Delivers HY20 normalised net distributable income of $22.1m

INTERIM
REPORT
ANNUAL REPORT 2019
DELIVERING
VALUE
FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
INVESTING IN AUSTRALASIA’S HEALTHCARE INFRASTRUCTURE

2 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
04
06
13
38
CHAIRMAN’S LETTER
MANAGER’S LETTER
FINANCIAL STATEMENTS
DIRECTORY
2 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

3
VALUE OF
PORTFOLIO
3
LIKE FOR LIKE
RENTAL GROWTH
2.5
%
12 MONTH TOTAL
UNITHOLDER RETURN
39.9
%
DEBT TO GROSS ASSETS
RATIO
35.1
%
FY20 CASH DISTRIBUTIONS
OF AT LEAST
8.75cpu
NORMALISED NDI
$22.1M UP
14.6
%
NET TANGIBLE ASSETS
(NTA) PER UNIT OF
$
2.36
HEADROOM AVAILABLE
UNDER CREDIT FACILITIES
$
225m
OCCUPANCY
99.5
%
$
1.93bn

4 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
CHAIRMAN’S LETTER
TO UNIT HOLDERS
DEAR UNITHOLDERS,
I am delighted to report on the six months ended 31 December
2019 (the Half Year); a period of substantial accomplishment for
Vital. Work undertaken during the Half Year has positioned Vital
to take advantage of future opportunities and continue to provide
growing returns for unitholders.
On the financial front, Vital recorded a 39.9% total return for the
12 months to 31 December 2019
1
. Distributions totaling 4.375
cents per unit (cpu) will be made for the Half Year.
During the Half Year we appointed a new Fund Manager, Aaron
Hockly, and a new CFO, Michael Groth in late 2019. Both Aaron
and Michael have extensive experience in property and funds
management including previous experience in healthcare
property.
TOTAL RETURN FOR THE
12 MONTHS ENDED
31 DECEMBER 2019
39.9
%
1
1
Source: Forsyth Barr analysis.

5
We also appointed another independent director, Dr Michael
Stanford, to Vital’s board in accordance with our previous
commitments. Dr Stanford has significant experience in both
public and private healthcare including 16 years as CEO of
St John of God Healthcare, Australia’s third largest private
healthcare operator and a former Board member of Healthscope,
Australia’s second largest private hospital operator. His skills and
experience complement the property, financial, legal and other
skills and experience of Vital’s existing directors. An independent
chair will be appointed by the 2020 AGM, consistent with the
commitment made.
In October 2019, unitholders approved our revised management
fee structure and we were pleased to see overwhelming support
(99% voted in favour).
Following many months of work, we announced a proposal to
restructure Vital to facilitate a foreign exempt listing on the
ASX. This restructure will remove inefficiencies in Vital’s current
structure, lead to increased unitholder distributions and give Vital
deeper access to equity capital to support future earnings growth.
I would like to acknowledge my fellow directors and the
NorthWest regional team comprising over 40 professionals
in Auckland, Melbourne and Sydney who continue to deliver
excellent outcomes for Vital’s unitholders.
On behalf of your Board, thank you for your on-going support.
Bernard Crotty
CHAIRMAN

6 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
DEAR UNITHOLDERS,
We are pleased to present this Half Year report. Vital has the
enviable position of being Australasia’s only listed specialist
healthcare property owner. The Trust has grown substantially,
particularly over the last four years, and we will seek to continue
this growth in both Australia and New Zealand as a means of
providing a stable and growing income stream for unitholders. Our
key activities during the Half Year, including the proposed foreign
exempt listing on the ASX, are all designed to support future
growth in earnings and distributions.
NORMALISED NDI OF
$22.1M UP
14.6
%
MOVEMENTS IN VITAL’S KEY METRICS OVER THE 12 MONTHS ENDED 31 DECEMBER 2019:
31 Dec 2019 31 Dec 2018 % change
Normalised NDI per unit (cpu) 4.918 4.376 12.4%
AFFO per unit (cpu) 4.896 4.464 9.7%
Distributions per unit (cpu) 4.375 4.375 0.0%
Debt to total assets 35.1% 39.5% (4.40%)
Properties ($m / no.) $1,927 / 42 $1,766 / 42 9.1%
Occupancy 99.5% 99.4% 0.1%
Weighted average lease expiry (‘WALE’) in years 17.9 18.0 (0.1%)
Net tangible assets per unit $2.36 $2.24 5.4%
Unit price $2.82 $2.09 34.9%
MANAGER’S REPORT
TO UNIT HOLDERS
6 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

7
FINANCIAL RESULTS
Normalised NDI for the half year increased
by 14.6% to $22.1m (HY19: $19.3m) equating
to 4.918 cents per unit (“cpu”). Cash from
operations available to unitholders, measured
by AFFO, increased 11.8% to $22.0m.
Total expenses were $26.3m, 13.4% lower
than the prior corresponding period (‘pcp’).
Key expenses were:
1. Net finance expenses of $14.6m, an 8.9%
decrease on pcp due to lower floating
interest rates and repayment of the
related party loan.
2. Management fees of $9.5m, a 21.0%
decrease on pcp partly due to the new
fee structure (base fees of $6.3m, a
9% pcp decrease, and incentive fees of
$3.2m, a 37% pcp decrease).
3. Corporate costs of $2.4m, a 33%
increase on pcp due to recently
introduced Australian foreign ownership
land taxes and costs related to the
unitholder vote on fee and governance
changes.
Vital’s NTA increased to $2.36 per unit at
31 December 2019 a 5.4% increase from 31
December 2018. This change was primarily
due to property revaluation gains.
PORTFOLIO OVERVIEW
Vital owns a high quality portfolio of private
hospitals in Australia and New Zealand;
complemented by a growing portfolio of
mental health, rehabilitation, medical office
buildings and aged care facilities. The portfolio
also includes strategic and development
assets allowing us to respond to the evolving
property needs of our tenants and the
communities in which we operate.
There were no acquisitions or disposals of
investment properties during the half year;
$11.2m was contracted for strategic property
acquisitions
2
. Post balance date, we announced
the conditional acquisition of three Australian
aged care assets. These acquisitions total
approximately NZ$60.1 million (A$57.5 million)
and are expected to settle before the end of
the financial year. We are also considering
divesting a number of assets but no
settlements are expected this financial year.
Like-for-like property income increased 2.5%
on a same currency basis.
Vital’s weighted average lease expiry (“WALE”)
was 17.9 years at 31 December 2019; the
longest of any ASX or NZX-listed property
entity.
7
2
Includes the settlement of 10 Buttercup Street, QLD (A$0.4m)
and the deferred settlement of 120 Thames Street, VIC (A$10.1m).

8 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
PROJECTS
Developments and expansions are a favourable driver of Vital’s earnings growth as they typically:
1. Provide an accretive return on cost for Vital.
2. Respond to our tenants’ business and operating requirements (reducing their costs and / or
increasing their revenues).
3. Ensure Vital’s assets are modern, fit-for-purpose and accord with community / patient
expectations.
Significant capital expenditure continues to be invested across the portfolio at the following
projects:
Property Overview Spend Cost To
To Date Complete
Australia
Lingard Day Surgery, NSW
New day surgery unit, consulting NZ$21.9m NZ$5.2m
building and car park (A$21.0m) (A$5.0m)
The Hills, NSW Expansion including 26 NZ$4.1m NZ$4.9m
private rooms (A$3.9m) (A$4.7m)
Epworth Eastern, VIC New 14 storey tower incorporating NZ$21.3m NZ$110.1m
60 beds and emergency department (A$20.5m) (A$105.7m)
New Zealand
Wakefield Hospital, NZ
Staged demolition and NZ$19.4m NZ$78.6m
redevelopment of entire hospital
Royston Hospital, NZ Expansion including two new NZ$5.0m TBD
4

operating theatres
Total NZ$71.7m NZ$198.8m
THE VALUE OF THE PORTFOLIO
INCREASED BY $91M OVER THE HALF
YEAR AS FOLLOWS:
Opening Valuation (30 Jun 2019) 1,836
Cap Rate Compression
(from revaluations) 25
Rental Increases
(from revaluations) 18
Capital Expenditures 39
Acquisitions 11
Right Of Use Asset
3
4
Foreign Exchange (7)
Closing Balance (31 Dec 2019)* 1,927
*May not sum due to rounding.
The weighted average capitalisation rate
(“WACR”) across Vital’s portfolio firmed by
9 basis points over the half year (5.61% to
5.52%) as shown in the table below:
Location WACR WACR Change
31 Dec 30 June (Basis
2019 2019 Points)
Australia 5.47% 5.57% (10)
New Zealand 5.66% 5.72% (6)
Total 5.52% 5.61% (9)
3
Represents the fair value adjustment to Vital’s leasehold interest in the Ascot Hospital and Ascot Central car parks in accordance with NZ IFRS 16.
4
Work is underway to reassess the scope of the Royston expansion with a view to increase the size of the project.

9
CAPITAL MANAGEMENT
Vital’s all-in weighted average cost of debt
as at 31 December 2019 was 4.03% (31
December 2018 - 4.50%) with this decrease
being primarily the result of a decline in
floating rates.
The debt to total assets ratio was 35.1% at
31 December 2019 (31 December 2018 –
39.5%). Given the nature of Vital’s portfolio
(17.9 year WALE, high quality tenant base
and limited property expenses which are
not recoverable from tenants) the Board
and Management are comfortable with both
the current and projected levels of debt.
Vital currently has approximately $225m of
headroom under its current debt facilities.
At the end of December 2019, Vital
received credit approval for an expansion
and extensions to Tranche C (A$125M up
from A$100m) and the NZ dollar facility
(NZ$20m, unchanged) to October 2023 and
an expansion and extension to Tranche D
(A$115m up from A$100m) to October 2021.
Pro forma these extensions, Vital’s average
debt maturity would be 2.3 years.
Following the proposed restructuring and
foreign exempt listing on the ASX, Vital’s debt
will be extended and diversified.
MANAGEMENT FEES
Vital’s new management fee structure
was approved by unitholders at the AGM
in October 2019. The key change was to
reduce the base management fees from a
fixed 0.75% of gross assets to a tiered fee
structure:
Gross Value of Portfolio Base management fee
5
< / = $1 billion 0.65%
>$1 billion to < / = $2 billion 0.55%
>$2 billion to < / = $3 billion 0.45%
= / > $3 billion 0.40%
There were also changes to activity-based
fees. Full details are available on Vital’s
website.
Total management fees for HY20 were
$9.5m ($12.0m for pcp).
6

FOREIGN EXEMPT LISTING
At Vital’s Annual General Meeting in October
2019 it was announced that Vital was
exploring a foreign exempt listing on the
ASX. In December 2019, we released further
details to the NZX of this proposal which
involves separating Vital’s New Zealand
and Australian properties into separate but
stapled trusts removing inefficiencies for
investors outside of New Zealand. Removing
these inefficiencies is required to facilitate a
foreign exempt listing on the ASX.
Key benefits are expected to include:
1. Increased distributions and payout ratio
for all unitholders.
2. Providing Vital with access to broader
and deeper sources of capital, ensuring
an efficient cost of capital.
3. A more competitive position for
acquisitions and development projects
for future earnings growth.
4. Expected increase in the value and
liquidity of Vital’s units over time.
Importantly, there will be no change to
Vital’s:
a. Primary listing on the NZX.
b. PIE status in respect of its New Zealand
assets.
c. Core strategy of owning quality, well
tenanted healthcare real estate in New
Zealand and Australia as a means of
providing a stable and growing income
stream for investors.
5
Note that the above fees are tiered on the basis that management fees charged on the first $1 billion of gross asset value are
0.65% notwithstanding the total value, similarly for $1-2 billion at 0.55% and $2-3 billion at 0.45%.
6
These figures exclude development fees which are capitalised to projects
.

