Vital releases Annual Report

About Vital Healthcare Property Trust
Vital Healthcare Property Trust (NZX: VHP) is Australasia’s largest listed investor in healthcare real estate. Tenants include hospital
operators and healthcare practitioners who deliver a wide range of medical and healthcare related services. The Manager of Vital
Healthcare Property Trust is NorthWest Healthcare Properties Management Limited.
vhpt.co.nz

20 September 2018


Vital releases Annual Report

Vital Healthcare Property Trust has today provided the NZX with a copy of the Annual Report for the year ended
30 June 2018.

Unitholders have today been sent a copy of the:

- Annual Report for 2018;

- Distribution Statement for the fourth quarter distribution for the financial year ended 30 June 2018.

A copy of the Annual Report can also be viewed at www.vhpt.co.nz or a copy can be requested by phoning 0800
225 264 or emailing enquiry@vhpt.co.nz.




– ENDS -


ENQUIRIES

David Carr, Chief Executive Officer
NorthWest Healthcare Properties Management Ltd, Telephone 09 973 7301, Email dcarr@vhpt.co.nz

Stuart Harrison, Chief Financial Officer
NorthWest Healthcare Properties Management Ltd, Telephone 09 973 7302, Email sharrison@vhpt.co.nz

Jason Kepecs, Director, Investments & Investor Relations
NorthWest Healthcare Properties Management Ltd, Telephone 09 973 7303, Email jkepecs@vhpt.co.nz

---

ANNUAL REPORT 2018

BOWEN HOSPITAL, WELLINGTON.

3
CONTENTS
7FINANCIAL SUMMARY
8CHAIR REPORT
10CHIEF EXECUTIVE OFFICER'S REPORT
12PROPERTY PORTFOLIO – AUSTRALIA
17PROPERTY PORTFOLIO – NEW ZEALAND
19OUR EXECUTIVE TEAM
20BOARD OF DIRECTORS OF THE MANAGER
22CORPORATE GOVERNANCE
28FINANCIAL STATEMENTS
54INDEPENDENT AUDITOR'S REPORT
56UNITHOLDER STATISTICS
57DIRECTORY
INVESTING IN
AUSTRALASIA'S
HEALTHCARE
INFRASTRUCTURE
VALUE OF INVESTMENT PORTFOLIO
$1.73B
8 YEAR AVERAGE OCCUPANCY ABOVE
99%
AVERAGE ANNUAL LEASE EXPIRY (BY INCOME) OVER THE
NEXT 10-YEARS
1.8%
WEIGHTED AVERAGE LEASE TERM TO EXPIRY (WALE)
18.2YEARS

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
4
1
LONG TERM INVESTMENT
IN AUSTRALASIA’S
HEALTHCARE
INFRASTRUCTURE
SUSTAINABLE
DISTRIBUTIONS
& LONG
TERM VALUE
CREATION
RELATIONSHIP
FOCUSED
SCALE &
DIVERSIFICATION
CORE
STRATEGIC
ELEMENTS
STABILISED
PORTFOLIO, STRONG
UNDERLYING
THEMATICS
DEVELOPMENTS
(INCLUDING CAPACITY
EXPANSION)
ACQUISITIONS
CAPITAL AND
TREASURY
SUSTAINABLE
LONG TERM
EARNINGS AND
VALUE CREATION
MANAGEMENT
CONSISTENTLY STRONG PERFORMANCE DELIVERING ON OVERALL STRATEGY
ALIGNED / STABLE / EXPERIENCED / CREDIBLE / CAPABLE
Core components
driving execution
of strategy

5
2018 ACHIEVEMENTS
Snapshot of 2018
CONTINUED PROACTIVE
ASSET MANAGEMENT
SUPPORTS OPERATING
R E S U LT S
Strong operating performance,
executing to plan
The 2018 financial year was one of
Vital’s busiest as we grew the size of
the portfolio, in accordance with our
scale and diversification strategy, and
delivered record revenue. The portfolio
remains in excellent shape, with lease
terms and occupancy at or near
historical highs.
ENHANCE EXISTING
RELATIONSHIPS,
FOSTER AND EXPAND
ON NEW STRATEGIC
PARTNERSHIPS
Purchased and leased back
three properties from Acurity
Health Group
Vital received OIO approval to acquire
the previously announced Wakefield
and Bowen Hospitals in Wellington and
acquired a third asset from Acurity
Health Group, Royston Hospital in
Hastings, for a combined NZ$122m.
PRUDENT CAPITAL
MANAGEMENT, ASSESS
AND UTILISE ALL
TOOLS AS REQUIRED
Extended and expanded bank
facility
In June 2018, Vital renewed two
tranches under its bank facility by
three and four years, respectively. The
Trust also added A$100m of additional
capacity under the same bank facility.
EXECUTION OF
BROWNFIELD PIPELINE,
ONGOING ASSESSMENT
OF ADDITIONAL VALUE-
ADD OPPORTUNITIES
Completed four projects, five
projects committed over three
years for NZ$112m
Development was completed at four
projects where we invested A$28m to
provide improved and expanded
facilities to our operating partners. We
are currently in the final stages of
design at three New Zealand
development projects associated with
the Acurity portfolio (Wakefield,
Bowen, and Royston).
STRATEGIC LONG TERM
APPROACH TO
OPPORTUNITIES,
LEVERAGE TRACK
RECORD AND GLOBAL
EXPERTISE
Jointly secured an interest in
ASX-listed Healthscope
In May 2018 we jointly secured an
interest in ASX-listed Healthscope,
Australia’s second largest private
hospital operator. This interest
positions Vital and our manager,
NorthWest Healthcare Properties REIT,
with a tactical advantage to take a
generational opportunity to jointly
acquire a quality portfolio of Australian
hospital real estate assets.
DELIVER SUSTAINABLE
DISTRIBUTIONS, LONG
TERM VALUE CREATION
Increased cash distribution to
8.75 cents annualised per unit
Vital’s Board of Directors raised
guidance for the Trust’s FY2019 to 8.75
cents per unit (from 8.50 cents per
unit). The increase will commence
from the fourth quarter FY2018
distribution and implies a 2.2%
distribution increase in FY2019.

6
HIGHLIGHTS
FOR 2018
NET DISTRIBUTABLE INCOME
$46.1m
ANNUAL CASH DISTRIBUTION
8.5625cpu
UP 0.7%
NET TANGIBLE ASSET INCREASE TO
$2.26
UP 10.2%
CONSERVATIVE NDI DISTRIBUTION
PAYOUT OF
81%
COMMITTED DEVELOPMENT PIPELINE
$112m
OVER NEXT FOUR YEARS
CONSERVATIVE GEARING
38.7%
FIVE ACQUISITIONS INCLUDING
HOSPITALS, REHABILITATION AND
MENTAL HEALTH
$195m
TEN YEAR COMPOUND ANNUAL TOTAL
RETURN
13.6%
OUTPERFORMING THE SECTOR
BY 4.7%

7
FINANCIAL SUMMARY
All figures are in New Zealand dollars (NZD) unless otherwise stated
2014
$000s
2015
$000s
2016
$000s
2017
$000s
2018
$000s
FINANCIAL PERFORMANCE
Net property income57,96759,43068,27489,65790,659
Revaluation gain/(loss) on investment
properties15,21184,031101,869168,54985,461
Profit for the year (after taxation)37,43396,506117,208217,622100,065
Earnings per unit - (cents)11.2128.3134.0051.6823.04
DISTRIBUTABLE INCOME
Gross distributable income34,92840,95045,03865,34749,672
Net distributable income34,70236,29040,24361,82146,135
Net distributable income - cents per unit10.4010.6411.6714.6810.62
Cash distribution to unitholders - cents per
unit7.908.008.308.508.56
Payout ratio (%)76%75%71%58%81%
FINANCIAL POSITION
Total assets615,968784,565978,1741,392,2281,783,311
Borrowings192,633257,340345,310402,649670,124
Total equity353,520439,756523,719879,821987,976
Debt to total assets ratio31.4%32.9%36.3%29.3%38.7%
Net tangible assets - dollars per unit1.041.271.512.052.26
PORTFOLIO METRICS
20142015201620172018
Investment properties ($m)613.1781.9951.91,376.21,731.2
Number of investment properties
1
2425293742
Number of tenants105108114136142
Occupancy (%)99.399.499.699.199.3
Weighted average lease term to expiry
(years)15.117.118.417.718.2
12 month lease expiry (% of income)3.81.12.51.71.8
1 Excludes properties held for development

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
8CHAIR REPORT
DELIVERING ON
LONG TERM STRATEGY
“It is an honour to have been
appointed as Independent Chair
of the Board of the Manager of
Vital Healthcare Property Trust
(Vital), following in the footsteps
of Graeme Horsley after his six
years as Chairman. ”
I want to take this opportunity to thank Graeme for his leadership
and contribution over his 11 years as a Director of Vital’s
Manager. Having been an Independent Director for 7 years, I
firmly believe that Vital can continue to deliver sustainable
distributions, drive long-term value creation and attractive total
returns for unitholders.
I am pleased to present Vital’s 2018 annual report.
On 9
th
August 2018, Vital announced its audited 2018 full year
results with a reported net profit after tax of $100.1m. Vital will
pay unitholders an increased final quarter cash distribution of
2.1875 cpu, increasing the full year 2018 guidance we provided 12
months prior from 8.5000 cents per unit to 8.5625 cents per unit.
Recognising the strong position Vital is in and our stable outlook
based on current market conditions, it is with pleasure that the
Board also announced that its 2019 cash distribution guidance
will be increased to 8.75 cents per unit. This again reflects a
prudent and conservative position relative to our forecast
earnings, but also allows us the flexibility to utilise retained
earnings as part of our overall capital management plan.
In 2012, we set about delivering upon a focussed scale and
diversification strategy and as can be seen with many of the
portfolio metrics shown in the Annual Results presentation, we
have stayed true and delivered on that strategic intent. For
reference I note the below chart from the results presentation,
which is a great representation of how this strategy has delivered
tangible benefits to unitholders, in addition to having generated a
10 year compound annual growth rate of 13.6% vs the S&P NZX
All Real Estate Index of 8.9%. We appreciate the ongoing support
of unitholders as we continue to deliver to strategy.
GOVERNANCE
As advised to the market on 4 April 2018, the interim governance
arrangements following the retirement of Mr Graeme Horsley
were to be reviewed ahead of the 2018 Annual Meeting.
NorthWest Healthcare Properties Management Limited, the
Manager of Vital Healthcare Property Trust has confirmed that a
third Independent Director will be appointed to the Board of the
Manager prior to the 2018 Annual Meeting.
7.2
7.4
7.6
7.8
8.0
8.2
8.4
8.6
8.8
9.0
0
50
100
150
200
250
300
350
400
2012201320142015201620172018Guidance 2019
Cash DPU
NZ$m
AcquisitionsDevelopment SpendCommitted spendCash DPU

9
The Board of the Manager has also completed a review of the
Board Charter, Statement of Investment Policy and Objectives
(SIPO) and Conflicts Policy. These changes do not require
unitholder approval, but have the unanimous support of the
Board of the Manager. The Conflicts Policy was also amended to
include full Board representation and equal voting rights by
independent and non-independent directors. Updated versions of
the documents are available on Vital’s website, www.vhpt.co.nz.
OUTLOOK AND OPPORTUNITY
During 2018, Vital continued to invest in strategic assets and
brownfield developments enhancing both asset and earnings
quality. We have continued to build on existing relationships to
deliver value to the Australasian healthcare operators with whom
we have built strategic, long term partnerships.
In addition, we were very pleased to settle the acquisition of the
Acurity portfolio in New Zealand and look forward to updating
investors on the proposed developments at each of these
properties as they evolve.
In Australia, we continue with a number of brownfield
developments and expect to announce further developments
through the course of 2019. All developments continue to
support our core strategic themes of being relationship focussed,
supporting scale and diversification, which in turn drives
sustainable distributions and long term value creation.
As announced in May, in partnership with Vital’s manager and
largest shareholder, NorthWest, Vital has taken a strategic
interest in ASX-listed Healthscope, Australia’s second largest for
profit private hospital operator, with a large hospital real estate
portfolio. The interest positions Vital and NorthWest with a
strong tactical advantage to take a generational opportunity to
jointly acquire a sizeable, quality portfolio of Australian hospital
real estate assets. The Board sees this opportunity to further
invest in quality healthcare infrastructure as aligning directly
with Vital’s stated scale and diversification strategy and core
investment objectives of enhancing long term earnings and value
growth for unitholders.
Finally, I would like to acknowledge the support of my fellow
Directors and David Carr and his Australasian management team
of 30 passionate professionals. The application of their highly
regarded, market leading healthcare real estate experience has
ensured delivery of the Board’s stated strategy and sees Vital
well placed for the future.
Claire Higgins
Independent Chair
NorthWest Healthcare Properties Management Ltd

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
10CHIEF EXECUTIVE OFFICER'S REPORT
INVESTING IN AUSTRALASIA'S
HEALTHCARE INFRASTRUCTURE
Vital’s stable portfolio and financial position has again delivered
solid overall results. The healthcare real estate sector continues
to experience rising investor demand driven by its unique
defensive qualities and strong investment characteristics.
Notwithstanding some industry headwinds in Australia and
moderate tailwinds in New Zealand, the undeniable trends of a
growing and ageing population continue to support our positive
long term outlook.
FINANCIAL PERFORMANCE
Gross rental income exceeded the prior year by $1.8m or 2.0% in
which it needs to be noted that the 2017 comparative included a
$13.8m lease termination receipt. This revenue growth was a
result of contributions from development income and
acquisitions over the period. After property expenses, net income
grew $1.0m or 1.1% for the year.
Finance expenses increased from the prior year by $8.5m
reflecting the increase in the level of debt funding over the period
and increasing interest costs on renewed bank facilities. Vital
acquired investment properties during 2018 totalling $194.7m,
including five private hospitals.
Other expenses were up driven primarily by management fees of
$11.9m and incentive fees of $13.1m as a result of revaluation
gains. The incentive fee is calculated in accordance with the
Trust Deed and based on the average growth in the value of the
Trust’s assets over book value for the last three years. The
incentive fee is payable by Vital issuing units to the Manager.
Vital’s Manager has confirmed that the 2018 issuance of units
pursuant to the incentive fee will be managed so as not to breach
Vital’s PIE status. Other expenses also includes $3.6m of
strategic transaction costs which represents the contribution
Vital has made towards costs in acquiring an interest in ASX-
listed Healthscope.
Net distributable income (NDI) for the year was $46.1m equating
to 10.62 cpu and a 27.6% decrease on the prior year. The 2017
NDI included the benefit of a one-off lease termination receipt
and associated tax expense.
The 2018 full year distribution of 8.5625 cpu reflects a prudent
81% NDI payout ratio on an adjusted basis.
NET TANGIBLE ASSETS (NTA) GROWTH TO $2.26
Allowing for the 2018 revaluation gains of $85.5m and the
benefit of foreign exchange movements of $45.5m, Vital’s NTA
increased to $2.26, an increase of 10.2% on the prior year NTA of
$2.05. The current NTA reflects a large diversified portfolio of
high quality healthcare real estate with attractive long term
characteristics.
REVALUATIONS SUMMARY
Capitalisation rate firming equated to approximately 90% of the
overall revaluation increase, with the balance of the gains driven
by market rent growth and development margins.
Albeit the rate of firming of capitalisation rates has moderated
from previous years, they remained a core driver of the
independent valuation outcome.
Specifically, Vital’s weighted
average capitalisation rate firmed by 36bps to 5.76% and Vital’s
portfolio value increased to $1.73bn at 30 June 2018.
The ongoing firming of capitalisation rates have also been driven
by Vital’s unique property characteristics, sustained portfolio
performance, and continued strong demand from investors.
TREASURY AND CAPITAL MANGEMENT
On 6 June 2018 Vital announced that it had extended and
expanded its existing bank facility adding A$100m of additional
capacity. Two existing tranches that were due to expire on
31 March 2019 were renewed, with Tranche A, representing
A$125m, extended to March 2021 and Tranche B expanded to
A$200m (from A$100m previously) and extended to July 2022.
Following the refinancing activity Vital’s weighted average debt
maturity increased by 1.1 years to 3.1 years.
Vital’s loan to value as at 30 June 2018 as determined under the
Trust Deed was 37.5% (2017: 28.9%) and remains well below the
Trust Deed covenant of 50%. Under the terms of the bank facility
the LVR as at 30 June 2018 was 38.7% which is below the facility
covenant of 50%, with the higher level reflecting that a related
party advance of A$40.0m does not form part of the banks
security.
Vital’s weighted average cost of debt was 4.60% as at 30 June
2018 (2017: 4.34%) and includes bank line and margin fees.
At year end Vital had a hedged interest rate position of 79.8%
(2017: 79.5%). Movement in market interest rates over the period
saw the unrealised marked-to-market valuation on those interest
rate swaps increase by $3m.
MARKET LEADING PORTFOLIO METRICS
The management team remain focused on ensuring that Vital’s
core portfolio metrics remain strong, with the ninth consecutive
year of occupancy above 99% (99.3% at year-end). Additionally
Vital’s WALE of 18.2 years was up from 12 months prior (17.7
years), and remains by far the longest WALE of any Australian or
New Zealand listed REIT.
A total of 107 rent reviews were completed (approximately 81%
of passing rent at 1 July 2017) in the year resulting in rental
growth of 2.3% (excluding the impact of foreign exchange) of
which 93% were structured reviews. Similarly, approximately
86% of total rent is subject to review through the 2019 financial
year, with 98% of this income subject to structured or CPI based
reviews.
Of the 1.7% of income forecast to expire in 2018, 60% was
renewed pre 30 June, with the majority of the balance renewed
post balance date.
Looking out to the future, just 3.9% of leases (by income) expire
in FY2019, in which we have confidence in our ability to renew
these tenants on the same or better terms. Over the next 10
years Vital’s average annual lease expiry sits at 1.8%, which
provides long term earnings visibility.

