Toronto, Ontario--(Newsfile Corp. - May 13, 2026) - Vital Infrastructure Property Trust (TSX: VITL.UN) ("Vital Infrastructure" or the "REIT") today announced its first quarter results for the three months ended March 31, 2026.

"Vital Infrastructure delivered another quarter of stable performance, supported by steady occupancy, long-dated leases, and durable cash flows," said Zach Vaughan, Chief Executive Officer, Vital Infrastructure Property Trust. "We also made meaningful progress on capital recycling, highlighted by the European portfolio sale and our Ottawa transitional-care facility acquisition. With enhanced liquidity and a strengthened balance sheet, Vital Infrastructure is well-positioned to pursue compelling North American investment opportunities that maximize long-term unitholder value."

Q1 2026 Highlights⁽¹⁾

Highlights for Q1 2026 and subsequent events are set out below:

Net loss for Q1 2026 was $3.8 million, compared to $15.5 million in Q1 2025, reflecting lower finance costs of $18.2 million from debt reduction and lower interest rates, higher equity-accounted income of $10.2 million and a $15.3 million favourable change in the fair value of convertible debentures, partially offset by a $29.7 million decrease in net operating income following non-core asset sales and the deconsolidation of Vital Trust.
Same-property net operating income ("SPNOI")⁽²⁾ increased 3.0% to $57.4 million compared to Q1 2025, primarily reflecting inflation-linked rent adjustments, rentalized capital expenditures and improved recoveries across all regions.
Adjusted funds from operations ("AFFO")⁽²⁾ was $0.10 per unit, consistent with Q1 2025 and lower than $0.12 per unit in Q4 2025, resulting in an AFFO payout ratio of 87% compared to 92% in Q1 2025 and 75% in Q4 2025. Following the deconsolidation of Vital Trust, beginning January 1, 2026, AFFO reflects cash distributions received from Vital Trust rather than the REIT's proportionate share of Vital Trust's AFFO. This resulted in AFFO being lower by $1.7 million, or $0.007 per unit, compared with Q1 2025, and lower by $1.4 million, or $0.005 per unit, compared with Q4 2025. The Q4 2025 results also included a one-time current income tax recovery of $1.3 million, or $0.006 per unit.
General and administrative expenses, excluding unit-based compensation expense and employee termination benefits and related expenses, were $10.4 million, compared to $11.9 million in Q1 2025, a decrease of $1.5 million, primarily reflecting the internalization of Vital Trust's management structure, which reduced salaries, investor relations and office-related costs.
Leverage remained stable, with consolidated debt to gross book value (IFRS)⁽²⁾ at 46.6% as at March 31, 2026, compared to 46.4% at December 31, 2025. On a proportionate basis⁽²⁾, leverage was 52.7%, up thirty basis points from the prior period. The REIT's proportionate economic weighted average interest rate increased to 4.76% at March 31, 2026, from 4.71% at December 31, 2025, reflecting the repayment of lower-rate Canadian mortgages funded through the revolving credit facility, as the REIT continues to build its unencumbered asset pool.

Operating performance remained stable, supported by a long-term lease maturity profile with a weighted average lease expiry ("WALE") of 12.1 years and portfolio occupancy of 96.4%.
The REIT recorded fair value losses on investment properties of $22.1 million, compared to fair value losses of $46.3 million in Q1 2025, primarily driven by adjustments to European assets held for sale reflecting agreed transaction pricing and expected proceeds. The portfolio capitalization rate was 7.0% on a proportionate basis⁽²⁾ as at March 31, 2026.

Investments

On February 24, 2026, the REIT entered into an agreement with TPG Real Estate to sell a 33-property portfolio in Germany and the Netherlands, comprising 30 income-producing properties and three properties under development. The portfolio includes 23 wholly owned properties and 10 properties held through the REIT's joint venture in the Netherlands. The Netherlands portion of the transaction closed on April 29, 2026, and the remaining German assets are expected to close in the second quarter of 2026, subject to customary closing conditions. Net proceeds attributable to the REIT are estimated at approximately $145 million, after transaction costs and taxes. The REIT expects to use the net proceeds to reduce leverage and support capital redeployment.

On March 24, 2026, the REIT acquired a transitional-care facility in Ottawa, Ontario for $51.3 million. The property is leased on a triple net basis to The Ottawa Hospital for a remaining term of approximately 15 years, with contractual rent escalations.

