#1Northwest Healthcare Properties REIT Q4 2023 Financial Results Presentation TSX: NWH.UN MARCH 15, 2024 ☑northwest Brisbane Private Hospital, Australia#2Disclaimer This presentation provides a summary description of Northwest Healthcare Properties Real Estate Investment Trust ("NWH" or the "REIT"). This presentation should be read in conjunction with and is qualified in its entirety by reference to the REIT's most recently filed financial statements, management's discussion and analysis and annual information form (the "AIF"). This presentation contains forward-looking statements. These statements generally can be identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may", "would", "might", "potential" or "should", or variations of such words and phrases. Examples of such statements in this presentation include statements concerning: (i) the REIT's financial position and future performance, including financial flexibility, debt maturity profile, lease maturity profile, and debt reduction, (ii) maximizing value for unitholders, (iii) surfacing embedded value, (iv) simplifying the REIT's geographic footprint, and (v) improving efficiencies. Such forward-looking information reflects current beliefs of the REIT and is based on information currently available to the REIT. Other unknown or unpredictable factors could also have material adverse effects on future results, performance or achievements of the REIT. Forward-looking information involves significant risks and uncertainties, should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not, or the times at which, or by which, such performance or results will be achieved, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation 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. Although these forward-looking statements are based upon what the REIT believes are reasonable assumptions, the REIT cannot assure investors that actual results will be consistent with this forward-looking information. Such assumptions include, but are not limited to, the assumptions set forth in this presentation, as well as assumptions relating to (i) the REIT'S properties continuing to perform as they have recently, (ii) development opportunities being completed on time and on-budget, (iii) demographic and industry trends remaining unchanged, (iv) future levels of indebtedness remaining stable, (v) the ability to access debt and equity capital, (vi) the tax laws as currently in effect remaining unchanged, (vii) the current economic and political conditions in the countries in which the REIT operates remaining unchanged (including exchange rates remaining constant, local real estate conditions remaining strong, interest rates remaining at current levels, (viii) anticipated capital expenditures, (ix) future general and administrative expenses and (x) contracted acquisition, disposition and development opportunities. These forward-looking statements may be affected by risks and uncertainties in the business of the REIT and market conditions, including that the assumptions upon which the forward-looking statements in this presentation may be incorrect in whole or in part, as well as the various risks described in the AIF and financial statements. These forward-looking statements reflect the REIT's expectations only as of the date of this presentation. The REIT disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Certain information concerning Vital Trust contained in this presentation has been taken from, or is based upon, publicly available documents and records on file with regulatory bodies. Although the REIT has no knowledge that would indicate that any of such information is untrue or incomplete, the REIT was not involved in the preparation of any such publicly available documents and neither the REIT, nor any of their officers or trustees, assumes any responsibility for the accuracy or completeness of such information or the failure by Vital Trust to disclose events which may have occurred or may affect the completeness or accuracy of such information but which are unknown to the REIT. This presentation makes reference to non-IFRS measures, including funds from operations ("FFO"), adjusted funds from operations ("AFFO"), earnings before interest, tax, depreciation and amortization ("EBITDA"), adjusted earnings before interest, tax, depreciation and amortization, investment properties on a proportionate basis, proportionate management fees, distributions, net asset value ("NAV") and same property NOI ("SPNOI"),. These measures are used by the real estate industry to measure and compare the operating performance of real estate companies, but they do not have any standardized meaning prescribed by IFRS. These non-IFRS financial measures and non-IFRS ratios should not be construed as alternatives to financial measures calculated in accordance with IFRS. The REIT's method of calculating these measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. Further, the REIT's definitions of FFO and AFFO differ from the definitions recommended by REALpac. An explanation and reconciliation, as applicable, for these non-IFRS measures is presented in the REIT's Management's Discussion and Analysis for the period ended December 31, 2023 under "Performance Measurement", "Business Overview", "Results from Operations", "Capitalization and Liquidity" and "Net Asset Value", available on the REIT'S SEDAR+ profile at www.sedarplus.ca. All Financial information in this presentation is as of December 31, 2023 results. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 2#3Contents Northwest & Healthcare Real Estate 厶 7 Q423 & FY23 Results 8 FY23 Highlights Q423 Financial Performance 10 Q423 Property Performance 16 Main Entry Nau Mai, Haere Q423 Capital Management Strategic Review Process FY24 Outlook Appendix northwest Presenters Craig Mitchell CHIEF EXECUTIVE OFFICER Karen Martin INTERIM CHIEF FINANCIAL OFFICER 24 W N N N 30 26 Mike Brady PRESIDENT NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 3 Wakefield Hospital, New Zealand#4SPORTSUND SA CLINIC HOSPITAL DAY SURGERY Make Sportsmed Hospital & Clinic, Australia SPORTS MEDICINE CNC SPORTSMED-SA Krumenauer Strasse, Germany Ascot Hospital, New Zealand About Northwest Northwest Healthcare Properties REIT (TSX: NWH.UN) is a ~$10 Billion entity that owns, manages, and develops real estate exclusively focusing on tenants who are operators in healthcare, research, life sciences and education, positioned in key strategic markets. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 4#5Hospital Caxias, Brazil CAXIAS OR HOSPITAL Epworth Geelong, Australia 125 Ormiston Rood Ormiston Hospital Ormiston Hospital, New Zealand Why Invest In Northwest? 1 High quality globally diversified healthcare real estate portfolio. 2 Multiple initiatives underway to surface inherent value from current portfolio (including Strategic Review). 3 New leadership team with simplified, stabilized, sustainable approach. 4 Investor, tenant and operator relationships provide long-term revenue stability. 5 Industry-leading WALE with upside potential through indexed and inflation adjusted leases. 6 Current Unit Price trading at significant discount to Q4 2023 NAV of $10.86. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 5#6Why Healthcare Real Estate? Northwest focuses on the cure segment of the healthcare real estate spectrum, a defensive asset class that provides attractive risk adjusted returns, driven by an aging population. b 偷 Growing demand for healthcare Aging, population growth (including chronic disease and latent demand arising from COVID-19) Growing need for life & health science space Life & health science growing rapidly, driven by increased funding and emerging technologies Sustained population migration Shift of population creating outsized need for medical facilities in local markets Shift of care to lower-acuity facilities Increasing number of procedures being performed outside of hospitals Increased M&A activity Consolidation and PE ownership increasing number of sophisticated players at scale Transition towards medical clusters Demand for clusters that combine educational and clinical facilities with other amenities ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 6#7Q423 & FY23 Results northwest P wwwwww PT CRITVILLE PRE LOADING DOCK EZ MAXMUM CLEARANCE 3m Hurstville Private Hospital, Australia NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION#8Northwest FY23: Simplify and Stabilize 1. Bringing the balance sheet back into equilibrium Throughout 2023, the REIT: Divested non-core assets and unlisted securities valued at $495 million (including $163 million in Q4), with the proceeds used to pay down debt. Amended, extended, repaid and refinanced total debt facilities valued at over $1.4 billion with 2023 and 2024 maturities (incl. execution on a new facility valued at $140 million which will mature in 2025). Year-to-date 2024, the REIT: Extended the maturity of three facilities valued at $473 million which will mature in 2025 ($125m), 2027 ($172m) and 2027 ($176m). 2. Core Real Estate performing well • Same Property NOI in Q423 and FY23 increased by 4.0% and 3.7%, respectively. Maintained strong WALE of >13yrs, occupancy >97% and rent collection ~99%. 