Toronto, Ontario--(Newsfile Corp. - November 11, 2026) - Vital Infrastructure Property Trust (TSX: VITL.UN) ("Vital Infrastructure" or the "REIT") today announced its financial results for the three and nine months ended September 30, 2026. Unless otherwise noted, all amounts are in Canadian dollars.

"Our third quarter results reflect the resilience of our portfolio, supported by solid operating fundamentals and stable cash flows," said Zach Vaughan, Chief Executive Officer of Vital Infrastructure. "Our recent refinancing initiatives have strengthened our balance sheet, extended our debt maturity profile, and enhanced our financial flexibility. As we continue to simplify our portfolio, our focus is increasingly shifting toward disciplined capital deployment in North America to drive sustainable earnings growth and long-term unitholder value."

Q3 2026 Highlights⁽¹⁾

• Net income for Q3 2026 was $21.9 million, compared with $31.2 million in Q3 2025. The decrease primarily reflected a $34.0 million decline in net operating income following non-core asset sales and the deconsolidation of Vital Healthcare Property Trust ("Vital Trust"), partially offset by an $11.6 million reduction in finance costs due to lower debt levels and lower general and administrative expenses.
• Adjusted funds from operations ("AFFO")⁽²⁾ was $0.10 per unit, compared with $0.11 per unit in both Q3 2025 and Q2 2026, with an AFFO payout ratio of 89% (Q3 2025 - 85%; Q2 2026 - 85%). The decrease from Q2 2026 primarily reflected the full-quarter impact of the European portfolio sale, partially offset by contributions from North American acquisitions. Compared with Q3 2025, AFFO⁽²⁾ included distributions received from Vital Trust rather than a proportionate share of its results, resulting in a reduction in AFFO⁽²⁾ of $1.6 million ($0.007 per unit), partly offset by favourable foreign exchange movements and lower finance costs.
• Same-property net operating income ("SPNOI")⁽²⁾ increased 3.5% compared to Q3 2025, excluding the impact of the outsourcing of facilities operations in Canada, primarily driven by inflation-linked rent adjustments, rentalized capital expenditures and improved cost recoveries across all regions. Including these costs, SPNOI⁽²⁾ increased 2.6% to $51.8 million.​‌
• Debt to gross book value⁽²⁾ was 43.6% on an IFRS basis and 49.9% on a proportionate basis⁽²⁾ at September 30, 2026 (December 31, 2025 - 46.4% and 52.4%, respectively). Debt to Annualized Adjusted EBITDA⁽²⁾ was 8.5x (December 31, 2025 - 8.6x), reflecting annualized quarterly net operating income ("NOI") adjusted for the full-quarter impact of acquisitions and dispositions. The economic weighted average interest rate on a proportionate basis⁽²⁾ increased to 5.33% (December 31, 2025 - 4.71%), primarily due to the repayment of lower-rate European mortgages following the European portfolio sale and the maturity of Australian interest rate swaps.
• Portfolio fundamentals remained strong, with 97% occupancy and a weighted average lease expiry ("WALE") of 12.7 years.
• Net asset value ("NAV") was $7.43 per unit at September 30, 2026 compared with $7.66 at June 30, 2026. The decrease of $0.23 per unit, or 3%, primarily reflected mark-to-market losses on the REIT's investment in Vital Trust units, the impact of the revised Calvary lease terms on the valuations of the Australian hospital portfolio and management platform, and the reclassification from deferred to current of the tax liability recognized in connection with the 2025 Vital Trust internalization.
• The REIT recorded fair value gains on investment properties of $7.1 million on an IFRS basis compared with $8.8 million in Q3 2025. On a proportionate basis⁽²⁾, fair value gains were $0.1 million as IFRS gains were offset by fair value reductions on properties held through joint ventures, including the Australian hospital properties. The portfolio capitalization rate was 6.97% on a proportionate basis⁽²⁾ at September 30, 2026 (December 31, 2025 - 6.90%).
• General and administrative expenses, excluding unit-based compensation expense and employee termination benefits and related expenses, declined by approximately $2.7 million year-over-year to $8.9 million on a proportionate basis⁽²⁾ (Q3 2025 - $11.6 million), reflecting the ongoing simplification of the REIT's platform. Headcount declined approximately 42% to 134 from 230 a year earlier. The REIT continues to target an annualized G&A run-rate, on the same basis, of approximately $35 million by the end of 2026.