Financing Activity

During the first quarter, the REIT repaid $23.7 million of Canadian mortgages using existing liquidity. As at March 31, 2026, total available liquidity was approximately $366.6 million on a proportionate basis⁽²⁾, consisting of cash and undrawn credit facilities.

The REIT continues to actively manage its remaining 2026 debt maturities of $383.0 million on a proportionate basis⁽²⁾, excluding liabilities associated with assets held for sale, which are expected to be addressed through a combination of repayments and refinancing.

In Canada, $83.8 million of mortgage maturities are expected to be repaid or transitioned to the revolving credit facility, of which $65.0 million has been repaid subsequent to quarter end. In Europe, $93.8 million of mortgage maturities are expected to be addressed through a combination of repayments and refinancing, including approximately $16.0 million repaid subsequent to quarter end, with the balance expected to be refinanced in the second quarter of 2026. In Australia, $205.3 million of joint venture term debt at the REIT's share matures in December 2026 and is expected to be refinanced in the third quarter of 2026.

Operations and Leasing

SPNOI⁽²⁾ increased by 3.0% year over year, primarily reflecting inflation-linked rent adjustments, rentalized capital expenditures and improved recoveries across all regions. Regionally, SPNOI⁽²⁾ increased by 1.2% in North America, 4.3% in Brazil, 4.7% in Europe and 2.9% in Australia. Growth in North America was impacted by higher operating costs associated with the transition to outsourced facilities and operations management in Canada during the fourth quarter of 2025. Excluding these costs, North America SPNOI growth would have been 3.8%.

During the quarter, the REIT completed approximately 324,000 square feet of new and renewal leasing.

Healthscope Update

Healthscope Pty Ltd ("HSO") is the REIT's second largest tenant, occupying 12 properties contributing 6.7% of proportionate revenues for the three months ended March 31, 2026. HSO's parent entities have been in receivership since May 2025, with McGrathNicol overseeing an ongoing sale process. The REIT has entered into a conditional lease agreement with Calvary Health Care for these assets, subject to receiver and creditor approval. As discussions are ongoing, there can be no assurance as to the outcome or the potential impact on the REIT.

As of the date of this release, all rent owing to the REIT has been paid and HSO continues to meet its lease obligations.

Selected Operating and Financial Information⁽¹⁾:

($ thousands except where otherwise indicated) (unaudited)		As at March 31, 2026			As at December 31, 2025
Assets under management⁽ⁱ⁾	$	6,062,000		$	5,630,000
Number of properties		134			133
Gross leasable area (millions of sf)		13.1			13.0
Period end occupancy		96.4	%		96.4	%
Weighted Average Lease Expiry (Years)		12.1			12.3
Debt to Gross Book Value (IFRS)⁽²⁾		46.6	%		46.4	%
Debt to Gross Book Value (Proportionate)⁽²⁾		52.7	%		52.4	%
Weighted average overall capitalization rate (Proportionate)⁽²⁾		6.95	%		6.90	%
Economic Weighted Average Interest Rate (Proportionate)⁽²⁾		4.76	%		4.71	%

(i) Assets under management represent 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, assets held for sale and third-party interests in these assets.

For the periods ended March 31 ($ thousands except where otherwise indicated - unaudited)		Three Months
		2026			2025			$ Change
Net operating income	$	47,484		$	77,148		$	(29,664	)
Net loss		(3,845	)		(15,530	)		11,685
Funds from Operations ("FFO")⁽²⁾		26,629			24,217			2,412
Adjusted Funds from Operations ("AFFO")⁽²⁾		25,758			24,346			1,412
FFO⁽²⁾ - diluted	$	0.11		$	0.10		$	0.01
AFFO⁽²⁾ per unit - diluted	$	0.10		$	0.10		$	—
Distributions per unit	$	0.09		$	0.09		$	—
AFFO⁽²⁾ payout ratio - diluted		87	%		92	%		(5)	%

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.