11
ACQUISITION AND DEVELOPMENT
Acquisitions during the year totalled $194.7m, including five
private hospitals. Vital has diversified its portfolio investing
further into the New Zealand market with the Acurity portfolio
acquisition and the settlement of two private hospitals in
Queensland and New South Wales. All these hospital acquisitions
have short to medium term brownfield development projects
planned or underway.
Recognising forecast ongoing healthcare demand, Vital has
continued to invest in acquisitions adjacent to our existing
facilities to protect and enhance long term value. Vital made four
of these strategic acquisitions totalling A$9.6m in 2018 and
expects to continue with this investment philosophy to support
the long term growth of our partners and the underlying assets.
Vital’s value-add development programme in Australia continues
with projects currently underway at two hospitals (North West
and Lingard) with A$8.6m to be spent prior to the end of calendar
2018.
We are currently in the final stages of design at Wakefield
(Wellington) and Royston (Hastings) Hospitals which were
acquired in December 2017. A small NZ$4.0m development has
commenced at Bowen Hospital (Wellington) which will establish
Wellington’s first Radiation Oncology Centre. The project is
forecast to be completed by January 2019.
The brownfield development programme remains central to
Vital’s strategy. Currently contracted forecast rentalised
development yields of approximately 7% provide an attractive
spread to Vital’s current weighted average capitalisation rate of
5.76%. Brownfield development continues to clearly underpin
earnings sustainability, improve asset quality and enhance long-
term value.
OUTLOOK
We start 2019 with Vital’s portfolio and financial position ready to
withstand short term headwinds, particularly in Australia for
hospital operators, balanced by a relatively positive outlook in
New Zealand.
Vital’s investment thesis is backed by underlying long term
trends. We continue to see, and believe, in the strong
demographic and technological trends driving demand for
healthcare services – especially those delivered from quality
healthcare infrastructure and by market leading operators, like
those in Vital’s portfolio.
We continue to support the growth demands of our existing
partners, which enables us to drive our operating, portfolio and
financial results, delivering sustainable distributions and creating
long term value for investors. I look forward to updating
unitholders over the course of the 2019 financial year.
David Carr
Chief Executive Officer
NorthWest Healthcare Properties Management Ltd

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
12PROPERTY PORTFOLIO – AUSTRALIA
AUSTRALIAN PORTFOLIO
ABBOTSFORD PRIVATE HOSPITAL
Perth / Western Australia
MARKET VALUE A$26,000,000
MARKET CAPITALISATION RATE 5.50%
WALE 23.7
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Abbotsford is situated within the inner
Perth suburb of West Leederville,
approximately 1km west of the major
Subiaco health precinct. It is a modern
30-bed inpatient private mental health
hospital with a focus on drug and
alcohol rehabilitation services.
BELMONT PRIVATE HOSPITAL
Brisbane / Queensland
MARKET VALUE A$72,500,000
MARKET CAPITALISATION RATE 5.25%
WALE 17.7
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Belmont Private Hospital is a 150-bed
general psychiatric hospital in
Queensland, approximately 12km from
Brisbane’s CBD and is the largest of its
type in Brisbane. Belmont Private
Hospital offers a range of specialist
acute mental health services catering
for both inpatient and day patients.
CLOVER LEA AGED CARE
Sydney / New South Wales
MARKET VALUE A$12,700,000
MARKET CAPITALISATION RATE 7.00%
WALE 17.7
OCCUPANCY 100.00%
MAJOR TENANT Hall & Prior
Clover Lea residential aged care is
located approximately 12km west of
the Sydney CBD. It is a high-care, single
level facility with 64 beds. Clover Lea is
operated by Hall & Prior, a private
Australian Commonwealth
Government approved residential aged
care provider.
DUBBO PRIVATE HOSPITAL
Dubbo / New South Wales
MARKET VALUE A$16,200,000
MARKET CAPITALISATION RATE 6.50%
WALE 13.6
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Dubbo Private Hospital has 52 beds
and provides general surgical,
obstetric, rehabilitation and neonatal
intensive care. Dubbo is located in
regional New South Wales,
approximately six hours' drive north-
west of Sydney.
EDEN REHABILITATION
Sunshine Coast / Queensland
MARKET VALUE A$23,860,000
MARKET CAPITALISATION RATE 5.75%
WALE 19.5
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Eden Rehab is a 48 bed private
inpatient rehabilitation hospital and
medical centre located in Cooroy,
approximately 25 minutes inland from
Noosa in Queensland. Eden has
provided rehabilitation and medical
care to Sunshine Coast residents for
over 15 years and is the only sub-acute
stand-alone private rehabilitation
hospital between Brisbane and Cairns.
EKERA MEDICAL CENTRE
Melbourne / Victoria
MARKET VALUE A$28,700,000
MARKET CAPITALISATION RATE 6.00%
WALE 2.1
OCCUPANCY 94.20%
MAJOR TENANT Imaging Associates
Constructed in 2014, Ekera is a
modern, multi-tenanted four level
medical office building comprising a
total area of 3,605 sqm with basement
parking for 133 cars. Ekera’s major
tenant is Imaging Associates,
representing approximately 40% of
rental income. Other tenants include:
Sonic Healthcare, Monash IVF and
Sportsmed Biologic.

13
EPWORTH EASTERN HOSPITAL
Melbourne / Victoria
MARKET VALUE A$153,184,712
MARKET CAPITALISATION RATE 5.00%
WALE 21.9
OCCUPANCY 100.00%
MAJOR TENANT Epworth Foundation
Epworth Eastern Hospital is located in
Box Hill about 14km from the CBD, a
significant regional hub for the middle
and outer eastern suburbs. Completed
in 2005, the hospital accommodates a
ground-floor reception, radiology and
café, ten operating theatres, 227 beds
and 284 car parks.
EPWORTH EASTERN MEDICAL CENTRE
Melbourne / Victoria
MARKET VALUE A$35,000,000
MARKET CAPITALISATION RATE 5.50%
WALE 9.3
OCCUPANCY 100.00%
MAJOR TENANT Epworth Foundation
Originally built in 1986, the Epworth
Eastern Medical Centre was
completely refurbished in 2005. This
houses 27 private consulting suites,
with a separate oncology suite.
EPWORTH REHABILITATION
Melbourne / Victoria
MARKET VALUE A$24,860,000
MARKET CAPITALISATION RATE 5.75%
WALE 5.6
OCCUPANCY 100.00%
MAJOR TENANT Epworth Foundation
Epworth Rehabilitation is a purpose-
built rehabilitation facility with a
licence for 67 beds. The facility offers a
comprehensive range of services,
including specialised rehabilitation
units for orthopaedic/musculo-skeletal,
neurological and cardiac patients. The
facility includes a purpose-built
rehabilitation gymnasium and pool.
FAIRFIELD AGED CARE
Sydney / New South Wales
MARKET VALUE A$16,800,000
MARKET CAPITALISATION RATE 7.00%
WALE 17.7
OCCUPANCY 100.00%
MAJOR TENANT Hall & Prior
Fairfield residential aged care is
located approximately 28km west of
the Sydney CBD in the suburb of
Fairfield. It is a two-level high-care
facility with 93 beds including an 18-
bed secure dementia unit. Fairfield is
operated by Hall & Prior, a private
Australian Commonwealth
Government approved residential aged
care provider.
GOLD COAST SURGERY CENTRE
Gold Coast / Queensland
MARKET VALUE A$14,000,000
MARKET CAPITALISATION RATE 7.25%
WALE 1.6
OCCUPANCY 69.17%
MAJOR TENANT South Coast Radiology
The Gold Coast Surgery Centre is a
multi tenanted medical office building
located in Southport, Queensland. The
building comprises a three-level
medical centre with podium and
basement car parking. It is home to
various practitioners operating in
radiology, breast cancer and
gynaecology.
GRAFTON AGED CARE
Sydney / New South Wales
MARKET VALUE A$10,300,000
MARKET CAPITALISATION RATE 7.50%
WALE 18.8
OCCUPANCY 100.00%
MAJOR TENANT Hall & Prior
Grafton Aged Care is a residential aged
care facility located in South Grafton,
NSW, approximately 70km north of
Coffs Harbour. The site overlooks the
Clarence River and benefits from
uninterrupted views. The facility
comprises 83 beds across a mix of
single, double and triple rooms.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
14PROPERTY PORTFOLIO – AUSTRALIA
HAMERSLEY AGED CARE
Perth / Western Australia
MARKET VALUE A$11,700,000
MARKET CAPITALISATION RATE 7.25%
WALE 17.7
OCCUPANCY 100.00%
MAJOR TENANT Hall & Prior
Hamersley residential aged care is
located in the suburb of Subiaco,
approximately 2km west of the Perth
CBD. It is a high-care, two level facility
with 78 beds. Hamersley is operated by
Hall & Prior, a private Australian
Commonwealth Government approved
residential aged care provider.
HIRONDELLE PRIVATE HOSPITAL
Sydney / New South Wales
MARKET VALUE A$25,200,000
MARKET CAPITALISATION RATE 5.50%
WALE 23.9
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Hirondelle is a 53-bed private
rehabilitation hospital located within
Sydney’s lower north shore suburb of
Chatswood, approximately 10km north-
west of the CBD. The recently
refurbished hospital is a modern
rehabilitation facility including
hydrotherapy pool.
HURSTVILLE PRIVATE HOSPITAL
Sydney / New South Wales
MARKET VALUE A$73,700,000
MARKET CAPITALISATION RATE 6.25%
WALE 23.8
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Hurstville is a 94-bed private hospital
located approximately 16km south-
west of the Sydney CBD specialising in
surgical services and obstetrics. Vital
acquired Hurstville in May 2012 and
has undertaken major redevelopment
work, including increased operating
theatre capacity, patient
accommodation and consulting rooms.
LINGARD PRIVATE HOSPITAL
Newcastle / New South Wales
MARKET VALUE A$125,350,298
MARKET CAPITALISATION RATE 5.75%
WALE 22.7
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Lingard Private Hospital is a 99-bed, 7
theatre acute medical and surgical
hospital located 3km south of the
Newcastle CBD. Over recent years
Lingard has undergone significant
redevelopment which has included a
new 40-bed ward, two additional
operating theatres and improved
diagnostic imaging areas.
MAITLAND PRIVATE HOSPITAL
Newcastle / New South Wales
MARKET VALUE A$89,820,000
MARKET CAPITALISATION RATE 5.75%
WALE 19.5
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Maitland Private is a 156-bed private
hospital located approximately 30km
north-west of Newcastle in NSW and
offers a comprehensive range of
specialities and on-site medical,
surgical, mental health, rehabilitation
and allied health services, all
supported by the latest technology and
facilities.

MARIAN CENTRE
Perth / Western Australia
MARKET VALUE A$44,900,000
MARKET CAPITALISATION RATE 5.50%
WALE 16.1
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
The Marian Centre was acquired by
Vital in August 2014. It is a 69-bed
stand-alone private psychiatric hospital
in the established medical precinct of
Subiaco, Western Australia. The Marian
Centre provides both inpatient and
outpatient services along with a range
of therapy programs.

15
MAYO PRIVATE HOSPITAL
Taree / New South Wales
MARKET VALUE A$35,800,000
MARKET CAPITALISATION RATE 6.50%
WALE 13.5
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Mayo Private Hospital is a 79 bed
hospital located approximately 170km
north of Newcastle and operated by
Healthe Care. Mayo specialises in
surgical, acute medical, post natal and
rehabilitation services. Mayo has
associated specialist consulting rooms
and a rehabilitation centre.
MONS ROAD MEDICAL CENTRE
Sydney / New South Wales
MARKET VALUE A$32,500,000
MARKET CAPITALISATION RATE 5.75%
WALE 4.6
OCCUPANCY 96.87%
MAJOR TENANT Castlereagh
Mons Road is a modern, multi-
tenanted, four-level medical office
building. It is approximately 26km west
of the Sydney CBD within the
Westmead medical precinct, which is
considered Australia’s largest health
services precinct.
NORTH WEST PRIVATE HOSPITAL
Burnie / Tasmania
MARKET VALUE A$20,750,000
MARKET CAPITALISATION RATE 6.25%
WALE 18.4
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
North West Private Hospital is a 48-bed
single-storey facility providing acute
medical, surgical, psychiatric and
obstetric services and co-located with
the Burnie Public Hospital and
University of Tasmania.
PALM BEACH CURRUMBIN CLINIC
Gold Coast / Queensland
MARKET VALUE A$51,000,000
MARKET CAPITALISATION RATE 5.50%
WALE 13.6
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Palm Beach Currumbin Clinic is located
6km from Burleigh Heads, on
Queensland’s Gold Coast and has a
catchment area that extends into New
South Wales. Palm Beach is a 104 bed
private hospital providing psychiatric
services, including rehabilitation. In
2012, Healthe Care and Vital
completed a redevelopment at the
facility adding 34 beds.
ROCKINGHAM AGED CARE
Perth / Western Australia
MARKET VALUE A$6,120,000
MARKET CAPITALISATION RATE 7.50%
WALE 17.7
OCCUPANCY 100.00%
MAJOR TENANT Hall & Prior
Rockingham residential aged care is
located in the suburb of Rockingham,
approximately 50km south of the Perth
CBD. It is a high-care, single level 40-
bed facility. Rockingham is operated by
Hall & Prior, a private Australian
Commonwealth Government approved
residential aged care provider.
SOUTH EASTERN PRIVATE HOSPITAL
Melbourne / Victoria
MARKET VALUE A$55,000,000
MARKET CAPITALISATION RATE 5.50%
WALE 22.7
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
South Eastern Private Hospital is
located around 26km south-west of
Melbourne’s CBD. It is a two-storey 167
bed hospital. The hospital provides
general medicine and rehabilitation
services. South Eastern recently
underwent a redevelopment project
that added 30 rehabilitation beds, 30
mental health beds and 79 car parks.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
16PROPERTY PORTFOLIO – AUSTRALIA
SPORTSMED CONSULTING
Adelaide / South Australia
MARKET VALUE A$7,350,000
MARKET CAPITALISATION RATE 5.75%
WALE 17.6
OCCUPANCY 100.00%
MAJOR TENANT Sportsmed SA
Sportsmed consulting is located in the
suburb of Stepney approximately 4km
north-east of Adelaide’s CBD, in South
Australia. It is adjacent to Sportsmed
SA hospital & clinics which
incorporates a state of the art
dedicated orthopaedic facility and is
the largest of its type in Australia.

SPORTSMED HOSPITAL AND CLINICS
Adelaide / South Australia
MARKET VALUE A$53,200,000
MARKET CAPITALISATION RATE 5.75%
WALE 16.9
OCCUPANCY 100.00%
MAJOR TENANT Sportsmed SA
Sportsmed SA incorporates a state of
the art dedicated orthopaedic facility,
with five operating theatres and 45
private rooms. It is located in the
suburb of Stepney approximately four
kilometres north-east of Adelaide’s
CBD, in South Australia. With 13
dedicated orthopaedic surgeons.
SPORTSMED OFFICE
Adelaide / South Australia
MARKET VALUE A$3,900,000
MARKET CAPITALISATION RATE 6.50%
WALE 17.6
OCCUPANCY 100.00%
MAJOR TENANT Sportsmed SA
Sportsmed office is adjacent to
Sportsmed SA hospital & Clinics.
Sportsmed office houses the
administration and executive offices of
Sportsmed SA. It is a two storey
building with medium-term
redevelopment potential to support
clinical growth at Sportsmed.

THE HILLS CLINIC
Sydney / New South Wales
MARKET VALUE A$31,800,000
MARKET CAPITALISATION RATE 5.50%
WALE 29.1
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Located in the suburb of Kellyville,
approximately 40km north-west of the
Sydney CBD, The Hills is a two-level
purpose-built mental health hospital
offering specialist inpatient programs.
with 59 beds and a medical clinic with
8 consulting rooms and approximately
30 referring clinicians.
THE SOUTHPORT PRIVATE HOSPITAL
Gold Coast / Queensland
MARKET VALUE A$43,600,000
MARKET CAPITALISATION RATE 5.50%
WALE 19.6
OCCUPANCY 100.00%
MAJOR TENANT Ramsay Health Care
Southport Private Hospital (formerly
Allamanda Private) is located in
Southport on the Gold Coast. The
facility provides a range of
comprehensive mental health and
rehabilitation services. Operated by
Ramsay Health Care, the facility
includes a 44 bed rehabilitation unit
and a 22 bed private inpatient mental
health clinic.
TORONTO PRIVATE HOSPITAL
Newcastle / New South Wales
MARKET VALUE A$35,027,299
MARKET CAPITALISATION RATE 6.00%
WALE 24.5
OCCUPANCY 100.00%
MAJOR TENANT Healthe Care
Toronto Private Hospital is an 85-bed
private hospital located in Toronto
(NSW) and is approximately 20 km
from Newcastle. The three-level facility
is located on the western side of Lake
Macquarie and specialises in
rehabilitation, medical, palliative care
and mental health services.

