Vital Healthcare Property Trust · NZX:VHP
Vital Healthcare Property Trust — FY2025 Earnings Presentation
49 slides from Vital Healthcare Property Trust's earnings presentation, Aug 13, 2025
Slide 1: FY25 Annual Results Presentation
FY25 Annual Results Presentation Driving operational performance 13 AU G U S T 2025
Slide 2: Contents
Contents Investing in Healthcare Property across Australia and New Zealand 3 Presenters FY25 Highlights 6 Financial Results and Capital Management 11 Property and Sector Update 17 Chris Adams Michael Groth Richard Roos Development Activity 21 CO-HEAD, CHIEF FINANCIAL CO-HEAD, Outlook26 ANZ REGION OF
Slide 3: Investing in Healthcare Property across Australia and New Zealand
Investing in Healthcare Property across Australia and New Zealand VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX D EL IV ER ING ON STRATEGY Active property management with both occupancy and Australia New Zealand WALE enhanced Two value enhancing developments delivered ~$2.1b ~$1
Slide 4: Why healthcare real estate?
Why healthcare real estate? Vital focuses on the cure parts of the healthcare Growing demand Growing need Sustained real estate spectrum; a defensive asset class that for healthcare for health and life population provides attractive risk-adjusted returns, driven sciences space migration Ageing popul
Slide 5: Why invest in Vital?
Why invest in Vital? 1 Sector tailwinds underpinned by robust 2 High-quality portfolio consumer demand 3 Embedded value in strategic land for shovel 4 Majority independent board and experienced ready developments management team 5 Defensive, diversified and long duration 6 Unit Price trading at a 19
Slide 6: FY25 Highlights
FY25 Highlights Wakefield Hospital Stage 2, Wellington (Development now completed)
Slide 7: FY25 Highlights
FY25 Highlights OPERATIONAL PERFORMANCE FOCUS DELIVERED STRONG LEASING OUTCOMES, COMPLETION OF HIGH-QUALITY DEVELOPMENTS AND AN ENHANCED BALANCE SHEET 9.75cpu 3.7% 98.6% 18.5 years DPU maintained, 93.6% increase in like-for-like Occupancy, WALE versus 18.1 years in AFFO payout ratio net property inc
Slide 8: Portfolio further strengthened
Portfolio further strengthened BUILDING A R E S I LI E N T PO R TF O L IO O C C U PA N C Y Leasing highlights 98.6% O ver 51,000sqm of space were leased, extended or renewed during FY25, including over 9,400sqm of new leasing. Represents 22% of Vital’s total income and 20% of the portfolio's lettabl
Slide 9: Sustainability achievements
Sustainability achievements Vital achieved sector leader status (first place) for listed Sustainability performance is a key driver in: healthcare globally in developments by GRESB1. In s eeking to advance the long-term resilience and value of our property addition, Vital was ranked second place acr
Slide 10: Sustainability
Sustainability Two 6 Star Green Star 'Design & As Built' developments completed in FY24 achieved 6 Star Green Star certification in FY25 GenesisCare Integrated Cancer Playford Health Hub, Adelaide and Health Centre, Sydney 17% 45% 34% 32% BETTER ENERGY LOWER EMBODIED BETTER ENERGY LOWER EMBODIED PER
Slide 11: Financial Results and Capital Management
Financial Results and Capital Management Ormiston Hospital Stage 1 Expansion, Auckland
Slide 12: Financial performance
Financial performance INCR EAS E D OP E R AT I N G PR O F IT B E F O R E TA X LIKE-FOR-LIKE NET PROPERTY AC T UA L AC T UA L (%) I N COM E G R OW T H F Y25 F Y24 CHANGE Net property income Corporate expenses 148,834 (5,854) 144,533 (5,798) 3.0% (1.0%) 3.7% AFFO Management fees (17,652) (24,684) 28.5
Slide 13: Net property income
Net property income RENT R E V I E WS AN D D E V E LO PME NTS U ND E R PIN 3.0% NE T P RO P ERT Y INC O M E G RO WTH N E T P R O P E R T Y I N COM E ( N P I ) LIKE-FOR-LIKE NPI O CC U PA N C Y I M P R OV E M E N T TO 98.6% +3.0% +3.7% +0.6% NET PROPERT Y INCOME DRIVERS ($M) 160 4.9 (11.0) 155 9.6 15
Slide 14: Balance sheet
Balance sheet STRO NG B AL AN C E S H E E T A ND C A PITA L PO SITIO N W E I G H T E D AV E R AG E N E T TA N G I B L E ASS E T S NEW EQUITY RAISED P O R T F O L I O C A P R AT E PER UNIT VIA DRP S OF T E N E D BY 2 3 B P S TO D OW N 2 2 C E N T S TO 5.54% $2.47 $6.2m 30 JUNE 30 JUNE (%) 2025 2024 C
Slide 15: Capital management
Capital management MA JOR DE BT R E FI N A NC E C O MPL E T E D – IMPR OV ED TERM S AND D URATIO N G E A R I N G – T R U ST D E E D I N T E R E ST COV E R BANK FACILITIES 30 JUNE 2025 30 JUNE 2024 Debt to gross assets (Trust Deed)1 42.1% 39.1% 42.1% 3.0x Bank loan to value ratio – actual 2 43.6% 40.