Non-GAAP Measure	Description and Purpose
Proportionate Basis	Proportionate basis is a non-IFRS presentation method used by the REIT to reflect its economic interest in equity-accounted joint ventures and subsidiaries by including the REIT's proportionate share of assets, liabilities, revenues and expenses, where applicable. Following the internalization of Vital Trust and the resulting loss of control, the REIT's investment in Vital Trust is accounted for as an equity-accounted investment under IFRS. For purposes of this release and the MD&A, this investment is not proportionately consolidated. Instead, it is presented as a single line item on the proportionate balance sheet at its IFRS carrying value, with distributions presented separately and the remaining equity-accounted income recognized as a non-cash adjustment in the proportionate income statement. Management believes the proportionate basis presentation provides useful information by more closely reflecting the underlying economics of the REIT's investments. However, this presentation is not defined under IFRS and may not be comparable to similar measures presented by other issuers.
Net Operating Income ("NOI")	NOI represents revenue from investment properties, including straight-line rent and lease termination income, less property operating costs and is presented as net property operating income in the REIT's consolidated financial statements prepared in accordance with IFRS. NOI reflects the operating performance of the REIT's income-producing properties before the impact of financing, income taxes and other non-property-level items. NOI is also presented on a proportionate basis in the MD&A. Management believes NOI is an important measure of property-level operating performance used by real estate industry analysts, investors and management, and a key input in determining the fair value of the REIT's income-producing portfolio.
Same-Property NOI (Constant Currency) ("SPNOI")	SPNOI is a non-IFRS financial measure used to assess period-over-period operating performance of income-producing properties owned by the REIT for a full reporting period in both the current and comparative periods. The measure excludes straight-line rental revenue, NOI attributable to properties that have been acquired, disposed of, or are subject to significant change as a result of development, redevelopment or expansion activities, as well as properties held for redevelopment. For the periods presented, SPNOI also excludes comparative-period NOI from Vital Trust to reflect its deconsolidation and current presentation. SPNOI also excludes the impact of non-recurring items not expected to recur. To enhance comparability, foreign currency impacts are excluded by converting comparative-period results using current-period average exchange rates. SPNOI is derived from NOI and presented on a proportionate basis. Management believes SPNOI is useful in understanding changes in NOI attributable to occupancy, contractual rental rate changes, operating costs and realty taxes, before considering the impact of acquisitions, dispositions and development activity.
Funds from Operations ("FFO")	FFO is a non-IFRS financial measure used by the REIT to assess operating performance and is derived from IFRS net income (loss), the most directly comparable financial measure. FFO excludes items that are not considered indicative of the recurring operating performance of income-producing real estate, such as fair value adjustments, gains or losses on property dispositions, unrealized foreign exchange, deferred income taxes and transaction-related items. The measure also reflects the economic benefit of certain management fees eliminated on consolidation but realized through non-controlling interests, and excludes certain investment, financing and general and administrative costs. REALPAC has published guidance for the calculation of FFO, and the REIT generally calculates FFO in accordance with this guidance, subject to certain adjustments disclosed in the reconciliation. Management uses FFO to evaluate operating performance and believes it meaningfully reflects period-over-period changes in occupancy, rental rates, operating costs, realty taxes, transaction activity and interest costs.
Adjusted Funds from Operations ("AFFO")	AFFO is a non-IFRS financial measure used by the REIT to assess operating performance and recurring cash flows and is derived from FFO, the most directly comparable financial measure. AFFO adjusts FFO for items that are non-cash in nature or that do not reflect recurring cash outflows associated with the ownership and operation of income-producing real estate, including financing-related amortization, straight-line rent differences, leasing costs, sustaining capital expenditures and unit-based compensation. The measure includes the REIT's proportionate share of adjustments related to equity-accounted investments and joint ventures. REALPAC has published guidance for the calculation of AFFO, and the REIT generally calculates AFFO in accordance with this guidance, subject to certain adjustments disclosed in the reconciliation. Management uses AFFO to evaluate operating performance and distribution sustainability and believes it reflects recurring operating cash flows, taking into account the timing of sustaining capital expenditures and leasing activity.
AFFO Payout Ratio	AFFO payout ratio is a non-IFRS financial ratio used by management to assess the sustainability of the REIT's distribution payments. The ratio is calculated as cash distributions declared divided by AFFO for the period. Management uses these ratios, together with other financial metrics, in evaluating distribution levels and long-term capital allocation decisions.
Debt	Debt is a supplementary financial measure representing the REIT's indebtedness, as defined and calculated for the purposes of the financial ratios and covenants disclosed in this document. It generally includes mortgages, loans and cre dit facilities, lease liabilities and debentures reported in the consolidated financial statements and may include the REIT's proportionate share of debt held in joint ventures, as applicable. Debt may be presented on an IFRS or proportionate basis and, depending on the applicable definition, may exclude certain components; where noted, Debt is presented net of unamortized financing costs. Management and lenders use Debt to assess leverage, financing capacity and compliance with debt-related covenants, including in relation to Gross Book Value, Adjusted EBITDA and other measures, as applicable.
Gross Book Value ("GBV")	Gross Book Value is defined as total assets reported in the consolidated financial statements. This measure may be presented on an IFRS or a proportionate basis, as applicable. Gross Book Value is used, as applicable, in leverage ratios and covenant calculations in accordance with the definitions contained in the REIT's Declaration of Trust, revolving credit agreement, and senior unsecured debenture indentures, including Debt to Gross Book Value.
Debt to Gross Book Value	Debt to Gross Book Value is a supplementary financial ratio calculated as Debt divided by Gross Book Value, as defined and calculated for the purposes of the applicable financial ratios and covenants disclosed in the MD&A, and is presented on an IFRS and proportionate basis, as applicable. Management and lenders use this ratio to assess the REIT's leverage and compliance with leverage-related covenants.
Net Asset Value ("NAV")	NAV is a non-IFRS financial measure calculated as total assets less total liabilities and non-controlling interests, adjusted to reflect management's estimates of fair value, including the fair value of the Manager and Vital Trust units. Management uses NAV as a measure of the REIT's intrinsic value, and NAV per Unit as a valuation metric to assess whether the REIT's units are trading at a discount or premium to intrinsic value.
Per Unit Measures	FFO per Unit, AFFO per Unit, NAV per Unit and Distributions declared per Unit are calculated by dividing the applicable measure by the number of units outstanding, calculated on a basic or diluted basis, as applicable. Per unit amounts are calculated using the weighted average number of units outstanding during the period or units outstanding at period end, as applicable. Where relevant, diluted unit counts include the impact of vested trust units, exchangeable or convertible units and other dilutive instruments, in accordance with the applicable calculation methodology.