17
NEW ZEALAND PORTFOLIO
APOLLO HEALTH & WELLNESS CENTRE
Auckland
MARKET VALUE $28,500,000
MARKET CAPITALISATION RATE 6.13%
WALE 7.0
OCCUPANCY 91.5%
MAJOR TENANT Apollo Medical Limited
Apollo is home to a diverse range of
specialist healthcare tenants including
audiologists, physiotherapists,
laboratory and radiology providers,
fertility specialists and GPs. The
largest tenant is Apollo Medical, a
general practice with over 15 GPs.
ASCOT CENTRAL
Auckland
MARKET VALUE $35,000,000
MARKET CAPITALISATION RATE 6.13%
WALE 2.6
OCCUPANCY 100.0%
MAJOR TENANT Fertility Associates Limited
Ascot Central is a high-quality, five-
level medical office building located
next to Ascot Hospital in Greenlane,
Auckland. The major tenant is Fertility
Associates, New Zealand’s leading
provider of fertility diagnosis, support
and treatment.
ASCOT CENTRAL CARPARK (GROUND
LEASE)
Auckland
MARKET VALUE $1,550,000
MARKET CAPITALISATION RATE 9.75%
WALE 2.1
OCCUPANCY 100.0%
MAJOR TENANT Fertility Associates Limited
176 Carparks.
ASCOT HOSPITAL
Auckland
MARKET VALUE $106,000,000
MARKET CAPITALISATION RATE 5.38%
WALE 17.6
OCCUPANCY 100.0%
MAJOR TENANT
Ascot Hospital and Clinics Limited
Ascot Hospital and Clinics is a private
surgical and medical hospital with
associated consulting areas.
Ascot Hospital is one of the Trust’s
flagship properties and is considered
one of New Zealand's premier private
surgical and medical facilities, with 12
operating theatres, 88 inpatient beds,
and a 24-hour accident and emergency
clinic.
ASCOT HOSPITAL CARPARK (GROUND
LEASE)
Auckland
MARKET VALUE $1,625,000
MARKET CAPITALISATION RATE 9.50%
WALE 25.0
OCCUPANCY 100.0%
MAJOR TENANT
Ascot Hospital and Clinics Limited
273 Carparks.
BOULCOTT PRIVATE HOSPITAL
Lower Hutt
MARKET VALUE $38,400,000
MARKET CAPITALISATION RATE 5.75%
WALE 20.0
OCCUPANCY 100.0%
MAJOR TENANT Healthe Care
Boulcott is a 38-bed private surgical
hospital located in Lower Hutt. It has
three operating theatres and
approximately 45 specialist
consultants and surgeons who provide
services across a range of surgical
specialties, including orthopaedics,
ophthalmology and urology services. It
is located directly adjacent to the Hutt
public hospital.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
18PROPERTY PORTFOLIO – NEW ZEALAND
BOWEN HOSPITAL
Wellington
MARKET VALUE $44,300,000
MARKET CAPITALISATION RATE 5.50%
WALE 29.5
OCCUPANCY 100.0%
MAJOR TENANT Acurity Health Group
Bowen Hospital is a two level hospital
facility and five-level specialist
consulting buiding. Originally
constructed in 1971, the facility has
undergone a $34m development adding
three operating theatres and consulting
building housing consulting space, an
endoscopy unit and chemotherapy
clinic.
KENSINGTON HOSPITAL
Whangarei
MARKET VALUE $19,650,000
MARKET CAPITALISATION RATE 6.00%
WALE 28.0
OCCUPANCY 100.0%
MAJOR TENANT Kensington Hospital Limited
Kensington Hospital is utilised for both
inpatient and day-stay surgery. The site
is centrally located in the Whangarei
suburb of Kensington, approximately
2.5km from the Whangarei CBD.
NAPIER HEALTH CENTRE
Napier
MARKET VALUE $10,800,000
MARKET CAPITALISATION RATE 9.00%
WALE 1.5
OCCUPANCY 100.0%
MAJOR TENANT
Hawke's Bay District Health Board
Napier Health Centre is the first
comprehensive ambulatory facility in
the Hawke's Bay and provides day-
patient and outpatient services. These
include 24-hour urgent medical,
laboratory, radiology (x-ray), minor
surgeries and physiotherapy.
ORMISTON HOSPITAL
Auckland
MARKET VALUE $33,700,000
MARKET CAPITALISATION RATE 6.13%
WALE 4.2
OCCUPANCY 100.0%
MAJOR TENANT
Ormiston Surgical and Endoscopy Limited
Ormiston Hospital is situated in Flat
Bush, 25km south of the Auckland
CBD. Ormiston is anchored by Ormiston
Surgical and Endoscopy Limited, a
business whose cornerstone
shareholder is Southern Cross
Hospitals Limited, New Zealand’s
largest private hospital operator.
ROYSTON HOSPITAL
Hastings
MARKET VALUE $53,863,981
MARKET CAPITALISATION RATE 5.75%
WALE 29.5
OCCUPANCY 100.0%
MAJOR TENANT Acurity Health Group
Royston Hospital is a single-level
hospital facility and two-level
consulting centre, located in the city of
Hastings. Royston is the only private
hospital within the regional hub of the
Hawkes Bay and one of two hospitals in
the region serving 160,000 residents.
Originally constructed in 1931, the
facility had undergone major upgrades
as recently as 2005.

WAKEFIELD HOSPITAL
Wellington
MARKET VALUE $26,407,342
MARKET CAPITALISATION RATE 5.50%
WALE 29.5
OCCUPANCY 100.0%
MAJOR TENANT Acurity Health Group
Wakefield Hospital is the largest
private hospital in the Wellington
region. Vital has committed to a full
redevelopment planned in stages to
minimise disruption to ongoing
business continuity. The completed
development will result in a seismically
resilient, modern and functional facility
including 8 operating theatres, 42 beds,
a 3,000 sqm medical consulting
building and over 260 carparks.

19
Refer to David’s profile on Our Board page (page
20).
Richard moved to Melbourne with his family to
join Vital five years ago after spending the
previous six years in a senior executive role with
NorthWest Healthcare Properties REIT, a
Canadian healthcare property trust. He has over
20 years of career experience in commercial
real estate financing, acquisitions and property
management.
In his role as Executive Director, Richard is
responsible along with his Melbourne and
Auckland based teams for the asset
management of Vital’s Australian and New
Zealand portfolio, including acquisitions,
development, leasing and tenant relationships.
Stuart has nearly three decades of financial
reporting and management experience within
the Chartered Accountancy, utilities and
hospitality/property industries and joined the
team in September 2008. As Chief Financial
Officer for Vital, he has been responsible for
overseeing the financial and management
reporting, treasury management and tax
compliance within both New Zealand and
Australia. The efficient implementation of these
functions have been supportive of the Trust’s
operating performances in recent years –
including equity raising, debt facility renewals
and strategic acquisitions.
In his capacity as Regional Finance Director,
Stuart has taken on responsibility for the
Australia and New Zealand regional financial
and treasury management requirements of the
Manager and its associated entities.
Stuart holds a Bachelor of Commerce and
Chartered Accountants Australia and NZ
qualifications. He is also a member of the New
Zealand Institute of Directors.
Our small, successful management team come from a diverse range of property
investment, development and finance backgrounds. They understand the
importance of partnering with operators to deliver long-term real estate
solutions and sustainable distributions to investors.
Chris has extensive experience in the property
industry in Australia, New Zealand and the
United Kingdom, including over 20 years
experience in health sector property
acquisitions, transaction structuring and large
scale hospital development. Responsibilities
with respect to NorthWest include overseeing
development and acquisitions undertaken by
the business.
He was one of the founding Executives at
Generation Healthcare REIT (now NorthWest
Healthcare Properties Australia).
Prior to joining Generation, Chris established
Vital Healthcare’s presence in Australia in 1999
and served as General Manager – Australia
following various roles with the group in New
Zealand. Chris holds a Bachelor of Property
from Auckland University.
DAVID CARR
Chief Executive Officer
STUART HARRISON
Chief Financial Officer
RICHARD ROOS
Managing Director – Australia
CHRIS ADAMS
Executive Director
OUR EXECUTIVE TEAM

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
20BOARD OF DIRECTORS OF THE MANAGER
CLAIRE HIGGINS
Chair and Independent Director
Claire Higgins is an Australian based
professional Director. She is the Chair of REI
Superannuation Pty Ltd. Claire is also a
Director of Ryman Healthcare Limited, RT
Health Fund Ltd, Pancare Foundation Inc (Acting
Chair) and the Helen Macpherson Smith Trust.
Formerly the Chair of Barwon Health, the
Victorian State Emergency Service and the
County Fire Authority in Victoria, Claire has also
had extensive executive experience with BHP
and OneSteel Limited.
Claire’s areas of expertise are in governance,
accounting, finance, economics and healthcare.
Claire has a Bachelor of Commerce
(Accounting, Economics and Commercial Law)
from The University of Melbourne and is a
present Fellow at the Australian Institute of
Company Directors, the Australian Society of
Certified Practising Accountants and the
Institute of Public Administration Australia.
Our Board has overall responsibility for setting the strategic
direction and managing the Trust. It is currently made up of two
Independent Directors and three non-Independent Directors.
Directors are chosen for their complementary skills and knowledge.
ANDREW EVANS
Independent Director
Andrew Evans has over 25 years’ experience in
commercial real estate and asset management,
previously holding executive positions in listed
and unlisted real estate investment businesses.
Andrew is a Director of Argosy Property
Limited, Holmes Group Limited, Holmes GP Fire
Limited, Trust Investments Management
Limited and Accessible Properties NZ Limited.
In addition, Andrew is a past National President
of the Property Council of New Zealand, a
fellow of the New Zealand Property Institute, a
government appointee to the Land Valuation
Tribunal (Waikato No.1) and a Trustee of the
Marist Brothers Old Boys Rugby Charitable
Trust. He is a Chartered Fellow of the Institute
of Directors and is on the Auckland Branch
Committee.
Andrew has a Bachelor of Business Studies and
MBA (with distinctions) from Massey University
and a Diploma in Finance from Auckland
University.
DAVID CARR
Chief Executive Officer and Executive
Director
David Carr has over 25 years’ experience in
commercial real estate investment and capital
markets, and has been the Chief Executive
Officer of the Manager of Vital since October
2006. David was appointed as an Executive
Director in May 2018.
David has accountability for implementing and
delivering the Trust’s strategy and for its overall
performance. He leads a team of passionate
healthcare real estate professionals in New
Zealand and Australia.
Vital remains Australasia’s largest listed
healthcare real estate investment vehicle with
assets of approximately $1.7bn and a market
capitalisation of approximately $950m. During
David’s tenure Vital has delivered a ten-year
compound annual total return of 13.6%,
outperforming both the S&P/NZX All RE Gross
Index and the S&P NZX50 Index.
OUR BOARD

21
Committed
to maintaining
the highest ethical
standards and
accountability.
PAUL DALLA LANA
Director
Paul Dalla Lana is the founder and CEO of
NorthWest Healthcare Properties REIT – the
100% owner of NorthWest Healthcare
Properties Management Limited, the Manager
of Vital Healthcare Property Trust. Over the
past 24 years, Paul has led NorthWest in the
acquisition and development of over $3.0 billion
worth of real estate transactions, with a
significant focus on healthcare properties.
Prior to founding NorthWest, Paul was a
professional in the Real Estate Capital Markets
Group of Citibank, N.A. and an economist with
B.C. Central Credit Union. Paul received his BA
(Economics) and his MBA (Finance and Real
Estate) from The University of British Columbia.
Paul serves as Chairman of the Board of
NorthWest Healthcare Properties REIT.
Additionally, he is actively involved in
addressing public health and education issues
in Canada and around the world. He is an
Advisory Board member of the Dalla Lana
School of Public Health and on the President’s
Advisory Council at the University of Toronto.
BERNARD CROTTY
Director
Bernard Crotty is the President and a Trustee of
NorthWest Healthcare Properties REIT and a
Director of the Manager of Vital Healthcare
Property Trust and previously served as
President and Trustee of NorthWest
International Healthcare Properties REIT.
Prior to his current role, Bernard was the
Principal ofSilver and White Management, Inc.,
a private investment firm.
From September 2001 to February 2008,
Bernard acted as Chairman and/or Chief
Executive Officer of Certicom Corp., a provider
of cryptographic software and services that
was acquired by the then Research in Motion
Ltd. From January 2004 to February 2007,
Bernard acted as Chairman and/or Chief
Executive Officer of Comnetix Inc., a provider of
biometric identification and authorization
solutions that was acquired by L-1 Identity
Solutions, Inc.
In addition Bernard has served on a variety of
public company boards and was counsel to the
law firm Gibson,
Dunn & Crutcher LLP in Los Angeles and a
partner at the law firm McCarthy Tétrault, LLP
in Toronto and London, England. Bernard
received his B.A. from the University of Alberta,
LL.B. from the University of Toronto, LL.M. from
the London School of Economics and his M.B.A.
from Duke University. He is also a graduate of
the Toronto ICD-Rotman Directors Education
Program

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
22CORPORATE GOVERNANCE
CORPORATE
GOVERNANCE
INTRODUCTION
Ultimate responsibility for corporate governance of Vital
Healthcare Property Trust (Vital) resides with the Board of
Directors of the Manager. The Board acknowledges robust
corporate governance and stewardship as fundamental to the
strong performance of Vital. As a result, they have a commitment
to the highest standards of business behaviour, transparency and
accountability wherever possible.
It is with these objectives in mind that the Board has adopted its
current framework. In the Board’s opinion the framework
materially complies with the NZX Corporate Governance Code
2017 (NZX Code), taking into account Vital’s structure as a listed
managed investment scheme, unless otherwise stated. Included
on Vital’s website www.vhpt.co.nz is a Corporate Governance
Statement that contains a more detailed review against each of
the recommendations in the NZX Code.
THE TRUST AND SUPERVISOR
Vital was a unit trust established under the Unit Trust Act 1960
by a Trust Deed dated 11 February 1994 as subsequently
amended and replaced. Vital became a registered Managed
Investment Scheme under the Financial Markets Conduct Act
2013 on 29 November 2016. Vital units are listed on the New
Zealand Stock Exchange (NZX code: VHP).
The Supervisor of Vital is Trustees Executors Limited. The
Supervisor is required to be licensed by the FMA under the
Financial Markets Supervisors Act 2011 to act as a Supervisor of
a Managed Investment Scheme. The Supervisor’s role is to
supervise the administration and management of Vital in
accordance with the Trust Deed, and to ensure that the Manager
complies with its duties and responsibilities under the Trust
Deed.
The Supervisor holds title to the assets of Vital in trust for the
unitholders, subject to the terms and conditions of the Trust
Deed. The Supervisor also has certain discretions and powers to
approve investment and divestment proposals recommended to
it by the Manager and reviews and authorises all payments made
by Vital.
THE MANAGER
The Manager of Vital is NorthWest Healthcare Properties
Management Limited, a wholly owned subsidiary of NorthWest
Healthcare Properties Real Estate Investment Trust. The
Manager has responsibility for the management of Vital in
accordance with the Trust Deed and Statement of Investment
Policy and Objectives.
The Manager’s responsibilities include the day-to-day
management of Vital’s portfolio of properties and assets,
negotiating the acquisition and disposal of assets, development
and construction planning and management, treasury and
funding management, ensuring Vital meets its financial, reporting
and other statutory and regulatory obligations and
communicating with unitholders and the market.
Vital does not engage or employ any Directors or employees of
its own. The Manager provides a highly experienced and diverse
range of professionals with expertise across a range of areas.
PRINCIPLE 1 - ETHICAL BEHAVIOUR
Directors should set high standards of ethical behaviour, model
this behaviour and hold management accountable for these
standards being followed throughout the organisation.
The Board considers it particularly important to manage all real
or perceived conflicts of interest that may arise during the
ordinary course of business. The Manager has established
internal policies and procedures that govern behaviour of its
Directors and employees.
Code of Conduct
All Directors and employees of the Manager must abide by its
Code of Conduct policy. The Manager recognises the importance
of a work environment that actively promotes best practice and
does not compromise business ethics or principles. The purpose
of the Code of Conduct is to uphold the highest ethical standards,
acting in good faith and in the best interests of unitholders at all
times. The Code of Conduct outlines the Manager’s policies in
respect of conflicts of interest, fair dealing, compliance with
applicable laws and regulations, maintaining confidentiality of
information, dealing with Vital’s assets and use of Vital’s
information.
The policy provides a practical set of guiding principles and
operates in conjunction with other policies relating to minimum
standards of behaviour and conduct. Compliance with this policy
is a condition of employment with the Manager and it can be
found on Vital’s website www.vhpt.co.nz.
The Manager and affiliated entities have adopted a Conflicts
Policy for Australia and New Zealand. This policy establishes
principles for the management of conflicts including the related
party transactions, leasing, tenants, off market transactions and
acquisition and development opportunities. A copy of this policy
is available on the website at www.vhpt.co.nz.
PRINCIPLE 2 – BOARD COMPOSITION AND PERFORMANCE
To ensure an effective board, there should be a balance of
independence, skills, knowledge, experience and perspectives.
The Board of Directors
The role of the Board of Directors is to set the strategic direction
of Vital and to support management in monitoring the delivery of
this against specific performance objectives. The Board also
reviews compliance with regulatory, statutory, financial, health
and safety and social responsibility obligations.