3. Corporate Governance and ESG • GRESB leaders in Real Assets Healthcare Sector. Efforts to enable our unitholders to better trust, understand and value our business. Additions to Board of Trustees and Executive team. Our core business focus on Healthcare real estate remains unchanged. Epworth Eastern Private Hospital, Australia Epworth NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION | 8#9Key Events 2023 Timeline Debentures Offering ■ Northwest announces new $75M Bought Deal financing (with an interest rate of 7.75%). DRIP, NCIB Northwest announced Normal Course Issuer Bid. ☐ Suspended Distribution Reinvestment Plan. Key Decisions to Unlock Future Value Changes to Board of Trustees ■ Dale Klein appointed Non-Executive Chair, Laura King as Chair of CG&N Committee and Maureen O'Connell as Chair of Audit Committee. Management Changes " Craig Mitchell appointed Interim CEO Mike Brady appointed President. Steps to Strengthen the Balance Sheet Management Changes ■ Craig Mitchell appointed CEO. Karen Martin appointed Interim CFO. 2023 Debt Maturities ■ The REIT eliminates 100% of its 2023 debt maturities & >60% of its 2024 debt maturities. New $140M term loan to extend maturities. Dispositions Program ■ ■ Northwest completes $360.7M of non-core asset sales in FY23. Q1 2023 Dispositions Program ■ Northwest identifies $220M of non-core asset sales for FY23 Q2 2023 Dispositions Program ■ Northwest increases non- core asset sale target from $220M to $340M. Q3 2023 Strategic Review Committee ("SRC") ■ Northwest forms SRC to undertake a strategic review Explore Disposal of Assets ☐ Potential sale of certain investment property portfolios. Q4 2023 Series G Debentures " Debenture holders vote to amend and extend the Series G debentures to March 2025. DRIP program reinstated. Australian Unity ("AUHPT") Unit Sales ■ Northwest completes $134.5M of AUHPT sales in FY23. GRESB ESG Leader " Vital Trust & Northwest recognized as leaders (1st and 2nd respectively) in 2023 GRESB ESG Real Estate Assessment. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 9#10Q4 2023 Financial Performance OOHB SAIDA Santa Luzia Hospital, Brazil ☑northwest NWH REQ4 2023 FINANCIAL RESULTS PRESENTATION | 10#11Q4 2023 Financial Snapshot Financial Highlights 2023 2022 Variance $ Variance % Assets Under Management 9.9 10.9 (1.0) (9.2%) Gross Book Value(1) 7.6 8.5 (0.9) (10.6%) Debt (1) 3.6 3.9 (0.3) (7.8%) Debt to Gross Book Value (1) 47.7% 45.3% 2.4% 5.4% - Debt Including Convertible Debentures 4.0 4.1 (0.1) (2.4%) Debt to Gross Book Value 51.9% 48.5% 3.4% 7.1% Incl. Convertible Debentures Mortgages & Loans Payable at Fixed & Hedged 69.4% 41.5% 27.9% 67.2% Rates (%) (2) WAIR on 6.27% 5.35% 0.92% 17.2% 10.86 13.80 (2.94) (21.0%) Mortgages (2) and Loans Payable Net Asset Value ("NAV") per Unit Adjusted Units Outstanding - Period end 245.0 (Basic Units - Millions) 242.4 2.6 1.1% Notes: C$ Billions, unless otherwise stated. Values shown on a consolidated portfolio basis (1) Gross Book Value, Debt and Debt to Gross Book Value as defined in Northwest's Declaration of Trust. (2) Includes the economic effect of derivative instruments that are used to fix floating rate. Source: Q4 2023 MD&A ☑northwest Cancer Centre London, United Kingdom NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION | 11#12Proportionate Income Statement (three months ended December 31) C$ Millions 2023 2022 ($) Change (%) Change Net Operating Income 86.0 80.4 5.5 6.9% Management Fee Income 12.3 14.4 (2.1) (14.6%) Other Income & Expenses (13.0) (9.0) (4.0) 44.3% EBITDA Stable Stable EBITDA as a result of 3.7% SPNOI (1) growth and US portfolio acquisition offset by lower project-based management and incentive fees due to property revaluation loss. EBITDA 85.3 85.8 (0.5) (0.6%) Interest Expense (57.8) (48.8) (9.0) 18.4% FFO Adjustments 9.3 0.6 8.7 1475.0% Higher interest expense from 102bps 102bps increase in WAIR FFO 36.8 37.6 (0.8) (2.2%) Leasing & CAPEX (3.3) (3.0) (0.3) 10.2% AFFO Adjustments (0.6) 6.9 (7.5) (108.9%) Straight line revenue and DUP adjustments AFFO 32.8 41.4 (8.6) (20.8%) FFO Per Unit 0.15 0.16 (0.01) (3.4%) AFFO Per Unit 0.13 0.17 (0.04) (21.7%) $0.13/unit (2023) includes adjustments in respect of premiums on interest rate caps ($0.04/unit) that expire in the first quarter of 2024. AFFO Payout Ratio 67% 117% (50%) (43%) Notes: C$ millions., unless otherwise stated. (1) 4.0% on a consolidated basis. Source: Q4 2023 Supplemental ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 12#13Proportionate Income Statement (Year ended December 31) (1) C$ Millions 2023 2022 ($) Change (%) Change Net Operating Income 336.1 300.2 35.9 11.9% Management Fee Income 48.6 59.7 (11.1) (18.5%) Other Income & Expenses (42.4) (31.8) (10.6) 33.4% EBITDA 342.3 328.1 14.2 4.3% Increased EBITDA as a result of 3.1% SPNOI (2) growth and US EBITDA portfolio acquisition, partly Growth offset by lower project-based management and incentive fees due to property revaluation loss. Interest Expense (225.5) (140.5) (85.0) 60.5% Higher interest expense from 181bps 181bps increase in WAIR and FFO Adjustments 24.6 (19.4) 44.0 (226.7%) higher average debt drawn. FFO 141.4 168.2 (26.8) (15.9%) Leasing & CAPEX (13.4) (11.9) (1.5) 12.3% AFFO Adjustments 9.8 16.4 (6.6) (40.3%) Straight line revenue and DUP adjustments AFFO 137.8 172.7 (34.9) (20.2%) FFO Per Unit 0.58 0.71 0.13 (18.3%) AFFO Per Unit 0.56 0.73 0.17 (22.5%) AFFO Payout Ratio 115% 110% 5% 5% Notes: C$ millions., unless otherwise stated. (1) Refer to "Proportionate Share Basis" (page 31) for an IFRS to Proportionate bridge (2) 3.7% on a consolidated basis. Source: Q4 2023 Supplemental ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 13#14Proportionate Balance Sheet (Year ended December 31) C$ Billions 2023 2022 ($) Change (%) Change Non-core asset sales (3) and Investment Properties(1) 5.8 6.3 (0.5) (7.7%) Disposals & Valuation valuation losses offset by FX and development spend. Other Assets Total Assets 0.3 0.5 (0.2) (40.5%) 19 6.1 6.8 (0.7) (10.1%) Mortgages, Loans & 3.6 3.8 0.2 5.6% Convertible Debentures Other Liabilities Total Liabilities 0.5 0.5 3.5% 4.1 4.3 0.2 5.1% Net Asset Value ("NAV") (2) 2.7 3.3 (0.7) (20.4%) Debt to GBV 51.9% 48.5% 3.4% 7.1% Notes: C$ Billions, unless otherwise stated. (1) Includes assets held for sale. (2) As defined in Q4 2023 MD&A. (3) $232m on a proportionate basis. Source: Q4 2023 Supplemental ☑northwest Sale of REIT's strategic $135m investment in an unlisted securities. Repay Asset sale proceeds deployed Debt towards debt repayments. NAV reduction primarily due to investment property and global manager valuation adjustments. NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 14#15NAV Bridge (QoQ) (1) ($157.6m) Property revaluation loss for the quarter. ($199.6m) Global manager valuation adjustment. $ 11.96 (0.64) (0.81) 0.44 (0.07 ) $ 10.86 Global Manager $ 2.53 $ 1.72 $ 9.43 Q3 2023 FV Loss $ 9.14 Manager Val FX Other Q4 2023 Notes: (1) As defined in Q4 2023 MD&A. Expressed as $/unit. All values shown on a consolidated basis. Source: Q4 2023 MD&A ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 15#16Q4 2023 Property Performance ☑northwest LONDON PHARMACY 2+ Parking Email Support 700 Student Diec I-DA 1 on 1 Counselling- & Mod Reviews WALK-IN-CLINK Oxford Health Centre, Canada LONDON REPHARMACY BOD IDA NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION | 16#17Northwest Snapshot 3.7% SPNOI 13.3 WALE (Years) ☐ Secured Rental Growth ◉ Indexed to inflation 5th consecutive year of 13+yr WALE SPNOI(1) for the year increased by 3.7% over the prior year due to inflationary adjustments on rents, growth in our underlying lease rentals, continued occupancy above 97%, strong rent collections of 99%, and long-term WALE of 13.3 years. ■ Secure rental revenue stream 97% Occupancy 99% Collections Rate ◉ ■ 7th consecutive year of >96% occupancy Strong tenant relationships 4th consecutive year of >98% collections High quality tenant base ☐ >83% of the REIT's rents are indexed ~97% of international portfolio Notes: (1) As defined in Q4 2023 MD&A. Source: Q4 2023 MD&A ☑northwest Santa Luzia Hospital, Brazil COOHB NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 17#18Net Operating Income NOI Growth of 11.0% from Acquisitions, Developments and Rent Reviews. Rent Reviews & Leasing NET OPERATING INCOME BRIDGE ($M) (1) +11.0% growth (including FX) / +8.8% (excluding FX) ☐ 83% CPI, CPI-linked and fixed reviews. ☐ FY23 SPNOI growth of +3.7% vs 2.7% for FY22 400 Acquisitions Contribution from US Portfolio acquisitions 17 11 4 348 350 300 Dispositions Divestment of $360.7m (²) of non-core assets in line with strategy 250 Development Income 200 8 387 3 ~$4m of additional development income 150 NOI Q4 2022 Like-For-Like Developments Acquisitions Growth Divestments Non Recurring FX NOI Q4 2023 Adj Over 83% of Northwest's rents are indexed Notes: (1) All values shown on a consolidated portfolio basis. (2) $232m on a proportionate basis Source: Q4 2023 MD&A ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 18#19Lease Maturity Profile (1) 90% 80% 70% 20% of 2024 maturities 60% attributed to Hospital Sabara 50% (30-Sep-24). 40% Discussions underway. 30% 20% 10% 0% 2024 2025 2026 2027 2028 Americas ■Europe 2029 2030 2031 Post 2031 Australasia ■Total 2024 2025 2026 2027 2028 2029 2030 2031 Post 2031 Total Americas 7.0% 5.9% 6.9% 7.2% 11.4% 4.3% 4.0% 4.9% 48.4% 100.0% Europe 2.6% 6.7% 5.3% 2.1% 2.7% 2.5% 2.5% 8.5% 67.1% 100.0% Australasia 2.7% 1.2% 1.7% 1.3% 5.6% 1.0% 1.1% 4.9% 80.5% 100.0% Total Portfolio 4.2% 4.6% 4.6% 3.6% 6.7% 2.6% 2.5% 6.0% 65.2% 100.0% >65% of leases mature Notes: (1) represented by area. Source: Q4 2023 MD&A ☑northwest post 2031. ~4% Average annual lease expiry over the next 8yrs. 87% Renewal rate on over one million square feet of expiring leases during CY23. NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 19#202023 GRESB ESG Real Estate