Vital Healthcare Property Trust · NZX:VHP
Vital Healthcare Property Trust — Investor Presentation (November 2025)
41 slides from Vital Healthcare Property Trust's investor presentation, Nov 10, 2025
Slide 1: Internalisation and Capital Raising
Internalisation and Capital Raising 10 November 2025 Epworth Eastern VITAL HEALTHCARE PROPERTY TRUST | 1
Slide 2: Important notice and disclaimer
Important notice and disclaimer This presentation has been prepared by Northwest Healthcare Properties and has been prepared without taking into account the objectives, financial verified or will verify any of the content of this presentation and none of them are Management Limited (the Manager) in
Slide 3: Important notice and disclaimer
Important notice and disclaimer Forward looking statements session that follows that oral presentation, hard copies of this document and any trading ideas and/or publish or express independent research views in This presentation may contain certain forward-looking statements with respect to the mate
Slide 4: Contents
Contents Presenters Transaction summary Page 5 Internalisation overview Page 7 Positioned for growth Page 13 Graham Chris Michael Stuart Adams Groth Capital raising overview Page 19 INDEPENDENT CEO ELECT CFO ELECT CHAIR Appendices Page 24 VITAL HEALTHCARE PROPERTY TRUST | 4
Slide 5: Internalisation summary
Internalisation summary The Independent Directors of Vital are pleased to announce today that they have reached an agreement with Northwest, to internalise the management of Vital ► Gross payment of NZ$214m (plus GST) from Vital to Northwest as consideration for the termination of its Net savings mu
Slide 6: Capital raising summary
Capital raising summary Vital is raising NZ$220m to fund the internalisation and provide additional balance sheet flexibility to execute on its near term development opportunities ► NZ$220m capital raising consisting of a: Discount to last close 9.5% ▪ NZ$190m Underwritten Placement to eligible inve
Slide 7: Internalisation overview
Internalisation overview Ormiston Hospital Stage 1 Expansion, Auckland VITAL HEALTHCARE PROPERTY TRUST | 7
Slide 8: Internalisation Agreement
Internalisation Agreement ► The Independent Directors have reached a conditional agreement with Northwest to internalise the management of Vital for a total gross payment of NZ$214m (plus GST) ► Key conditions to the agreement include consent from Vital’s lenders, FMA granting a market services lice
Slide 9: Expected benefits of internalisation
Expected benefits of internalisation Internalisation positions Vital to deliver enhanced Unit Holder returns under a strengthened governance framework, including capturing the full benefit of Vital’s future growth ▪ 2% accretive to AFFO1 and 12% value accretive2 ▪ Retention of the full value of Vita
Slide 10: Internalisation approach
Internalisation approach The Independent Directors unanimously support the internalisation and believe that it is in the best interests of, and fair and reasonable to, Vital and its Unit Holders not associated with Northwest Governance ▪ In October 2025, Vital established a sub-committee comprised o
Slide 11: Development & Transitional Services Agreement
Development & Transitional Services Agreement Development Services Agreement (DSA) ► Northwest currently manages an A$2.6bn1 portfolio of Australian healthcare properties, owned by a joint venture between Northwest and a global real estate investor (Galaxy) ► Vital has agreed to provide certain deve
Slide 12: Northwest's support & governance matters
Northwest’s support & governance matters Northwest’s intentions ► Northwest intends to maintain a strong relationship with Vital moving forward, and is expected to remain a material Unit Holder in Vital for the foreseeable future ► Northwest has agreed to a 3-month escrow of its full Unit Holding th
Slide 13: Positioned for growth
Positioned for growth Playford Health Hub, Adelaide VITAL HEALTHCARE PROPERTY TRUST | 13
Slide 14: Investing in Healthcare Property across Australia & New Zealand
Investing in Healthcare Property across Australia & New Zealand Vital is the only specialist NZX-listed healthcare landlord HI GH-QUALI TY PORTFOLI O ► Further enhanced in recent years via non-core asset sales ► Predominantly located in health precincts ► Diversified by geography and tenants Austral
Slide 15: Why invest in Vital?