23
Board Composition
The Manager is committed to having an effective Board providing
a balance of independent skills, knowledge, experience and
perspectives. The Constitution of the Manager provides for there
to be no more than seven Directors, nor less than three Directors.
All bring a significant breadth and depth of expertise and have
the composite skills to optimise the financial and portfolio
performance of Vital and returns to unitholders.
Attendance at Board MeetingsDate of Appointment
Claire Higgins(Chair)7 of 7
16 January 2012
(Appointed Chair 1 May
2018)
Andrew Evans7 of 720 August 2007
Paul Dalla Lana7 of 716 January 2012
Bernard Crotty7 of 716 January 2012
David Carr1 of 11 May 2018
Graeme Horsley (Chair)*6 of 6
20 August 2007
(*Retired 1 May 2018)
The Board does not impose a restriction on the tenure of any
Director as it considers that such a restriction may lead to the
loss of experience and expertise from the Board.
Appointment
Unitholders have the opportunity to nominate two of the
Independent Directors of the Manager required by the NZX Listing
Rule 3.3.1.(c). Unitholders are able to nominate and vote on one
Independent Director of the Manager each year. The nominee
receiving the most votes will be approved as a Director of the
Manager by the Manager’s shareholders, and will hold the
position for a two-year term.
As the Manager is a wholly owned subsidiary of NorthWest
Healthcare Real Estate Investment Trust, appointment of other
Directors is made by NorthWest Healthcare Real Estate
Investment Trust.
The Board Charter sets out expectations of Directors. The
purpose of the Charter is to set out the role, composition and
responsibilities of the Board, and how its powers and
responsibilities will be exercised and discharged. The Charter
reaffirms directors must comply with their duties as set out in
the Financial Markets Conduct Act 2013 and the Companies Act
1993. The Charter can be found on Vital’s website
www.vhpt.co.nz.
The table below shows all relevant interests of Directors in Units,
which include legal and beneficial interests in Units.
Holdings (number of
units) non-beneficial
Holdings (number of
units) beneficial
Claire Higgins79,795
Andrew Evans304,723454,263
Paul Dalla Lana
1
108,417,335
Bernard Crotty
David Carr
Graeme Horsley48,972304,723
1 Paul Dalla Lana is the founder, Chairman, CEO, Trustee and largest unitholder of
NorthWest Healthcare Properties Real Estate Investment Trust (a trust organised
under the laws of Ontario, Canada, Corporation). NorthWest Healthcare Properties
Real Estate Investment Trust directly or indirectly holds approximately
108.4 million units in Vital Healthcare Property Trust, which Mr Dalla Lana is
considered to have a relevant interest in. Mr Bernard Crotty is President and
Trustee of NorthWest Healthcare Properties Real Estate Investment Trust, but is
not considered to have a relevant interest in its units in Vital.
Independent Directors
The Manager recognises that Independent Directors are
important in assuring unitholders that the Board is properly
fulfilling its role and is diligent in holding management
accountable for its performance. The procedures in place for
determining independence is whether the Director is independent
of management and free of any business or other relationship
that could materially interfere with, or could reasonably be
perceived to materially interfere with, the exercise of their
unfettered and independent judgement.
As defined in the NZX Listing Rules, the Board has determined
that two of its member, Claire Higgins (Chair) and Andrew Evans
are Independent Directors. Paul Dalla Lana, Bernard Crotty and
David Carr (Executive Director) are considered to be non-
independent.
Each Board member’s biography including their skills, experience
and expertise are included in the Board of Directors section on
pages 20-21.
Diversity
At a Board level, diversity of experience is critical to ensure a
healthy exchange of ideas and opinions to deliver higher quality
decision making and outcomes. All Board appointments are
always based on merit and diversity (including gender and
ethnicity).
A key feature of the external management structure that Vital
operates under is that all employee costs are the responsibility of
the Manager, not Vital. The Manager is committed to providing a
positive working environment where diversity in all its form is
respected and embraced.
As at 30 June 2018 the Manager has one female Director out of
the five currently appointed Directors. All of the Officers of the
Manager are male.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
24CORPORATE GOVERNANCE
20182017
NumberProportionNumberProportion
Gender diversityMaleFemaleMaleFemaleMaleFemaleMaleFemale
Directors4180%20%4180%20%
Officers40100%0%30100%0%
Leadership4450%50%40100%0%
All Employees121348%52%9469%31%
The table above includes all employees of NorthWest within the
Australia/New Zealand region
Healthcare real estate is a specialised sector and the Board
believes that it is important to have members with a diverse
range of backgrounds, skills and experience. It is also important
to balance skills and knowledge gained through length of tenure
and the value of fresh ideas in decision making.
A majority of the Directors are members of professional
organisations such as the Institute of Directors (or equivalent) or
other industry specific and relevant organisations, which support
the ongoing education and training of professional directors. The
table below summarises the skills, experience and length of
service of the current Board.
Board and Director Performance
Assessment of the Board and individual Directors’ performance is
a process determined by the Chair. This takes into account the
overall attendance, contribution and experience of each individual
member concerned.
Chair and Chief Executive Officer
The role of Chair and Chief Executive Officer (CEO) are separated
to increase accountability and facilitate more effective
monitoring and oversight of management. At the financial year-
end and at the date of this report, Claire Higgins is the Chair and
David Carr is the CEO and Executive Director of the Manager.
Claire’s role as Chair is to provide leadership to the Board of
Directors and is accountable to the Board. David’s primary role is
to ensure management deliver on the strategy approved by the
Board.
PRINCIPLE 3 – BOARD COMMITTEES
The Board should use committees where this will enhance its
effectiveness in key areas, while still retaining board
responsibility.
The Board uses a number of committees to assist in the
discharge of its duties and responsibilities. Each committee
operates under a charter agreed by the Board, setting out its role,
responsibilities, authority, and relationship with the Board, in
relation to reporting requirements, composition, structure and
membership.
Audit Committee
The Audit Committee is responsible for overseeing the financial
and accounting responsibilities of Vital. The minimum number of
members on the Audit Committee is three. All members must be
a Director with the majority being Independent Directors and at
least one member must have an accounting or financial
background. The Audit Committee Charter is available on Vital’s
website www.vhpt.co.nz.
The members of the Audit Committee are Claire Higgins (Chair),
Andrew Evans and Bernard Crotty.
The Audit Committee assists the Board in fulfilling its corporate
governance and disclosure responsibilities with particular
reference to financial matters, internal and external audits, and is
specifically responsible for:
•Recommending to the Board the appointment/removal of
Vital’s external auditor
•Monitoring compliance with the Financial Reporting Act 2013,
Financial Markets Conduct Act 2013, Companies Act 1993 and
the NZX Listing Rules
•Supervising and monitoring external audit requirements
•Reviewing annual and interim financial statements prior to
submission for Board approvals
•Reviewing and approving quarterly distributions with
recommendation of the same for Board approvals
•Reviewing the performance and independence of the external
auditor
Attendance at Audit CommitteeDate of Appointment
Claire Higgins (Chair)4 of 416 January 2012
Andrew Evans4 of 414 November 2011
Bernard Crotty4 of 416 January 2012
Skills & ExperienceClaire HigginsAndrew EvansBernard CrottyPaul Dalla LanaDavid Carr
Accounting / finance / economics●●●●
Commercial real estate / asset
management / valuation
●●●●●
Corporate governance●●●●●
Legal / regulatory●●●●
International business●●●●●
Tenure (years)6.5116.56.50.25

25
Directors and Officers have a standing invitation to attend Audit
Committee meetings. Employees may attend on an invitation
basis only.
Remuneration Committee
The NZX Code recommends that a Remuneration Committee be
established to benchmark remuneration packages for Directors
and senior employees and that the information be disclosed to
investors. A key feature of the external management structure
that Vital operates under is that all employment expenses are
the responsibility of the Manager, not Vital. Consequently, a
Remuneration Committee is not considered necessary by the
Board at this time.
Nominations Committee
Unitholders have the opportunity to nominate two of the
Independent Directors of the Manager and can nominate and vote
on one Independent Director of the Manager each year. As a
result of this current structure a nominations committee is not
considered necessary by the Board at this time.
Due Diligence Committee
From time to time the Board establishes Due Diligence
Committees (DDC) to report on the due diligence process in
relation to any potential transaction for Vital of material size or
complexity. An example would be a material portfolio acquisition
or equity capital raising. A DDC will normally include all
Directors, relevant management staff and external consultants
appropriate for the transaction.
Investment Committee
Under the terms of the Conflicts Policy an Investment
Committee has been established to avoid, manage and resolve
conflicts in a manner which complies with any relevant legal
obligations and is equitable to each party. The Conflicts Policy
can be found on www.vhpt.co.nz.
PRINCIPLE 4 – REPORTING & DISCLOSURE
The Board should demand integrity in financial and non-financial
reporting, and in the timeliness and balance of corporate
disclosures.
Continuous Disclosure
As an NZX issuer, the Manager is aware of the need to ensure the
market, investors and regulators remain fully informed of any
and all material or price sensitive information relevant to Vital.
The Board and all management employees are aware of the NZX
Continuous Disclosure requirements and Vital has internal
procedures in place to ensure compliance with them. The
continuous disclosure policy is included as part of Vital’s Code of
Conduct.
Sustainability
From a sustainability perspective, the Board is conscious that an
awareness of an organisation's impact on the environment in
addition to its financial performance is important to investors.
The Board acknowledges this and wherever possible, actively
looks to encourage environmentally sustainable behaviour from
its staff (through paper and waste recycling), investors (greater
use of electronic communications) and key partners (supporting
environmentally sustainable practices with a focus on
brownfield
projects).
Community / Social Responsibility
The Board and Manager recognise that engaging with investors
means more than just measuring traditional financial
performance or shareholder return measures. As part of
demonstrating its corporate and social responsibility, the
Manager has a charity and sponsorship committee that aims to
support its employees and the communities in which it operates
in. These provide two types of sponsorships as follows:
•eligible employees are entitled to take one day per year paid
leave to participate in company sponsored charity activities, or
individual charity activities as approved by the Manager; and
•an individual employee may request sponsorship for events
that they are taking part in using their own time to raise money
for healthcare related charities.
Some of the organisations who have benefitted from this support
includes the New Zealand Breast Cancer Foundation, Starship
Foundation and the Epworth Foundation.
PRINCIPLE 5 – REMUNERATION
The remuneration of directors and executives should be
transparent, fair and reasonable.
Manager’s Remuneration
Stipulated within the Trust Deed is the basis on which the
Manager is entitled to receive management fees and incentive
fees.
Management fees are charged, in respect of each month, a base
fee equal to 0.75% per annum of the monthly average of the
Gross Value of the assets of Vital for the quarter ended on the
last day of that month. The incentive fee is an amount equal to
10% per annum of the average annual increase in the Gross Value
of Vital over the relevant financial year and two preceding
financial years.
The Manager is required to apply the incentive fee in subscribing
for new Units in Vital issued at the weighted average price. The
remuneration of the Manager is subject to an overall limit of
1.75% per annum of the Gross Value of Vital and includes the
remuneration of the CEO and management team.
The Manager and the Supervisor are each entitled to be
reimbursed out of the Trust Fund for all expenses, costs or
liabilities incurred by them respectively in acting as Manager or
Supervisor.
Supervisor’s Remuneration
The Supervisor is entitled to receive fees in respect of its services
based on the average gross value of the assets of Vital as
follows: 0.10% per annum on the first $100m, 0.08% per annum
on the next $25m, 0.05% per annum on the next $25m and 0.03%
per annum on any amount over $150m. The Supervisor is also
entitled to reasonable reimbursement for special attendances.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
26CORPORATE GOVERNANCE
Directors Remuneration
The basis for Directors fees are set out in the Board Charter
which seeks to pay market level remuneration which is fair and
reasonable. The Manager believes it is important to attract and
retain high quality directors who can bring a valuable and diverse
set of skills and experience to the trust.
A key feature of the external management structure that Vital
operates under is that all Directors expenses are the
responsibility of the Manager, not Vital. As a result, the
remuneration paid to Directors of the Manager is not required to
be approved by unitholders.
Insurance and Indemnities
In accordance with the Board Charter, the Manager has provided
insurance and indemnities to its Directors and Officers for any
liability / losses arising in respect of actions or omissions
occurring during the normal carrying out of their duties.
PRINCIPLE 6 – RISK MANAGEMENT
Directors should have a sound understanding of the material
risks faced by the issuer and how to manage them. The Board
should regularly verify that the issuer has appropriate processes
that identify and manage potential and material risks.
Risk Management
The Board of Directors maintains a sound understanding of key
risks faced by Vital. Effective management of all financial and
non-financial risks is fundamental to the delivery of the Board’s
strategy.
As part of its framework, the Board and Audit Committee work
closely with management and external auditors to support the
identification, management and reporting of certain financial and
non-financial risks to Vital. In addition, the Manager will engage
other external advisers as appropriate to deal with specific risks.
Vital and the Manager have a risk management framework that is
integrated into day to day operations. This is part of Vital’s overall
compliance assurance programme that is reviewed on an annual
basis by the Operational Risk Committee. High risk groups are
reviewed more frequently on an annual basis with low risk groups
reviewed biennial.
Insider Trading and Restricted Persons Trading
The Manager’s Directors, Officers and Employees, their families
and related parties must comply with the Security Trading policy.
The Manager is committed to ensuring compliance with legal and
regulatory requirements with respect to insider trading and
restricted persons trading.
To assist with such compliance, the Manager’s Security Trading
policy identifies circumstances where Directors, Officers and
other restricted persons are permitted to trade, or are prohibited
from trading, units in Vital. Compliance with this policy is
monitored by the Board. In addition, all trading by Directors and
Officers of the Manager is required to be reported to NZX in
accordance with the Financial Markets Conduct Act 2013. The
holdings of Directors of the Manager are disclosed on page 23.
Health and Safety
The Directors and Manager of the Trust are committed to
ensuring that as far as reasonably practicable it provides a safe
and healthy working environment for all employees, tenants,
contractors and others who may visit our properties. The
Manager’s Health & Safety policy can be found on our website
and aims to reflect this commitment. The Manager has an
Operational Risk Committee that meets on a regular basis and a
standing agenda item is Health and Safety.
PRINCIPLE 7 – AUDITORS
The Board should ensure the quality and independence of the
external audit process.
EXTERNAL AUDITORS
In addition to the formal charter under which the Audit
Committee operates, the Audit Committee has also developed a
Charter of Audit Independence, which sets out the procedures
that need to be followed to ensure the independence of the
Trust’s external auditor.
The Audit Committee is responsible for recommending the
appointment of the external auditor and maintaining procedures
for the rotation of the external audit engagement partner. Under
the Audit Charter, the external audit engagement partner must
be rotated at least every five years.
The charter covers provision of non-audit services with the
general principle being applied that the external auditor should
not have any involvement in the production of financial
information or preparation of financial statements such that they
might be perceived as auditing their own work. It is however
appropriate for the external auditor to provide services of due
diligence on proposed transactions and accounting policy advice.
The external auditors are prepared to answer unitholders’
questions about the preparation and content of the independent
auditor’s report.
Vital undertakes quarterly audited review engagements with its
external auditor. As part of the process the Audit Committee
identify any key areas of focus and reporting required of the
auditors. Management is required to attend the meeting to
discuss the findings of the report and respond to queries.
External audit for Vital – following recommendation from the
Audit Committee, the Board appointed the firm of Deloitte
Limited as the Trust’s statutory auditor. KPMG has been
appointed as the auditor of the Manager.
PRINCIPLE 8 – UNITHOLDER RIGHTS & COMMUNICATION
The Board should respect the rights of unitholders and foster
constructive relationships with unitholders that encourage them
to engage with the issuer.
A key focus of investor relations is to ensure the market and
investors are informed of all details necessary to assess their
investment and Vital’s performance as specified by NZX Listing
Rules. The Board aims to foster constructive communications
and encourages all stakeholders to engage with Vital.

27
Website
A key element of corporate communication is the Trust’s website
at www.vhpt.co.nz. The website enables all existing and potential
new unitholders to view information including:
•An overview of the business and corporate structure
•A history of financial and investment performance
•Key calendar dates
•The ability to access and download all NZX announcements,
presentations and reports
•The website also includes key corporate governance
documents including the Board Charter, Statement of
Investment Policy and Objectives (SIPO), Conflicts Policy and
other key policy documentation
The Manager also actively encourages engagement through a
communication strategy which includes:
•The Annual Meeting for the unitholders to meet with and ask
questions of the Board, the Supervisor, management and
external auditors
•Any other meetings called to obtain approval for the Manager’s
action as appropriate
•Results webcasting providing all investors with the ability to
listen and ask questions of management
•Various investor communications including Annual and Interim
Reports
•Newsletters and periodic investor roadshows
•Regular reminders to unitholders they have the option to
receive communications electronically
•Periodic and continuous disclosure to NZX
•Notices and explanatory memoranda for Annual and Special
Meetings
Vital also has a toll-free contact number (0800 225 264) and
general service and enquiry email address (enquiry@vhpt.co.nz)
for the Manager to receive any market or investor enquiries.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
28FINANCIAL STATEMENTS
INVESTING IN
AUSTRALASIA'S
HEALTHCARE
INFRASTRUCTURE
FINANCIAL STATEMENTS2018

29
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2018
Note
2018
$000s
2017
$000s
Gross property income from rentals93,67891,849
Gross property income from expense recoveries10,2587,620
Property expenses(13,277)(9,812)
Net property income490,65989,657
Other income and expenses5(31,296)(22,070)
Finance income38596
Finance expense6(23,172)(14,650)
Operating profit36,57653,033
Other gains/(losses)
Revaluation gain on investment property1085,461168,549
Fair value gain/(loss) on foreign exchange derivatives(300)(342)
Fair value gain/(loss) on interest rate derivatives(2,883)9,023
Unrealised gain/(loss) on foreign exchange(1,417)885
80,861178,115
Profit before income tax117,437231,148
Taxation expense7(17,372)(13,526)
Profit for the year attributable to unitholders of the Trust100,065217,622
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve28,802(2,183)
Realised foreign exchange gain/(loss) on hedges1,4579,605
Current taxation (expense)/credit(408)(2,689)
Unrealised foreign exchange gain/(loss) on hedges(2,317)(6,549)
Deferred taxation (expense)/credit6491,834
Fair value gain/(loss) on net investment hedges(2,834)(267)
Deferred taxation (expense)/credit79475
Total other comprehensive income/(loss) after tax26,143(174)
Total comprehensive income after tax126,208217,448
Earnings per unit
Basic and diluted earnings per unit (cents)823.0451.68
The notes on pages 33 to 53 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
30FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
Note
2018
$000s
2017
$000s
Non-current assets
Investment properties101,731,2471,376,243
Derivative financial instruments118561,499
Other non-current assets1343,984327
Total non-current assets1,776,0871,378,069
Current assets
Cash and cash equivalents95,3883,352
Trade and other receivables1,189367
Other current assets3,8017,886
Derivative financial instruments113632,554
Total current assets10,74114,159
Total assets1,786,8281,392,228
Unitholders' funds
Units on issue14556,878538,469
Reserves15,629(11,295)
Retained earnings415,469352,647
Total unitholders' funds987,976879,821
Non-current liabilities
Borrowings15668,712401,879
Income in advance-1,541
Derivative financial instruments1114,44412,142
Deferred tax1286,79671,719
Total non-current liabilities769,952487,281
Current liabilities
Trade and other payables1616,96511,537
Income in advance2,2812,407
Derivative financial instruments1146097
Taxation payable9,19411,085
Total current liabilities28,90025,126
Total liabilities798,852512,407
Total unitholders' funds and liabilities1,786,8281,392,228
For and on behalf of the Manager, NorthWest Healthcare Properties Management Limited
C Higgins, Chair
9 August 2018
B Crotty, Director
The notes on pages 33 to 53 form part of and are to be read in conjunction with these financial statements.