10 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Grant Samuel has been appointed as
an independent adviser to consider the
transaction for unitholders. Their report will
be included in the Notice of Meeting.
A foreign exempt listing on the ASX will bring
Vital in line with over 50% of other NZX50
listed entities and support Vital to continue to
grow its earnings.
The proposal does not change the fees and
governance approved by unitholders in 2019
and NorthWest will not receive any additional
fees for services provided in connection with
the proposal.
Vital is currently in advanced discussions
with regulators in New Zealand and Australia
on this proposal and anticipates releasing a
notice of meeting in the coming weeks.
OUTLOOK
Healthcare property is a defensive asset class
underpinned by growing demand, high levels
of government support (in both New Zealand
and Australia) and continued growth of
institutional acceptance as an asset class. As
Australasia’s only listed owner of healthcare
real estate, Vital is well positioned to take
advantage of opportunities in this sector.
Vital also benefits from being managed
by NorthWest one of the world’s leading
specialist healthcare property owners and
managers, a relationship Vital will continue to
leverage in the future. Opportunities include:
1. Access to a team of 40+ healthcare
property professionals with deep
experience and relationships in the
region.
2. Utilising NorthWest’s brand and scale to
support capital raising initiatives (debt
and equity).
3. Leverage strategic insights and
operating experience of 200+
professionals in countries where
NorthWest has interests including
Canada, Germany, Brazil and the UK.
Our plan for the short to medium term is as
follows:
1. Seek unitholder approval to restructure
Vital to facilitate a foreign exempt listing
on the ASX (unitholder vote expected to
be scheduled before 31 March 2020).
2. Subject to unitholder approval of
the proposed restructure, reset
Vitals’ interest rates swaps, increase
distributions and increase the payout
ratio.
3. Complete the acquisitions announced
today and continue to consider further
investments across New Zealand and
Australia, including existing and future
developments and expansions, as a
means of growing earnings.
4. Extend the debt maturity profile and
diversify sources of debt.
Thank for you on-going support for Vital.
We look forward to Vital’s new era with a
continued focus on growing Vital’s earnings.
NorthWest Healthcare Properties
Management Limited
MANAGER OF THE VITAL HEALTHCARE
PROPERTY TRUST

11

12 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

13
VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
0FINANCIAL STATEMENTS
FINANCIAL
STATEMENTS
FOR THE SIX
MONTHS ENDED
31 DECEMBER
2019

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-1FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2019
Note
6 months
Dec-19
$000s
6 months
Dec-18
$000s
Gross property income from rentals51,08450,537
Gross property income from expense recoveries6,3355,293
Property expenses(7,521)(6,995)
Net property income349,89848,835
Other income and expenses(11,998)(13,524)
Net strategic transaction income/(expenses)147(4,588)
Strategic transaction interest income142671,003
Finance income4138
Finance expense(14,619)(16,035)
Operating Profit23,59615,729
Other gains/(losses)
Revaluation gain on investment property642,61243,482
Fair value gain/(loss) on foreign exchange derivatives137318
Fair value gain/(loss) on interest rate derivatives1,503(8,262)
Unrealised gain/(loss) on foreign exchange6425,162
44,89440,699
Profit before income tax68,49056,428
Taxation expense4(11,297)(9,630)
Profit for the period attributable to unitholders of the Trust57,19346,798
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve(4,203)(33,561)
Realised foreign exchange gain/(loss) on hedges-19
Current taxation (expense)/credit-(5)
Unrealised foreign exchange gain/(loss) on hedges-7,042
Deferred taxation (expense)/credit-(1,972)
Fair value gain/(loss) on net investment hedges4844,876
Deferred taxation (expense)/credit(135)(1,365)
Total other comprehensive income/(loss) after tax(3,854)(24,966)
Total comprehensive income after tax53,33921,832
Earnings per unit
Basic and diluted earnings per unit (cents)512.7010.59
The notes on pages FIN-5 to FIN-21 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-2FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2019
Note
Dec-19
$000s
Jun-19
$000s
Non-current assets
Investment properties61,926,7431,836,430
Other non-current assets7455793
Total non-current assets1,927,1981,837,223
Current assets
Cash and cash equivalents5,2256,068
Trade and other receivables1,2641,300
Other current assets74,76986,875
Derivative financial instruments817677
Total current assets11,43494,320
Total assets1,938,6321,931,543
Unitholders' funds
Units on issue9591,839576,300
Reserves(29,193)(16,469)
Retained earnings507,184469,914
Total unitholders' funds1,069,8301,029,745
Non-current liabilities
Borrowings10453,046734,211
Lease liability - ground lease23,876-
Other payables69,994-
Derivative financial instruments847,95249,436
Deferred tax96,91990,867
Total non-current liabilities611,787874,514
Current liabilities
Trade and other payables18,87413,815
Income in advance1,335652
Derivative financial instruments8482540
Taxation payable9,76212,277
Borrowings10226,562-
Total current liabilities257,01527,284
Total liabilities868,802901,798
Total unitholders' funds and liabilities1,938,6321,931,543
For and on behalf of the Manager, NorthWest Healthcare Properties Management Limited
B Crotty, ChairG Stuart, Independent Director
19 February 2020
The notes on pages FIN-5 to FIN-21 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-3FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2019
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 six months ended
31 December 2018
Balance at the start of the six months556,878415,469(54,911)57,44513,095987,976
Changes in unitholders' funds16,040---(13,095)2,945
Manager's incentive fee----5,1125,112
Profit for the period-46,798---46,798
Distributions to unitholders-(19,413)---(19,413)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--(33,561)--(33,561)
Realised foreign exchange gains
on hedges---14-14
Unrealised foreign exchange gains/
(losses) on hedges---5,070-5,070
Fair value gains on net investment
hedges---3,511-3,511
Balance at the end of the six
months572,918442,854(88,472)66,0405,112998,452
For the six months ended
31 December 2019
Balance at the start of the six months576,300469,914(93,324)64,77612,0771,029,743
Changes in unitholders' funds15,539---(12,077)3,462
Manager's incentive fee----3,2093,209
Profit for the period-57,193---57,193
Distributions to unitholders-(19,923)---(19,923)
Other comprehensive income for
the period------
Movement in foreign currency
translation reserve--(4,203)--(4,203)
Realised foreign exchange gains on
hedges------
Unrealised foreign exchange gains/
(losses) on hedges------
Fair value losses on net investment
hedges---349-349
Balance at the end of the six
months591,839507,184(97,527)65,1253,2091,069,830
The notes on pages FIN-5 to FIN-21 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-4FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2019
6 months
Dec-19
$000s
6 months
Dec-18
$000s
Cash flows from operating activities
Property income51,70849,391
Recovery of property expenses5,9724,479
Interest received4138
Property expenses(6,446)(5,235)
Management and trustee fees(6,559)(7,147)
Interest paid(14,642)(15,447)
Tax (paid)/refund(7,513)(3,376)
Other trust expenses(2,780)(1,334)
Net cash provided by/(used in) operating activities19,78121,369
Cash flows from investing activities
Receipts from foreign exchange derivatives48309
Capital additions on investment properties(34,451)(20,270)
Purchase of properties(1,003)(21,885)
Prepaid transaction costs(1,308)(10,788)
Disposal of properties64-
Repayment of loan provided to related parties84,495-
Advances provided to related parties-(42,400)
Payments for foreign exchange derivatives(161)-
Strategic transaction third party interest267(4,515)
Net cash provided by/(used in) investing activities47,951(99,549)
Cash flows from financing activities
Debt drawdown31,20597,787
Repayment of debt(83,317)-
Costs associated with Distribution Reinvestment Plan(8)(14)
Distributions paid to unitholders(16,455)(16,468)
Net cash from/(used in) financing activities(68,575)81,305
Net increase/(decrease) in cash and cash equivalents(843)3,125
Cash and cash equivalents at the beginning of the period6,0685,388
Cash and cash equivalents at the end of the period5,2258,513
The notes on pages FIN-5 to FIN-21 form part of and are to be read in conjunction with these financial statements.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-5FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the six months ended 31 December 2019
1 GENERAL INFORMATION
Vital Healthcare Property Trust ("VHP" or the "Trust") is 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). The Manager is a
registered managed investment scheme manager under the Financial Markets Conduct Act 2013.
The condensed consolidated interim financial statements of VHP for the six months ended 31 December 2019
comprise VHP and its subsidiaries (together referred to as the Group). VHP is listed on the New Zealand Stock
Exchange (NZX) and is a Financial Markets Conduct (FMC) reporting entity for the purpose of the Financial
Markets Conduct Act 2013.
The Trust's principal activity is the investment in health sector related properties.
The condensed consolidated interim 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.
These condensed consolidated interim financial statements were approved by the Board of Directors of the
Manager on 19 February 2020.
The consolidated condensed interim financial statements for the six months ended 31 December 2019 (including
comparative balances) have been reviewed by the auditor. The 30 June 2019 comparatives were subject to
independent audit.
2 BASIS OF PREPARATION
The Consolidated Statement of Comprehensive Income uses the same format as the Consolidated Statement of
Comprehensive Income used in the 2019 Annual Report. This has been adjusted in comparison to the format used
in the prior half year to December 2018.
Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS 34 Interim Financial Reporting, and
do not include notes of the type normally included in an Annual Report. Therefore this report should be read in
conjunction with the Group's most recent Annual Report. The accounting policies adopted by the Group have been
consistently applied, when compared to those used in the 2019 Annual Report except as described below under
the heading "change in accounting policies". The 2019 Annual Report complies with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards issued
and effective at the time of preparing those statements.
Basis of measurement
The condensed consolidated interim financial statements have been prepared on the historical cost basis except
for derivative financial instruments and investment properties which are measured at fair value.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-6FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
2 BASIS OF PREPARATION (continued)
Use of estimates and judgements
The preparation of financial statements in conformity with NZ IAS 34 requires the use of certain critical
accounting estimates and judgements that affect the application of policies and reported amount of assets and
liabilities, income and expenses. 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 4 - Taxation
•
Note 6 - Valuation of investment property
Change in accounting policies
Accounting policies have been applied consistently to all periods with the exception of the mandatory adoption of
NZ IFRS 16 Leases which is effective for annual reporting periods beginning on or after 1 January 2019.
NZ IFRS 16 Leases
The Group has adopted NZ IFRS 16 Leases for the interim financial statements. NZ IFRS 16 Leases eliminates the
distinction between operating and finance leases for lessees and results in lessees bringing most leases onto their
balance sheet, with the exception of certain short-term leases and leases of low-value assets. Where the Group is
a lessor, by virtue of the lease arrangement associated with its investment properties, NZ IFRS 16 has not given
rise to a change in accounting treatment.
The Group adopted NZ IFRS 16 using the modified retrospective method of adoption with the date of initial
application of 1 July 2019. Under this method, the standard is applied retrospectively with the cumulative effect of
initially applying the standard recognised at the date of initial application. No adjustment is made to comparative
disclosures.
For the adoption of NZ IFRS 16 the Group has used the practical expedient to not reassess whether a contract is,
or contains, a lease at the date of initial application.
From 1 July 2019, leases are recognised as a right-of-use asset in the Investment Properties value and a
corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment
is allocated between the liability and finance cost. The finance cost is charged to the Statement of Comprehensive
Income over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The right-of-use asset is subsequently measured at fair value in Investment Properties.
The finance cost is recognised as interest paid in the Statement of Cash Flows (formerly recognised as property
expenses under NZ IAS 17 Leases). The repayment of the principal portion of the lease liability is recognised as a
financing activity in the Statement of Cash Flows. Payments associated with short-term leases and leases of low-
value assets are recognised as an expense in the Statement of Comprehensive Income.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:
•
Fixed payments, less any incentives receivable
•
Variable lease payments that are based on an index or rate
•
Amounts expected to be payable by the lessees under residual value guarantees
•
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
•
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-7FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
2 BASIS OF PREPARATION (continued)
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined,
the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the
funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and
conditions.
Right-of-use assets are initially measured at cost comprising the following:
•
The amount of the initial measurement of the lease liability
•
Any lease payments made before the commencement date less any lease incentives received
•
Any initial direct costs, and
•
Restoration costs.
The Group has opted to recognise expenses on a systematic basis.
In applying NZ IFRS 16 for the first time, the Group has used the following practical expedients permitted by the
standard:
•
Accounting for operating leases with a lease term of less than 12 months as short term leases, and
•
Excluding leases for which the underlying asset is of low value.
On 1 July 2019 the Group applied NZ IFRS 16 to the ground lease that exists over Ascot Ave, Greenlane, Auckland.
Previously this ground lease was classified as an operating lease, and at 30 June 2019 the lease committment to
expiry was $5.8m. The first time application of NZ IFRS 16 resulted in the recognition of:
•
a $4.0m lease liability, which resulted from discounting the 30 June 2019 lease committment of $5.8m using
an incremental borrowing rate of 4.25%; and
•
a $4.0m right of use asset.

