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Vital Healthcare Property Trust (NZX: VHP) Vital Announces Third Quarter Results

Wednesday 12th May 2021

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NorthWest Healthcare Properties Management Limited (NorthWest), as manager of the Vital Healthcare Property Trust (Vital), is pleased to provide this update as at 31 March 2021.

Vital recorded an 11.7% increase in net property income for the three months ended 31 March 2021 (Q3FY21) and a 9.6% increase financial year to date from the prior corresponding periods reflecting acquisitions, developments and rental growth. This increase in net property income helped Vital record a 14.6% increase in adjusted funds from operations or AFFO per unit for the financial year to date.

Over Q3FY21, Vital recorded a 3.1% increase in net tangible assets per unit. This increase reflects the valuation gains referred to below and favourable foreign exchange movements as the New Zealand dollar weakened versus the Australian dollar. As noted below, the property valuation increases do not reflect independent valuations which will be undertaken at 30 June 2021.

Consistent with FMA guidance, we are not publishing total return performance for the 12 months ended 31 March 2021. We expect to release total return performance for the 12 months ended 30 June 2021 later this year.

The New Zealand government has also announced a proposal to consolidate the 20 existing district health boards into a single agency, Health New Zealand. It is currently unclear what impact, if any, this may have on Vital but we applaud any attempts to improve public health systems in New Zealand and Australia. We echo the hopes of one of our key operating partners, Southern Cross, that the private sector will be part of securing a healthier future for New Zealanders. We have capital, your capital, available to invest in health facilities across New Zealand and Australia to help address our widely acknowledged infrastructure deficit.

Please see the link below for details

Vital Third Quarter Update

Source: Vital Healthcare Property Trust

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