31
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2018
Units on issue
$000s
Retained
earnings
$000s
Translation
of foreign
operations
$000s
Foreign
exchange
hedges
$000s
Share based
payments
$000s
Total
unitholders'
funds
$000s
For the year ended
30 June 2017
Balance at the start of the period369,220171,617(81,530)58,0956,317523,719
Changes in unitholders' funds169,249---(6,317)162,932
Manager's incentive fee----12,31412,314
Profit for the period-217,622---217,622
Distributions to unitholders-(36,592)---(36,592)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--(2,183)--(2,183)
Realised foreign exchange gains
on hedges---6,916-6,916
Unrealised foreign exchange
gains/
(losses) on hedges---(4,715)-(4,715)
Fair value gains on net investment
hedges---(192)-(192)
Balance at the end of the year538,469352,647(83,713)60,10412,314879,821
For the year ended
30 June 2018
Balance at the start of the period538,469352,647(83,713)60,10412,314879,821
Changes in unitholders' funds18,409---(12,314)6,095
Manager's incentive fee----13,09513,095
Profit for the period-100,065---100,065
Distributions to unitholders-(37,243)---(37,243)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--28,802--28,802
Realised foreign exchange gains
on hedges---1,049-1,049
Unrealised foreign exchange
gains/
(losses) on hedges---(1,668)-(1,668)
Fair value gains on net investment
hedges---(2,040)-(2,040)
Balance at the end of the year556,878415,469(54,911)57,44513,095987,976
The notes on pages 33 to 53 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
32FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year eneded 30 June 2018
Note
30 June
2018
$000s
30 June
2017
$000s
Cash flows from operating activities
Property income91,90690,271
Recovery of property expenses9,8377,478
Interest received9084
Property expenses(13,143)(13,410)
Management and trustee fees(12,341)(8,438)
Interest paid(22,290)(14,072)
Tax paid(6,062)(4,995)
Other trust expenses(2,283)(2,407)
Net cash provided by/(used in) operating activities945,71454,511
Cash flows from investing activities
Receipts from foreign exchange derivatives3,26611,115
Capital additions on investment properties(26,886)(30,575)
Purchase of properties(187,694)(223,292)
Prepaid acquisition costs(5,038)(3,394)
Advances provided to related parties(43,295)-
Payments for foreign exchange derivatives(1,736)(445)
Net cash provided by/(used in) investing activities(261,383)(246,591)
Cash flows from financing activities
Debt drawdown249,910219,989
Issue of units (net of issue costs)-157,004
Repayment of debt-(163,843)
Loan issue costs(1,029)-
Costs associated with Distribution Reinvestment Plan(27)(31)
Distributions paid to unitholders(31,149)(30,665)
Net cash from/(used in) financing activities217,705182,454
Net increase/(decrease) in cash and cash equivalents2,036(9,626)
Effect of exchange rate changes on cash and cash equivalents-(2)
Cash and cash equivalents at the beginning of the period3,35212,980
Cash and cash equivalents at the end of the year5,3883,352
The notes on pages 33 to 53 form part of and are to be read in conjunction with these financial statements.

33
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1 REPORTING ENTITY
The reporting entity is Vital Healthcare Property Trust (“VHP” or
the “Trust”), a unit trust established under the Unit Trusts Act
1960 by a Trust Deed dated 11 February 1994 as subsequently
amended and replaced, domiciled in New Zealand. The Trust is
managed by NorthWest Healthcare Properties Management
Limited (the “Manager”) and the address of its registered office is
Level 16, AIG Building, 41 Shortland Street, Auckland.
The consolidated financial statements of VHP for the year ended
30 June 2018 comprise VHP and its subsidiaries (together
referred to as the “Group”). VHP is listed on the New Zealand
Stock Exchange (NZX) and is a FMC reporting entity for the
purpose of the Financial Markets Conduct Act 2013. The Trust’s
principal activity is the investment in high quality Health Sector
related properties.
These consolidated financial statements were approved by the
Board of Directors of the Manager on 9 August 2018.
2 BASIS OF PREPARATION
(a) Statement of compliance
These financial statements have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand (NZ
GAAP). The financial statements comply with New Zealand
equivalents to International Financial Reporting Standards (NZ
IFRS) and other applicable Financial Reporting Standards, as
appropriate for profit-oriented entities. The consolidated financial
statements comply with International Financial Reporting
Standards (IFRS).
(b) Basis of measurement
These financial statements have been prepared on the historical
cost basis except for derivative financial instruments and
investment properties which are measured at fair value.
(c) Functional and presentation currency
These financial statements are presented in New Zealand Dollars
($), which is the Trust’s functional and presentation currency. All
information has been rounded to the nearest thousand dollars
($000), unless stated otherwise.
(d) Critical accounting estimates and judgements
In the application of NZ IFRS, the Board and management are
required to make judgements, estimates and assumptions about
carrying values of assets and liabilities that are not readily
apparent from other sources. The estimates and associated
assumptions are based on experience and other factors that are
believed to be reasonable under the circumstances, the results of
which form the basis of making the judgements. Actual results
may differ from the estimates, judgements and assumptions
made by the Board and management.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future
periods affected. Judgements made by management in the
application of NZ IFRS that have significant effects on the
financial statements and estimates with a significant risk of a
material adjustment in the next financial year are disclosed
where applicable in the relevant notes to the financial
statements. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the financial statements, are as follows:
Note 10 – valuation of investment properties
Note 12 – deferred tax (and taxation in Note 7)
3 SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of consolidation
The Group’s financial statements incorporate the financial
statements of the Trust and entities controlled by the Trust (its
subsidiaries) as set out in Note 18. Control is achieved where the
Trust has the power over the investees; is exposed, or has rights,
to variable returns from it’s involvement with the investees; and
has the ability to use its power to affect its returns. The results of
subsidiaries are included in the consolidated financial statements
from the effective date of acquisition or up to the effective date of
disposal, as appropriate. All significant intra-group transactions,
balances, income and expenses are eliminated on consolidation.
(b) Foreign currency transactions
The individual financial statements of each group entity are
presented in the currency of the primary economic environment
in which the entity operates (its functional currency). For the
purpose of the Group financial statements, the results and
financial position of each group entity are expressed in New
Zealand Dollars.
In preparing the financial statements of the individual entities,
transactions in currencies other than the entity’s functional
currency (foreign currencies) are recorded at the rates of
exchange prevailing at the dates of the transactions. At the end
of each reporting period monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of
exchange prevailing at that time.
Exchange differences are recognised in profit or loss in the period
in which they arise except for exchange differences on
transactions entered into in order to hedge certain foreign
currency risks (see below for hedge accounting policies).
(c) Foreign operations
For the purposes of presenting the Group financial statements,
the assets and liabilities of the Group’s foreign operations are
expressed in New Zealand Dollars using exchange rates
prevailing at the end of the reporting period. Income and expense
items are translated at the average exchange rates for the period.
Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated as a separate
component of equity in the Group’s foreign currency translation
reserve.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
34FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 SIGNIFICANT ACCOUNTING POLICIES (continued)
(d) Goods and services tax
The statement of comprehensive income and statement of cash
flows have been prepared so that all components are stated
exclusive of goods and services tax (GST) to the extent that GST
is recoverable. All items in the statement of financial position are
stated exclusive of GST with the exception of receivables and
payables, which include GST invoiced. Cash flows are included in
the statement of cash flows on a net basis. The GST component
of cash flows arising from investing and financing, which is
recoverable from, or payable to, the taxation authority, is
classified as part of operating cash flows.
(e) Investment properties
Investment property is property held either to earn rental income
or for capital appreciation or both. Investment properties are
initially stated at cost, including any related transaction costs.
Subsequent expenditure is charged to the asset’s carrying
amount only when it is probable that future economic benefits
associated with the item will flow to the Trust and the cost of the
item can be measured reliably. All other repairs and maintenance
costs are charged to the statement of comprehensive income
during the financial period in which they are incurred. Initial direct
costs incurred in negotiating and arranging operating leases and
lease incentives granted are added to the carrying amount of the
leased asset.
After initial recognition, investment properties are stated at fair
value as determined every year by independent valuers, with any
change therein recognised in the statement of comprehensive
income. In accordance with the valuation policy of the Trust,
complete property valuations are carried out by independent
registered valuers having appropriately recognised professional
qualifications and experience in the location and category of
property being valued. The valuation policy stipulates that the
same valuer may not value a property for more than two
consecutive years. The fair values are based on market values
being the estimated amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. In the
absence of current prices in an active market, the valuations are
prepared using a discounted cash flow methodology based on the
estimated rental cash flows expected to be received from the
property adjusted by a discount rate that appropriately reflects
the risks inherent in the expected cash flows.
Investment properties are derecognised when they have been
disposed of and any gains or losses incurred on disposal, being
the difference between the carrying amount of the investment
property at the time of disposal and the proceeds on disposal, are
recognised in the statement of comprehensive income in the year
in which the disposal occurred.
(f) Development of investment properties
Investment property that is being redeveloped for continuing use
is measured at fair value and subsequent expenditure is
capitalised to the asset’s carrying amount only when it is
probable that future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured
reliably. Borrowing costs are capitalised if they are directly
attributable to the development of a qualifying property.
Capitalisation of borrowing costs commences when the activities
to prepare the property are in progress and expenditure and
borrowing costs are being incurred. Capitalisation of borrowing
costs may continue until the assets are substantially ready for
their intended use.
(g) Financial instruments
(g.1) Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other
receivables, cash and cash equivalents, borrowings and trade and
other payables.
(g.2) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and call
deposits.
(g.3) Trade and other receivables
Trade and other receivables are recognised initially at fair value.
A provision for impairment of trade receivables is established
when there is objective evidence that the Group will not be able
to collect all amounts due according to the original terms of the
receivables. The amount of the provision is the difference
between the asset’s carrying amount and the present value of
estimated future cash flows, discounted at the original effective
interest rate.
(g.4) Trade and other payables
Trade and other payables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method.
(g.5) Bank borrowings
Interest-bearing bank loans are initially measured at fair value
net of transaction costs. Subsequent to initial recognition,
borrowings are measured at amortised cost with any difference
being recognised in the statement of comprehensive income over
the period of the borrowing using the effective interest rate
method. Accrued interest is classified separately under trade and
other payables.
(g.6.1) Derivative financial instruments
The Group uses derivative financial instruments such as interest
rate swaps and forward exchange contracts to reduce its
exposure to interest rate risk and foreign exchange risk.
Derivative financial instruments are initially recognised and
subsequently measured at fair value. Gains and losses arising
from changes in fair value of a derivative are recognised as they
arise in the profit and loss in the statement of comprehensive
income unless the derivative is a hedging instrument in a
qualifying hedge relationship, in which case the gains and losses
are recognised in other comprehensive income. Derivatives are
recognised on the date the contract is entered into.

35
3 SIGNIFICANT ACCOUNTING POLICIES (continued)
(g) Financial instruments (continued)
(g.6.2) Hedge accounting
The Group has entered into hedge relationships for hedges of net
investments in foreign operations. Hedge relationships are
formally documented at the inception of the hedge and this
documentation identifies the hedged item, hedging instrument,
risks that are being hedged, strategies for undertaking the hedge,
and the way effectiveness will be assessed.
In the hedge of a net investment in a foreign operation, the
portion of foreign exchange differences arising on the hedging
instrument determined to be an effective hedge is recognised
directly in other comprehensive income. Any ineffective portion is
recognised directly in the profit and loss in the statement of
comprehensive income. The Group uses derivative financial
instruments and non-derivative financial instruments as hedging
instruments of a net investment in a foreign operation. On
disposal of the foreign operation, the cumulative value of such
gains or losses recognised in other comprehensive income is
reclassified to the profit and loss in the statement of
comprehensive income.
(h) Recognition of income
Rental income from the investment properties held by the Group
is recognised in the statement of comprehensive income on a
straight line basis over the term of the lease. Lease incentives
provided in relation to letting the investment property are
amortised on a straight line basis over the non-cancellable
portion of the lease to which they relate, as a reduction of rental
income. Operating expenses attributable to tenants are offset by
recoveries from tenants. Operating expenses not attributable to
tenants are offset by rental income.
Dividend income from investments is recognised when the
Group’s right to receive payment has been established.
(i) Finance expense
Finance expense comprises interest payable on borrowings and
realised gains and losses on the interest rate hedging
instruments that are recognised in profit or loss. All borrowing
costs (other than borrowing costs attributable to property under
development) are recognised in the statement of comprehensive
income using the effective interest method.
(j) Taxation
(j.1) Income tax expense
Income tax expense represents the sum of the tax currently
payable and deferred tax. Income tax expense is recognised in
profit or loss in the statement of comprehensive income except
to the extent that it relates to items recognised directly in other
comprehensive income or equity, in which case the tax is
recognised in other comprehensive income or equity.
(j.2) Current tax
The tax currently payable is based on taxable profit for the
reporting period, using tax rates enacted or substantively enacted
at the reporting date in the countries where the Group operates.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation, and establishes provisions where
appropriate on the basis of amounts expected to be paid to the
tax authorities. Taxable profit differs from profit reported in the
statement of comprehensive income because it excludes items
that are never taxable or deductible.
(j.3) Deferred tax
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all
taxable temporary differences, and deferred tax assets are
generally recognised for all deductible temporary differences to
the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be
utilised.
Deferred tax is calculated at the tax rates that are expected to
apply in the period in which the liability is settled or the asset
realised, based on tax rates (and tax rules) that have been
enacted or substantively enacted by the end of the reporting
period.
(k) Items carried at fair value
The items which are carried at fair value include investment
property and derivative financial instruments. These items are
classified into the following levels in the fair value measurement
hierarchy:
Level 1 – quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2 – inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
Level 3 – inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
(l) Operating lease commitments
The Group has entered into commercial property leases on its
investment properties. The Group has determined that it retains
all significant risks and rewards of ownership of these properties
and has thus classified the leases as operating leases.
(m) Capital
(m.1) Units
Units are classified as equity. External costs, net of tax, directly
attributable to the issue of new units are deducted from
unitholders’ funds as permitted by the Trust Deed.
(m.2) Distributions
Distributions to the Group’s unitholders are recognised as a
liability in the Group’s financial statements in the period in which
the distributions are approved.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
36FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3 SIGNIFICANT ACCOUNTING POLICIES (continued)
(m) Capital (continued)
(m.3) Share based payments
The Trust receives management services from the Manager and
pays the Manager an asset management fee and an incentive fee.
The management fee is recorded in the statement of
comprehensive income and is settled in cash. The incentive fee,
as set out in the Trust Deed, is settled in newly issued units. The
incentive fee arrangements are considered a share based
payment. The Trust recognises the incentive fee as the services
are provided. The incentive fee not yet settled as newly issued
units is reflected within the share based payment reserve until
such time as it has been settled.
(n) Statement of cash flows
The statement of cash flows is prepared on a GST exclusive
basis, which is consistent with the statement of comprehensive
income.
The following terms are used in the statement of cash flows:
Operating activities are the principal revenue producing
activities of the Group and other activities that are not investing
or financing activities.
Investing activities are the acquisition and disposal of long term
assets and other investments not included in cash equivalents.
Financing activities are activities that result in changes in the
size and composition of the contributed equity and borrowings of
the entity.
(o) Standards, interpretations and amendments to published
standards that are not yet effective
At the date of authorisation of these financial statements the
following relevant standards and interpretations were in issue
but not yet effective and have not been applied in preparing these
financial statements. These changes are not expected to have a
material impact on the financial statements but may affect
presentation and disclosure:
NZ IFRS 9 Financial Instruments (effective for accounting periods
beginning on or after 1 January 2018) introduces a new
classification and measurement regime for financial assets and
liabilities. Vital is partway through the implementation project for
this standard, but ultimately this will not have a material impact
on the business.
NZ IFRS 15 Revenue from Contracts with Customers (effective
for annual reporting periods beginning on or after 1 January
2018) provides revenue recognition criteria in relation to the
nature, amount and timing of revenue associated with contracts
from customers. Vital has asessed the effects of applying the
new standard on the consolidated financial statements and has
concluded that the standard does not have a material impact on
the timing of revenue recognition.
NZ IFRS 16 Leases (effective for annual reporting periods
beginning on or after 1 January 2019) eliminates the distinction
between the operating and finance leases for lessees and will
result in lessees bringing most leases onto their balance sheets,
with the exception of certain short term leases and leases of low
value assets. There are minimal changes from the current NZ IAS
17 requirements for lessors. Vital is currently assessing the
impact of this standard.
Other standards and interpretations in issue but not yet effective
are not expected to have an impact on the financial statements of
the Group in the period of initial application.
(p) Standards, interpretations and amendments adopted by
Vital Healthcare Property Trust
There were no new standards, amendments or interpretations
adopted in the current year that impacted the Group.
(q) Changes in accounting policy and presentation
All accounting policies have been applied on a basis consistent
with the prior years' financial statements.

