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 ~$2.2 billion.
The manager of the Trust is NorthWest Healthcare Properties Management Limited, a subsidiary of Toronto listed global healthcare fund manager and owner, NorthWest Healthcare Properties REIT.
The following information was extracted from Vital Healthcare Property Trust's Full Year Results, released on 8 August 2024:
Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital), has today released its results for the 12 months ended 30 June 2024 (FY24).
Despite a challenging environment, Vital recorded Adjusted Funds from Operations (AFFO) of 10.9 cpu enabling payment of 9.75 cpu in distributions, consistent with guidance, on a prudent 89.4% payout ratio. The Manager also continued to progress several strategic initiatives including the sale of non-core assets, key ESG initiatives, capital partnering, increasing hedging and maintenance of balance sheet gearing below 40%.
Fund Manager, Aaron Hockly, said: “During FY24 NZ$251.3m of non-core assets were sold and five developments, totaling NZ$197m, were completed. Recycling capital from sales into developments, in addition to leasing, has enabled us to maintain Vital’s market leading WALE at 18.3 years and improved Vital’s property portfolio across a range of metrics including lowering the average building age, increasing exposure to healthcare precincts, green buildings and key markets including New Zealand.”
“Vital’s remaining committed development spend of ~NZ$138m is fully funded from existing debt headroom of ~NZ$158m. In addition, ~NZ$180m of asset sales are in due diligence to complete Vital’s asset sales programme” Hockly continued.
FY24 highlights include:
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