NorthWest Healthcare Properties Real Estate Investment Trust : NWH REIT – Q4 2023 Investor Update

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, 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,

1. future levels of indebtedness remaining stable, (v) the ability to access debt and equity capital,

1. 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.

Contents

Presenters

Craig Mitchell

CHIEF EXECUTIVE OFFICER

Karen Martin

INTERIM CHIEF

FINANCIAL OFFICER

Mike Brady

PRESIDENT

Why Invest In Northwest?

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).

1. Core Real Estate performing well
2. • 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
4. • 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.

Key Events

2023 Timeline

Debentures Offering

• Northwest announces new $75M Bought Deal financing (with an interest rate of 7.75%).

Q1 2023

Dispositions Program

• Northwest identifies $220M of non-core asset sales for FY23

DRIP, NCIB

• Northwest announced Normal Course Issuer Bid.
• Suspended Distribution Reinvestment Plan.

Q2 2023

Dispositions Program

• Northwest increases non- core asset sale target from $220M to $340M.

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.

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.

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.

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.