3 SEGMENT INFORMATION
The principal business activity of the Group 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, which is the Board of Directors of the Manager 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.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-8FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
3 SEGMENT INFORMATION (continued)
Australia
$000s
New Zealand
$000s
Total
$000s
Segment profit for the six months ended
31 December 2019:
Gross property income from rentals38,49312,59151,084
Gross property income from expense recoveries2,5243,8116,335
Property expenses(3,444)(4,077)(7,521)
Net property income37,57312,32549,898
Other expenses(5,630)(6,368)(11,998)
Net strategic transaction income/(expenses)7-7
Strategic transaction interest income267-267
Net finance expense(5,562)(9,016)(14,578)
26,655(3,059)23,596
Fair value gain/(loss) on interest rate derivatives-1,5031,503
Revaluation gains on investment properties29,77012,84242,612
Other foreign exchange gains/(losses)-779779
Total segment profit before income tax56,42512,06568,490
Taxation (expense)(11,297)
Profit for the six months57,193
Segment profit for the six months ended
31 December 2018:
Gross property income from rentals37,65812,87950,537
Gross property income from expense recoveries2,6072,6865,293
Property expenses(3,696)(3,299)(6,995)
Net property income36,56912,26648,835
Other expenses(6,111)(7,703)(13,814)
Net strategic transaction income/(expenses)(4,588)-(4,588)
Strategic transaction interest income1,003-1,003
Net finance expense(10,214)(5,783)(15,997)
16,659(1,220)15,439
Fair value gain/(loss) on interest rate derivatives-(8,262)(8,262)
Revaluation gains on investment properties37,5775,90543,482
Other foreign exchange gains/(losses)-5,7695,769
Total segment profit before income tax54,2362,19256,428
Taxation (expense)(9,630)
Profit for the six months46,798

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-9FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
3 SEGMENT INFORMATION (continued)
Net property income consists of revenue generated from external tenants less property operating expenditure.
The Group has two tenants which exceed 10% of gross property income from rentals totaling $28.3m, located in
Australia (31 December 2018: two tenants totalling $28m).
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.
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 31 December 2019:
Investment properties1,445,677481,0661,926,743
Other non-current assets41045455
Current assets5,3936,04111,434
Consolidated assets1,451,480487,1521,938,632
Segment assets at 30 June 2019:
Investment properties1,387,661448,7691,836,430
Other non-current assets284509793
Current assets90,9633,35794,320
Consolidated assets1,478,908452,6351,931,543
Segment liabilities at 31 December 2019:
Borrowings426,485253,123679,608
Other liabilities125,97363,221189,194
Consolidated liabilities552,458316,344868,802
Segment liabilities at 30 June 2019:
Borrowings466,093268,118734,211
Other liabilities105,98661,601167,587
Consolidated liabilities572,079329,719901,798
For the purposes of monitoring segment performance and allocating resources between segments, all assets and
liabilities are allocated to reportable segments.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-10FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
4 TAXATION
6 months
Dec-19
$000s
6 months
Dec-18
$000s
Profit/(loss) before tax for the six months68,49056,428
Taxation (expense)/credit - 28% on profit before income tax(19,177)(15,800)
Effect of different tax rates in foreign jurisdictions7,3357,360
Tax exempt income3,9022,340
Foreign tax credits1,8961,089
Tax charges on overseas investments(5,834)(4,811)
Other adjustments581192
Taxation (expense)/credit(11,297)(9,630)
The taxation (expense)/credit is made up as follows:
Current taxation(4,977)(5,034)
Deferred taxation(6,320)(4,596)
Total taxation (expense)/credit(11,297)(9,630)

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-11FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
5 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 six months.
The Distributable Income calculation is a commonly used non-GAAP measure in the property sector.
Dec-19Dec-18
Profit attributable to unitholders of the Trust ($000s)57,19346,798
Weighted average number of units on issue (000's of units)450,234441,711
Basic and diluted earnings per unit (cents)12.7010.59

Dec-19
$000's
Dec-18
$000's
Distributable income
Profit before income tax68,49056,428
Revaluation (gains)/losses(42,612)(43,482)
Unrealised foreign exchange (gain)/loss(642)(5,162)
Unrealised foreign exchange (gain)/loss derivatives(137)(318)
Unrealised interest rate (gain)/loss derivatives(1,503)8,262
Unrealised (gain)/loss on strategic transaction derivatives-2,717
Manager's incentive fee3,2095,112
Profit used in calculating gross distributable income26,80523,557
Current taxation4,9775,034
Profit used in calculating net distributable income21,82818,523
Gross distributable income (cpu) *5.955.33
Net distributable income (cpu) *4.854.19
* Based on weighted average number of units on issue.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-12FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
6 INVESTMENT PROPERTIES
Dec-19
$000s
Jun-19
$000s
Carrying value of investment property at the beginning of the six months1,836,4301,731,247
Acquisition of properties11,21225,158
Capitalised costs37,47534,566
Capitalised interest costs1,575633
Net capitalised incentives49(520)
Disposal of properties(64)-
Foreign exchange translation difference(6,501)(58,210)
Change in fair value42,612103,556
Right of use asset3,955-
Carrying value of investment property at the end of the six months1,926,7431,836,430
Investment Properties valuation
The Group's policy is for investment property to be measured at fair value for which the Group completes property
valuations at least annually by independent registered valuers. All investment property was valued by independent
registered valuers as at 30 June 2019. The fair value of investment property as at 31 December 2019 was
determined by the Manager, informed by market data and valuation advice provided by independent valuers,
comparable transactional evidence and current period leasing activity.
The Group holds the freehold to all properties except the car parks at the rear of Ascot Hospital and Ascot
Central, which are the subject of a ground lease ("right of use" asset) with a weighted average term remaining of
19.3 years (30 June 2019: 19.8 years). The fair value of this right of use asset includes the first time adoption of NZ
IFRS 16 adjustment of $4.0m recorded on 1 July 2019, and as at 31 December 2019 was valued at $7.8m (30 June
2019: $3.6m).
Acquisition of properties
The Group has entered into an agreement to acquire 120 Thames Street, Box Hill, VIC for A$10.1m plus
transaction costs. Settlement, which is subject to conditions in favour of the Group, is deferred until no later than
October 2021. As at reporting date this property has been recognised as Investment Property, with a
corresponding liability (Non-current other payable) recognised for the outstanding consideration payable.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-13FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
7 OTHER ASSETS
Dec-19
$000s
Jun-19
$000s
Current
Related party advance (refer to note 14)-83,966
Other4,7692,909
Total Current4,76986,875
Non-Current
Other455793
Total Non-current455793
On 2 August 2019 the related party advance to NWH Australia Asset Trust (NWHAAT) of A$80.3m was repaid in
full.

8 DERIVATIVE FINANCIAL INSTRUMENTS
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. The fair value of interest rate
swaps is a liability of $48.4m (30 June 2019:$49.9m).
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. The fair value of foreign exchange derivatives is an asset of $0.2m (30 June
2019:$0.04m).
There have been no reclassifications of fair value instruments between levels in the six months ended
31 December 2019 and 30 June 2019.
Derivatives are all carried at fair value on the Statement of Financial Position. The carrying amounts of all other
financial instruments approximate their fair value.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-14FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
9 UNITS ON ISSUE
Dec-19
$000s
Jun-19
$000s
Balance at the beginning of the period576,300556,878
Issue of units under Distribution Reinvestment Plan3,4706,376
Issue of units to satisfy Manager's incentive fee12,07713,095
Issue costs of units(8)(49)
15,53919,422
Balance at the end of the period591,839576,300
Dec-19
000s
Jun-19
000s
Reconciliation of number of units
Balance at the beginning of the period446,346436,893
Issue of units under the Distribution Reinvestment Plan1,3152,947
Units issued to satisfy Manager's incentive fee4,9206,506
Balance at the end of the period452,581446,346
The number of units on issue at 31 December 2019 was 452,581,395 (30 June 2019: 446,346,087). 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 22 August 2019, 4,919,883 units were issued against the 2019 Manager's incentive fee of $12.1m (30 June
2019: $13.1m).
Capital risk management
The Group is subject to imposed capital requirements arising from the Trust Deed, which requires that 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%, (30 June 2019: 50%) of the fair market value of secured property at all times calculated to the
Australian dollar equivalent. All banking covenants have been met during the six months.
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 of the
Manager. There have been no material changes in the Group's overall capital risk management strategy during the
six months.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-15FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
10 BORROWINGS
Dec-19
$000s
Jun-19
$000s
AUD denominated loans662,285718,172
NZD denominated loans18,25017,250
Borrowing costs(927)(1,211)
Total borrowings679,608734,211
Current liability226,562-
Non current liability453,046734,211
Total borrowings679,608734,211
The Group has a syndicated revolving multi-currency facility with ANZ Bank New Zealand Limited, Australia and
New Zealand Banking Group Limited, Bank of New Zealand and National Australia Bank. The multi-currency
facilities of A$850.0m and NZ$20.0m are split between: Tranche A: A$125.0m due to expire on 31 March 2021;
Tranche B: A$200.0m due to expire on 31 July 2022; Tranche C: A$100.0m, Tranche D: A$100.0m and NZ Dollar
Facility: NZ$20.0m which are due to expire on 30 October 2020; Tranche E: A$175.0m which is due to expire on
20 November 2021; and Tranche F: A$150.0m which is due to expire on 15 January 2022.
At the end of December 2019, VHP was credit approved for extensions to Tranches C, D and the NZ Dollar Facility,
giving Tranche C and the NZ Dollar facility an expiry date of 30 October 2023, and Tranche D an expiry date of
30 October 2021. The limit on Tranche C will be increased by A$25.0m to A$125.0m, and the limit on Tranche D
will be increased by A$15.0m to A$115.0m.
The effective interest rate on the borrowings as at 31 December 2019 was 4.03% per annum (30 June 2019:
4.40%), and a weighted average term to expiry of 2.3 years, incorporating the credit approved term extensions
received.
Borrowings are secured via a Security Trust Deed dated 1 April 2003 and as amended and restated on 30 May
2018. The Security Provider comprises T.E.A. Custodians Limited in its capacity as nominee of the VHP Trustee as
supervisor of the Trust and the Trust's subsidiaries. Pursuant to the Deed, a security interest has been granted via
first ranking mortgages over the respective investment properties and, 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.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-16FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
11 COMMITMENTS
Dec-19
$000s
Jun-19
$000s
Capital Commitments
The Group was party to contracts to purchase or construct property for the
following amounts:206,786222,213
Lease Commitments
The property rental income expected 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:
Not later than one year100,15798,632
Later than one year and not later than five years434,808432,696
Later than five years819,492833,808
1,354,4571,365,136
As a condition of listing on the New Zealand Stock Exchange (NZX), All issuers are required to provide a bank bond
to NZX under NZX/DX Listing Rule 2.6.2. The bank bond required by the Trust is $50,000.

