Vital Healthcare Property Trust Analysis

Overview

Vital Healthcare Property Trust (Vital) is the only specialist, NZX-listed landlord of healthcare real estate in New Zealand and Australia. Vital's portfolio is valued at ~$2.2 billion.

The manager of the Trust is NorthWest Healthcare Properties Management Limited, a subsidiary of Toronto listed global healthcare fund manager and owner, NorthWest Healthcare Properties REIT.

Performance

The following information was extracted from Vital Healthcare Property Trust's Half Year Results, released on 19 February 2026:

Vital Healthcare Property Trust (Vital) is pleased to report Vital’s results for the six months ended 31 December 2025.

HY26 highlights include:

• Internalisation of management, announced on 10 November 2025, completed on 31 December 2025 following a successful capital raising.
• AFFO per unit increased to 5.64 cents versus the prior corresponding period, up 13.7%.
• Distributions steady at 4.875 cents per unit and FY26 distribution guidance of 9.75 cents per unit (payable quarterly) unchanged.
• Net property income increased by 4.7% or 4.0% on a constant currency, same property basis, reflecting rent reviews under existing leases plus leasing activity.
• 23,500 square metres of new or extended leasing completed across the portfolio. Occupancy now stands at 99.0% with a weighted average lease term of 19.0 years.
• Three developments reached practical completion in the period, all 100% leased to New Zealand hospital operators, being the Boulcott Hospital expansion, Wakefield Stage 2a and Endoscopy Auckland.
• RDX on the Gold Coast subsequently reached practical completion on 3 February 2026.
• Approval to commence development of Coomera Stage 1 in Queensland.
• $97.9m of asset sales completed, with the proceeds to be reinvested into Vital’s development pipeline.
• GRESB acknowledged Vital as sector leader for ESG for listed healthcare globally for the third year in a row.