MARKET RELEASE
8 May 2025
Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), has today released Vital's FY25 Third Quarter Update.
Highlights for the quarterDistributions of 2.4375cpu for Q3 (9.75 cpu annually)
2% Distribution reinvestment plan issue price discount introduced
Market leading WALE of ~19 years maintained
Diversified tenant base with no single tenant representing more than 19% of rent (no Healthscope exposure)
No debt expiring until March 2027 following a debt term extension completed in April 2025
NZ$11.5m Wakefield Hospital capacity expansion initiated at an accretive yield on cost of ~7.0%
Vital is pleased to reconfirm FY25 distribution guidance of 9.75 cents per unit (cpu) and announce a third quarter distribution of 2.4375 cpu. Imputation credits of 0.6316 cpu are attached to this distribution. The record date is 5 June 2025 and payment will be made on 19 June 2025.
Vital's Distribution Reinvestment Plan (DRP) will remain available for investors, providing an option to reinvest distributions for additional Vital units, without paying brokerage, commissions or other transaction costs. DRP units will be priced in accordance with the DRP terms and conditions, less a 2% discount. Correctly completed DRP elections to elect to participate or change an existing participation instruction are required to be received by Vital's Registrar by 5.00pm 6 June 2025.
Proceeds raised under the DRP will be applied to funding incremental capital works with key hospital operating partners such as the NZ$11.5m project at Wakefield Hospital that was announced today (refer below for further details).
Development UpdateVital currently has NZ$64.5m left to spend on its committed development pipeline of NZ$252.2m. This pipeline includes the NZ$11.5m expansion works at Wakefield Hospital. The Wakefield Hospital project is an incremental brownfield development expected to deliver investors compelling value add outcomes at one of Vital's top performing properties. This continues Vital's long standing partnership with Evolution Healthcare in the transformation of this property since its acquisition in 2017.
Refer to the attached FY25 Third Quarter update and the separate FY25 Third Quarter Distribution announcement for further details.
- ENDS -
ENQUIRIES
Chris Adams
Co-Head, ANZ, Northwest Healthcare Properties Management Limited Tel +61 408 665 332, Email chris.adams@nwhreit.com
Michael Groth
Chief Financial Officer, Northwest Healthcare Properties Management Limited Tel +61 409 936 104, Email michael.groth@nwhreit.com
About Vital (NZX code VHP):
Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare properties in New Zealand and Australia including private hospitals (~78%* of portfolio value), ambulatory care facilities (~18%* of portfolio value) and life science facilities (4%).
Vital is the leading specialist listed landlord of healthcare property in Australasia.
Vital is managed by Northwest Healthcare Properties Management Limited, a subsidiary of Toronto Stock Exchange listed Northwest Healthcare Properties REIT, a global owner and manager of healthcare property.
For more information, visit our website: https://www.vhpt.co.nz
* All figures are as at 31 March 2025