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 Full Year Results, released on 13 August 2025

Vital’s pre-tax operating earnings were up 4.8% to $77.4 million versus the year ended 30 June 2024 (FY24), driven by strong like-for-like rental growth, additional income from completed developments and lower management fees. In FY25 Unit Holders received distributions of 9.75cpu, consistent with FY24. Net Tangible Assets (NTA) were $2.47 per unit as at 30 June 2025, impacted by unrealised property valuation changes, the mark-to-market of interest rate swaps and a weaker Australian Dollar exchange rate.

Key outcomes include:

-Operating earnings (pre-tax) up 4.8% to $77.4 million

• AFFO of 10.41cpu versus 10.90cpu in the prior comparative period (pcp)

-Distributions of 9.75cpu, consistent with guidance, on a 93.6% AFFO pay-out ratio

-NTA per unit of $2.47, down from $2.69 in the pcp