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

($ thousands)		For the three months ended
		March 31, 2026									March 31, 2025
		IFRS Basis			Adjustments			Proportionate Basis⁽¹⁾			IFRS Basis			Adjustments			Proportionate Basis⁽¹⁾
Net operating income
Revenue from investment properties	$	74,067		$	12,562		$	86,629		$	111,647		$	(14,116	)	$	97,531
Property operating costs		(26,583	)		(1,550	)		(28,133	)		(34,499	)		2,798			(31,701	)
		47,484			11,012			58,496			77,148			(11,318	)		65,830

Other income (expenses)
Interest and other income		1,964			(818	)		1,146			6,181			(984	)		5,197
Management fees		3,898			(1,084	)		2,814			3,773			2,408			6,181
Share of income (loss) from equity accounted investments		1,431			(1,431	)		—			(8,742	)		8,742			—
Non-cash equity income from Vital Trust		—			4,686			4,686			—			—			—
Distributions from Vital Trust		—			3,735			3,735			—			—			—
Finance costs		(20,279	)		(4,988	)		(25,267	)		(38,439	)		1,399			(37,040	)
General and administrative expenses		(15,410	)		(203	)		(15,613	)		(14,848	)		185			(14,663	)
Transaction costs		(2,018	)		(21	)		(2,039	)		(9,432	)		—			(9,432	)
Foreign exchange gain (loss)		128			—			128			1,819			(164	)		1,655
Accretion of financial liabilities		(2,753	)		—			(2,753	)		(3,419	)		—			(3,419	)
Fair value adjustment of convertible debentures		4,829			—			4,829			(10,485	)		—			(10,485	)
Fair value adjustment of financial instruments		1,206			1,420			2,626			28,799			2,407			31,206
Fair value adjustment of investment properties		(22,092	)		(12,532	)		(34,624	)		(46,347	)		13,164			(33,183	)
Net loss on disposals of assets		(129	)		—			(129	)		(1,399	)		32			(1,367	)
Fair value adjustment of unit-based compensation liabilities		(981	)		—			(981	)		(1,470	)		—			(1,470	)
Loss before taxes		(2,722	)		(224	)		(2,946	)		(16,861	)		15,871			(990	)

Current income tax expense		(2,382	)		122			(2,260	)		(3,609	)		1,415			(2,194	)
Deferred income tax recovery		1,259			102			1,361			4,940			(2,646	)		2,294
Income tax (expense) recovery		(1,123	)		224			(899	)		1,331			(1,231	)		100

Net loss	$	(3,845	)	$	—		$	(3,845	)	$	(15,530	)	$	14,640		$	(890	)
Less: non-controlling interests		—			—			—			(14,640	)		14,640			—
Net loss attributable to unitholders	$	(3,845	)	$	—		$	(3,845	)	$	(890	)	$	—		$	(890	)

The table below reconciles net income (loss), as determined in accordance with IFRS, to Net Operating Income for the periods presented.

