Issue of Incentive Units

MARKET RELEASE
Managed by NorthWest Healthcare Properties Management Ltd

28 August 2020


Manager issues incentive units

NorthWest Healthcare Management Properties Limited (the Manager), the manager of Vital Healthcare
Property Trust (
Vital) confirms that 2,565,076 units in Vital were issued to it today pursuant to the
incentive fee arrangements under Vital’s Trust Deed.
The Trust Deed provides that the Manager is paid an incentive fee, which it must immediately use to
subscribe for Vital units, each financial year based on increases in Vital’s net tangible assets. This
requirement helps ensure that the Manager’s incentives are aligned with unitholders. It also means that
the incentive fee is not a cash cost to Vital.
NorthWest Healthcare Properties REIT’s (NorthWest REIT) aggregate relevant interest in Vital units has
now increased to 25.43%.
PIE Status not impacted

Vital is a portfolio investment entity (PIE) for New Zealand tax purposes. To ensure that the incentive fee
provisions in the Vital Trust Deed are able to operate as intended without jeopardising Vital’s PIE status,
NorthWest REIT and the Manager have obtained a binding private ruling from the IRD. In broad terms,
the effect of this ruling is to confirm that Vital will retain its PIE status notwithstanding NorthWest REIT’s
aggregate holding increasing above 25%.

– ENDS -

ENQUIRIES
Aaron Hockly
Fund Manager, Vital

Tel 09 973 7301, Email aaron.hockly@nwhreit.com
Michael Groth
Chief Financial Officer, NorthWest Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@nwhreit.com

About Vital (NZX code VHP):

Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare properties in
New Zealand and Australia including private hospitals (~82% of rent), Medical Office Buildings (~11%
of rent) and aged care (~7% of rent).

Vital is the only specialist listed landlord of healthcare property in Australasia and currently has a
portfolio valued at over $2 billion.

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