12 CONTINGENCIES
There were no contingencies as at 31 December 2019 (30 June 2019: nil).

13 SUBSEQUENT EVENTS
On 19 February 2020 the Group:
•
announced a gross distribution of 2.1875 cents per unit. The record date for the distribution is 12 March 2020
and a payment is scheduled to unitholders on 26 March 2020. There will be 0.5381 cents per unit of imputation
credits attached to the distribution.
•
announced the proposed acquisition of three Australian aged care facilities from NorthWest Healthcare
Properties REIT for a purchase price of approximately A$57.5m. Settlement, subject to satisfactory completion
of due diligence, is expected to occur prior to 30 June 2020.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-17FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
14 RELATED PARTY TRANSACTIONS
The Manager
The Trust is managed by NorthWest Healthcare Properties Management Limited (the "Manager"), a wholly owned
subsidiary of NWI Healthcare Properties LP (NWIHLP).
The ultimate parent of NWIHLP is Toronto listed NorthWest Healthcare Properties Real Estate Investment Trust
(NW REIT) that, as at reporting date, holds a 24.9% (2018:24.9%) interest in the Trust. NW REIT and its controlled
entities (including the Manager) are considered related parties to the Trust and its controlled entities by virtue of
common ownership and/or directorships.
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.
Remuneration of the Manager
The Trust pays fees to the Manager in accordance with the Trust Deed. The aggregate of Base Fees, Incentive Fees
and Activity Fees is capped at 1.75% per annum of the Trusts gross asset value (GAV) as at the end of a financial
year.
Following unitholder approval on 31 October 2019, the Trust Deed was amended to adopt the revised basis for
fees (as outlined below) in accordance with the undertakings made in the Trusts’ Fee and Governance Review
announcement of 1 April 2019. Up until the Trust Deed was amended the Manager has procured that the fees
charged did not exceed those that would have been charged if the amendments that were approved by unitholders
on 31 October 2019 had been approved on 1 April 2019.
In accordance with, and from the effective date of, the amended Trust Deed, the fee arrangements are as follows:
Base Fee
The Base Fee structure is as follows:
•
65 bps per annum up to $1bn of GAV:
•
55 bps per annum from $1bn to $2bn of GAV;
•
45 bps per annum from $2bn to $3bn of GAV; and
•
40 bps per annum over $3bn of GAV.
Incentive Fee
Vital pays the Manager 10% of the average annual increase in Vital’s NTA over the respective financial year and the
two preceding financial years, with payment being made by way of subscribing for new units. The incentive fee
calculations are also subject to a ‘three year high watermark”, such that the Manager will not be paid an Incentive
Fee in a year where NTA grows if it is still below where it was on the last business day of the past three financial
years.
Activity Fees
The Activity Fee structure is as follows:
a. Leases or licences
Vital pays the Manager leasing or licence fees where the Manager has negotiated leases or licences. The fees are
charged at 11% of the aggregate annual rental for terms less than 3 years, 12% of the aggregate annual rental for
terms of 3 years, and 12% plus an additional 1% for each year greater than three years (to a maximum of 20%),
subject to a minimum fee of $2,500.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-18FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
14 RELATED PARTY TRANSACTIONS (continued)
Lease or licence renewals are charged at 50% of a new lease or licence fee.
Structured rent reviews, or market reviews which do not result in a rental increase, are charged an administration
fee of $1,000. Open market reviews are charged at 10% of the rental increase achieved in the first year, subject to
a minimum fee of $1,000.
Leasing or licence fees are capitalised to the respective investment or property in the Statement of Financial
Position and amortised over the term of the lease.
b. Property management
Vital pays the Manager property management fees where the Manager acts as the property manager. These fees
are charged at 1% - 2% of gross income depending on the number of tenants at the property and may be recovered
from tenants if permitted under lease agreements.
Property management fees are expensed, net of recoveries from tenants, through the Statement of
Comprehensive Income in the year in which they arise.
c. Facilities management
Vital pays the Manager a facilities management fee where the Manager acts as a property facilities manager
based on the market rate (referenced to a reputable and high-quality third party service provider) for similar
services at similar properties. This fee may be recovered from tenants if permitted under lease agreements.
Facilities management fees are expensed, net of recoveries from tenants, through the Statement of
Comprehensive Income in the year in which they arise.
d. Project management
Vital pays project management fees to the Manager for managing capital expenditure projects where the purpose
of the project is to upgrade, repair or otherwise extend the life of the property, including replacement or repair of
major plant and equipment, structural items and building envelope.
Project management fees for projects with a budget of between $200,000 and $2,500,000 are 2% of the
committed spend where the Manager is the project lead and 1% of committed spend where the Manager has an
oversight role, increasing to 4% and 2% respectively for projects with a budget greater than $2,500,000
Project management fees are capitalised to the respective investment or property in the Statement of Financial
Position.
Additional Costs
The Additional Costs structure is as follows:
a. Acquisitions
Vital pays fees to the Manager for managing the due diligence, financing, legal aspects and settlement of the
purchase of an investment or property instead of or alongside a third party agent. These fees are charged at 1.5%
of the capitalised cost of the relevant investment, being the contracted price payable, excluding any deductions
netted off the settlement price (such as rates), together with other related capitalised acquisition costs.
Acquisition fees are capitalised to the respective investment or property in the Statement of Financial Position.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-19FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
14 RELATED PARTY TRANSACTIONS (continued)
b. Disposals
Vital pays fees to the Manager for managing the due diligence, legal aspects and settlement of the sale of an
investment or property instead of or alongside a third party agent. These fees are charged at 1% of the contracted
sale price of the relevant investment actually received, provided that, if a third party agent has been engaged to
provide services for the disposal, then the fee payable to the Manager will be net of the third party agent’s costs
and commissions.
Disposal fees are expensed in the profit or loss on disposal of the investment or property through the Statement of
Comprehensive Income in the year in which they arise.
c. Development Management
Vital pays development management fees where the Manager acts as a development manager on Vital
developments. These fees are charged at 4% of the committed spend (excluding land) approved by the Board of
the Manager provided that, if a third party agent has been engaged to provide development management services,
then the fee payable to the Manager will be reduced by the non-rentalisable third party costs paid.
Development management fees are capitalised to the respective property in the Statement of Financial Position.
Prior to the unitholder approved amendments to the Trust Deed, the fee arrangements were as follows:
Base Fee
The Base Fee was 75 bps per annum of the Gross Value (as defined at the time by the Trust Deed) of the Trust.
Incentive Fee
The annual Incentive Fee was 10% of the average annual increase in the Gross Value (as defined at the time by the
Trust Deed) of the Trust Fund over the relevant financial year and the two proceeding financial years.
Other amounts
In accordance with the Trust Deed, the Manager is permitted to engage related parties to provide services to the
Trust, such as development management. The provision of these services is subject to compliance with the
restrictions on related party transactions in the Financial Markets Conduct Act 2013.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-20FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
14 RELATED PARTY TRANSACTIONS (continued)
Transactions with related parties
Amounts charged by the Manager and related parties and owing are as follows:
31 December 2019
$000s
31 December 2018
$000s
30 June
2019
$000s
Statement of
Comprehensive
Income
Statement of
Financial
PositionTotal
Amounts
Owing/
(Receivable)
Statement of
Comprehensive
Income
Statement of
Financial
PositionTotal
Amounts
Owing/
Receivable
Base fee
1
6,271-6,271-6,884-6,884830
Incentive Fee3,209-3,2093,2095,112-5,11212,077
Activity Fees:
Leasing/licensing19476665----
Property management
2
297-297189109-109-
Facilities management
2
--------
Project management--------
AFSL fee
437-437-417-417-
10,2334710,2803,46312,522-12,52212,907
Additional Costs:
Acquisitions-33--280280-
Disposals--------
Development management
-3,4603,4602,483-3633631,070
-3,4633,4632,483-6436431,070
Other Amounts:
Reimbursement of third party
expenses:
Amounts paid to directors:
Andrew Evans15-1515----
Graham Stuart17-1717----
Claire Higgins-------105
Other expenses17-17-45-45151
Strategic - Prepaid acquisition fee
3
-----8,8938,893(56)
49-4932458,8938,938200
10,2823,51013,7925,97812,5679,53622,10314,177
1 Amounts outstanding at 31 December 2019 are; Manager's incentive fee $3.2m (Jun19: $12.1m); NorthWest Healthcare Properties
Management Limited $0.2m (Jun19: 0.7m); NorthWest Healthcare Australian Property Proprietary Limited $2.5m (Jun19: $1.3m)
2 Property Management and Facilities Management fees, net of recoveries from tenants, incurred by the Trust totalled $0.3m and nil
respectively for the six months (HY19: $0.1m and nil respectively).
3 Due to the significant nature of the proposed HSO real estate transaction the Manager initially charged a prepaid acquisition fee. This was
subsequently amended in the period to 30 June 2019 to be a fee for the acquisition of the HSO derivative of $2.8m which was based on the
cost incurred and work performed by the Manager, plus a capital charge of $3.3m based on NW REIT providing security to Deutsche Bank
for all of the HSO derivative participation and a recharge of financing costs of $2.4m which was charged based on the sharing of costs under
the Joint Investment Policy.

VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-21FINANCIAL STATEMENTS
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (CONT.)
14 RELATED PARTY TRANSACTIONS (continued)
Other Related Parties
NWH Australia AssetCo Pty Limited as trustee of NWH Australia Asset Trust (NWHAAT) is a wholly owned
subsidiary of NWH Healthcare Properties LP.
During the period the Group received interest income on the related party advance that it had with NWHAAT,
which was fully paid on 2 August 2019.
Dec-19
$000s
Dec-18
$000s
During the period there have been transactions between the Trust and
NWHAAT
Related party advance/(repayment)(84,495)40,743
Interest income2671,003
Net strategic transaction costs-(1,872)
Fair value gain/(loss) on strategic transaction derivatives-(2,717)
Dec-19
$000s
June-19
$000s
Balances outstanding at the end of the year are unsecured and on normal
trading terms
Amounts owing from related party-83,966

35

36 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 201936 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

37
VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT AS AT 31 DECEMBER 2019
FIN-22FINANCIAL STATEMENTS




INDEPENDENT REVIEW REPORT
TO THE UNITHOLDERS OF VITAL HEALTHCARE PROPERTY TRUST


We have reviewed the condensed consolidated interim financial statements of Vital Healthcare Property
Trust and its subsidiaries (‘the Trust’) which comprise the consolidated statement of financial position as at
31 December 2019, and the consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the six month period ended on that date,
and a summary of significant accounting policies and other explanatory information on pages FIN 1 to FIN
21.

