Vital Infrastructure Property Trust (VITL.UN) investor relations material

Executive summary

• Achieved solid Q1 2026 results with 3% year-over-year same property NOI growth, resilient earnings, and strong leasing activity, supported by a diversified healthcare portfolio spanning North America, Europe, Brazil, and Australia.

• Portfolio comprised up to 134 properties, $6.1B in assets, 13.1M sq. ft., 96.4%–97% occupancy, and a weighted average lease expiry of 12.1–13.2 years as of March 31, 2026.

• Major leasing activity included over 300,000 sq. ft. of new, renewed, and early lease extensions, maintaining high renewal rates and stable cash flows.

• Strategic asset sales in Europe and acquisitions in Canada, including the Ottawa transitional-care facility and Royal Victoria Regional Health Centre development, are reshaping the portfolio and supporting growth.

• Progressed toward a resolution on Healthscope, with a collective proposal submitted to acquire remaining hospitals and a conditional lease agreement pending approval.

Financial highlights

• Same property NOI grew 3% year-over-year to $57.4M, driven by rent escalations, capital expenditures, and improved recoveries.

• FFO per unit (diluted) was $0.11 (up 10% year-over-year); AFFO per unit was $0.10 (flat year-over-year); AFFO payout ratio improved to 87% from 92%.

• Net loss for the quarter was $3.8M, a significant improvement from a $15.5M loss in Q1 2025, due to lower finance costs and higher equity income.

• Net asset value (NAV) per unit was $7.55 as of March 31, 2026, unchanged from December 2025.

• Portfolio occupancy exceeded 96%, with a weighted average lease term over 12 years.

Outlook and guidance

• Anticipates further G&A reductions as European platform transitions to TPG, targeting $35M annual run-rate G&A by end of 2026.

• Expects leverage to fall below 50% after full receipt of European sale proceeds, with debt to EBITDA projected in the mid-8x range.

• Ongoing portfolio simplification, asset sales, and Canadian development projects are expected to drive future earnings and NAV.

• Well-positioned to pursue North American investment opportunities with enhanced liquidity and capital redeployment.

• Plans to address remaining 2026 debt maturities through repayments and refinancing.