37
4 SEGMENT INFORMATION
The principal business activity of the Trust and its subsidiaries is to invest in Health Sector related properties. NZ IFRS 8 requires
operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the
chief operating decision maker in order to allocate resources to the segments and to assess their performance.
The information reported to the Group’s chief operating decision maker is based on primarily one industry sector, investing in Health
Sector related properties. The Group operates in both Australia and New Zealand.
The following is an analysis of the Group’s revenue and results from continuing operations by reportable segment.
Australia
$000s
New Zealand
$000s
Total
$000s
Segment profit/(loss) for the year ended 30 June 2018:
Net property income69,93520,72490,659
Other (expense)(14,170)(17,126)(31,296)
Net finance (expense)(13,274)(9,513)(22,787)
42,491(5,915)36,576
Fair value gain/(loss) on interest rate derivatives-(2,883)(2,883)
Revaluation gains on investment properties75,9449,51785,461
Other foreign exchange gains/(losses)(2)(1,715)(1,717)
Total segment profit before income tax118,433(996)117,437
Taxation (expense)(17,372)
Profit for the year100,065
Segment profit/(loss) for the year ended 30 June 2017:
Net property income73,95615,70189,657
Other (expense)(7,588)(14,482)(22,070)
Net finance (expense)(6,290)(8,264)(14,554)
60,078(7,045)53,033
Fair value gain/(loss) on interest rate derivatives-9,0239,023
Revaluation gains on investment properties143,43625,113168,549
Other foreign exchange gains/(losses)(3)546543
Total segment profit before income tax203,51127,637231,148
Taxation (expense)(13,526)
Profit for the period217,622
Net property income consists of revenue generated from external tenants less property operating expenditure. The Group has two
tenants with over 10% of gross property income from rentals totalling $52.4m, all in Australia (2017: two tenants totalling $47.4m).
There were no lease termination receipts included in net property income for the year ended 30 June 2018 (2017: $13.8m).
There were no inter-segment sales during the year (2017: nil).
Segment profit represents the profit earned by each segment including allocation of identifiable administration costs, finance costs,
revaluation gains/(losses) on investment properties, and gains/(losses) on disposal of investment properties. This is the measure
reported to the Board of Directors, who are the chief operating decision makers for the purposes of resource allocation and
assessment of segment performance.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
38FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
4 SEGMENT INFORMATION (continued)
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 30 June 2018:
Investment properties1,327,104404,1431,731,247
Other non-current assets43,95788344,840
Current assets4,9685,77310,741
Consolidated assets1,376,029410,7991,786,828
Segment assets at 30 June 2017:
Investment properties1,110,530265,7131,376,243
Other non-current assets2861,5401,826
Current assets4,8139,34614,159
Consolidated assets1,115,629276,5991,392,228
Segment liabilities at 30 June 2018:
Borrowings526,811141,901668,712
Other liabilities98,07532,065130,140
Consolidated liabilities624,886173,966798,852
Segment liabilities at 30 June 2017:
Borrowings270,855131,024401,879
Other liabilities77,90732,621110,528
Consolidated liabilities348,762163,645512,407
For the purposes of monitoring segment performance and allocating resources between segments:
– all assets are allocated to reportable segments, and
– all liabilities are allocated to reportable segments.
5 OTHER INCOME AND EXPENSES
2018
$000s
2017
$000s
Expenses
Auditor's remuneration:
Audit and review of financial statements143139
Manager's fees11,8568,073
Manager's incentive fee13,09612,314
Strategic transaction costs3,579-
Other operating income/expenses2,6221,544
Total other expenses31,29622,070
6 FINANCE EXPENSES
2018
$000s
2017
$000s
Expenses
Interest expense24,12414,952
Borrowing costs capitalised(952)(302)
Total finance expenses23,17214,650

39
7 TAXATION
2018
$000s
2017
$000s
Profit/(loss) before tax for the period117,437231,148
Taxation (charge)/credit - 28% on profit before income tax(32,882)(64,722)
Effect of different tax rates in foreign jurisdictions15,78626,475
Change in tax rate-17,201
Tax exempt income3,6876,941
Foreign tax credits2,3515,019
Tax charges on overseas investments(8,559)(5,337)
Over/(under) provided in prior periods1,26375
Other adjustments982822
Taxation (expense)/credit(17,372)(13,526)
The taxation (charge)/credit is made up as follows:
Current taxation(3,537)(3,526)
Deferred taxation(13,835)(10,000)
Total taxation (expense)(17,372)(13,526)
Key assumptions in calculating income tax
The key assumptions used in the preparation of the Group’s tax calculation are as follows:
Tax rate:
The New Zealand entities are subject to New Zealand tax on assessable income at the rate of 28%.
VHIT – This Australian Trust was established so that it qualifies as a Managed Investment Trust (MIT) for Australian tax purposes and
is subject to Australian tax on assessable income at the rate of 15%.
VHAPT – This Australian Trust is subject to Australian tax on assessable income at the rate of 15% after qualifying as a MIT for
Australian tax purposes in FY2017.
Imputation credits
Imputation (deficit)/credits at end of year(702)196
8 EARNINGS PER UNIT
Basic and diluted earnings per unit is calculated by dividing the profit attributable to unitholders of the Trust by the weighted average
number of ordinary units on issue during the year.
20182017
Profit attributable to unitholders of the Trust ($000s)100,065217,622
Weighted average number of units on issue (000's of units)434,322421,117
Basic and diluted earnings per unit (cents)23.0451.68

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
40FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
8 EARNINGS PER UNIT (continued)
2018
$000s
2017
$000s
Distributable income
Profit before income tax117,437231,148
Revaluation (gains)(85,461)(168,549)
Unrealised foreign exchange (gain)/loss1,417(885)
Unrealised foreign exchange (gain)/loss derivatives300342
Unrealised interest rate (gain)/loss derivatives2,883(9,023)
Manager's incentive fee13,09612,314
Profit used in calculating gross distributable income49,67265,347
Current tax charge3,5373,526
Profit used in calculating net distributable income46,13561,821
Gross distributable income (cpu)11.4415.52
Net distributable income (cpu)10.6214.68
Distributions paid in the financial year were 8.50 cents per unit (2017: 8.50).
9 STATEMENT OF CASH FLOWS RECONCILIATION FROM OPERATING ACTIVITIES
2018
$000s
2017
$000s
Cash and cash equivalents
Australian financial institutions3,2112,529
New Zealand financial institutions2,177823
Cash at bank5,3883,352
Reconciliation of profit after income tax to net cash flows from operating activities
Profit after tax for the year100,065217,622
Adjustments for non-cash items
Change in fair value of investment properties(85,461)(168,549)
Fair value (gain)/loss on derivative financial instruments3,183(8,682)
Unrealised foreign exchange (gain)/loss1,417(885)
Deferred taxation13,83510,000
Income in advance(1,667)(2,115)
Manager's incentive fee13,09612,314
Other(1,140)348
Effect of exchange rate changes on cash balances-(3)
Operating cash flow before changes in working capital43,32860,050
Change in trade and other payables5,4281,907
Change in taxation payable(1,891)1,117
Change in trade and other receivables3,263(4,782)
Items classified as investing activities(4,414)(465)
Net cash from operating activities45,71457,827
During the 2018 year, distributions of $6,140,047 (2017: $5,927,848) have been reinvested under the Distribution Reinvestment Plan
(DRP), which is excluded from investing and financing activities.

41
10 INVESTMENT PROPERTIES
2018
$000s
2017
$000s
Carrying value of investment property at the beginning of the year1,376,243951,879
Acquisition of properties194,696223,562
Capitalised costs26,13431,637
Capitalised interest costs952302
Net capitalised incentives2,2492,048
Foreign exchange translation difference45,512(1,734)
Change in fair value85,461168,549
Carrying value of investment property at the end of the year1,731,2471,376,243
Carrying value of investment property includes:
Fair value of investment properties1,729,7051,372,587
Income in advance1,5423,656
Carrying value of investment property at the end of the year1,731,2471,376,243
The capitalised costs consist of $22.1m relating to Australian investment properties and $4.0m relating to New Zealand investment
properties. The foreign exchange translation difference relates to Australian investment properties.
The Group holds the freehold title to all properties except the car parks at the rear of Ascot Hospital and Ascot Central. The total
value of leasehold property at 30 June 2018 was $3.2m (2017: $3.2m) representing 0.2% of the total investment properties portfolio
(2017: 0.4%). The weighted average lease length of leasehold property at 30 June 2018 was 0.8 years (2017: 1.8 years). The Group
has an option to extend the ground lease, with two further rights of renewal of 20 years each. This will extend the final expiry to 2059.
Income in advance relates to a termination payment received of $10.0m, and will be amortised over a five year period to March 2019.
Investment properties are classified as Level 3 under the fair value hierarchy.
Investment properties are stated at fair value by independent valuers supported by market evidence of property sale transactions and
leasing activity. These valuations are reviewed by the Manager. The methods used for assessing the current market value are the
Direct Comparison, Discounted Cash Flow, Capitalisation of Contract and Market Income approaches and are unchanged from the
prior year. The principal assumptions in establishing the valuation include the capitalisation rate, occupancy and the weighted average
lease term to expiry (WALE) with the following table identifying the respective levels adopted by the Valuers within the Group’s
segment. Where significant development is in progress at a property, this is carried at cost, until the development is sufficiently close
to completion where fair value is estimated with reference to expected future rental streams and costs to complete the development.
Generally as occupancy and weighted average lease terms increase, yields firm, resulting in increased fair values for investment
properties.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
42FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
10 INVESTMENT PROPERTIES (continued)
Fair valueMarket capitalisation rateOccupancyWALE
PropertiesLocation30 June 2018 Valuer
$000s
2018
$000s
2017
%
2018
%
2017
%
2018
%
2017
Years
2018
Years
2017
Australia
Abbotsford Private HospitalWest Leederville, Western AustraliaErnst & Young28,38723,5175.56.3100.0100.023.724.7
Belmont Private HospitalCarina Heights, QueenslandCBRE79,15767,4025.35.8100.0100.017.718.7
Clover Lea Aged CareBurwood Heights, New South WalesErnst & Young13,86612,0737.07.5100.0100.017.718.7
Dubbo Private HospitalDubbo, New South WalesCBRE17,68815,8536.56.8100.0100.013.614.6
Eden RehabilitationCooroy, QueenslandErnst & Young26,051-5.8-100.0-19.5-
Ekera Medical CentreBox Hill, VictoriaJones Lang LaSalle Australia31,33529,8166.06.594.292.12.13.6
Epworth Eastern HospitalBox Hill, VictoriaJones Lang LaSalle Australia167,250150,1295.05.3100.0100.021.922.2
Epworth Eastern Medical CentreBox Hill, VictoriaJones Lang LaSalle Australia38,21431,1295.56.3100.0100.09.310.1
Epworth RehabilitationBrighton, VictoriaErnst & Young27,14323,4125.86.3100.0100.05.61.6
Fairfield Aged CareFairfield, New South WalesErnst & Young18,34316,4697.07.5100.0100.017.718.7
Gold Coast Surgery CentreSouthport, QueenslandCBRE15,28614,9617.27.069.268.21.61.8
Grafton Aged CareSouth Grafton, New South WalesCBRE11,2469,4497.58.0100.0100.018.819.8
Hamersley Aged CareSubiaco, Western AustraliaErnst & Young12,77411,8647.27.5100.0100.017.718.7
Hirondelle Private HospitalChatswood, New South WalesJones Lang LaSalle Australia27,51424,1475.56.0100.0100.023.924.9
Hurstville Private HospitalSydney, New South WalesJones Lang LaSalle Australia80,46786,0896.36.3100.0100.023.824.8
Lingard Private HospitalMerewether, New South WalesJones Lang LaSalle Australia136,860107,3415.86.3100.0100.022.723.7
Maitland Private HospitalEast Maitland, New South WalesJones Lang LaSalle Australia98,06782,9105.86.3100.0100.019.520.5
Marian CentrePerth, Western AustraliaErnst & Young49,02341,1555.56.3100.0100.016.117.1
Mayo Private HospitalTaree, New South WalesM339,08736,9556.56.5100.0100.013.514.5
Mons Road Medical CentreWestmead, New South WalesM335,48433,9115.86.096.9100.04.65.4
North West Private HospitalBurnie, TasmaniaM322,65520,5496.36.5100.0100.018.414.6
Palm Beach Currumbin ClinicCurrumbin, QueenslandCBRE55,68346,3325.56.0100.0100.013.614.6
Rockingham Aged CareRockingham, Western AustraliaErnst & Young6,6826,0687.57.8100.0100.017.718.7
South Eastern Private HospitalNoble Park, VictoriaErnst & Young60,05053,3335.56.0100.0100.022.723.7
Sportsmed ConsultingAdelaide, South AustraliaM38,0256,8505.86.0100.0100.017.618.6
Sportsmed Hospital & ClinicAdelaide, South AustraliaM358,08552,0735.86.0100.0100.016.917.9
Sportsmed OfficeAdelaide, South AustraliaM34,2583,8436.56.8100.0100.017.618.6
The Hills ClinicKellyville, New South WalesJones Lang LaSalle Australia34,720-5.5-100.0-29.1-
The Southport Private Hospital *Southport, QueenslandCBRE47,60342,6255.55.8100.0100.019.620.6
Toronto Private HospitalToronto, New South WalesCBRE38,24430,4846.06.3100.0100.024.525.5
1,289,2471,080,739
New Zealand
Apollo Health and Wellness CentreAlbany, AucklandJones Lang LaSalle New Zealand28,50027,0006.16.591.591.57.03.3
Ascot CentralGreenlane, AucklandAbsolute Value35,00029,0006.16.4100.098.42.62.9
Ascot Central Carpark (ground lease)Greenlane, AucklandAbsolute Value1,5501,5309.510.9100.0100.02.12.5
Ascot Hospital & ClinicsGreenlane, AucklandColliers International New Zealand Limited106,000102,5005.45.6100.099.517.618.5
Ascot Hospital Carpark (ground lease)Greenlane, AucklandColliers International New Zealand Limited1,6251,7009.59.8100.0100.025.026.0
Boulcott Private HospitalLower Hutt, WellingtonErnst & Young38,40035,8005.86.0100.0100.020.021.0
Bowen HospitalCrofton Downs, WellingtonErnst & Young44,300-5.5-100.0-29.5-
Kensington HospitalWhangarei, NorthlandJones Lang LaSalle New Zealand19,65018,9006.06.0100.0100.028.029.0
Napier Health CentreNapier, Hawkes BayColliers International New Zealand Limited10,80011,4779.07.9100.0100.01.52.5
Ormiston HospitalFlatbush, AucklandColliers International New Zealand Limited35,27533,0006.16.3100.0100.04.25.2
Royston HospitalHastings, Hawkes BayErnst & Young53,864-5.8-100.0-29.5-
Wakefield HospitalNewtown, WellingtonErnst & Young26,407-5.5-100.0-29.5-
401,371260,907
Properties held for development39,08730,941
TOTAL FAIR VALUE OF INVESTMENT PROPERTIES1,729,7051,372,5875.86.199.399.118.217.7
Income in advance1,5423,656
TOTAL CARRYING VALUE1,731,2471,376,243
* Formerly named Allamanda Private Hospital

43
Fair valueMarket capitalisation rateOccupancyWALE
PropertiesLocation30 June 2018 Valuer
$000s
2018
$000s
2017
%
2018
%
2017
%
2018
%
2017
Years
2018
Years
2017
Australia
Abbotsford Private HospitalWest Leederville, Western AustraliaErnst & Young28,38723,5175.56.3100.0100.023.724.7
Belmont Private HospitalCarina Heights, QueenslandCBRE79,15767,4025.35.8100.0100.017.718.7
Clover Lea Aged CareBurwood Heights, New South WalesErnst & Young13,86612,0737.07.5100.0100.017.718.7
Dubbo Private HospitalDubbo, New South WalesCBRE17,68815,8536.56.8100.0100.013.614.6
Eden RehabilitationCooroy, QueenslandErnst & Young26,051-5.8-100.0-19.5-
Ekera Medical CentreBox Hill, VictoriaJones Lang LaSalle Australia31,33529,8166.06.594.292.12.13.6
Epworth Eastern HospitalBox Hill, VictoriaJones Lang LaSalle Australia167,250150,1295.05.3100.0100.021.922.2
Epworth Eastern Medical CentreBox Hill, VictoriaJones Lang LaSalle Australia38,21431,1295.56.3100.0100.09.310.1
Epworth RehabilitationBrighton, VictoriaErnst & Young27,14323,4125.86.3100.0100.05.61.6
Fairfield Aged CareFairfield, New South WalesErnst & Young18,34316,4697.07.5100.0100.017.718.7
Gold Coast Surgery CentreSouthport, QueenslandCBRE15,28614,9617.27.069.268.21.61.8
Grafton Aged CareSouth Grafton, New South WalesCBRE11,2469,4497.58.0100.0100.018.819.8
Hamersley Aged CareSubiaco, Western AustraliaErnst & Young12,77411,8647.27.5100.0100.017.718.7
Hirondelle Private HospitalChatswood, New South WalesJones Lang LaSalle Australia27,51424,1475.56.0100.0100.023.924.9
Hurstville Private HospitalSydney, New South WalesJones Lang LaSalle Australia80,46786,0896.36.3100.0100.023.824.8
Lingard Private HospitalMerewether, New South WalesJones Lang LaSalle Australia136,860107,3415.86.3100.0100.022.723.7
Maitland Private HospitalEast Maitland, New South WalesJones Lang LaSalle Australia98,06782,9105.86.3100.0100.019.520.5
Marian CentrePerth, Western AustraliaErnst & Young49,02341,1555.56.3100.0100.016.117.1
Mayo Private HospitalTaree, New South WalesM339,08736,9556.56.5100.0100.013.514.5
Mons Road Medical CentreWestmead, New South WalesM335,48433,9115.86.096.9100.04.65.4
North West Private HospitalBurnie, TasmaniaM322,65520,5496.36.5100.0100.018.414.6
Palm Beach Currumbin ClinicCurrumbin, QueenslandCBRE55,68346,3325.56.0100.0100.013.614.6
Rockingham Aged CareRockingham, Western AustraliaErnst & Young6,6826,0687.57.8100.0100.017.718.7
South Eastern Private HospitalNoble Park, VictoriaErnst & Young60,05053,3335.56.0100.0100.022.723.7
Sportsmed ConsultingAdelaide, South AustraliaM38,0256,8505.86.0100.0100.017.618.6
Sportsmed Hospital & ClinicAdelaide, South AustraliaM358,08552,0735.86.0100.0100.016.917.9
Sportsmed OfficeAdelaide, South AustraliaM34,2583,8436.56.8100.0100.017.618.6
The Hills ClinicKellyville, New South WalesJones Lang LaSalle Australia34,720-5.5-100.0-29.1-
The Southport Private Hospital *Southport, QueenslandCBRE47,60342,6255.55.8100.0100.019.620.6
Toronto Private HospitalToronto, New South WalesCBRE38,24430,4846.06.3100.0100.024.525.5
1,289,2471,080,739
New Zealand
Apollo Health and Wellness CentreAlbany, AucklandJones Lang LaSalle New Zealand28,50027,0006.16.591.591.57.03.3
Ascot CentralGreenlane, AucklandAbsolute Value35,00029,0006.16.4100.098.42.62.9
Ascot Central Carpark (ground lease)Greenlane, AucklandAbsolute Value1,5501,5309.510.9100.0100.02.12.5
Ascot Hospital & ClinicsGreenlane, AucklandColliers International New Zealand Limited106,000102,5005.45.6100.099.517.618.5
Ascot Hospital Carpark (ground lease)Greenlane, AucklandColliers International New Zealand Limited1,6251,7009.59.8100.0100.025.026.0
Boulcott Private HospitalLower Hutt, WellingtonErnst & Young38,40035,8005.86.0100.0100.020.021.0
Bowen HospitalCrofton Downs, WellingtonErnst & Young44,300-5.5-100.0-29.5-
Kensington HospitalWhangarei, NorthlandJones Lang LaSalle New Zealand19,65018,9006.06.0100.0100.028.029.0
Napier Health CentreNapier, Hawkes BayColliers International New Zealand Limited10,80011,4779.07.9100.0100.01.52.5
Ormiston HospitalFlatbush, AucklandColliers International New Zealand Limited35,27533,0006.16.3100.0100.04.25.2
Royston HospitalHastings, Hawkes BayErnst & Young53,864-5.8-100.0-29.5-
Wakefield HospitalNewtown, WellingtonErnst & Young26,407-5.5-100.0-29.5-
401,371260,907
Properties held for development39,08730,941
TOTAL FAIR VALUE OF INVESTMENT PROPERTIES1,729,7051,372,5875.86.199.399.118.217.7
Income in advance1,5423,656
TOTAL CARRYING VALUE1,731,2471,376,243
* Formerly named Allamanda Private Hospital

