Vital Infrastructure Property Trust (VITL.UN) Q4 2025 earnings summary

Executive summary

• Owns and operates 133 healthcare properties across 6 countries with $5.6B in gross assets and 96% occupancy.

• Achieved stable and growing cash flows, with property NOI up over 3% and occupancy above 96%.

• Streamlined portfolio by selling $560M+ in non-core assets, fully exited the U.K., internalized Vital in New Zealand, and monetized the New Zealand management contract.

• Announced a name change to Vital Infrastructure Property Trust, reflecting a strategic shift toward the Americas, effective March 11, 2026.

• Appointed new CEO, formalized an Investment Committee, and maintained strong ESG leadership.

Financial highlights

• Same-property NOI increased 3% in Q4 and 3.1% for the year, driven by inflationary and contractual rent increases.

• FFO per unit rose from $0.36 to $0.44 (22.2% YoY); AFFO per unit increased 7.7% to $0.42.

• AFFO per unit was $0.12 in Q4 and $0.42 for the year, up 20% and 8% respectively; payout ratio improved to 86% for the year.

• NAV per unit was $7.55, down $1 from last December, mainly due to Vital internalization and fair value adjustments.

• Over $600M of debt repaid; debt to GBV reduced from 58.3% to 52.4%.

Outlook and guidance

• Targeting 3–4% annual SPNOI growth and maintaining payout ratio between 85–90%.

• Expect further G&A reductions in 2026 following Vital internalization and European asset sales.

• Targeting leverage below 50% after announced transactions, with a commitment to maintain this level.

• 2026 expected to be a flat year for FFO, reflecting ongoing repositioning.

• Focus on further portfolio simplification, cost efficiency, and balance sheet strength.