For the periods ended March 31 ($ thousands)		Three Months
For the periods ended March 31 ($ thousands)		2026			2025			$ Change
Net income (loss)	$	(3,845	)	$	(15,530	)	$	11,685
Interest and other income		(1,964	)		(6,181	)		4,217
Management fees		(3,898	)		(3,773	)		(125	)
Share of income (loss) from equity accounted investments		(1,431	)		8,742			(10,173	)
Finance costs		20,279			38,439			(18,160	)
General and administrative expenses		15,410			14,848			562
Transaction costs		2,018			9,432			(7,414	)
Foreign exchange gain (loss)		(128	)		(1,819	)		1,691
Accretion of financial liabilities		2,753			3,419			(666	)
Fair value adjustment of convertible debentures		(4,829	)		10,485			(15,314	)
Fair value adjustment of financial instruments		(1,206	)		(28,799	)		27,593
Fair value adjustment of investment properties		22,092			46,347			(24,255	)
Net loss on disposals of assets		129			1,399			(1,270	)
Fair value adjustment of unit-based compensation liabilities		981			1,470			(489	)
Income tax (expense) recovery		1,123			(1,331	)		2,454
Net Operating Income (IFRS)		47,484			77,148			(29,664	)
Adjustment for equity accounted investments		11,012			(11,318	)		22,330
Net Operating Income (proportionate)	$	58,496		$	65,830		$	(7,334	)

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

For the periods ended March 31 ($ thousands)		Three Months
For the periods ended March 31 ($ thousands)		2026			2025			$ Change
Net Operating Income (proportionate)	$	58,496		$	65,830		$	(7,334	)
Straight-line rental revenue		(728	)		(1,766	)		1,038
Foreign currency translation		—			1,765			(1,765	)
Vital Trust NOI		—			(8,535	)		8,535
Acquisitions / Dispositions		46			(1,315	)		1,361
Other		(367	)		(230	)		(137	)
Same-Property Net Operating Income	$	57,447		$	55,749		$	1,698

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

For the periods ended March 31 ($ thousands)		Three Months
For the periods ended March 31 ($ thousands)		2026		2025		$ Change	% Change
Same-Property Net Operating Income
North America	$	19,895	$	19,662	$	233	1.2 %
Brazil		15,442		14,802		640	4.3 %
Europe		12,152		11,604		548	4.7 %
Australia		9,958		9,681		277	2.9 %
Same-Property Net Operating Income	$	57,447	$	55,749	$	1,698	3.0 %

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

For the periods ended March 31 ($ thousands)		Three Months
For the periods ended March 31 ($ thousands)		2026			2025			$ Change
Net loss attributable to unitholders	$	(3,845	)	$	(890	)	$	(2,955	)
Add / (Deduct):
Fair value adjustment of convertible debentures		(4,829	)		10,485			(15,314	)
Fair value adjustment of financial instruments		(1,206	)		(28,799	)		27,593
Fair value adjustment of investment properties		22,092			46,347			(24,255	)
Fair value adjustment of unit-based compensation liabilities		981			1,470			(489	)
Less: Non-controlling interests' share of fair market value losses (gains)		—			(27,385	)		27,385
Accretion of financial liabilities		2,753			3,419			(666	)
Unrealized foreign exchange loss (gain)		(154	)		(1,855	)		1,701
Less: Non-controlling interests' share of unrealized foreign exchange loss (gain)		—			169			(169	)
Deferred tax expense (recovery)		(1,259	)		(4,940	)		3,681
Less: Non-controlling interests' share of deferred taxes		—			2,178			(2,178	)
Transaction costs		2,018			9,432			(7,414	)
Net loss on disposal of assets		1,065			1,399			(334	)
Less: Non-controlling interests' share of net loss on disposal		—			(31	)		31
Internal leasing costs		549			400			149
Property taxes accounted for under IFRIC 21		71			20			51
Net adjustment for lease liabilities		(129	)		(81	)		(48	)
Employee termination benefits and related expenses		1,975			382			1,593
Net adjustments for equity accounted entities		11,031			12,284			(1,253	)
Non-cash equity income from Vital Trust		(4,686	)		—			(4,686	)
G&A expenses related to strategic tenant inducements		202			213			(11	)
Funds from Operations	$	26,629		$	24,217		$	2,412
FFO per Unit - Basic	$	0.11		$	0.10		$	0.01
FFO per Unit - Diluted	$	0.11		$	0.10		$	0.01

