOP 10 TENANTS REPRESENT 33.9% OF PROPORTIONATE RENT 1 Rede D'Or, Brazil: The largest integrated health care network in Brazil # OF TENANT REGION % LOCATIONS 2 Healthscope
Slide 36: GRESB Results
| Epworth Freemasons Private Hospital (Clarendon St), Australia GRESB Results In October 2024, GRESB again announced Vital Healthcare (managed by Northwest) and Northwest Healthcare as Global Sector Leaders (the highest possible award) for ESG across development for listed healthcare globally. This
Slide 37: Capital Lite Investment Strategy
| Avive Clinic Mornington Peninsula, Australia CASE STUDY Capital Lite Investment Strategy (Vital Healthcare Property Trust) Leveraging our experience to increase value: Asset-lite business models have been associated with better return on assets, lower profit volatility and greater adaptability in
Slide 38: 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 ~28.3% interest in the only specialist healthcare hospital operators in Australia landlord on the NZX and retai
Slide 39: 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 40: 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 41: 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 42: Experienced Management Team
Experienced Management Team Craig Mitchell, CEO Tracey Whittall, COO Craig Mitchell has more than 20 years’ experience Prior to joining Northwest in 2024, Tracey specializing in the property industry in Australia. His was COO at Flexiti, a leading financial services company previous roles include Ex
Slide 43: Experienced Board of Trustees
Experienced Northwest's strong governance framework ensures diversity Board of Trustees is considered in determining optimal board composition. Dale Klein Peter Aghar Graham Garner Bobby Julien Non-Executive Chair Trustee Trustee Trustee Laura King Dr. David Klein Karine MacIndoe Maureen O’Connell T
Slide 44: Non-IFRS Measures
| Hys Centre, Canada Non-IFRS Measures As defined in the Q1 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 Properties
Northwest Healthcare Properties REIT — Q1 2025 Earnings Presentation on 6ix