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>Vital Healthcare (VHP) reported a flat FY24 result and guided for another flat outcome in FY25, both as we had expected.</li><li>Non-core asset sales continued to fund development activity and support balance sheet gearing.</li><li>VHP has further divestments underway which will more than fund the remaining project spend, which largely completes over the next 12 months.</li></ul>

Vital Healthcare (VHP) reported a flat FY24 result and guided for another flat outcome in FY25, both as we had expected.Non-core asset sales continued to fund development activity and support balance sheet gearing.VHP has further divestments underway which will more than fund the remaining project spend, which largely completes over the next 12 months.

Vital Healthcare - FY24 Result — Passing Its Annual Physical