This report is made solely to the Trust’s unitholders, as a body. Our review has been undertaken so that
we might state to the Trust’s unitholders those matters we are required to state to them in a review 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 engagement, for this report, or for the
opinions we have formed.

Board of Directors’ Responsibilities
The Board of Directors of the Manager are responsible for the preparation and fair presentation of the
condensed consolidated interim financial statements, in accordance with NZ IAS 34 Interim Financial
Reporting and IAS 34 Interim Financial Reporting and for such internal control as the Board of Directors
determine is necessary to enable the preparation and fair presentation of the condensed consolidated
interim financial statements that are free from material misstatement, whether due to fraud or error.

Our Responsibilities
Our responsibility is to express a conclusion on the condensed consolidated interim financial statements
based on our review. We conducted our review in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410’). NZ SRE 2410 requires us
to conclude whether anything has come to our attention that causes us to believe that the condensed
consolidated interim financial statements, taken as a whole, are not prepared, in all material respects, in
accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial Reporting. As the
auditor of Vital Healthcare Property Trust, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.

A review of the condensed consolidated interim financial statements in accordance with NZ SRE 2410 is a
limited assurance engagement. The auditor performs procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.

The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an
audit opinion on those financial statements.

Other than in our capacity as auditor, we have no relationship with or interests in Vital Healthcare Property
Trust or its subsidiaries

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed
consolidated interim financial statements of the Trust do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2019 and its financial performance and cash flows for
the six month period ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS
34 Interim Financial Reporting.


19 February 2020
AUCKLAND, NEW ZEALAND

38 VITAL HEALTHCARE PROPERTY TRUST INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2019
Directory
MANAGER
NorthWest Healthcare Properties
Management Limited
Level 16, AIG Building
41 Shortland Street
PO Box 6945, Wellesley Street
Auckland 1141
Telephone: 0800 225 264
Facsimile: +64 9 377 2776
Directors of the Manager
Bernard Crotty – Chairman
Andrew Evans – Independent Director
Dr Michael Stanford – Independent Director
Graham Stuart – Independent Director
Paul Dalla Lana – Director
Aaron Hockly - Fund Manager
Michael Groth - CFO
Vanessa Flax - Secretary
AUDITOR
Deloitte
Deloitte Centre
80 Queen Street
Private Bag 115-003
Auckland 1140
Telephone: +64 9 303 0700
Facsimile: +64 9 303 0701
LEGAL ADVISERS TO THE TRUST
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
SUPERVISOR (PREVIOUSLY TRUSTEE)
Trustees Executors Limited
Level 7, 51 Shortland Street
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
27/100 Queen Street
Melbourne, Victoria 3000
Australia
Bank of New Zealand
Deloitte Centre
80 Queen Street
Auckland 1010
National Australia Bank Limited
Level 22, 255 George Street
Sydney, NSW 2000
Australia
UNIT REGISTRAR
Computershare Investor Services Limited
159 Hurstmere 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

ANNUAL REPORT 2019
DELIVERING
VALUE

---

vhpt.co.nz

19 February 2020

Vital delivers a HY20 Normalised Net Distributable Income of
$22.1m; a 14.6% increase
Highlights
 Normalised Net Distributable Income (‘Normalised NDI’) of $22.1m (HY19 $19.3m) an increase of 14.6%
 Adjusted Funds from Operations (‘AFFO’) of $22.0m (HY19 $19.7m) an increase of 11.8%
 Distribution of 4.375cpu announced for the first half of FY20, for a Normalised NDI (and AFFO) payout ratio of
89%
 Revaluation gains of $42.6m, a 2.3% increase in the portfolio’s value from 30 June 2019
 Portfolio value increased to $1.93bn with occupancy of 99.5% and a weighted average lease term of 17.9 years
 Unitholders overwhelmingly approved (99.9% in favour) amendments to the Trust Deed including a change to the
fees NorthWest charges to manage Vital’s portfolio and enhanced fee and governance arrangements
 Proposed restructuring to facilitate a foreign exempt listing on the ASX, with the primary listing to remain on the
NZX. A Notice of Meeting for unitholders to vote on this restructure is expected to be released in the coming
weeks
 Delivered a 12 month total return to investors of 39.9%

Aaron Hockly, Fund Manager of Vital Healthcare Property Trust said,
“Vital has the enviable position of being Australasia’s only listed specialist healthcare property owner. The Trust
has grown substantially, particularly over the last four years, and we will seek to continue this growth in both
Australia and New Zealand as a means of providing a stable and growing income stream for unitholders. Our key
activities during the half year, including the proposed foreign exempt listing on the ASX, are all designed to
support future growth in earnings and distributions.”

Key metrics
Movements in Vital’s key metrics over the 6 and 12 months ended 31 December 2019:

Change
(All figures in NZD)
31 Dec 2019 31 Dec 2018 $ %
Normalised NDI per unit (cpu) 4.918 4.376 0.542 12.4%
AFFO per unit (cpu) 4.896 4.464 0.432 9.7%
Distributions per unit (cpu) 4.375 4.375 - 0.0%
Debt to total assets 35.1% 39.5% n.a. (4.40%)
Properties ($m / no.) $1,927 / 42 $1,766 / 42 $161 / 0 9.1% / 0%
Occupancy 99.5% 99.4% n.a. 0.1%
Weighted average lease expiry (‘WALE’) in years 17.9 18.0 (0.1) n.a.
Net tangible assets per unit $2.36 $2.24 $0.12 5.4%
Unit price $2.82 $2.09 $0.73 34.9%

vitalhealthcareproperty.co.nz
Portfolio Overview
Vital owns a high quality portfolio of private hospitals in New Zealand and Australia; complemented by a growing
portfolio of mental health, rehabilitation, medical office buildings and aged care facilities. The portfolio also includes
strategic and development assets allowing us to respond to the evolving property needs of our tenants and the
communities in which we operate.
There were no significant acquisitions or disposals of investment properties during the half year; $11.2m was
contracted for strategic property acquisitions
1
. Today, we announced the conditional acquisition of three Australian
aged care assets. These acquisitions total approximately NZ$60.1 million (A$57.5 million) and are expected to settle
before the end of the financial year. We are also considering divesting a number of assets but no settlements are
expected this financial year.
Like-for-like property income increased 2.5% on a same currency basis.
Vital’s weighted average lease expiry (“WALE”) was 17.9 years at 31 December 2019; the longest of any ASX or NZX-
listed property entity.
The value of the portfolio increased by $91m over the half year as follows:

(All figures in millions of NZD)

Opening valuation (30 Jun 2019) 1,836
Cap rate compression (from revaluations) 25
Rental increases (from revaluations) 18
Capital expenditure 39
Acquisitions 11
Right of use asset
2
4
Foreign exchange (7)
Closing balance (31 Dec 2019) * 1,927
* may not sum due to rounding

The weighted average capitalisation rate (“WACR”) across Vital’s portfolio firmed by 9 basis points over the half year
(5.61% to 5.52%) as shown in the table below:


WACR WACR Change

31 Dec
2019
30 Jun
2019
Basis
points
Australia 5.47% 5.57% (10)
New Zealand 5.66% 5.72% (6)
Total 5.52% 5.61% (9)



Developments and expansions
Developments and expansions are a favourable driver of Vital’s earnings growth as they typically:
1. Provide an accretive return on cost for Vital
2. Respond to our tenants’ business and operating requirements (reducing their costs and / or increasing their
revenues)
3. Ensure Vital’s assets are modern, fit-for-purpose and accord with community / patient expectations

1
Includes the settlement of 10 Buttercup Street, QLD (A$0.4m) and the deferred settlement of 120 Thames Street, VIC
(A$10.1m).
2
Represents the fair value adjustment to Vital’s leasehold interest in the Ascot Hospital and Ascot Central car parks in
accordance with NZ IFRS 16.

vitalhealthcareproperty.co.nz

Significant capital expenditure continues to be invested across the portfolio at the following projects:
Property Overview Spend to date Cost to complete
Australia
Lingard Day Surgery,
NSW
New day surgery unit, consulting
building & car park
NZ$21.9m (A$21.0m) NZ$5.2m (A$5.0m)
The Hills, NSW Expansion including 26 private
rooms
NZ$4.1m (A$3.9m) NZ$4.9m (A$4.7m)
Epworth Eastern, VIC New 14 storey tower incorporating
60 beds & emergency department
NZ$21.3m (A$20.5m) NZ$110.1m (A$105.7m)
New Zealand
Wakefield Hospital, NZ Staged demolition and
redevelopment of entire hospital
NZ$19.4m NZ$78.6m
Royston Hospital, NZ Expansion including two new
operating theatres
NZ$5.0m TBD
3

Total NZ$71.7m NZ$198.8m

Financial results
Normalised NDI for the half year increased by 14.6% to $22.1m (HY19: $19.3m) equating to 4.918 cents per unit
(“cpu”). Cash from operations available to unitholders, measured by AFFO, increased 11.8% to $22.0m.
Total expenses were $26.3m, 13.4% lower than the prior corresponding period (‘pcp’). Key expenses were:
1. Net finance expenses of $14.6m, an 8.9% decrease on pcp due to lower floating interest rates and repayment
of the related party loan.
2. Management fees of $9.5m, a 21.0% decrease on pcp partly due to the new fee structure (base fees of
$6.3m, a 9% pcp decrease, and incentive fees of $3.2m, a 37% pcp decrease).
3. Corporate costs of $2.4m, a 33% increase on pcp due to recently introduced Australian foreign ownership
land taxes and costs related to the unitholder vote on fee and governance changes.
Vital’s NTA increased to $2.36 per unit at 31 December 2019 a 5.4% increase from 31 December 2018. This change
was primarily due to property revaluation gains.

Capital management
Vital’s all-in weighted average cost of debt as at 31 December 2019 was 4.03% (31 December 2018 - 4.50%) with this
decrease being primarily a result of a decline in floating rates.
The debt to total assets ratio was 35.1% at 31 December 2019 (31 December 2018 – 39.5%). Given the nature of Vital’s
portfolio (17.9 year WALE, high quality tenant base and limited property expenses which are not recoverable from
tenants) the Board and Management are comfortable with both the current and projected levels of debt. Vital currently
has approximately $225m of headroom under its current debt facilities.
At the end of December 2019, Vital received credit approval for an expansion and extensions to Tranche C (A$125M up
from A$100m) and the NZ dollar facility (NZ$20m, unchanged) to October 2023 and an expansion and extension to
Tranche D (A$115m up from A$100m) to October 2021. Pro forma these extensions, Vital’s average debt maturity would
be 2.3 years.
Following the proposed restructuring and foreign exempt listing on the ASX, Vital’s debt will be extended and diversified.

3
Work is underway to reassess the scope of the Royston expansion.

vitalhealthcareproperty.co.nz
Corporate governance and management changes
During the half year, an additional independent director, Dr Michael Stanford, was appointed to Vital’s board in
accordance with the Manager’s previous commitments. Dr Stanford has significant experience in both public and private
healthcare including 16 years as CEO of St John of God Healthcare, Australia’s third largest private healthcare operator
and a former Board member of Healthscope, Australia second largest private hospital operator. His skills and experience
complement the property, financial, legal and other skills and experience of Vital’s existing directors. An independent
chair will be appointed by the 2020 AGM consistent with the commitment made.
In addition, Aaron Hockly was appointed Fund Manager of Vital and Michael Groth was appointed Chief Financial Officer.
Both Aaron and Michael have extensive experience in property and funds management.