Assessment Vital HEALTHCARE PROPERTY TRUST ☑northwest Managed by Northwest Globally Listed Healthcare: Standing Investments Benchmark 1ST Place 2ND Place Development Benchmark 1ST Place 2ND Place Global Healthcare (Listed & Unlisted): Development Benchmark 1ST Place 3RD Place 4-Star ESG Rating 4-Star ESG Rating Northwest and Vital continue as ESG leaders in the Real Assets Healthcare Sector. Source: NWH press release Nov. 11, 2023 ☑northwest GRES B REAL ESTATE Northwest believes ESG Best Practices are "The Right Thing To Do By Our Planet," and will be valued by investors in time, driving down our cost of capital. NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 20#21D Q4 2023 Capital Management Cnorthwest Hier spi DeBecker P IN III ALTSTADT-CARREE Fendel vital Fendel vica Alstadt Carree Fulda, Germany NWH REITQ4 2023 FINANCIAL RESULTS PRESENTATION 21#22Debt Maturity Profile Northwest's debt maturities as at December 31, 2023(¹). CANADIAN $000S 1,800,000 7.97% 1,600,000 1,400,000 1,200,000 1,000,000 5.75% 800,000 600,000 400,000 200,000 6.42% 6.31% 6.04% 2.24% 9% 8% 7% 5.29% 6% 5% 4% 3.41% 3% 2% 1% Weighted average Interest rate 6.27% Effective weighted average interest rate. 69.4% payable at fixed & hedged rates(2), Percentage of mortgages and loans $1.4b Total value of debt facilities during 2023 that was amended, extended, repaid and refinanced with 2023 and 2024 maturities. O 0% 30 Weighted average term to maturity (months). 2024 2025 2026 2027 2028 2029 2030 2031 % of debt maturing 8% 45% 17% 12% 15% 1% 1% 1% Americas Australasia ■Europe Corporate Debentures Notes: (1) Excluding those related to liabilities associated with assets classified as held for sale. All values shown on a consolidated portfolio basis (2) 69.4% (December 31, 2022 51.7%) of the REIT's debt is subject to fixed interest rate, including total debt of $1.7 billion (December 31, 2022 - $1.2 billion) that is economically fixed using interest rate derivatives but is contractually subject to variable rate interest. Source: Q4 2023 MD&A. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 22#23Interest Rate Hedging Profile Cost of Debt is well hedged, managing risk. HEDGING MATURITY PROFILE (1) 2,000 1,800 CANADIAN $000S 1,600 1,400 1,200 1,000 800 600 400 Notes: (1) All values shown on a consolidated portfolio basis Source: Q4 2023 MD&A ☑northwest 200 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 Jun-27 Dec-27 Jun-28 Dec-28 Jun-29 Dec-29 7.00% Rates 2023 2022 6.00% Weighted Average Cost of Debt Weighted Average Fixed Rate 6.27% 5.35% 5.47% 4.45% 5.00% Weighted Average Fixed Rate Term to Maturity (months) 39.8 59.2 4.00% 3.00% % of total debt subject to interest rate derivatives 51.0% 23.0% 2.00% 1.00% 0.00% Interest rate hedging remains a priority with focus on extending duration NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 23#24Strategic Review Process (Disposition Update) Prins Hendriklaan 376, Germany northwest NWHREITO 2023FINANCIAL RESULTS PRESENTATION#25Dispositions During FY23, Northwest divested $495.2 million (1) of its non-core assets and securities. Sales of Non-Core Investment Properties During 2023, The REIT announced its initiative to sell non-core assets. The REIT divested properties with a fair value of $360.7 million (2) to repay property level debt, corporate credit facilities & Australasian term debt. Sales of Unlisted Securities The REIT sold approximately 63% of its investment in unlisted securities for proceeds of $134.5 million. Dispositions - Non-Core Investment Properties Region Quarter Disposition Proceeds (in Millions) Americas Q2 74.2 Australasia Q2 48.8 Australasia 74.9 The proceeds were used towards the full repayment of the Australasian term debt, secured by the underlying unlisted securities. Americas Q4 74.4 Australasia Q4 88.4 TOTAL 360.7 Net proceeds from dispositions will be allocated to repay high-cost corporate debt on an accretive basis Notes: (1) All values shown on a consolidated portfolio basis. (2) $232m on a proportionate basis. Source: Q4 2023 MD&A ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 25#26FY24 Outlook The Lincoln Hospital, United Kingdom ☑northwest NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION 26#272024 Areas of Focus 1 Maximize value for our unitholders. 2 Continue to surface value embedded within our portfolio. 3 Continue to strengthen our executive teams while at the same time managing our G&A. 4 Continue to improve investor engagement. 5 Become an institutional-quality REIT, with a sustainable financial profile, and a balance sheet capable of withstanding interest rate changes and other uncertainties. 