Slide 16: Interest rate hedging
Interest rate hedging 1 I N T E R E S T R AT E R I S K E X P O S U R E S U B S TA N T I A L LY M I T I GAT E D H E D G E D AT 30 J U N E 2025 3.55% 3.32% 82% at 3.32% H E D G E D AT 30 J U N E 2026 3.57% 82% 72% at 3.55% Hedged 72% Hedged W E I G H T E D AV E R AG E I N T E R E ST R AT E H E D G E D
Slide 17: Property and Sector Update
Property and Sector Update Ormiston Hospital Stage 1 Expansion, Auckland
Slide 18: Market dynamics
Market dynamics MEDIUM-T E R M P R OS PE C TS F O R PR IVATE H E A LTH C ARE IN TH E INTEG RATED AUSTRALIAN AND NEW Z EAL AN D HEALT HCARE SEC TORS REM AIN ST R ON G Focal areas for operators What this means for Vital Prioritising activities which support margin growth NZ operators continue to trade
Slide 19: Portfolio overview
Portfolio overview AUSTR A L AS I A' S H I GH E ST Q UA L IT Y INV E STA B L E HEALTH C ARE P O RTFO LIO DI VERS IFI E D T E N AN T A ND INC O ME B ASE % OF RE NT $3.2B P O RTFO LIO D IV ERS IFIED AC RO SS AUSTRALIA AND NZ 98.6% occupancy (BY VALUE) Aurora Healthcare 18.4% NT Healthe Care 16.4% QLD
Slide 20: Lease expiry profile
Lease expiry profile LO W-RIS K E XP I RY P R O F IL E SU PPO R TS SU STA INA BLE, P RED IC TABLE AND D EFENS IV E C AS H FLO WS Vital's market-leading WALE increased to 18.5 years, up from 18.3 Lease expiries over the next three years are below the years in FY24 after a year passing, reflecting ass
Slide 21: Development Activity
Development Activity GenesisCare Integrated Cancer and Health Centre, Sydney
Slide 22: Development update
Development update $ 108.8m of developments completed in FY25 R un-off of existing committed development program with $36.9m left to be spent $ 11.5m Wakefield Hospital Level 5 capacity expansion initiated ~ $530.0m of projects completed in the last five years enhancing the quality and resilience of
Slide 23: Wakefield Hospital - Stage 2
C OMP LE T E D DE V E LOPME NTS Wakefield Hospital - Stage 2 Staged redevelopment of Wellington's largest private hospital $49.9m Stage 1 completed in 2021, $91.5m Stage 2 acute services building operational from January 2025 100% leased to Evolution Healthcare eismically resilient facility with bas
Slide 24: Maitland Private Hospital
C OMP LE T E D DE V E LOPME NTS Maitland Private Hospital A$16.0m mental health and oncology expansion completed in September 2024 100% leased to Healthe Care Stage 1 included a new level constructed above the existing mental health ward supporting an increase in the mental health service capacity b
Slide 25: Committed developments
C OMM I T T E D DE V E LOPME NTS Boulcott Hospital - Refurbishment and Expansion Endoscopy Auckland Wakefield Hospital – Level 5 Expansion $24.8m ~6.0% Mid-25 $32.2m ~5.4% Mid-late-25 $11.5m ~7.0% Late-25 estimated yield on cost forecast estimated yield on cost forecast estimated yield on cost forec
Slide 26: Outlook
Outlook Whāia te iti kahurangi ki te tūohu koe me he maunga teitei. Seek the treasure you value most dearly. If you bow your head, let it be to a lofty mountain. Whakataukī Māori proverb Kapa Haka Group from South Wellington Intermediate School performing during the Wakefield Hospital Stage 2 redeve
Slide 27: Outlook and guidance