Management fees
Vital’s new management fee structure was approved by unitholders at the Annual General Meeting in October 2019.
The key change was to reduce the base management fees from a fixed 0.75% of gross assets to a tiered fee structure:
Gross value of Vital’s portfolio Base management fee
Less than or equal to $1bn 0.65%
Greater than $1bn and less than or equal to $2bn 0.55%
Greater than $2bn and less than or equal to $3bn 0.45%
Greater than $3bn 0.40%

There were also changes to activity-based fees. Full details are available on Vital’s website.
Total management fees for HY20 were $9.5m ($12.0m for pcp).
4


Foreign exempt listing
At Vital’s Annual General Meeting in October 2019 it was announced that Vital was exploring a foreign exempt listing on
the ASX. In December 2019, we released further details to the NZX of this proposal which involves separating Vital’s
New Zealand and Australian properties into separate but stapled trusts primarily removing inefficiencies for investors
outside of New Zealand. Removing these inefficiencies is required to facilitate a foreign exempt listing on the ASX.
Key benefits are expected to include:
1. Increased distributions and payout ratio for all unitholders
2. Providing Vital with access to broader and deeper sources of capital, ensuring an efficient cost of capital
3. A more competitive position for acquisitions and development projects for future earnings growth
4. Expected increase in the value and liquidity of Vital’s units over time
Importantly, there will be no change to Vital’s:
a. Primary listing on the NZX
b. PIE status in respect of its New Zealand assets
c. Core strategy of owning quality, well tenanted healthcare real estate in New Zealand and Australia as a
means of providing a stable and growing income stream for investors
Grant Samuel has been appointed as an independent adviser to consider the transaction for unitholders. Their report
will be included in the Notice of Meeting.
A foreign exempt listing on the ASX will bring Vital in line with over 50% of other NZX50 listed entities and support Vital
to continue to grow its earnings.
The proposal does not change the fees and governance approved by unitholders in 2019 and NorthWest will not receive
any additional fees for services provided in connection with the proposal.
Vital is currently in advanced discussions with regulators in New Zealand and Australia on this proposal and anticipates
releasing a notice of meeting in the coming weeks.

4
These figures exclude development fees which are capitalised to projects.

vitalhealthcareproperty.co.nz


Outlook
Healthcare property is a defensive asset class underpinned by growing demand, high levels of government support (in
both New Zealand and Australia) and continued growth of institutional acceptance as an asset class. As Australasia’s
only listed owner of healthcare real estate, Vital is well positioned to take advantage of opportunities in this sector.
Vital also benefits from being managed by NorthWest Healthcare Properties one of the world’s leading specialist
healthcare property owners and managers, a relationship Vital will continue to leverage more in the future. Opportunities
include:
1. Access to a team of 40+ healthcare property professionals with deep experience and relationships in the region
2. Utilising NorthWest’s brand and scale to support capital raising initiatives (debt and equity)
3. Leverage strategic insights and operating experience of 200+ professionals in countries where NorthWest has
interests including Canada, Germany, Brazil and the UK
Our plan for the short to medium term is as follows:
1. Seek unitholder approval to restructure Vital to facilitate a foreign exempt listing on the ASX (unitholder vote
expected to be scheduled before 31 March 2020)
2. Subject to unitholder approval of the proposed restructure, reset Vitals’ interest rates swaps, increase
distributions and increase the payout ratio
3. Complete the acquisitions announced today and continue to consider further investments across New Zealand
and Australia, including existing and future developments and expansions, as a means of growing earnings
4. Extend the debt maturity profile and diversify sources of debt
Vital’s management team will present these results via a live webcast from 11.30 am NZ time on 20 February 2020.
Please refer to our market release dated 22 January 2020 for details of the live webcast or click here.

– ENDS -


ENQUIRIES
Aaron Hockly, Fund Manager, Vital
NorthWest Healthcare Properties Management Ltd, Phone +64 9 973 7301, Email aaron.hockly@nwhreit.com
Michael Groth, Chief Financial Officer
NorthWest Healthcare Properties Management Ltd, Tel +61 3 8609 8421, Email michael.groth@nwhreit.com
Jason Kepecs, Director, Investments & Investor Relations
NorthWest Healthcare Properties Management Ltd, Tel +64 9 973 7303, Email jason.kepecs@nwhreit.com

vitalhealthcareproperty.co.nz
About Vital Healthcare Property:

Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality health and medical-related properties
in New Zealand and Australia. Our tenants are hospital and healthcare operators who provide a wide range of medical
and health services.

With a core focus on healthcare real estate, we understand and accommodate the needs of our healthcare tenants.
We operate in a niche segment of the property market, characterised by long weighted average lease terms and high
occupancy rates and with an ageing population across both countries, it’s also one that’s growing.

For more information, visit our website: www.vitalhealthcareproperty.co.nz

---

Results for announcement to the market
Name of issuerVital Healthcare Property Trust
Reporting Period6 months to 31 December 2019
Previous Reporting Period6 months to 31 December 2018
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations
$49,8982.18%
Total revenue
$49,8982.18%
Net profit/(loss) from continuing
operations
$57,19322.21%
Total net profit/(loss)
$57,19322.21%
Interim/Final Dividend
Amount per Quoted Equity Security
$0.021875
Imputed amount per Quoted Equity
Security
$0.005381
Record Date
12 March 2020
Dividend Payment Date
26 March 2020
Current periodPrior comparable period
Net tangible assets per Quoted Equity
Security
$2.36$2.24
A brief explanation of any of the
figures above necessary to enable the
figures to be understood
Refer announcement
Authority for this announcement
Name of person authorised to make
this announcement
Michael Groth
Contact person for this
announcement
Michael Groth
Contact phone number
+61 409 936 104
Contact email address
Michael.Groth@nwhreit.com
Date of release through MAP
19 February 2020
Interim financial statements accompany this announcement
RESULTS ANNOUNCEMENT
Vital Healthcare Property Trust | Level 16, AIG Building, 41 Shortland Street, Auckland, 1010
Vital Healthcare Property Trust is managed by NorthWest Healthcare Properties Management
+64 9 973 7300 | vhpt.co.nz

---

DELIVERING VALUE
INTERIM RESULTS 2020 | 19 FEBRUARY 2020

CONTENTS
PAGE
•Overview of Vital3
•HY20 highlights9
•Financial results & capital management13
•Portfolio overview & update19
•Overview of projects 25
•Outlook30
•Appendices36
PRESENTED BY:
Aaron Hockly
Fund Manager
Richard Roos
Exec. Director, Portfolio
Michael Groth
Chief Financial Officer
Chris Adams
Exec. Director, Projects
2
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

OVERVIEW OF VITAL

OVERVIEW OF VITAL
4
VITAL IS A PURE PLAY, LISTED LANDLORD OF HEALTHCARE REAL ESTATE
Vital Healthcare Property Trust (Vital) is:
the owner of a ~$2 billion healthcare portfolio in New
Zealand and Australia;
the only specialist healthcare landlord listed in New
Zealand or Australia (NZX ticker: VHP); and
externally managed by a subsidiary of Toronto-listed, global
healthcare real estate owner and manager, NorthWest
Healthcare Properties REIT (TSX ticker: NWH).
(1)Calculated in accordance with the Vital’s Trust Deed
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
17.9
WALE
$1.93b
PORTFOLIO
42
PROPERTIES
99.5%
OCCUPANCY
35.1%
DEBT/ASSETS
(1)
~2.5%
LIKE FOR LIKE
RENTAL
GROWTH

OVERVIEWOF VITAL (continued)
5
$1.93B PORTFOLIO OF HEALTHCARE REAL ESTATE COMPRISING 42 INVESTMENT PROPERTIES, 178 TENANTS AND ~2,600 BEDS
Sector diversification
Tenant diversification
(1)
(1)As a percentage of rental income
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Geographic diversification
VITAL HAS A SCALE PORTFOLIO OF HIGH-QUALITY HEALTHCARE PROPERTY ACROSS NEW ZEALAND AND AUSTRALIA
WA 5%
SA 4%
VIC 20%
NSW 33%
QLD 12%
TAS 1%
NZ 25%
Acute Surgical 58%
Strategic 4%
Medical office
buildings 11%
Mental
Health 14%
Aged care 3%
Rehabilitation 10%
Acurity
Group 9%
Healthe Care 48%
Epworth
Foundation 10%
Hall & Prior 4%
Sportsmed 4%
Other 17%
Mercy Ascot 4%
Ormiston Surgical 2%Ramsay 2%

OVERVIEW OF NORTHWEST –VITAL’S MANAGER
6
NORTHWEST: A FOCUSED HEALTHCARE REAL ESTATE INVESTMENT PARTNER
NZ$7.4B
+
Assets under management
Global scale, local relationships
Partner of choice for leading operators in each market it invests
Deep healthcare real estate expertise
200+ healthcare property professionals based in 3 of the largest
global healthcare markets
Execution excellence
15+ years of healthcare real estate investment, management and
development
Entrepreneurial culture, institutional capabilities
10+ year public company track record
A proven track record
Track record of delivering strong risk-adjusted returns for investors
Scalable platform with embedded growth
Its operator relationships and existing portfolio provide a robust
acquisition and development pipeline
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

GLOBAL SECTOR OVERVIEW
7
CHANGING DEMOGRAPHICS ACROSS THE GLOBE HAVE PAVED THE WAY FOR INCREASED HEALTHCARE EXPENDITURE
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Population
growth
Global population growth of 83 million people p.a.
Aging population / living longerGlobal life expectancy has increased from 46 years in 1950 to 71 years in 2015 and
increasing. People are living longer but with higher instance of chronic disease
ConsolidationLarger operators are seeking consolidation to create scale required for efficiency and quality
Increase in behavior, obesity,
addictions
Strong links between diet, lifestyle and chronic disease, increasing need for healthcare
services (both preventative and reactive)
Increase in urban migrationFocus around metropolitan centres
Rise in health awareness and
spending
Rising consumerism -greater focus on health and wellness with a willingness to spend
Growth in high /
low-end categories
Growth in high-end specialised treatment in private hospitals, and in lower care
categories including home care and role of general practitioner
Societal
Trends
Market
Trends

ANZ SECTOR OVERVIEW
8
STRONG FUNDAMENTALS AND INCREASED INVESTOR DEMAND HAVE MADE HEALTHCARE ONE OF THE BEST PERFORMING ASSET
CLASSES IN THE ANZ REGION
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Population growthAustralian population (25.3m) increased by 1.5% over the 12 months to Jun-2019 (381,000
people).
New Zealand’s population (4.9m) increased by 1.7% over the 12 months to Jun-2019 (82,000
people).
Aging population / living longer
Life expectancy in the ANZ region is extremely high on a world scale, with Australia at 82.5
years and New Zealand at 81.6 years. People are living longer but with higher instances of
chronic disease.
Sources: ABS, StatsNZ, World Bank, AIHW, APRA
Pressure on Public
Hospitals
While Australian private health coverage rates have modestly fallen to 44%, the proportion of
people aged 60 and above continues to rise. The increased incidence of both chronic and
acute conditions among this cohort has driven an increase in visitations across both public
and private systems.
Changing service demands
The number of beds provided by the private sector has increased by 3.6% p.a. since 2012-
13. Operators are consolidating and providing a higher level of acuity to care for the greater
number of people living with comorbidity.
Demographic
Trends
Service
Trends