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
44FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
11 DERIVATIVE FINANCIAL INSTRUMENTS
2018
$000s
2017
$000s
Current assets
Foreign exchange derivative assets3632,554
Non-current assets
Interest rate derivative assets8561,499
Current liabilities
Interest rate derivative liabilities(35)(97)
Foreign exchange derivative liabilities(425)-
Non-current liabilities
Interest rate derivative liabilities(14,444)(12,142)
Total(13,685)(8,186)
Interest rate swaps
Interest rate swaps are measured using a valuation model based on the present value of estimated future cash flows and discounted
based on the applicable yield curves derived from observable market interest rates. The Group has determined the interest rate swaps
are Level 2 fair value measurements (refer to Note 3.(k)). There have been no reclassifications between levels in the year ended
30 June 2018 (2017: nil).
Interest rate derivatives mature over the next ten years and have fixed interest rates ranging from 2.41% to 4.99% (2017: from 2.41%
to 4.99%).
2018
$000s
2017
$000s
Nominal value of interest rate swaps - AUD490,000305,000
Average fixed interest rate3.21%3.37%
Floating rates based on AUD BBSW2.07%1.78%
Foreign exchange derivatives
Foreign exchange derivatives are measured using a valuation model based on the applicable forward price curves derived from
observable forward prices. The Group has determined the foreign exchange derivatives are Level 2 fair value measurements (refer to
Note 3.(k)). There have been no reclassifications between levels in the year ended 30 June 2018 (2017: nil).
2018
$000s
2017
$000s
Nominal value of foreign exchange contracts - AUD-50,000
Nominal value of foreign exchange options - AUD150,00050,000
Average foreign exchange rate0.90950.9252

45
12 DEFERRED TAX
The following are the major deferred tax liabilities and (assets) recognised by the Group, and the movements thereon during the
current and prior reporting years:
Interest rate
swaps
$000s
Revaluation
of investment
properties
$000s
Borrowings
$000s
Other
$000s
Total
$000s
At 1 July 2017(3,007)67,6147,136(24)71,719
Charge to profit and loss for the year(807)14,705-(63)13,835
Change in exchange rate-2,6212622,685
Charge to other comprehensive income--(794)(649)(1,443)
At 30 June 2018(3,814)84,9406,344(674)86,796
At 1 July 2016(5,534)60,6187,2111,37463,669
Charge to profit and loss for the year2,5277,036-43710,000
Change in exchange rate-(40)-(1)(41)
Charge to other comprehensive income--(75)(1,834)(1,909)
At 30 June 2017(3,007)67,6147,136(24)71,719
Significant estimates and judgements made in the determination of deferred tax (with an impact on current tax) include:
Deferred tax on depreciation – deferred tax is provided in respect of depreciation expected to be recovered on the sale of investment
property at fair value.
Deferred tax on changes in fair value of investment properties – deferred tax is provided on New Zealand-based properties for
depreciation recovery on the building components, being the taxable temporary difference. Deferred tax for Australian-based
properties is provided on the capital gains tax expected to be assessable on the land and building component from the sale of
investment properties at fair value. Investment properties are valued each year by independent valuers (as outlined in Note 10).
Deferred tax on fixtures and fittings – it is assumed that all fixtures and fittings will be sold at their tax book value.
13 OTHER NON-CURRENT ASSETS
2018
$000s
2017
$000s
Related party advance (refer to note 22)43,673-
Other311327
Total43,984327

14 UNITS ON ISSUE
2018
$000s
2017
$000s
Balance at the beginning of the year538,469369,220
Issue of units under Distribution Reinvestment Plan6,1405,928
Issue of units under Rights Issue-159,932
Issue of units to satisfy Manager's incentive fee12,3146,317
Issue costs of units(45)(2,928)
18,409169,249
Balance at the end of the year556,878538,469

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
46FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
14 UNITS ON ISSUE (continued)
2018
000s
2017
000s
Reconciliation of number of units
Balance at the beginning of the year428,562345,998
Issue of units under the Distribution Reinvestment Plan2,8912,795
Units issued under Rights Issue-76,891
Units issued to satisfy Manager's incentive fee5,4402,878
Balance at the end of the year436,893428,562
The number of units on issue at 30 June 2018 was 436,893,108 (2017: 428,562,486). The units have no par value and are fully paid.
Fully paid ordinary units carry one vote per unit and carry the right to distributions.
On 23 August 2017, 5,440,157 units were issued against the 2017 Manager’s incentive fee of $12,314,339 (2017: 2,877,727 were issued
against the 2016 Manager’s incentive fee).
Capital risk management
The Group is subject to imposed capital requirements arising from the Trust Deed, which requires that the total borrowings do not
exceed 50% of the gross value of the Trust Fund.
The Group’s banking covenants require that the aggregate principal amount of the loan outstanding does not exceed 50% (2017: 50%)
of the fair market value of property at all times calculated to the New Zealand dollar equivalent. All banking covenants have been met
during the year.
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the
return to stakeholders through the optimisation of the debt and equity balance. The Group’s policies in respect of capital management
and allocation are reviewed regularly by the Board of Directors. There have been no material changes in the Group’s overall capital
risk management strategy during the year.
15 BORROWINGS
2018
$000s
2017
$000s
AUD denominated loans664,374402,649
NZD denominated loans5,750-
Borrowing costs(1,412)(770)
Total borrowings668,712401,879
Shown as:
Current--
Term668,712401,879
2018
$000s
2017
$000s
Total borrowing at the beginning of the year401,879344,159
Drawdowns during the year249,909219,989
Repayments during the year-(163,843)
Additional facility refinancing fee(1,029)-
Facility refinancing fee amortised during the year468386
Foreign exchange movement17,4851,188
Total borrowings at the end of the year668,712401,879
The Group has a syndicated revolving multi-currency facility with ANZ Bank New Zealand Limited, Australia and New Zealand Banking
Group Limited and Bank of New Zealand.

47
15 BORROWINGS (continued)
20182017
TrancheA$mExpiryA$mExpiry
A125.031 Mar-21125.031 Mar-19
B200.031 Jul-22100.031 Mar-19
C100.030 Oct-20100.030 Oct-20
D100.030 Oct-20100.030 Oct-20
E
175.0
20 Nov-21
-
A$ Facility
700.0425.0
NZ$ Facility
20.0
30 Oct-20
20.0
30 Oct-20
On 5 June 2018 the Group extended and expanded existing tranches with ANZ and BNZ that were due to expire on 31 March 2019.
Tranche A, representing A$125m, was extended to 31 March 2021. Tranche B was expanded to A$200m (from A$100m previously)
and extended to 31 July 2022.
The effective interest rate on the borrowings as at 30 June 2018 was 4.60% per annum (2017: 4.34%).
Borrowings are secured by a Security Trust Deed dated 1 April 2003 and as amended and restated on 26 June 2014. The Security
Provider comprises T.E.A. Custodians Limited in its capacity as nominee of the VHP Trustee as trustee of the Trust and the Trust’s
subsidiaries. Pursuant to the Deed, a security interest has been granted of first ranking mortgages over the respective investment
properties by a General Security Deed over the assets and undertakings of Vital Healthcare Property Limited and fixed and floating
charges over the assets and undertakings of NorthWest Healthcare Australian Property Pty Limited in its capacity as trustee for Vital
Healthcare Australian Property Trust and Vital Healthcare Investment Trust.
The carrying values of these balances are approximately equivalent to their fair values because the loans have floating rates of
interest that reset every 90 days.
16 TRADE AND OTHER PAYABLES
2018
$000s
2017
$000s
Interest accrued on borrowings2,8601,884
Other creditors and accruals14,1059,653
Total trade and other payables16,96511,537
17 FINANCIAL RISK MANAGEMENT
Financial risk management
The Group’s activities expose it primarily to credit risk, market risk (interest rate risk and foreign exchange risk) and liquidity risk. The
Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the Group’s financial performance. The Group uses financial derivatives to manage market risks. The use of
financial derivatives is governed by the Group’s policies approved by the Board of Directors, which provide written principles that are
consistent with the Group’s risk management strategy. The Group does not use derivative financial instruments for speculative
purposes.
Credit risk
In the normal course of business the Group incurs credit risk from trade receivables and transactions with financial institutions. The
risk associated with trade receivables is managed with a credit policy which includes performing credit evaluations on customers
requiring credit. Generally collateral is not required. The risk from financial institutions is managed by only entering into derivative
transactions and placing cash and deposits with high credit quality financial institutions. The Group places its cash deposits with ANZ
Bank New Zealand Limited and Australia and New Zealand Banking Group Limited. The risk associated with related party advances is
managed through a diligence process where the recoverability of the advance is assessed before the advance is made.
The carrying amount of financial assets best represents the maximum exposure to credit risk at year end.
Interest rate risk
Interest rate risk arises from the variability in cash flows arising from floating rate bank loans. The Group’s policy is to convert a
portion of its floating rate debt to fixed rates using interest rate swaps to maintain 70% to 100% of its borrowings in fixed rate
instruments. At 30 June 2018, 79.8% of borrowings were at fixed rates as approved by the Board of Directors (2017: 79.5%). The
Group does not apply hedge accounting to interest rate swaps. Any gains or losses arising on revaluation are recognised immediately
in the statement of comprehensive income.

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
48FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17 FINANCIAL RISK MANAGEMENT (continued)
Interest rate repricing analysis
The following table indicates the effective interest rates and the earliest period in which financial instruments reprice. Fixed rate
balances are presented with the effect of hedging derivatives:
Weighted
effective
interest rate
%
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3+ years
$000s
Total
$000s
30 June 2018
Cash and cash equivalents (floating
rates)
2.07%5,388---5,388
Borrowings (floating rates)2.72%(135,131)---(135,131)
Borrowings (fixed rates)3.86%(10,918)(54,591)(21,836)(447,648)(534,993)
(140,661)(54,591)(21,836)(447,648)(664,736)
30 June 2017
Cash and cash equivalents (floating
rates)
1.78%3,352---3,352
Borrowings (floating rates)2.29%(82,438)---(82,438)
Borrowings (fixed rates)3.89%(15,748)(10,499)(52,493)(241,470)(320,210)
(94,834)(10,499)(52,493)(241,470)(399,296)
Interest rate sensitivity
The Group’s sensitivity to interest rate risk can be expressed in two ways:
Fair value sensitivity
A change in interest rates impacts the fair value of the Group’s fixed rate assets and liabilities, and its interest rate swaps. Fair value
changes impact profit or loss or equity only where the instruments are carried at fair value. Accordingly, the fair value sensitivity to a
100 bps movement in interest rates (based on the assets and liabilities held at year end) is:
Impact on
profit/(loss)
2018
$000s
Impact on
unitholders'
funds
2018
$000s
Impact on
profit/(loss)
2017
$000s
Impact on
unitholders'
funds
2017
$000s
If interest rates had been 100 bps higher:29,68329,68315,14815,148
If interest rates had been 100 bps lower:(32,582)(32,582)(16,533)(16,533)
Cash flow sensitivity analysis
A change in interest rates would also impact on interest payments and receipts on the Group’s floating rate assets and liabilities.
Accordingly, the one-year cash flow sensitivity to a 100 bps movement in interest rates (based on assets and liabilities held at year
end) is:
Impact on
profit/(loss)
2018
$000s
Impact on
unitholders'
funds
2018
$000s
Impact on
profit/(loss)
2017
$000s
Impact on
unitholders'
funds
2017
$000s
If interest rates had been 100 bps higher:(1,294)(1,294)(824)(824)
If interest rates had been 100 bps lower:1,2941,294824824

49
17 FINANCIAL RISK MANAGEMENT (continued)
Foreign exchange risk
Foreign exchange risk arises due to the exposure of Australian denominated assets and liabilities to movements in foreign exchange
rates. The Group minimises foreign exchange risk by matching as far as possible, its foreign denominated assets and associated
borrowings in the same currency and entering into foreign exchange derivatives where necessary.
Foreign exchange exposure
The exposure to Australian dollars arising from foreign currency denominated assets and liabilities is:
2018
$000s
2017
$000s
Non-financial instrument assets and liabilities denominated in Australian dollars
Investment properties1,327,1041,110,530
Other assets175,70112,170
Deferred tax(80,673)(63,723)
Total non-financial instrument assets and liabilities1,422,1321,058,977
Non-derivative financial instruments
Cash and cash equivalents3,2112,529
Trade and other receivables842152
Trade and other payables(17,401)(14,184)
Borrowings(664,374)(402,649)
Total exposure from non-derivative financial instruments(677,722)(414,152)
Derivative financial instruments
Foreign exchange derivatives(62)2,554
Interest rate swaps(13,624)(10,741)
Total exposure from derivative instruments(13,686)(8,187)
Net exposure to currency risk730,724636,638
Foreign currency sensitivity
The following table illustrates the sensitivity of the profit after tax for the year and equity in regard to the exchange rates for the
Australian Dollar. It assumes a 10% change in exchange rate (2017: 10%) based on year end exposures:
2018
$000s
2017
$000s
If the New Zealand Dollar versus the Australian Dollar was 10% higher for the year:
Profit and loss1,9784,621
Other comprehensive income(60,884)(57,519)
Unitholders' funds(58,906)(52,898)
If the New Zealand Dollar versus the Australian Dollar was 10% lower for the year:
Profit and loss(2,417)(5,648)
Other comprehensive income74,41470,301
Unitholders' funds71,99764,653

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
50FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
17 FINANCIAL RISK MANAGEMENT (continued)
Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations as they fall due. The Group’s policy is to maintain
unutilised credit facilities to meet contractual obligations when they fall due. The Group monitors its liquidity requirements on an
ongoing basis.
The Group has a multi-currency facility with ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited and
Bank of New Zealand of A$700.0m and NZ$20.0m (2017: A$425.0m and NZ$20.0m). As at 30 June 2018, after translation to NZ
$670.1m (2017: NZ$402.6m) had been drawn-down. The effective interest rate was 4.60% (2017: 4.34%).
Liquidity risk exposure
The following table details the Group’s exposure to liquidity risk based on the contractual undiscounted cash flows relating to financial
liabilities, foreign exchange contracts and interest rate derivatives:
Carrying
value
$000s
Contractual
cash flows
$000s
Less than 1 year
$000s
1-2 years
$000s
2-3 years
$000s
3+ years
$000s
30 June 2018
Non-derivative financial
instruments
Borrowings (excluding
borrowing costs)(670,124)(711,895)(13,384)(14,298)(366,960)(317,253)
Trade and other payables(16,965)(16,965)(16,965)---
(687,089)(728,860)(30,349)(14,298)(366,960)(317,253)
Derivative financial
instruments
Interest rate swaps(13,623)(14,760)(6,004)(4,934)(3,550)(272)
Foreign exchange
derivatives(62)(62)(62)---
(13,685)(14,822)(6,066)(4,934)(3,550)(272)
30 June 2017
Non-derivative financial
instruments
Borrowings (excluding
borrowing costs)(402,649)(422,299)(7,112)(243,244)(3,886)(168,057)
Trade and other payables(11,537)(11,537)(11,537)---
(414,186)(433,836)(18,649)(243,244)(3,886)(168,057)
Derivative financial
instruments
Interest rate swaps(10,741)(11,114)(4,987)(4,039)(2,547)459
Foreign exchange
derivatives-----
(10,741)(11,114)(4,987)(4,039)(2,547)459
Hedge accounting
The Group is exposed to foreign exchange risk on its net investment in its Australian functional currency subsidiaries and hedges this
risk using Australian-denominated borrowings and foreign exchange derivatives.
The Group has designated Australian denominated borrowings and foreign exchange derivatives as hedges of a net investment in a
foreign operation (net investment hedge). The Group prospectively and retrospectively tests the hedges for effectiveness on a semi-
annual basis. The portion of the foreign exchange differences arising on the hedging instruments determined to be an effective hedge
is recognised directly in other comprehensive income. Any ineffective portion is recognised in profit or loss.
There has been an ineffectiveness loss of NZ$145,455 on the net investment hedges during the year ended 30 June 2018 (2017: nil).
The face value of hedging instruments designated in net investment hedges is:
2018
$000s
2017
$000s
Borrowings131,01994,488
Foreign exchange derivatives (nominal amount)163,773104,987