Outlook and guidance A FO CUS ON FU N DA ME NTA L S TO D R IV E O PE R AT IO NAL P ERFO RM ANC E AND UNIT H O LD ER VALUE An attractive risk-adjusted income return, opportunities to leverage embedded portfolio value and underlying demand for health services offer long- Vital is a 'best in class' inv
Slide 28: Appendices: Board and Management
Appendices Board and Management Maitland Private Hospital, Maitland
Slide 29: Experienced management team
Experienced management team Grace Hospital, Tauranga Chris Adams Alex Belcastro Kirsty Bowyer CO-HEAD, A/NZ REGION SENIOR VICE PRESIDENT VICE PRESIDENT - - DEVELOPMENTS AND DEVELOPMENT PRECINCTS Chris Adams jointly leads the Northwest business in Australia Alex Belcastro, formerly the Chief Business
Slide 30: Experienced management team
Experienced management team Playford Health Hub, Adelaide Vanessa Flax Michael Groth Richard Roos VICE PRESIDENT, REGIONAL CHIEF FINANCIAL OFFICER CO-HEAD, A/NZ REGION GENERAL COUNSEL AND COMPANY SECRETARY Vanessa Flax joined the team in 2019, prior to which she was a Michael Groth has over 18 years
Slide 31: Majority independent board
Majority independent board Graham Stuart Mike Brady Angela Bull INDEPENDENT CHAIR AND NON-INDEPENDENT INDEPENDENT DIRECTOR MEMBER OF THE AUDIT DIRECTOR AND MEMBER OF THE AUDIT COMMITTEE COMMITTEE Graham Stuart is an experienced corporate director with Mike Brady was appointed global President of Nor
Slide 32: Majority independent board
Majority independent board RDX, Gold Coast (Artist's Impression) Craig Mitchell Dr Michael Stanford AM Zachary Vaughan NON-EXECUTIVE DIRECTOR AND INDEPENDENT DIRECTOR AND CHAIR NON-INDEPENDENT DIRECTOR MEMBER OF THE AUDIT COMMITTEE OF THE AUDIT COMMITTEE (APPOINTED 12 AUGUST 2025) (ZACHARY VAUGHAN R
Slide 33: Appendices: Additional financial information
Appendices Additional financial information Playford Health Hub, Adelaide VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 33
Slide 34: Adjusted funds from operations (AFFO)
Adjusted funds from operations (AFFO) DI STR I BU T I ON S C AS H C OV E R E D O P E R AT I N G P R OF I T B E F O R E TA X FY2025 FY2024 (%) C HA N GE Operating profit before tax and other income Add/(deduct): 77,438 73,924 4.8% +4.8% Current tax expense (15,546) (19,046) 18.4% Incentive fee - 6,60
Slide 35: Net tangible assets (NTA)
Net tangible assets (NTA) NTA PER UNIT IMPAC TED PRIMARILY BY UNREALISED PROPERT Y REVALUATION LOSSES NTA P ER UNIT BRIDG E (F Y25) $3.0 N E T TA N G I B L E ASS E T S PER UNIT $2.9 D OW N 22 C E N T S TO $2.8 $2.47 $2.69 ($0.13) $2.7 $2.6 ($0.02) ($0.01) ($0.04) ($0.02) $2.47 $2.5 NTA per unit impa
Slide 36: Movement in investment property
Movement in investment property STRO NG C P I-LI N KE D H E A LTH C A R E PO R T F O L IO O FFS E TS C AP RATE S O FTENING TOTA L P O RTFO LIO VA LU E BRI DGE (F Y25) ($M) WAC R - P O R T F O L I O $4,000 S OF T E N E D 23 B P S TO 5.54% $3,500 150 (97) 3,240 1 (46) (36) 3,212 $3,000 $2,500 WAC R -
Slide 37: Comparative returns
Comparative returns V I TAL M AI N TAI N S LO NG-T E R M O U TPE R F O R MA N C E VS BENC H M ARK O N A TOTAL RE TURN 1 BAS IS TOTAL RETURN 1 TO 30 JUNE 2025 1YR 5YR (P.A.) 10YR (P.A.) SINCE 2004 (P.A.) 2 Vital 12.6% (1.2%) 5.8% 9.4% S&P/NZX All Real Estate Index 8.7% 0.6% 4.7% 6.6% Vital’s performa
Slide 38: Appendices: Additional property information
Appendices Additional property information Playford Health Hub, Adelaide VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 38