HY20 HIGHLIGHTS

HY20 HIGHLIGHTS
Normalised NDI of $22.1m (+14.6%)
AFFO of $22.0m (+11.8%)
NTA of $2.36 (+2.2% from 30 Jun 2019)
Debt to gross asset ratio of 35.1%, down
from 35.3% at 30 June 2019
Annual distribution of not less than 8.75 cpu
10
VITAL CONTINUED TO DELIVER FOR UNITHOLDERS AND POSITION ITSELF FOR FUTURE OPPORTUNITIES
Financial
PortfolioAcquisitions and Projects
Property revaluation gains of $42.6m
(+2.3%)
Portfolio WACR firmed 9 bps to 5.52%
Like-for-like same currency rental growth
of 2.5%
87% of leases subject to structured rent
reviews in FY20 (60% CPI linked, 27%
fixed percentage).
1.6% average annual lease expiries over
next 10 years
NZ$11.2m of acquisitions of strategic
sites for future development
Invested NZ$36.2m in developments and
expansion projects with a weighted
average return on cost of 6.1%
At Wakefield Hospital, foundation works
have commenced and Stage One
remains on target for completion in Q1
2021.
At the East Tower of Epworth Eastern,
early works are complete and bulk
excavation is in progress. Remains on
target for late 2021 completion.
Reviewing several potential operator
expansions within the existing portfolio
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

NETPROPERTY INCOME
11
DEVELOPMENTS AND RENT REVIEWS WERE KEY DRIVERS OF GROWTH
Development Income increase
through rentalisationof capital
expenditure for selected brownfield
projects and holding income from
strategic site acquisitions.
Rent reviews completed at an
annualised rate of 2.6%
Leasing activity including major lease
at Gold Coast Surgery Centre
NET PROPERTY INCOME BRIDGE
(NZ 000’s)
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
(1)
(1) Represents positive variance versus the prior comparable period

COMPARATIVE RETURNS
12
VITAL HAS OUTPERFORMED ON A TOTAL RETURN
(1)
BASIS
Source: Bloomberg, Forsyth Barr
(1) Total returns (change in unit price plus post-tax distributions) to 31 December 2019
(2) S&P/NZX All Real Estate Index data commences 31 December 2004
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Total return to 31/12/191yr5yr
(p.a.)
10yr
(p.a.)
Index
Inception
(p.a.)
(2)
Vital39.9%17.2%15.7%14.3%
S&P/NZX All Real Estate
Index
31.3%13.9%13.0%10.2%
Outperformance8.6%3.4%2.7%4.1%

FINANCIAL RESULTS & CAPITAL MANAGEMENT

FINANCIAL PERFORMANCE
14
STRONG PROPERTY LEVEL PERFORMANCE SUPPORTS SOLID NORMALISED DISTRIBUTABLE INCOME
Contribution from structured rent
reviews and development rents
Net distributable income normalised for
non-recurring activities in the year
A reduction in floating rates over the
prior period and repayment of the
related party loan
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Recently introduced Australian land
taxes and costs related to the unitholder
vote on fee and governance changes

BALANCE SHEET
15
SOLID POSITION
Increase due to:
•revaluation gains of $42.6m
•acquisitions of $11.2m
•capital expenditure of $39.1m, and
•F/X impact of ($6.5m)
Manager’s incentive fee paid in units
Distribution Reinvestment Plan
provided to unitholders at a 1%
discount to market
(1)Calculated in accordance with Trust Deed
(2)Excludes A$80.3m related party loan which was repaid on 2 August 2019 and used to repay bank debt
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

NET TANGIBLE ASSETS
16
REVALUATION GAINS HAVE LED TO NTA GROWTH PER UNIT
NTA PER UNIT BRIDGE
NTA per unit increase due to higher
revaluation gains
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

DEBT LEVELS
17
CURRENT GEARING LEVELS UNDERPINNED BY VITAL’SUNIQUE LONG-TERM STRUCTURED CASH FLOWS IN A DEFENSIVE SECTOR
35.1%
(1)
DEBT / ASSETS
Vital’s debt is 35.1%
1
on a debt to total assets basis
Vital operates in a defensive sector with unique demand drivers supporting the
ongoing need for quality healthcare property assets. In addition, Vital has
A WALE of 17.9 years
Occupancy at 99.5%
High quality tenants that are performing well
Vital has no true peers on either the ASX or NZX
Current debt levels deemed prudent in light of the above factors
Board comfortable with both debt levels and headroom
(1)Calculated in accordance with Vital’s Trust Deed
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

DEBT MATURITY
18
UTILISING THE AVAILABLE HEADROOM AND ADDING CAPACITY
Debt maturity schedule (pro forma credit approved extension / expansion)
Bank Facilities30 Dec 201930 Jun2019
Debt to gross assets (Trustdeed)35.1%35.3%
(1)
Bank loan to value ratio –actual37.7%35.5%
(1)
Bank loan to value ratio –covenant50.0%50.0%
Weighted average duration to expiry1.7 years2.2 years
Headroom available$225m$257m
(1)
Trust Deed debt ratio is based on total borrowings as
a percentage of the gross asset value of the Trust
Bank covenant LVR is based on total borrowings as a
percentage of the secured property value as
determined by external valuers
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
(1)Pro forma A$80.3m related party loan which was repaid on 2 August 2019.
Will extend and diversify debt following restructuring
and foreign exempt listing
Credit approval received to extend the maturity of:
•A$100m to October 2021
•A$100m to October 2023, and
•NZ$20m to October 2023
Resulting in pro forma weighted average
duration to expiry of 2.3 years

PORTFOLIO OVERVIEW & UPDATE

CORE PORTFOLIO METRICS
20
5 YEAR TRENDS SHOW PORTFOLIO IN GREAT SHAPE -UNDERPINS LONG-TERM PERFORMANCE
11
th
consecutive year of
portfolio occupancy
>99%
Natural WALE roll-down
mitigated by active
tenant renewal process
High degree of
confidence that future
expiries will be renewed
or replaced in advance
In FY2020, 87.3% of the
portfolio is subject to
structured rent reviews.
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
(1)
(1)Reflects the average % of total portfolio income that expires over each of the next 10 years.

(1)Includes fixed percentage and CPI reviews
RENT REVIEWS
21
HIGH PERCENTAGE OF TOTAL RENT IS REVIEWED ANNUALLY WITH STRUCTURED
1
REVIEW MECHANISMS
Rent Reviews –HY20
Rent reviews were completed
for 47 leases (30% of rent) in
the portfolio in HY20
Structured reviews
represented 94% of leases
reviewed in HY20
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Reviews to be completed on
76 leases, representing $64m
of rental income, in the
balance of FY20

LIKE-FOR-LIKE PROPERTY INCOME PERFORMANCE
22
STRONG REVENUE GROWTH DRIVING POSITIVE CORE PORTFOLIO PEFORMANCE
Comparative like-for-like performance
In thelike for like portfolio:
Gross property income increased 2.0% on a same
currency basis driven by structured reviews.
Property expenses decreased by 6.7% on a same
currency basis (excluding non-recurring R&M),
relating to expense management and the timing of
outgoings.
Net property income increased 2.5% on a same
currency basis.
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
(1)Includes rental income and recovery of property expenses from tenants
(2)Adjusted for $1.1m of recoverable insurance costs paid by the Trust and subsequently recovered from tenants

HY20 REVALUATION SUMMARY
Revaluation Summary
Revaluation gain of $42.6m or a 2.3% increase from FY19
70% of gain from Australian portfolio, 30% from New Zealand
Portfolio WACR firmed 9 bps to 5.52% (Australia firmed 10 bps to
5.47%, New Zealand firmed 6 bps to 5.66%)
Metropolitan assets WACR 5.51%, regional assets WACR 5.55%
Drivers
Continued demand for healthcare real estate, new entrants,
growing competition & capital allocation to the sector
Increased transactional activity providing market evidence of
ongoing sector maturity
Consistent rent growth and ongoing rental affordability a
supporting factor
Expansionary monetary policy over HY20 in both New Zealand
and Australia
10 year government bonds have dropped 80 basis points in New
Zealand and 100 basis points in Australia over the past 12 months
23
STRONG PROPERTY REVALUATION GROWTH
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

LEASE EXPIRY PROFILE
24
LOW RISK EXPIRY PROFILE SUPPORTS SUSTAINABLE, PREDICTABLE AND DEFENSIVE CASH FLOWS
Lease expiries in FY20 and FY21 primarily reflect smaller tenancies at multi-tenant properties, including:
•Ascot Central (778 sqm, 2 tenancies), Ormiston Hospital (453 sqm, 4 tenancies), Epworth Eastern Medical Centre (430 sqm,
11 tenancies) and Ekera Medical Centre (146 sqm, 2 tenancies).
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
10-year average annual lease
expiry of only 1.60% (as % of
total portfolio income)

OVERVIEW OF PROJECTS

PROJECTS DELIVER VALUE FOR VITAL AND OUR TENANTS
26
VITAL WILL CONTINUE TO ACTIVELY PURSUE DEVELOPMENT OPPORTUNITIESIN NEW ZEALAND AND AUSTRALIA
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Helps tenants increase their revenues (typically strengthening Rent/EBITDA) -better tenant covenant.
Attractive return on cost -accretive growth in earnings.
New builds match current requirements -improvements are fit-for-purpose and meet current tenant, patient
and community requirements.
NorthWest is a specialist developer of healthcare facilities in New Zealand and Australia, key people have
20+ years experience which is unmatched in the sector -utilises in-house expertise





COMMITTED PROJECTS
27
BROWNFIELDS DRIVING VALUE-ADD OUTCOMES, PROVIDING ENHANCED EARNINGS GROWTH AND FURTHER IMPROVES ASSET
QUALITY
(1)To 31 December 2019
(2)Stage 1 with a forecast development cost of $37m has commenced, Stages 2 and 3 for $61m are in the advanced planning phases
(3)Work is underway to reassess the scope of the Royston expansion
Lingard Day Surgery is currently
being built adjacent to Lingard
Private Hospital, to provide:
Three operating theatres
Two endoscopy suites
Basement carparks
Construction at Epworth Eastern
commenced mid-2019
Construction contract for Stage 1
($37m) at Wakefield Hospital is
in progress, completion expected
in first quarter of calendar 2021
Project yields represent a ~500bps premium over the New Zealand and Australian 10 year
government bond yields
Expansion adding 26 beds, and
refurbishment of existing hospital
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

WAKEFIELD HOSPITAL PROJECT
Project Summary
Redevelopment of the Wakefield Hospital under a lease agreement with its
hospital operating partner Acurity Health Group
Adopting base isolation which will ensure seismic resilience exceeds building
code requirements
Commenced the $37m first stage of a planned $98m three stage
redevelopment
28
THE PROJECT WILL FURTHER ENHANCE WELLINGTON’S PRE-EMINENT PRIVATE HOSPITAL
6.3%
RENTALISATION
YIELD
NZ$98m
TOTAL
INVESTMENT
30yr
LEASE TERM
1.5X CPI
ANNUAL
RENTAL ADJUSTMENTS
NZ$37m
Stage 1
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Construction Update
Underground bulk excavation, retaining walls
and ground anchors have been completed
Foundation works have commenced with
installation of base isolators underway
Stage one remains on target for completion in
the first quarter of calendar 2021
Design is being finalised for Stage Two

