New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Vital Healthcare Property Trust / Equity Bottom-Up

<ul><li>VHP reported FY26 AFFO (proforma removing the internalisation cost tax benefits), up +14% on the prior year to NZ$80.1m with higher underlying rental income (higher base rents, development completions, and FX) and lower costs and tax offsetting higher interest costs.</li><li>On a per share basis AFFO was up +2% reflecting the equity raise to fund the internalisation of management.</li><li>First time FY27 DPS guidance of 9.75cps flat on FY26 (and slightly below our expectations) but with potential upside from leasing up of developments.</li></ul>

VHP reported FY26 AFFO (proforma removing the internalisation cost tax benefits), up +14% on the prior year to NZ$80.1m with higher underlying rental income (higher base rents, development completions, and FX) and lower costs and tax offsetting higher interest costs.On a per share basis AFFO was up +2% reflecting the equity raise to fund the internalisation of management.First time FY27 DPS guidance of 9.75cps flat on FY26 (and slightly below our expectations) but with potential upside from leasing up of developments.

Vital Healthcare Property Trust

Vital Healthcare (VHP) | FY26 First Take