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>The new information that Vital Healthcare (VHP) has provided on its dual listed trust (DLT) proposal is broadly in line with our current understanding.</li><li>The key improvement is AFFO accretion, which VHP expects to be +10%–15% on a FY24 pro-forma basis, versus our estimate of c.+10%.</li><li>VHP stated that its initial conversations with investors suggests demand for Vital NZ/Vital AU is split &gt;60%/&lt;40%, and expected passive demand for Vital AU units is c.NZ$140m, which should provide a level of after implementation demand. </li></ul>

The new information that Vital Healthcare (VHP) has provided on its dual listed trust (DLT) proposal is broadly in line with our current understanding.The key improvement is AFFO accretion, which VHP expects to be +10%–15% on a FY24 pro-forma basis, versus our estimate of c.+10%.VHP stated that its initial conversations with investors suggests demand for Vital NZ/Vital AU is split &gt;60%/&lt;40%, and expected passive demand for Vital AU units is c.NZ$140m, which should provide a level of after implementation demand. 

Vital Healthcare Property Trust

Vital Healthcare - More Light on the DLT