Australian Hospital Portfolio

• During the quarter, the REIT announced that Calvary Health Care ("Calvary") is expected to replace Healthscope Pty Ltd ("Healthscope") as tenant at the REIT's 12 Australian hospital properties held through its 30%-owned joint venture. The transition is targeted for completion by November 30, 2026, subject to satisfaction of standard regulatory approvals and other applicable conditions.
• The proposed lease arrangement is expected to extend the portfolio's weighted average lease term by approximately 5.5 years, increasing WALE to approximately 18 years, and includes enhanced rent indexation provisions.
• Based on the REIT's 30% ownership interest, lease incentives are expected to reduce annualized AFFO(2) by approximately $0.01 per unit during the incentive period.
• The REIT recorded a reduction to NAV of approximately $26.6 million related to its interest in the Australian portfolio, reflecting the revised Calvary lease terms.

Acquisition and Divestiture Activity

• During the quarter, the REIT completed the acquisition of the East New York Health Hub, an approximately 142,000 sq ft, seven-storey, purpose-built integrated community health centre in Brooklyn, New York, for US$91.1 million ($128.3 million). The property is 100% leased with approximately 11 years of remaining lease term.
• The REIT also completed the acquisition of two medical outpatient facilities totalling approximately 51,000 sq ft in Burlington, Ontario and 43,000 sq ft in Edmonton, Alberta for aggregate consideration of $40.6 million.
• Collectively, these acquisitions represented approximately $168.9 million of investment, substantially completing the redeployment of proceeds from the European portfolio sale.

Financing Activity

• During the quarter, the REIT established a $500.0 million senior unsecured credit facility maturing in August 2031, replacing its previous $370.0 million secured credit facility. The facility is supported by approximately $2.1 billion of unencumbered assets on a proportionate basis⁽²⁾ at September 30, 2026 (December 31, 2025 - $1.2 billion), enhancing the REIT's financial flexibility and access to unsecured financing.
• During the quarter, the REIT refinanced A$715.0 million of Australian joint venture term debt ($210.2 million at the REIT's share), extending the maturity from December 2026 to December 2028 and reducing the debt's weighted average interest rate by approximately five basis points.
• The REIT ended the quarter with $357.4 million of available liquidity on a proportionate basis⁽²⁾, comprising $296.8 million of undrawn capacity under the corporate credit facility and the term loan secured by Vital Trust units, and $60.6 million of cash.
• Subsequent to quarter end, the REIT completed a private placement of $300.0 million aggregate principal amount of 4.865% Series C senior unsecured debentures maturing October 15, 2029. Net proceeds were used to repay outstanding indebtedness, including the redemption of all outstanding 6.25% Series H convertible debentures ($152.1 million aggregate principal amount) on October 26, 2026, and for general corporate purposes.

Normal Course Issuer Bid

• The REIT announced today that the Toronto Stock Exchange ("TSX") has approved its intention to implement a normal course issuer bid ("NCIB"). Under the NCIB the REIT may purchase, through the facilities of the TSX and any alternative trading system in Canada, up to $8,526,700 aggregate principal amount of its Series I convertible unsecured debentures ("Series I Debentures") and 21,891,970 of its trust units ("Units"), each representing approximately 10% of the respective public float as of November 4, 2026. The REIT had, $85,267,000 aggregate principal amount of Series I Debentures outstanding, and 250,018,529 issued and outstanding Units as at November 4, 2026. The NCIB will run from November 16, 2026 to November 15, 2027, or earlier if completed or terminated. All securities acquired under the NCIB will be cancelled.
• Daily purchases made by the REIT through the NCIB may not exceed $5,801 aggregate principal amount of Series I Debentures, being 25% of the average daily trading volume of $23,206 aggregate principal amount of Series I Debentures on the TSX for the six-month period ended October 30, 2026, or 218,606 Units, being 25% of the average daily trading volume of 874,426 Units on the TSX for the six-month period ended October 30, 2026.
• The REIT also intends to adopt an automatic securities purchase plan, effective November 16, 2026, to permit repurchases during blackout periods, in accordance with any advance instructions that the REIT may elect to deliver.
• Under its current NCIB, which expires on November 13, 2026, the REIT is authorized to acquire up to $15,515,000 aggregate principal amount of Series H Debentures, $8,625,000 aggregate principal amount of Series I Debentures, and 22,177,862 Units. As of November 4, 2026, the REIT purchased $3,171,000 aggregate principal amount of Series H Debentures at a weighted average price of $1,010.77 per $1,000 principal amount of Series H Debentures and $1,011,000 aggregate principal amount of Series I Debentures at a weighted average price of $1,038.14 per $1,000 principal amount of Series I Debenture on the open market.

¹ Results for 2026 reflect the deconsolidation of Vital Trust, a New Zealand Stock Exchange-listed entity in which the REIT holds an approximately 24% interest, and the transition to equity accounting, which impacts comparability with prior periods. Vital Trust's operating results are excluded from leasing metrics and portfolio statistics.
² Refer to Non-GAAP and Other Supplementary Measures section.