Weighted average number of units outstanding
Basic		249,996,735			248,104,145			1,892,590
Diluted		250,803,844			249,111,151			1,692,693

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

($ thousands except where otherwise indicated)		Three Months
($ thousands except where otherwise indicated)		2026			2025			$ Change
Funds from Operations⁽¹⁾	$	26,629		$	24,217		$	2,412
Add / (Deduct):
Amortization of transactional deferred financing charges		—			1,903			(1,903	)
Unit-based compensation expense		3,016			2,573			443
Straight-line rental revenue		(707	)		(520	)		(187	)
Less: non-controlling interests' share of straight-line revenue		—			(515	)		515
Leasing costs and non-recoverable maintenance capital expenditures		(2,998	)		(3,369	)		371
Less: non-controlling interests' share of actual capex and leasing costs		—			270			(270	)
Net adjustments for equity accounted entities		(182	)		(213	)		31
Adjusted Funds from Operations⁽¹⁾	$	25,758		$	24,346		$	1,412
AFFO⁽¹⁾ per Unit - Basic	$	0.10		$	0.10		$	—
AFFO⁽¹⁾ per Unit - Diluted	$	0.10		$	0.10		$	—
Distributions per Unit	$	0.09		$	0.09		$	—

Weighted average number of units outstanding
Basic		249,996,735			248,104,145			1,892,590
Diluted		250,803,844			249,111,151			1,692,693

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 First 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 Company's Updated Corporate Presentation: www.vitalreit.com/investors.

Q1 2026 Results Conference Call

The REIT will be hosting its Q1 2026 results conference call on Thursday, May 14, 2026 at 10:00 a.m. ET. The dial-in numbers for the conference call are as follows:

North America (toll free): 1-800-715-9871
Overseas or local (Toronto): 1-647-932-3411
Conference ID: 4140820
Link to audio webcast: https://www.gowebcasting.com/events/vital-infrastructure-property-trust/2026/05/14/q1-2026-financial-results/play

Annual Meeting of Unitholders

Vital Infrastructure will hold its 2026 Annual Meeting of Unitholders virtually on May 26, 2026, at 10 a.m. ET. The audio webcast can be assessed at www.virtualshareholdermeeting.com/VITAL2026. Unitholders wishing to attend the virtual meeting should log in 15 minutes before the meeting begins and have their control number available.

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 March 31, 2026, the REIT held interests in a diversified portfolio of 134 income-producing properties totalling 13.1 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.

Contacts

Zach Vaughan, Chief Executive Officer, Zach.Vaughan@vitalreit.com
Stephanie Karamarkovic, Chief Financial Officer, Stephanie.Karamarkovic@vitalreit.com
Steven Hong, Vice President, Investor Relations, Steven.Hong@vitalreit.com, investors@vitalreit.com, (905) 229-9266

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 pursuing compelling North American investment opportunities that maximize long-term unitholder value, the receiver-led sale process for HSO, the conditional lease agreement with Calvary Health Care ("Calvary") for the REIT's Australian portfolio, including the approval of the receiver and creditors, the ongoing operation of HSO's hospitals, future debt repayment and renewal, the REIT's plans to address remaining 2026 debt maturities through a combination of repayments and refinancing, the use of proceeds from the Vital Trust internalization, the REIT's relationship with (and ownership interest in) Vital Trust going forward, the closing of the sale of the REIT's remaining German assets in connection with the REIT's sale of its European portfolio, including the completion and use of proceeds therefrom, and the REIT's commitment to continue pursuing asset sales, simplifying the business, reducing costs, and strengthening its balance sheet.

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 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 continued operation of HSO's hospitals, the approval by the receiver and creditors of the conditional lease agreement with Calvary, the expected timing and completion of the European portfolio sale, and the REIT's ability to successfully complete its planned dispositions, developments and acquisitions on the terms proposed. Such forward-looking statements are also qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including the risk that the transactions contemplated herein are not completed on the terms proposed or at all, 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.

^[1] Results for 2026 reflect the deconsolidation of Vital Healthcare Property Trust ("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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297333

Source: Vital Infrastructure Property Trust

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Vital Infrastructure Reports First Quarter 2026 Results

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