EPWORTH EASTERN HOSPITAL EXPANSION
Project Summary
Construction of a new 14 storey tower under a lease agreement with Epworth
Healthcare to lease approximately 80% of the expansion
The project will add an additional 5 operating theatres, 62 beds, an emergency
department and seven levels of specialist consulting
29
THE PROJECT WILL DRIVE FURTHER OPERATIONAL BENEFITS AND EFFICIENCIES FOR EPWORTH TO MEET THE RISING DEMAND FOR HEALTHCARE
SERVICES IN THE CATCHMENT
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
30yr
LEASE TERM WITH RENTAL
ESCALATORS FOR THE
EPWORTH LEASE
A$126m
Forecast Project Cost
100%
FORECAST OCCUPANCY
~6%
RENTALISATION YIELD
Construction Update
Early works including piling and bunker
shielding work complete
Bulk excavation and capping beam benching
works are in progress
Remains on target for late calendar 2021
completion

OUTLOOK

ASX (FOREIGN EXEMPT) LIST PROPOSAL -UPDATE
Vital is investigating adding a foreign exempt listing on the ASX and related legal
and capital structure changes to remove structural inefficiencies
Detailed evaluation and preparation process for the proposal is now complete,
subject to final approvals
Key approvals are on track
Tax rulings have been received confirming no stamp duty or capital gains tax
resulting from the proposal
Independent adviser, Grant Samuel, engaged to review the proposal
A foreign exempt listing on the ASX will bring Vital in line with 50%+ of the NZX50
Vital to retain primary listing on the NZX and PIE status for New Zealand
assets
Full proposal details expected to be released in coming weeks following final
regulatory approvals
31
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
The Proposal is expected to provide Vital with access to broader and deeper pools of capital, improving its competitive position
for future growth opportunities, and providing unitholders with increased distributions, unit price value and liquidity
ItemExpectedTiming
Keyregulator approvalsIn progress
Release of Notice of MeetingComing weeks
Special UnitholdersMeetingLate March 2020
Planned implementationQ4 FY20
Proposal timetable overview
INITIATIVE TO DELIVER FURTHER INCREMENTAL VALUE

ACQUISITIONS & DISPOSALS
32
COMMERCIAL TERMS AGREED FOR THREE ACQUISITIONS; DISPOSALS BEING CONSIDERED
Commercial terms agreed to acquire three Australian aged care assets (refer to table below) from NorthWest Healthcare Properties
REIT in FY20 (subject to finalizing legal and technical due diligence)
The tenant for all three Australian assets, Bolton Clarke, is one of Australasia’s largest and most experienced not-for-profit aged care
and retirement living providers with over 200 years of experience, 2,500+ aged care beds across 25 facilities and has operationsin
Australia (formerly RSL Care and RDNS), New Zealand (formerly RDNS), the UK, Hong Kong, Singapore and China
Assets would be year 1 earnings accretive
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
AssetOperatorCity / StateBeds / TypeValuationCap Rate
WALE
(years)
Darlington Aged Care
Bolton
Clarke
Banora Point, NSW90 single roomsA$16.9m (at 31 Dec 2019)6.50%16.8
Baycrest Aged Care
Bolton
Clarke
Kawungan, QLD101 single roomsA$18.1m (at 31 Dec 2019)6.50%16.5
Tantula Rise Aged Care
Bolton
Clarke
Alexandra Headland, QLD120 single roomsA$22.5m (at 31 Dec 2019)6.50%16.5
Total / Average311 bedsA$57.5m/ NZ$60.1m6.50%16.6
Disposals also being considered but none expected to complete in FY20

WHY AGED CARE?
33
VITAL TARGETING AN INCREASED EXPOSURE TO THIS SECTOR
Aged care is considered a good asset class for Vital due to:
•Growing underlying demand from an aging population
•Higher rental yields particularly when compared to hospitals
Aged care represents approximately one third of healthcare
property assets by value in Australia
Current and future challenges for aged care operators
potentially leading to:
•Operator consolidation (i.e. larger, more robust operators like
Bolton Clarke), and
•Acquisition opportunities for Vital
Vital first invested in aged care assets in 2015
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
Retail 23%
Industrial 16%
Office 22%
Alternatives 39%
Aged Care 11%
Hotels 22%
Healthcare 32%
Retirement 14%
Storage 3%
Childcare 5%
Service Stations 9%
Student Accommodation 4%
Australian Property Market (~A$700bn)
Australian Alternatives Property Market (~A$280bn)
Implied $30bn asset class

OUTLOOK
34
ATTRACTIVE OUTLOOK WITH CONTINUED VALUE CREATION
Foreign exempt listing (subject to unitholder approval) on the ASX to enhance unitholder value
Extension and diversification of debt following proposed restructuring and foreign exempt listing
$266m of developments and expansions underway; all substantially on time and on budget
Asset sales being considered for FY21 to enhance portfolio and reduce debt
Value adding acquisition opportunities continue to be considered including in aged care in New Zealand and Australia
FY20 distribution remains at least 8.75cpu; potentially higher following proposed restructuring and foreign exempt listing
Appointment of Independent Chair before 2020 AGM
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

WHY INVEST IN VITAL?
35
VITAL IS THE ONLY SPECIALIST, LISTED OWNER OF HEALTHCARE REAL ESTATE IN NEW ZEALAND OR AUSTRALIA
DEFENSIVE SECTOR
HIGH DEMAND
HIGH QUALITY
PORTFOLIO
EMBEDDED
VALUE IN
PROJECTS
Delivering attractive risk adjusted returns to Vital unitholders
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
EARNINGS
GROWTH
Private healthcare is
typically a non-
discretionary or high
priority discretionary
spend
Structured long-term
leases advantageous to
tenants providing critical
social infrastructure
Ageing demographics
and growing
populations in both
Australia and New
Zealand
Rising life expectancy
Improvements in
science, technology and
healthcare increase
service offerings
NZ$199m brownfield
developments over the
next 4 years
Weighted average
project yield of 6.1%
offers value creation
and earnings growth
87% annual income
subject to structured
rent reviews
Acquisition
opportunities from
partners
Only ANZ listed
healthcare REIT
provides cost of capital
advantage to support
future acquisitions
Landlord to New
Zealand and Australia’s
largest private
healthcare operators
$1.93B portfolio
High 99.5% occupancy
Long WALE of 17.9
years

APPENDICES

NORMALISED NET DISTRIBUTABLE INCOME
37
OUR NORMALISED OPERATING RESULTS
Non-recurring costs related to
corporate governance activities
Non-recurring costs and interest
related to the Healthscope
opportunity
Roll-off of income in advance related
to fitout at Ascot Hospital
(1)Movement in the value of interest rate swaps
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

INTEREST RATE HEDGING PROFILE
38
COST OF DEBT WELL HEDGED, MANAGING RISK
Hedging profile
Rates
31 Dec
2019
30 Jun
2019
Weightedaverage cost of debt4.03%4.40%
Weightedaverage fixed rate (exc’l line and margin)3.01%3.12%
Weightedaverage fixed rate duration6.6 years6.4 years
% of drawn debt fixed70%73%
Fixed rates exclude line fees and margin
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

ADJUSTED FUNDS FROM OPERATIONS
39
CONSERVATIVE PAYOUT RATIO
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

MOVEMENT IN INVESTMENT PROPERTY
40
REVALUATIONS KEY DRIVER OF GROWTH
Investment property bridge
Acquisitions: Includes the settlement of 10 Buttercup
(A$0.4m), the deferred settlement of 120 Thames
Street (A$10.1m) and other acquisition costs ($0.7m).
Capital additions: Spent $36.2m on active projects,
$2.0m on value enhancing capital expenditure and
$0.9m on maintenance capital expenditure
Property revaluations: Cap rate compressed 9bps
across the portfolio. Revaluation gain of $42.6m
across the HY period, $29m of this coming from cap
rate compression, the balance coming from rental
escalation on prior valuations.
Right of use asset. Represents the fair value
adjustment to Vital’s leasehold interest in the Ascot
Hospital and Ascot Central car parks in accordance
with NZ IFRS 16.
Foreign Exchange:Period end NZD/AUD exchange
rate increased to 0.9601 from (0.9564 at Jun-19).
(NZ 000’s)
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
NZ Assets
AU Assets
Strategic Assets

PORTFOLIO OVERVIEW
41
$1.93B PORTFOLIO OF HEALTHCARE REAL ESTATE COMPRISING 42 INVESTMENT PROPERTIES AND ~2,600 BEDS
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
South Australia (4)
Sportsmed Consulting
Sportsmed Hospital & Clinic
Sportsmed Office
Elizabeth Vale (50%)

VITAL’S STRUCTURE
Vital is a unit trust, managed by
NorthWest Healthcare Properties
Management Limited, and supervised by
Trustees Executors Limited in accordance
with the Trust Deed
The Board of Directors is responsible for
the governance of Vital
Vital’s ability to grow shareholder returns
is enhanced by NorthWest (a global
healthcare property specialist) as it is a
highly aligned manager owning ~25% of
Vital
Specialist team of 40+ professionals
across New Zealand and Australia
42
VITAL IS A UNIT TRUST THAT IS EXTERNALLY MANAGED BY A LEADING GLOBAL HEALTHCARE REAL ESTATE INVESTOR AND MANAGER
Supervises Vital and ensures
compliance with its
requirements under the Trust
Deed
NorthWest Healthcare
Properties Management
Limited (Manager)
Board of Directors
Trustees Executors
Limited
(Supervisor)
Vital unitholders
Healthcare properties
Board comprises
3 Independent Directors and
2 NorthWest appointees
Management of Vital in
accordance with the
Trust Deed
100%
24.9%
75.1%
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

AMENDED FEE STRUCTURE
In April 2019, the Independent
Directors of Vital announced
conditional agreement of a new fee
structure
The new structure has the following
key elements:
•Move to a tiered base fee
•Move to an incentive fee based on
the change in Net Tangible Assets
•Activity based fees at market rates
The new structure was approved by
unitholders at Vital’s FY2019 AGM
43
Vital fee structure
ChangeNote
Base fee
Decreased under the new tiered fee
structure
Incentive fee
Incentive feedecreased due to the roll
off of prior revaluation gains
Activity based fees
Increased value-add activity at
committed projects
UNITHOLDERS OVERWHELMINGLY APPROVED A NEW FEE STRUCTURE AT THE FY19 AGM
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
(1)These figures exclude development fees which are capitalized to projects.
Total management fee were $9.5m for HY20 (HY19: $12m)
(1)

GLOSSARY
44
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020

DISCLAIMER
VITAL HEALTHCARE PROPERTY TRUST| INTERIM RESULTS 2020
45
This presentation has been prepared by NorthWest Healthcare Properties Management Limited (the "Manager") as manager of the Vital
Healthcare Property Trust (the "Trust"). The details in this presentation provide general information only. It is not intended as investment ,
legal, tax or financial advice or recommendation to any person and must not be relied on as such. You should obtain independent
professional advice prior to making any decision relating to your investment or financial needs.
This presentation may contain forward-looking statements. Forward-looking statements can include words such as “expect”, “intend”,
“plan”, “believe”, “continue” or similar words in connection with discussions of future operating or financial performance orconditions. The
forward-looking statements are based on management's and directors’ current expectations and assumptions regarding the Trust’s
business, assets and performance and other future conditions, circumstances and results. As with any projection or forecast, forward-
looking statements are inherently susceptible to uncertainty and to any changes in circumstances. The Trust’s actual results mayvary
materially from those expressed or implied in the forward-looking statements. The Manager, the Trust, and its or their directors, employees
and/or shareholders have no liability whatsoever to any person for any loss arising from this presentation or any informationsupplied in
connection with it. The Manager and the Trust are under no obligation to update this presentation or the information contained in it after it
has been released. Past performance is no indication of future performance.
19
th
February 2020