NorthWest Healthcare Properties Real Estate Investment Trust : NWH REIT – Q1 2024 Investor Update

Northwest Healthcare Properties REIT

Q1 2024 Financial

Results Presentation

May 15, 2024

TSX: NWH.UN

St. John of God Private Hospital, Australia

Disclaimer

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, managing our G&A and debt reduction, (ii) maximizing value for unitholders, (iii) surfacing embedded value, (iv) simplifying the REIT's geographic footprint, (v) improving efficiencies (vi) improving investor engagement, (vii) strengthening our executive teams and (viii) becoming an institutional-quality REIT with a sustainable financial profile and a balance sheet capable of withstanding interest changes and other uncertainties.

Such forward-looking information reflects current beliefs of the REIT and is based on information currently available to the REIT. A number of factors could cause actual results to differ materially from the results discussed in this presentation including, but not limited to, the factors discussed under "Risks and Uncertainties" in the REIT's Management's Discussion and Analysis for the period ended March 31, 2024 (the "MD&A"), as well as the section titled "Risk Factors" in the AIF. 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 MD&A 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 March 31, 2024 results.

NWH REIT | Q1 2024 FINANCIAL RESULTS PRESENTATION | 2

Contents

Northwest & Healthcare Real Estate	4
Q1 24 Results	7
Q1	24 Highlights	8
Q1	24 Financial Performance	9
Q1	24 Property Performance	14
Q1	24 Capital Management	19
Dispositions Completed	22
FY24 Outlook	24
Appendix	28

Presenters

Craig Mitchell

CHIEF EXECUTIVE OFFICER

Stephanie Karamarkovic

CHIEF FINANCIAL OFFICER

Mike Brady

PRESIDENT

Tracey Whittall

CHIEF OPERATING OFFICER

Bowen Hospital, New Zealand	NWH REIT | Q1 2024 FINANCIAL RESULTS PRESENTATION | 3

Bremer Str. 2, Germany

Hospital Caxias, Brazil

Glenmore Professional Centre, Canada

About Northwest

Northwest Healthcare Properties REIT (TSX: NWH.UN) 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.

NWH REIT | Q1 2024 FINANCIAL RESULTS PRESENTATION | 4

Cambrian Centre, Canada

Landsberger Allee 44, Germany

Hospital do Coracao do Brasil, Brazil

Why Invest In Northwest?

1	High quality globally diversified healthcare real
	estate portfolio.
2	Multiple initiatives underway to surface inherent value
	from current portfolio.
3	New leadership team with simplified, stabilized and
	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
	Q1 2024 NAV of $10.36.

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Why 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.

Growing	Growing need	Sustained	Shift of care to	Increased M&A	Transition
demand for	for life & health	population	lower-acuity	activity	towards medical
healthcare	science space	migration	facilities		clusters
Aging, population	Life & health	Shift of population	Increasing number	Consolidation and	Demand for clusters
growth (including	science growing	creating outsized	of procedures being	PE ownership	that combine
chronic disease and	rapidly, driven by	need for medical	performed outside	increasing number of	educational and
latent demand	increased funding	facilities in local	of hospitals	sophisticated players	clinical facilities with
arising from COVID-	and emerging	markets		at scale	other amenities
19)	technologies

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Hutt Valley Health Hub, New Zealand

Q1 24

Results

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Macarthur Health Precinct Stage 1, Australia

Q1 24 Highlights

$200M

of non-core asset sales (sold or under contract) & sale of unlisted securities in 2024 to date(1)

5.4%

SPNOI growth for Q1 2024 over the

comparable prior year period(2)

~570k sf

of new and renewed leasing, (negotiated or completed) in 2024 to date(3)

Strengthened

Northwest Executive

Management Team

$567M of non-core asset sales and sale of unlisted securities during the last twelve months(4)

The REIT is actively	Validation of market
pursuing the sale of	leading ESG credentials
additional assets	through development
globally	and governance

Notes: all values shown on a proportionate portfolio basis, unless otherwise stated. (1) $201M on a consolidated portfolio basis (2) 6.0% on a consolidated portfolio basis (3) consolidated portfolio basis (4) $696M on a consolidated portfolio basis

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Prins Hendriklaan 376, Netherlands

Q1 24

Financial

Performance

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Stationspark 400-490, Netherlands

Q1 2024 Financial Snapshot

Financial Highlights

Assets Under Management

Gross Book Value(1)

Debt(1)

Debt to Gross Book Value(1)

Debt - Including Convertible Debentures

Debt to Gross Book Value -

Incl. Convertible Debentures

Mortgages & Loans Payable at Fixed & Hedged

Rates (%)(2)

WAIR on

Mortgages(2) and Loans Payable

March 31,	December 31,	Variance $	Variance %
2024	2023
9.6	9.9	(0.3)	(3.0%)
7.4	7.6	(0.2)	(2.6%)
3.5	3.6	(0.1)	(2.8%)
47.7%	47.7%	-	-
3.9	4.0	(0.1)	(2.5%)
52.2%	51.9%	0.2%	0.4%
64.5%	69.4%	(4.9%)	(7.1%)
6.10%	6.27%	(0.16%)	(2.5%)

Net Asset Value ("NAV") ($/Unit)	10.36	10.86	(0.5)	(4.6%)
Adjusted Units Outstanding - Period end	245.8	245.0	0.8	0.3%
(Basic Units - Millions)

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: Q1 2024 MD&A

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