6 Continue to simplify our geographic footprint, and improve efficiencies in all our markets, so we can leverage our expertise and do all the things we are really good at. ☑northwest Lingard Day Centre, Australia NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION 27#28Northwest Healthcare Properties REIT - Summary Ticker Listed Exchange Distribution Payable (C$) Unit Price (1) Market Capitalization (C$)(1) Distribution Yield (1) 52-Week Trading Range (1) Volume Weighted Avg. Price (20-day VWAP) (1) Average Daily Volume (90-days) (1) NAV/Unit (Q4 2023)(2) Notes: (1) Trading Data @ Feb 29, 2024 (2) Q4 2023 MD&A ☑northwest NWH.UN TSX $0.03/Monthly $4.03 $1.0 Billion 8.93 % $3.89-$9.64 $4.47 763,000 $10.86 128 APEBOORNE Epworth Freemasons Hospital, Australia NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 28#29MH96 WSPA Main Entry Nau Mai, Haere Mai northwest MOJO Contact Information Craig Mitchell, CEO [email protected] Mike Brady, President [email protected] O Karen Martin, Interim CFO [email protected] 29 Wakefield Hospital, New Zealand Andrew Greig, Investor Relations [email protected] 416-366-2000 Ext. 2202 NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 29#30Appendix 68 St. Asaph Street, New Zealand 10 ☑northwest NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION | 30#31Proportionate Share Basis Proportionate Share Basis reflects net income (losses) from equity accounted joint ventures and Vital Trust on a proportionately consolidated basis at the REIT's ownership percentage. Management believes this is relevant in representing the REIT's incomes, expenses, assets and liabilities in proportion to its investment interest. Proportionate Share Basis is a non-IFRS measure. Using Net Operating Income (year ended 31 December), a worked example of the IFRS to Proportionate bridge is shown below. Summary of Adjustments Consolidated C$ Millions (IFRS Reported) Remove Vital Trust NCI Convert JV's to Proportionate Reverse Consolidated Elims Proportionate Consolidation Net Operating Income 386.6 (86.6) 38.3 (2.1) 336.1 A summary of the Proportionate Share Basis for joint ventures and Vital Trust is shown below: ■ Vital Trust: ~28.6% European JV: ~31.7% ▪ Australian JV: ~30.0% Source: Q4 2023 Supplemental & Q4 2023 MD&A ☑northwest St. John of God Specialist Centre, Berwick NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 31#32Northwest's Strategic Healthcare Property Platform Core Competencies ☑northwest Wholly Owned By The Reit ☑northwest Preserve, Build and Grow Investment Management Asset Management Development Management Direct Property Ownership Unlisted Institutional JVs Funds Management JV's Europe Australia INVESTMENTS Fee Generating Public Companies Vital HEALTHCARE PROPERTY TRUST Managed by Northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 32#33Deep Connections With Key Operating Partners Northwest has deep relationships with the biggest brands in health and health sciences across its regions. LifeLabs zorgbedrijven MEDIAN IAN AMEOS Circle Health Group +Nuffield Se BERGMAN equipe Health CLINICS Spire Healthcare Acurity Health Group Limited SONIC HEALTHCARE GenesisCare IVFAustralia Leading minds dedicated to your success Icon CANCER CENTRE The Sydney children's Hospitals Network care, advocacy, research, education ↑ RUSH ST JOHN OF GOD Health Care Healthscope Burnet Institute Medical Research. Practical Action. LA TROBE UNIVERSITY Trillium Health Partners Alberta Health Services (1) MONASH University REDE DOR Epworth Baker Ramsay Health Care HEART & DIABETES INSTITUTE Sabará HOSPITAL INFANTIL healthe.care BOLTON CLARKE Australian Red Cross LifebloodⓇ Advocate Health Care PrairieCare A Division of Newport Healthcare Winnipeg Regional Health Authority Office régional de la santé de Winnipeg Lakeridge Health SHOPPERS DRUG MART ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 33#34Development Strategy (Vital Healthcare Property Trust) Northwest has a market leading development team in ANZ with an unmatched depth of experience. Earnings and capital growth Enhancing the portfolio Meeting the needs of our operator partners FOCUS Creating the next generation of assets to deliver long-term earnings growth for Unit Holders and high-quality facilities for our operating partners. Vital and Northwest have a strong record of partnering with the leading healthcare operators over 20+ years. PIPELINE¹ NZ $512m of committed developments with ~NZ$213m of spend remaining of potential development opportunities ~NZ $2.0bn identified (subject to business cases, due NZ $57m diligence and approvals) of fund-through² developments have been committed to with ~NZ$12m spend remaining Notes: (1) Development timing and therefore spend expected to be over a staged and lengthy period (at least 10 years). Pipeline includes properties in ANZ region. (2) Developments where Vital is funding through the development rather than acting as developer. Source: Vital Healthcare