Selected Operating and Financial Information ⁽¹⁾:

(i) Assets under management represents the aggregate fair value of investment properties, the quoted market price of the REIT's investment in Vital Trust units, lease assets, real estate related financial instruments and assets held for sale, including third-party interests in these assets.

(i) Excludes non-recurring accelerated amortization of deferred financing costs on early debt repayments, which varies between periods:

• 2026: $1.4 million and $1.9 million (three and nine months, respectively), recognized on early repayment of the secured revolving credit facility, which was replaced by the new unsecured facility, the REIT's share of the refinancing of Australian joint venture term debt, and certain European mortgages using proceeds from the European portfolio sale.
• 2025: nil and $3.4 million (three and nine months, respectively), recognized on the early repayment of debt using proceeds from the sale of Assura units and the issuance of senior unsecured debentures.

Non-GAAP and Other Supplementary Measures
This news release includes certain non-GAAP financial measures, non-GAAP ratios and other specified financial measures (as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure) in addition to measures prepared in accordance with IFRS. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other issuers. They should not be considered as alternatives to measures determined in accordance with IFRS. Definitions and reconciliations to the most directly comparable IFRS measures are provided below.

The table below reconciles net income as determined in accordance with IFRS to net income on a proportionate basis⁽²⁾ for the periods presented.

The following table reconciles net income (loss), as determined in accordance with IFRS, to net income (loss) on a proportionate basis⁽²⁾ for the nine months ended September 30, 2026 and 2025:

The table below reconciles net income as determined in accordance with IFRS to Net Operating Income on a proportionate basis⁽²⁾ for the periods presented.

The table below reconciles Net Operating Income to Same-Property Net Operating Income for the periods presented.

Same-Property Net Operating Income by region is as follows for the periods presented:

The following table reconciles net income attributable to unitholders to Funds from Operations⁽²⁾ for the periods presented:

The following table reconciles FFO⁽²⁾ to FFO excluding accelerated amortization of deferred financing costs⁽²⁾:

The following table reconciles Funds from Operations⁽²⁾ to Adjusted Funds from Operations⁽²⁾ for the periods presented:

Management's Discussion and Analysis and Condensed Consolidated Interim Financial Statements and Notes

Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Vital Infrastructure Property Trust's Third Quarter Report to Unitholders, which includes the condensed consolidated interim financial statements and the MD&A for the REIT, and is available at www.vitalreit.com and on SEDAR+ at www.sedarplus.ca.

Corporate Presentation

Download the REIT's Updated Corporate Presentation: www.vitalreit.com/investors

Q3 2026 Results Conference Call

The REIT will be hosting its Q3 2026 results conference call on Thursday, November 12, 2026 at 10:00 a.m. ET. The dial-in numbers for the conference call are as follows:
Canada - Toronto: (647) 932-3411
Canada (toll free): (800) 715-9871
Conference ID: 4140820
Link to audio webcast: https://www.gowebcasting.com/15015

About Vital Infrastructure

Vital Infrastructure Property Trust (TSX: VITL.UN) provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure. As at September 30, 2026, the REIT held interests in a diversified portfolio of 107 income-producing properties totalling 11.4 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe and Australia. The REIT's portfolio of outpatient, inpatient, and other health research facilities is characterized by long-term indexed leases and stable occupancies. Vital Infrastructure leverages its global workforce in six countries to serve as a long-term real estate partner to leading healthcare operators. For additional information, please visit www.vitalreit.com.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to the REIT, its operations, strategy, financial performance and condition. These statements can generally be identified by words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe", or "continue" or the negative thereof or similar variations.

Forward-looking statements in this press release include statements concerning the anticipated transition of the Australian hospital portfolio from Healthscope to Calvary, including the expected timing and financial impact.

The REIT's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. The forward-looking statements contained in this press release are based on numerous assumptions which may prove incorrect, and which could cause actual results or events to differ materially from the forward-looking statements. These include assumptions relating to the REIT's properties continuing to perform as they have recently, various general economic, political, demographic and market factors, including exchange rates remaining constant, local real estate conditions remaining strong, and interest rates remaining at current levels or decreasing, the availability of equity and debt financing to the REIT; and the REIT's ability to refinance, or extend the maturity of, its existing debt, the costs and returns of certain initiatives, tenant credit and leasing assumptions, and the successful completion of the Healthscope/Calvary transition and performance under the revised lease arrangements. Such forward-looking statements are also qualified in their entirety by the inherent risks and uncertainties surrounding future expectations and the risks described under the heading "Risk Factors" in the REIT's Annual Information Form and the risks and uncertainties set out in the MD&A, which are available on SEDAR+ at www.sedarplus.ca.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and, except as expressly required by applicable law, the REIT assumes no obligation to update such statements.

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