Slide 39: Investment properties
Investment properties AS AT 30 JUNE 2025 Click on one of the underlined properties to see a fly-through of that property ~$3.2B POR T FOLI O OF H E A LTH C A R E R E A L E STATE C O M P RIS ING 34 INV ESTM ENT P RO P ERTIES Western Australia (2) Queensland (2) New South Wales (7) Auckland (5) Abbots
Slide 40: Australian portfolio overview
~$2.1b Australian portfolio overview PRECI NC T FOC US E D P O R T F O L IO W ITH A D IV E R SE TENANT BAS E PRIVATE HOSPITALS 14 hospitals (acute and specialty A M B U L ATO RY – mental health, rehabilitation) CARE Five hospital operators 17.0% 83.0% of AUS portfolio value; 0% 17. ER 86.0% of AUS p
Slide 41: New Zealand portfolio overview
~$1.1b New Zealand portfolio overview STRO NG GR O WT H I N NZ PO R T F O L IO OV E R L AST FIV E YEARS REFLEC T I N G P OS I T I V E C O ND IT IO NS F O R PR IVAT E O P ERATO RS PRIVATE HOSPITALS Nine hospitals (all acute) A M B U L ATO RY CARE Six hospital operators 15.9% 84.1% of NZ portfolio val
Slide 42: Rent reviews undertaken in FY25
Rent reviews undertaken in FY25 H I GH P E R C E N TAGE O F TOTA L R E NT IS R E V IE W E D ANNUALLY WITH STRUC TURED 1 REV IEW M EC H ANISM S FY25 Rent reviews have been June 24 Rent p.a. June 25 Rent p.a. Increase Annualised Growth completed for 172 leases # (NZD) (NZD) (NZD) (Stable currency) in
Slide 43: Rent review profile
Rent Review Breakdown Rent review profile No Review (1.0%) Turnover (0.8%) BREAK DO WN OF PORTFOLIO CP I RE V I E WS R E NT REV IEW BREAK D O WN Fixed <3% FOR TH E YEA R ENDED 30 JU N E 2025 (1.7%) TYPE % Fixed 3%+ (10.2%) CPI - Un-Capped 20.8% Market Review CPI - 2.5% Cap 1.3% (3.8%) Other Reviews
Slide 44: Core portfolio metrics
Core portfolio metrics FI VE Y EA R T R E N DS H I G H L IG HT PO R TF O L IO STR E NG TH AND UND ERP IN LO NG-TERM P ERFO RM ANC E O C C UPANC Y WALE 100.0% 20 18.7 18.5 99.2% 98.7% 98.8% 18.3 99.0% 98.6% 19 17.8 17.6 98.0% 98.0% 18 Long-term track record of maintaining 97.0% 17 >98.0% Occupancy 96
Slide 45: Appendices: Additional development information
Appendices Additional development information Playford Health Hub, Adelaide VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 45
Slide 46: Committed developments – Australia and New Zealand
Committed developments – Australia and New Zealand DEVELOPM E N TS E N H A NC E E A R NING S G R O W TH AND IM P ROV E ASS E T Q UALIT Y ALL VALUES SHOWN IN $M DESCRIPTION OF WORKS DEVELOPMENT LAND SPEND COST TO FORECAST FORECAST STATUS COST1 VALUE TO DATE COMPLETE NET RETURN COMPLETION DATE Austral
Slide 47: Glossary
Glossary Adjusted Funds from Operations is an alternate measure used for assessing distributable income. Essentially adjusts net profit after tax for non-cash/non-recurring items (i.e. NDI) then makes adjustments for items such as AFFO maintenance capex CAGR Compound Annual Growth Rate Cap Rate Capi
Slide 48: Disclaimer
Disclaimer This document has been prepared by Northwest Healthcare Properties Management Limited (the Manager) as manager of the Vital Healthcare Property Trust (the Trust). This document provides general information only and is not intended as investment, legal, tax, financial product or financial
Slide 49: Thank you
Thank you www.vhpt.co.nz Wakefield Hospital, Wellington
Vital Healthcare Property Trust — FY2025 Earnings Presentation on 6ix