Property Trust, February 2024 ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 34#35Top 10 Tenants The REIT's 10 largest tenants for the three months ended December 31, 2023. Top 10 tenants represent 29% of Proportionate Rent The REIT's five largest tenants include: Tenant Region % # of locations 1 Rede D'Or, Brazil: The largest integrated health care network in Brazil 1 Rede D'Or Brazil 9.9% 7 2 Nuffield Health Europe 5.0% 6 3 Healthscope Limited' Australasia 3.9% 11 4 Circle Health (formerly BMI Healthcare) Europe 2.5% 5 Epworth Foundation' Australasia 2.0% 10 6 Spire Healthcare Limited Europe 1.7% 7 Aurora Healthcare¹ Australasia 1.4% 12 00 8 PrairieCare, LLC USA 1.1% 9 Stichting Albert Schweitzer Ziekenhuis¹ Europe 1.0% 602224 10 Healthe Care Surgical Pty Ltd¹ Australasia 1.0% 4 Totals 29.5 % 64 2 Nuffield Health: The largest non-profit UK healthcare provider 3 Healthscope Limited ("HSO"): Australia's second-largest private hospital operator and healthcare provider 4 Circle Health Group (formerly BMI Healthcare): UK's leading independent provider of private healthcare 5 Epworth Foundation: Victoria, Australia's largest not-for-profit private health care group Notes: (1) Australia and Europe are shown at proportionate ownership basis for assets held as part of the JVs or Vital Trust. The REIT owns 30% -33.6% interest in its JV portfolios and has an approximate 28.6% interest in Vital Trust. Source: Q4 2023 MD&A ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 35#36NOI Is Strongly Diversified By Regions & Asset Mix Income from stable rent collections and long-term leases. REGIONS Q4 2023 21% Australasia 22% 28% Europe Americas ASSET MIX Q4 2023 1% Life Sciences 2% 62% 64% Q4 2022 36% 35% MOB Q4 2022 51% -51% 27% Hospital and Healthcare Facilities Year Over Year Proportionate NOI Notes: (1) Based on Q4 2023 and Q4 2022 actual NOI. (2) Vital Trust within Australasia is shown on a proportionate basis. The REIT has an approximate 28.6% ownership interest in Vital Trust and consolidates its investment in Vital Trust. (3) The European JV and Australian JVs are shown on a proportionate basis. The REIT owns 30% -33.6% interest in its JV portfolios. Source: Q4 2023 MD&A ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 36#37Investment Properties Location Properties AUM¹ GLA (Sq. Ft.) Occupancy (%) WALE (Yrs) ('000) Canada 54 1.1 3,393 90.1% 5.5 USA 25 0.6 1,178 96.3% 8.3 Brazil 8 0.8 1,880 100.0% 16.6 Americas Total 87 2.5 6,481 94.1% 9.5 Germany 38 3,551 97.2% 15.9 1.2 Netherlands 17 1,237 94.7% 8.9 UK 14 1.0 672 100.0% 19.8 Europe Total 69 2.2 5,460 97.0% 14.8 Vital Trust - Australia 23 1,737 98.4% 16.3 2.7 Vital Trust - NZ 15 1,007 97.5% 18.0 Australia 25 2.5 3,051 100.0% 14.8 ANZ Total 63 5.2 5,795 99.1% 15.8 Portfolio Totals / WTD 219 9.9 17,736 96.6% 13.3 Avg. Notes: (1) C$ Billions. Source: Q4 2023 Supplemental & Q4 2023 MD&A ☑northwest Albany Medical Centre, Canada Rexall ALBANY MEDICAL CLINIC 807 BROADVIEW AVENUE NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION 37#38Case Study: Capital Light Investment Strategy (Vital Healthcare Property Trust) Leveraging our experience to increase value: Asset-light business models have been associated with better return on assets, lower profit volatility and greater adaptability in an ever-changing business and technological environment. Northwest owns ~28% of the portfolio but receives management fees on 100% of the portfolio. In exchange for its services, the Asset Manager earns management fees, activity-based fees for acquisitions and development activity (as well as an incentive fee from Vital Trust(¹)). Northwest leverages its experience and relationships to produce outsized returns, and increased value for unitholders. Notes: (1) VITAL Trust's incentive fees are calculated as a percentage of the average annual increase in Vital Trust's net tangible assets, over the respective 12-month period and the two preceding periods. ☑northwest Ascot Hospital, New Zealand NWH REIT 104 2023 FINANCIAL RESULTS PRESENTATION 38#39Case Study: Vital Healthcare Property Trust (NZX:VHP)(1) Northwest owns a ~28% interest in the only specialist healthcare landlord on the NZX and retains 100% of the management rights. NT 12% ~$0.8bn 4% 15 8% PROPERTIES W >< (NZ) A SA 22% NSW 27% Royston Hospital, New Zealand VIC NZ ~$1.9bn 23% 23 PROPERTIES (AUS) 4% Vital's tenants include the largest three private hospital operators in New Zealand and six of the top ten private hospital operators in Australia. Vital has Assets Under Management of C$2.7 Billion ◉ Weighted Average Lease Expiry (WALE): 16.9 years (2) ■ 38 property portfolio. ■ 15 properties in New Zealand. ■ 23 Properties in Australia. ▪ Northwest earns management fees, activity-based fees and incentive fees from managing Vital Trust. Notes: (1) values converted to C$. (2) consistent with Northwest application. Source: Vital Healthcare Property Trust. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 39#40Case Study: Epworth Healthcare, Melbourne Australia Northwest has supported Epworth for over 15+ years with expansion opportunities, advice and capital. Box Hill Health and Education Precinct Epworth Developments have added to the quality and value of assets, driving operational benefits and efficiencies that attract practitioners. ■ Not-for-profit private healthcare group that raises funds to purchase advanced medical equipment, fund research and provide best possible care to patients. Epworth Eastern Hospital is a leading hospital with 223 beds and state-of-the- art equipment and technology. Box Hill Institute Campus NELSON RD DEVELOPMENT 2003-2005: Box Hill Institute (education) has collaboration arrangements with Epworth Eastern Hospital development enhances Healthcare precinct Development of Epworth Eastern Hospital (private) EPWORTH EASTERN 2014-2017: Box Hill Institute Eastern Health Admin Box Hill Public Hospital Acquisitions expand size of health precinct Acquisition of Ekera Medical Centre increases Northwest's assets in precinct 2017-2022: EE Epworth Eastern Private Hospital signs 30-year lease $125m expansion completed in 2022 leads to new 30-year lease over Epworth tenancy Notes: As at March, 2024. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 40#41Experienced Management Team Craig Mitchell, CEO Craig Mitchell has more than 20 years' experience specializing in the property industry in Australia. His previous roles include Executive Director and Chief Operating Officer of Dexus, an ASX top 50 listed REIT. Craig has a Master of Business Administration (Executive) from the Australian Graduate School of Management, a Bachelor of Commerce and is a Fellow of CPA Australia. He has also completed the Advanced Management Program at Harvard University, Boston. Karen Martin, Interim CFO Karen Martin has over 30 years of senior executive experience. As interim CFO, Karen manages Northwest's financial reporting, accounting, treasury, taxation, investor relations, and internal audit. At Element Fleet Management (TSX:EFN), Karen oversaw Element's balance sheet growth from under C$1 billion in 2012 to C$18 billion in 2019. She currently serves on the Board of Directors and Audit Committees of ECN Capital (TSX:ECN) and Real Matters Inc (TSX:REAL) and is chair of Propel Holdings' [TSX:PRL] Audit Committee. Karen is a CPA, a CFA, and holds the ICD.D designation. She earned a bachelor's degree in finance and economics from the University of Western Ontario. Mike Brady, President Mike Brady joined Northwest in 2006 and, before being named President in 2023, was the REIT's Executive Vice President and General Counsel. Mike contributes to shaping and executing strategic initiatives. In his capacity as President and General Counsel, Mike leads major strategic global transactions, oversees legal compliance and governance, and manages various corporate and legal functions. Mike was a corporate law partner at two Toronto-based law firms, where he developed his real estate practice. Mike has a Bachelor of Arts (Economics) and a joint LL.B./Masters of Business Administration from Dalhousie University, Halifax. Tracey Whittall, COO Prior to joining Northwest in 2024, Tracey was COO at Flexiti, a leading financial services company providing financing solutions to retailers. Before joining Flexiti, Tracey had a 22-year career with CIBC undertaking a variety of increasingly senior roles in Operations, Risk and Payments most recently as VP Contact Centre Operations where she led a multi- year, multi-million dollar transformation of the centre's operations. ☑northwest NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 41#42Experienced Board Of Trustees Northwest's strong governance framework ensures diversity is considered in determining optimal board composition. Dale Klein Non-Executive Chair Laura King Trustee ☑northwest Bernard Crotty Trustee Graham Garner Trustee Bobby Julien Trustee Dr. David Klein Maureen O'Connell Trustee Trustee Brian Peterson Trustee Northwest's experienced Board of Trustees functions independently of management, ensuring effective governance practices are followed. NWH REIT | Q4 2023 FINANCIAL RESULTS PRESENTATION | 42#43Non-IFRS Measures 1. FFO 2. AFFO 3. FFO per Unit 4. AFFO per Unit 5. AFFO Payout Ratio 6. EBITDA 7. Adjusted EBITDA 8. Investment Properties on a Proportionate Basis 9. Proportionate Management Fees 10. Distributions 11. Net Asset Value ("NAV") 12. Same Property NOI ("Same Property NOI"/ "SPNOI") ☑northwest HEDIAN Stundengrandi, Gunter Hartenstein Strasse, Germany NWH REIT Q4 2023 FINANCIAL RESULTS PRESENTATION | 43