Vital Infrastructure Property Trust (VITL.UN) Q3 2026 earnings summary

Executive summary

• Portfolio included 107 properties with 96.9% occupancy and 12.7-year WALE at September 30, 2026.

• Same-property NOI grew 3.5% YoY excluding Canadian facilities-outsourcing impacts, or 2.6% including them.

• Reported results were affected by Vital Trust deconsolidation and European asset sales; acquisitions, refinancing and the planned Calvary transition advanced portfolio repositioning.

Financial highlights

• Q3 revenue from investment properties was $61.2M vs. $104.3M YoY; net income was $21.9M vs. $31.2M.

• Q3 AFFO was $25.4M, or $0.10/unit, vs. $26.3M and $0.11/unit; payout ratio rose to 89% from 85%.

• Proportionate NOI was $55.6M, down 16.8% YoY, while Adjusted EBITDA was $54.4M, down 14.3%.

• Q3 SPNOI was $51.8M, up 2.6% including outsourcing costs and 3.5% excluding them.

• 9M AFFO was $77.5M, or $0.31/unit, vs. $76.1M and $0.30/unit.

Outlook and guidance

• Target annualized G&A run rate is ~$35M by year-end 2026; further savings are expected to be more modest.

• Calvary transition at 12 Australian hospitals is targeted for November 30, 2026, subject to definitive documentation, approvals and other conditions.

• Calvary lease incentives are expected to reduce annualized AFFO by ~$0.01/unit during the first 48 months; the revised lease is expected to lift Australian portfolio WALE to ~18 years.

• Barrie ambulatory centre construction is expected to start in Q4 2026; completion is targeted for Q4 2029 at an estimated cost of $112M.