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 has reported FY23 AFFO +8% to NZ$73.3m reflecting higher rental income from acquisitions, developments, and inflation linked rent growth being partially offset by higher interest and tax.</li><li>However, due to an expanded capital base, AFFO per unit was down -6% on the prior period.</li><li>The result was slightly below our expectations largely due to higher tax expense.</li></ul>

VHP has reported FY23 AFFO +8% to NZ$73.3m reflecting higher rental income from acquisitions, developments, and inflation linked rent growth being partially offset by higher interest and tax.However, due to an expanded capital base, AFFO per unit was down -6% on the prior period.The result was slightly below our expectations largely due to higher tax expense.

Vital Healthcare - FY23 Result First Take – FY24 Guidance Slightly Below