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 ~$3.5 billion.

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.