Vital Healthcare Property Trust

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 Full Year Results, released on 13 August 2026:

Vital Healthcare Property Trust (Vital) is pleased to report its financial results for the 12 months ended 30 June 2026.

FY26 was a transformational year for Vital, marked by the transition to an internalised management model on 1 January 2026. Internalisation has strengthened governance, increased alignment with Unit Holders and established a scalable operating platform that positions Vital to capture the full benefits of future growth and value creation.

FY26 highlights include:

Financial:

• AFFO increased to $86.9 million (+23.5%) or 11.50 cents per unit (+10.5%)
• Net property income up 9.0% to $162.2 million, with like-for-like income growth of 4.1%, on a constant currency basis
• Distributions maintained at 9.75 cents per unit on an AFFO payout ratio of 84.8%
• Management Expense Ratio of 0.53% following Internalisation

Portfolio:

• 27,600 square metres of leasing activity completed delivering portfolio occupancy of 97.2%
• Unrealised portfolio valuation gain of $60.1 million
• Key hospital operator partners trading at Vital’s benchmark 50% rent/EBITDAR
• GRESB Global Sector Leader for ESG in Listed Healthcare for Standing Investments and Development

Development:

• Completed three developments at a total cost of $229.1 million
• Coomera Health Campus – Stage 1 (QLD) (A$47.5 million) and Macarthur Health Precinct – Stage 2 (NSW) (A$103.0 million) developments activated
• RDX (QLD) and Endoscopy Auckland (Auckland) awarded Green Star certification

Capital Management:

• $1.4 billion of debt refinanced on improved terms and no debt maturities before April 2028
• Completed $97.9 million of asset recycling divestments
• Gearing down to 39.6% (from 42.1%)