51
17 FINANCIAL RISK MANAGEMENT (continued)
Categories of financial instruments
The Group’s financial instruments are classified as:
Cash,
loans and
receivables
$000s
Financial
liabilities at
amortised cost
$000s
Financial
assets at fair
value through
profit or loss
$000s
Financial
liabilities at fair
value through
profit or loss
$000s
30 June 20186,577(685,677)1,219(14,904)
30 June 20173,719(413,415)4,054(12,240)
Cash, cash equivalents, trade and other receivables, trade and other payables
The carrying values of these balances are approximately equivalent to their fair values because of their short terms to maturity.
18 INVESTMENT IN SUBSIDIARIES
The Trust has control over the following subsidiaries:
Holding
Name of subsidiaryPrincipal activity
Place of
incorporation
and operation20182017
Vital Healthcare Australian Property Trust *Property investmentAustralia100%100%
Vital Healthcare Investment Trust **Property investmentAustralia100%100%
Vital Healthcare Property LimitedProperty investmentNew Zealand100%100%
Colma Services LimitedHolding companyNew Zealand100%100%
* Vital Healthcare Australian Property Trust is a 100% owned subsidiary of Vital Healthcare Property Limited and Colma Services Limited owns 0.0%
.
** Vital Healthcare Investment Trust is a 99.9% owned subsidiary of Vital Healthcare Property Limited and is 0.1% owned by Colma Services Limited.
The subsidiaries have the same reporting date as the Trust.
19 COMMITMENTS
2018
$000s
2017
$000s
Capital commitments
The Group was party to contracts to purchase or construct property for the following amounts:9,18378,234
The property rental income to be earned by the Group from its investment property, all of which is leased out under operating leases,
is set out in the table below:
2018
$000s
2017
$000s
Not later than one year98,15780,901
Later than one year and not later than five years433,381293,850
Later than five years899,9111,059,951
1,431,4491,434,702
As a condition of listing on the New Zealand Stock Exchange (NZSX), NZSX requires all issuers to provide a bank bond to NZSX under
NZSX/DX Listing Rule 2.6.2. The bank bond required by the Trust for listing on the NZSX is $50,000.
20 CONTINGENCIES
There were no contingencies as at 30 June 2018 (2017: nil).

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
52FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
21 SUBSEQUENT EVENTS
On 9 August 2018 a final cash distribution of 2.1875 cents per unit was announced by the Trust. The Record Date for the final
distribution is 6 September 2018 and a payment is scheduled to unitholders on 20 September 2018. There will be no imputation
credits attached to the distribution.
22 RELATED PARTY TRANSACTIONS
The Manager
The Trust is managed by NorthWest Healthcare Properties Management Limited (formerly Vital Healthcare Management Limited).
NorthWest Healthcare Properties Management Limited (the “Manager”) is a wholly owned subsidiary of NWI Healthcare Properties LP
(NWIHLP). The ultimate parent of NWIHLP is NorthWest Healthcare Properties Real Estate Investment Trust (‘NW REIT’). NW REIT
holds an interest in the Trust through its holding of approximately 24% of the units. The Manager is related to the Trust and its
subsidiaries as the Manager of the Trust.
Other related parties by virtue of common ownership and/or ownership and/or directorship to the Manager of the Trust include
Australian Properties Limited and NorthWest Healthcare Australian Property Proprietary Limited (formerly Vital Healthcare
Australian Property Pty Limited).
Remuneration of the Manager
The Trust paid management fees to the Manager. The calculation of management fees and incentive fees is stipulated in the Trust
Deed. Management fees have been charged at 0.75% per annum of the monthly average of the gross value of the assets of the Trust
for the quarter ended on the last day of that month. Incentive fees are payable when there is an average annual increase in the Gross
Value of the assets of the Trust Fund over the relevant financial year and the two preceding financial years. The incentive fee
calculation may give rise to an excess or deficit to be applied in the calculation of future incentive fees.
The incentive fee is 10% of the amount of the increase with payment being made by way of subscribing for new units. The
management and incentive fees shall not exceed an amount equal to 1.75% per annum of the gross value of the Trust.
Transactions with related parties include:
2018
$000s
2017
$000s
Total fees incurred
Management fees11,8568,073
Manager's incentive fees13,09612,314
Expenses charged by NorthWest Healthcare Properties Management Limited1,4422,088
Expenses charged by NorthWest Healthcare Australian Property Proprietary Limited1,7332,949
28,12725,424
Amounts outstanding
Manager's incentive fees13,09612,314
Expenses charged by NorthWest Healthcare Properties Management Limited-1,212
Expenses charged by NorthWest Healthcare Australian Property Proprietary Limited17318
13,11313,844
Expenses charged by related parties includes property related costs, acquisitions and development fees and other operating expenses.
2018
$000s
2017
$000s
Expenses capitalised to projects
Expenses charged by NorthWest Healthcare Properties Management Limited1,3021,563
Expenses charged by NorthWest Healthcare Australian Property Proprietary Limited8472,395
2,1493,958
Properties owned by the Trust have been managed on normal commercial terms by NorthWest Healthcare Properties Management
Limited, a subsidiary of NWI Healthcare Properties LP. Property management fees charged are included in property expenses. The
amount not recovered from tenants was nil (2017: nil).

53
22 RELATED PARTY TRANSACTIONS (continued)
Included in the expenses charged by NorthWest Healthcare Properties Management Limited were amounts paid to the following:
ExpensesAmounts Outstanding
2018
$000s
2017
$000s
2018
$000s
2017
$000s
Graeme Horsley40---
Andrew Evans50---
Claire Higgins40---
Other Related Parties
NWH Australia AssetCo Pty Limited as trustee of NWH Australia Asset Trust (NWHAAT) is a wholly owned subsidiary of NWI
Healthcare Properties LP.
Acquisition of an Interest in Healthscope Ltd (“HSO”) by NWHAAT.
During the year the NWHAAT entered into derivative contracts with Deutsche Bank AG (“DB”) giving NWHAAT an economic interest
equivalent to 10% of the outstanding shares of HSO. The derivative contracts include a forward contract to acquire HSO shares and an
option contract that limits downside risk and upside potential and reduces the initial margin requirements of the transaction.
The forward contract gives NWHAAT the ability to acquire, and DB the obligation to deliver, 173,970,330 to 176,111,600 HSO shares
at a price of A$2.3863 per share on May 8, 2020, or earlier, at the NWHAAT’s option, if a voting meeting is scheduled for HSO or HSO
receives a formal takeover bid. The NWHAAT prepaid A$85,254,703 of the A$415,148,293 notional amount of the forward contract.
The forward contract contemplates physical settlement, but may be net settled in certain circumstances. Under the forward contract
NWHAAT is entitled to receive payments from DB equivalent to dividends declared by HSO and NWHAAT pays variable interest to DB
on the underlying embedded funding contained in the forward contract at the Bank Bill Swap Rate plus 3%.
The option contract is a zero cost collar for 173,970,330 options that limits the benefits to the NWHAAT of HSO share price
appreciation above A$2.60 and limits the NWHAAT’s exposure to HSO share price depreciation below A$2.00 down to A$1.25 per
share.
An acquisition of HSO's underlying hospital related real estate is of interest to NWHAAT and the Trust in line with their long term
strategy to invest in healthcare real estate assets in the Australasian market. NWHAAT and the Trust currently intend to pursue any
potential HSO real estate acquisition jointly, in accordance with the Conflicts Policy, with scope to introduce other capital partners as
appropriate.
On 6th of May 2018, the Trust entered into an agreement with NWHAAT to advance A$41m to NWHAAT, of which A$40m has been
advanced as at 30 June 2018. NWHAAT has used the proceeds of the advance to prepay a portion (A$85,254,703) of a forward
contract to acquire 173,970,330 shares of HSO.
In accordance with the intention of the Conflict Policy, Vital has the benefit of participating in the opportunity and have agreed to
jointly pay the costs and jointly share the benefits and risks of the mark to market risk of the arrangement with DB.
2018
$000s
2017
$000s
During the year there have been transactions between the Trust and NWHAAT
Related party advance43,673-
Interest income283
Strategic transaction costs(3,517)-
Balances outstanding at the end of the year are unsecured and on normal trading terms
Amounts owing from related party43,956-
Amounts owing to related party(3,517)-

54



Independent Auditor’s Report
To the Unitholders of Vital Healthcare Property Trust
Opinion We have audited the consolidated financial statements of Vital Healthcare Property Trust and its
controlled entities (the ‘Group’ or ‘Trust’), which comprise the consolidated statement of financial
position as at 30 June 2018, and the consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the
year then ended, and notes to the consolidated financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements, on pages 29 to 53, present fairly, in all
material respects, the consolidated financial position of the Group as at 30 June 2018, and its
consolidated financial performance and cash flows for the year then ended in accordance with
New Zealand Equivalents to International Financial Reporting Standards (‘NZ IFRS’) and
International Financial Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
(Revised) Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’ Code
of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
Other than in our capacity as auditor, we have no relationship with or interests in the Group.
Audit materiality





We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced (the
‘quantitative’ materiality). In addition, we also assess whether other matters that come to our
attention during the audit would in our judgement change or influence the decisions of such a
person (the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit
work and in evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $2.4 million.
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the consolidated financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
Key audit matter How our audit addressed the key audit matter and results
Valuation of Investment Properties
The Group’s investment properties consist of health
sector properties totalling $1,731.2 million as at 30
June 2018. Revaluation gains on the Group’s
investment properties for the year ended 30 June 2018
of $85.4 million were recognised in profit or loss.
Information about the Group’s property portfolio and
valuation are set out in Note 10.
The valuation of investment properties is important to
our audit as determining the fair value requires
significant judgement and the balance represents the
majority of the total assets of the Group.
Investment properties are carried at fair value. Where
significant development is in progress at a property,
this is carried at cost, until the development is
sufficiently close to completion where fair value is

We have evaluated the appropriateness of the valuation of
investment property by performing the following:
 Obtaining metrics for each property, including capitalisation
rate, market rent and contract rent. We considered these
metrics on a property and portfolio basis for year on year
movements to identify possible outliers.
 Agreeing property specific information supplied to the
external valuer, including occupancy data, current rentals,
and lease terms, to the underlying records held by the Group
on a sample basis;
 Reviewing the external valuers’ valuation reports, holding
discussions with the valuers on a sample basis and
challenging assumptions where, on a year on year basis, the
movements represented a possible outlier compared with the
rest of the portfolio;
 Evaluating the objectivity, independence and expertise of the

55



estimated with reference to expected future rental
streams and costs to complete the development.
The valuation of investment property is highly
dependent on forecasts and estimates including a
number of unobservable inputs to take into account
property-specific attributes.
The Group’s policy is to engage external valuers to
perform valuations for each of the properties on an
annual basis. The valuation methods used for assessing
the fair value include a combination of direct
comparison, discounted cash flow, capitialisation of
contract and market capitalisation approaches.
The external valuers, amongst other matters, take into
consideration occupancy rates, weighted average lease
term to expiry (‘WALE’) and capitalisation rates.

external valuers;
 With respect to significant property developments,
o where management has determined the
development is sufficiently close to completion,
obtaining evidence supporting management’s
estimates of the expected future rental cash flows
that will apply upon completion and the costs to
complete the development;
o where property developments are carried at cost,
testing the cost incurred to date on a sample
basis;
 Involving our valuation specialists to consider and challenge,
on a sample basis, the reasonableness of the assumptions
and valuation methodology applied, including comparing
assumptions to market-available data where available.

Other information

The Board of Directors of Northwest Healthcare Management Limited (the ‘Manager’) is
responsible on behalf of the Trust for the other information. The other information comprises the
information in the Annual Report that accompanies the consolidated financial statements and the
audit report.
Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially
inconsistent with the consolidated financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated. If so, we are required to report that fact. We have
nothing to report in this regard.
Board of Directors’
responsibilities for the
consolidated financial
statements
The Board of Directors of the Manager is responsible on behalf of the Trust for the preparation
and fair presentation of the consolidated financial statements in accordance with NZ IFRS and
IFRS, and for such internal control as the Board of Directors of the Manager determines is
necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Manager is responsible on
behalf of the Trust for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the Board of Directors of the Manager either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities
for the audit of the
consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on use

This report is made solely to the Trust’s unitholders, as a body. Our audit has been undertaken so
that we might state to the Trust’s unitholders those matters we are required to state to them in
an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Trust’s unitholders as a body, for our
audit work, for this report, or for the opinions we have formed.

Silvio Bruinsma, Partner
for Deloitte Limited
Auckland, New Zealand
9 August 2018

VITAL HEALTHCARE PROPERTY TRUST ANNUAL REPORT 2018
56
UNITHOLDER STATISTICS
Analysis of shareholding as at 30 June 2018
Holding range
Number of
unitholdersTotal units
% of total
units issued
1 to 1,999431356,4420.08
2,000 to 4,9997302,526,9980.58
5,000 to 9,99910987,933,5761.82
10,000 to 49,999231850,276,96911.51
50,000 to 99,99931320,823,2294.77
100,000 to 499,99913224,101,0485.52
500,000 to 999,99985,102,3231.17
1,000,000 and above17325,772,52374.58
Total5,047436,893,108100.0
Substantial security holders as at 30 June 2018
Unitholder
Date notice
files
Number
of units
% of total
units issued
Northwest Healthcare Properties
Real Estate Investment Trust6 July 201582,064,90024.02%
Twenty largest security holders as at 30 June 2018
UnitholderTotal
% of total
units issued
BAINCOR NOMINEES PTY LTD105,977,17824.26
FORSYTH BARR CUSTODIANS LIMITED36,426,9388.34
ACCIDENT COMPENSATION CORPORATION20,428,0804.68
HSBC NOMINEES (NEW ZEALAND) LIMITED18,860,7134.32
CUSTODIAL SERVICES LIMITED17,560,3084.02
CITIBANK NOMINEES (NEW ZEALAND) LIMITED14,357,1823.29
BNP PARIBAS NOMINEES (NZ) LIMITED11,985,4902.74
INVESTMENT CUSTODIAL SERVICES LIMITED10,767,3432.46
CUSTODIAL SERVICES LIMITED9,614,5792.20
ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND9,237,7222.11
CUSTODIAL SERVICES LIMITED9,119,5462.09
FNZ CUSTODIANS LIMITED7,683,5401.76
HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET6,180,7481.41
JPMORGAN CHASE BANK NA NZ BRANCH5,989,9131.37
CUSTODIAL SERVICES LIMITED4,973,9811.14
ANZ WHOLESALE PROPERTY SECURITIES3,924,1680.90
CUSTODIAL SERVICES LIMITED3,846,3290.88
TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT3,777,6870.86
BNP PARIBAS NOMINEES (NZ) LIMITED3,133,2070.72
NEW ZEALAND DEPOSITORY NOMINEE LIMITED2,824,1830.65
Totals306,668,83570.19
Total units on issue436,893,108

57
DIRECTORY
MANAGER
NorthWest Healthcare Properties Management Limited
Level 16, AIG Building 41 Shortland Street
Auckland 1010
PO Box 6945, Wellesley Street
Auckland 1141
Telephone: 0800 225 264
Facsimile: +64 9 377 2776
NorthWest Healthcare Properties Management - Australia
Level 45, Rialto South Tower, 525 Collins Street
Melbourne 3000
DIRECTORS OF THE MANAGER
Claire Higgins - Independent Chair
Andrew Evans
David Carr
Paul Dalla Lana
Bernard Crotty
AUDITOR
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1010
Private Bag 115-033
Auckland 1140
Telephone: +64 9 303 0700
Facsimile: +64 9 303 0701
LEGAL ADVISERS TO THE TRUST AND THE MANAGER
Harmos Horton Lusk
Vero Centre
48 Shortland Street
PO Box 28
Auckland 1140
Telephone: +64 9 921 4300
Facsimile: +64 9 921 4319
Bell Gully
Vero Centre
48 Shortland Street
PO Box 4199
Auckland 1140
Telephone: +64 9 916 8800
Facsimile: +64 9 916 8801
Ashurst Australia
Level 26
181 William Street
GPO Box 4958
Melbourne, Victoria 3001
Australia
Telephone: +61 3 9679 3000
Facsimile: +61 3 9679 3111
TRUSTEE
Trustees Executors Limited
Level 7, 51 Shortland Street
Auckland 1010
PO Box 4197
Auckland 1140
Telephone: +64 9 308 7100
Facsimile: +64 9 308 7101
BANKERS TO THE TRUST
ANZ Bank New Zealand Limited
ANZ Centre
23-29 Albert Street
Auckland 1010
Australia and New Zealand Banking Group Limited
2/100 Queen Street
Melbourne, Victoria 3000
Australia
Bank of New Zealand
Deloitte Centre
80 Queen Street
Auckland 1010
UNIT REGISTRAR
Computershare Investor Services Limited
159 Hustmere Road
Takapuna, Auckland 0622
Private Bag 92119
Auckland 1142
New Zealand
vital@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787