Why invest in Vital? 1 Sector tailwinds underpinned by 2 High-quality portfolio with a strong and diversified robust consumer tenant base demand Embedded Majority independent 3 development value in strategic land 4 board and aligned, experienced holdings management team Defensive, diversified 5 and
Slide 16: Vital's portfolio transformation
Vital’s portfolio transformation Northwest has supported Vital’s portfolio transformation over the last decade ► Vital Healthcare Property Trust (Vital) was listed on the NZX in NZ$, unless otherwise stated F Y15 F Y 25 1999 as a specialist healthcare property investor Total portfolio $782m $3,212m
Slide 17: Development update
Development update Capital raising provides flexibility to pursue developments in strong growth corridors and emerging medical precincts ► ~NZ$20m of remaining committed spend, with potential for an additional ~A$135m to be deployed across Coomera and Macarthur opportunities ► Attractive return on c
Slide 18: Outlook and guidance
Outlook and guidance A FOCUS ON FUNDAMENTALS TO DRIVE OPERATIONAL PERFORMANCE AND UNI T HOLDER VALUE ►FY26 FOCUS ►MEDIUM TERM ►STRATEGY DELIVERY ► 9.75 cpu distribution guidance ► Sector tailwinds ► Active property management reaffirmed ► Development upside from ► Unlock development ► Continued enha
Slide 19: Capital Raising overview
Capital Raising overview Ormiston Hospital Stage 1 Expansion, Auckland VITAL HEALTHCARE PROPERTY TRUST | 19
Slide 20: Capital raising details
Capital raising details Offer structure ▪ Underwritten Placement to eligible investors ▪ Unit Purchase Plan to all eligible Unit Holders with a registered address in New Zealand on the record date, under which each eligible Unit Holder can apply for up to NZ$50,000 of New Units ▪ The Offer is struct
Slide 21: Sources and uses
Sources and uses ► Net placement proceeds are sufficient to Sources (NZ$m) fund the expected net after-tax cost of Placement 190 (97m Units) internalisation UPP 30 (15m Units) ► 30 September 2025 gearing is expected to Total sources 220 (113m Units) reduce from 42% to 40% post equity raise and settl
Slide 22: Capital raising timetable
Capital raising timetable Placement Announcement of the Offer and cleansing notice released to the NZX 10 November 2025 Vital enters trading halt and Placement bookbuild undertaken 10 November 2025 Trading halt lifted 11 November 2025 Placement settlement date, allotment of New Units under the Place
Slide 23: Closing remarks
Closing remarks 1 Strengthened governance framework, with incentives better aligned to Unit Holders 2 Embeds a fully established and industry leading team to execute on Vital’s strategy 3 AFFO and value accretive transaction 4 Strongly positioned for growth, with significant embedded development val
Slide 24: Appendix I: Analysis of pro forma impacts
Appendix I: Analysis of pro forma impacts Wakefield Hospital Stage 2, Wellington VITAL HEALTHCARE PROPERTY TRUST | 24
Slide 25: Analysis of pro forma impacts
Analysis of pro forma impacts Internalisation expected to deliver $20.9m of normalised net savings and annual fee income Normalised net savings (NZ$m) Basis 0.65% up to NZ$1.0bn GAV, 0.55% between $1.0 – 2.0bn GAV, 0.45% Base management fees 18.1 between $2.0 – 3.0bn GAV, 0.40% on GAV above $3.0bn P
Slide 26: Appendix II: Key risks and offer restrictions
Appendix II: Key risks and offer restrictions VITAL HEALTHCARE PROPERTY TRUST | 26
Slide 27: Key risks (1 / 4)
Key risks (1 / 4) ► Vital’s business activities are subject to a number of risks which may individually or in combination, affect the future operating performance of Vital and the value of an investment in Vital. Investors should carefully consider, and make their own assessment of, these risks, inc
Slide 28: Key risks (2 / 4)
Key risks (2 / 4) Internalisation proposal (2/2) • Corporate opportunities – It is difficult to know for certain whether Vital will continue to receive the same level of corporate opportunities once it is operating outside of the Northwest group. Further, it is difficult to know whether Vital will h
Slide 29: Key risks (3 / 4)
Key risks (3 / 4) Future distributions Distributions made by Vital are largely dependent on the rent received from tenants across the portfolio and expenses incurred during operations, which may be affected by a number of factors, including: ▪ overall economic conditions; ▪ financial performance of
Slide 30: Key risks (4 / 4)
Key risks (4 / 4) Construction costs and building sector stability Vital is exposed to the building sector through its development pipeline. The building sector has recently been experiencing a period of rapidly rising costs, which could lead to increased costs for Vital. Further, in this environmen
Slide 31: International offer restrictions (1 / 3)
International offer restrictions (1 / 3) United States This document must not be distributed or released in the United States. The New Units have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or o
Slide 32: International offer restrictions (2 / 3)
International offer restrictions (2 / 3) Singapore This document has not been registered as a prospectus with the Monetary Authority of Singapore ("MAS") and, accordingly, statutory liability under the Securities and Futures Act 2001 of Singapore (the "SFA") in relation to the content of prospectuse
Slide 33: International offer restrictions (3 / 3)
International offer restrictions (3 / 3) United Kingdom Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial
Slide 34: Appendix III: Recap of FY25 highlights
Appendix III: Recap of FY25 highlights Playford Health Hub, Adelaide VITAL HEALTHCARE PROPERTY TRUST | 34
Slide 35: 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, increase in like- Occupancy, WALE versus 18.1 years in 93.6% AFFO for-like net up 0.6% versus FY20 desp
Slide 36: FY25 financial performance
FY25 financial performance I NCREASED OPERATI NG PROFI T BEFORE TAX LI KE- FOR- LIKE NET PROPERT Y AC TUAL AC TUAL (%) INCOME GROWTH 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% Realised transa
Slide 37: FY25 Development update
FY25 Development update ► $108.8m of developments completed in FY25 ► Run-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 resi
Slide 38: Australian portfolio overview
~$2.1b Australian portfolio overview PRECI NCT FOCUSED PORTFOLI O WITH A DI VERSE TENANT BASE PRIVATE HOSPITALS 14 hospitals (acute and specialty AMBUL ATORY – mental health, rehabilitation) CARE Five hospital operators 17.0% 83.0% of AUS portfolio value; 86.0% of AUS portfolio rent WALE: 20.7 years
Slide 39: New Zealand portfolio overview
~$1.1b New Zealand portfolio overview PRIVATE HOSPITALS STRONG GROWTH IN NZ PORTFOLI O OVER LAST FIVE YEARS REFLECTI NG POSI TI VE CONDI TI ONS FOR PRIVATE OPERATORS Nine hospitals (all acute) AMBUL ATORY CARE Six hospital operators 15.9% 84.1% of NZ portfolio value; 84.3% of NZ portfolio rent WALE:
Slide 40: Core portfolio metrics
Core portfolio metrics FIVE YEAR TRENDS HI GHLIGHT PORTFOLI O STRENGTH AND UNDERPI N LONG- TERM PERFORMANCE OCCUPANCY 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 97.0% 17 maintaining 96.0% 16 >98.0% Occupancy 95.0% 2021 2022 2023
Slide 41: Thank you
Thank you www.vhpt.co.nz Wakefield Hospital, Wellington VITAL HEALTHCARE PROPERTY TRUST | 41
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