Vital 2020 Annual Meeting

ANNUAL MEETING
17 November 2020

PRESENTED BY:
MEETING AGENDA
Introduction from the Chair of the Meeting
Address of the Chairman of the Manager
Address by the Fund Manager
Annual Financial Statements
Questions
Re-election of Graham Stuart
General Business
Closing of the meeting
Refreshments
2
Bernard Crotty
Chairman
Aaron Hockly
Fund Manager
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

BOARD OF THE MANAGER
3
VITAL MANAGER HAS A MAJORITY OF INDEPENDENT DIRECTORS
Bernard Crotty
Chairman
Andrew Evans
Independent Director
Paul Dalla Lana
Director
Graham Stuart
Independent Director
Dr Michael Stanford
Independent Director
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

IN ATTENDANCE
4
IN PERSON OR VIA ZOOM
AARON HOCKLY
FUND MANAGER
MICHAEL GROTH
CHIEF FINANCIAL OFFICER
JUSTINE WEALLEANS
TRUSTEES EXECUTORS
THOMAS MOEKE
DELOITTE
CHRIS ADAMS
EXECUTIVE DIRECTOR, PROJECTS
RICHARD ROOS
EXECUTIVE DIRECTOR, PORTFOLIO
TOBY SHARPE
BELL GULLY
SUPERVISOR, AUDIT & LEGAL
MANAGEMENT TEAM
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
VANESSA FLAX
REGIONAL GENERAL COUNSEL &
COMPANY SECRETARY

ADDRESS BY THE CHAIRMAN OF THE MANAGER
5
Bernard Crotty
Chairman
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

0
100
200
300
400
500
600
700
800
900
Vital
S&P/NZX All Real Estate Index
COMPARATIVE RETURNS
6
VITAL HAS CONTINUED TO OUTPERFORM ON A TOTAL RETURN
(1)
BASIS
Source: Forsyth Barr
(1)Total returns measured by change in unit price adjusted for reinvestment of post-tax distributions to 30 September 2020
(2)S&P/NZX All Real Estate Index data from 31 December 2004. Index includes re-investment of post-tax distributions
Total return to
30 September 2020
1yr
5yr
(p.a.)
10yr
(p.a.)
Index
Inception
(p.a.)
(2)
Vital12.7%16.2%15.6%14.1%
S&P/NZX All Real Estate
Index
-4.3%11.9%12.5%9.4%
Vital’s outperformance17.1%4.3%3.1%4.8%
Vital vs S&P/NZX Real Estate Index
Outperformance against the S&P/NZX All Real
Estate Index since inception
17.1% outperformance versus benchmark over last
12 months
Outperformance highlights the defensive nature of
healthcare real estate compared to other real estate
classes
(1)
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

COVID-19
7
VITAL’SPORTFOLIO AND TENANTS HAVE PERFORMED VERY WELL DESPITE PANDEMIC
✓>99% of rent of collected; well above peers in New Zealand and Australia
✓Majority of tenants have recovered to pre-pandemic operating levels
✓Pandemic highlighted the importance and resilience of Vital’sassets
Despite COVID-19:
✓$157.5m equity raising in October / November 2020 significantly over-subscribed; investors
attracted to Vital’sincome security
✓Developments continued; operator and patient / funder demand remains high
✓Distributions of 8.75cpu paid; consistent with guidance
✓12.7% total return for 12 months ended 30 September 2020; 17.1% outperformance versus index
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

KEY ACHIEVEMENTS OVER THE LAST 12 MONTHS
8
GOVERNANCE AND OTHER INITIATIVES BENEFIT UNITHOLDERS
✓Appointment of Graham Stuart as Independent Chairman (subject to his re-election)
✓Dr Michael Stanford appointed as an additional Independent Director
✓Revised fee structure resulted in $2.2m reduction in base management fees in FY20
✓Completed governance changes committed to by the Manager and approved by unitholders
✓Appointment of Aaron Hockly as Fund Manager and Michael Groth as CFO
✓Board approval of 5-year portfolio strategy focussed on earnings growth
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

ADDRESS BY THE FUND MANAGER
9
Aaron Hockly
Fund Manager -Vital
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

OPERATIONAL HIGHLIGHTS
10
SIGNIFICANT ACHIEVEMENTS IN FY20 AND SUBSEQUENTLY
✓5.6% increase in AFFO per unit (FY20)
✓FY21 distribution guidance of at least8.75
cpu
✓Equity raising reduced gearing to ~33%
✓>99% of rent collected for FY20 and Q1
FY21 despite COVID-19
✓Market leading,18.5-year WALE
✓~$100m of asset sales underway
✓$71.3m of acquisitions completed in
FY20
✓Nine developments underway
✓$95m acquisition of premium hospital
underway
FinancialPortfolio
Acquisitions and
Developments
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Targeting 2-3% AFFO and distribution growth per unit per annum

4
2
5
14
1
7
PROPERTY PORTFOLIO
11
PORTFOLIO REMAINS DIVERSIFIED, LOW RISK & HIGH-QUALITY AT 30 SEPTEMBER 2020
Portfolio value
11
77%
23%
$2.2bn
99.1%
occupancy
3.4%
NPI growth FY20
(excluding FX)
18.5 year
WALE
5.53%
weighted
average cap
rate
$347.1m
committed
development pipeline
($250.8m cost to
complete)
AUSTRALIA
NEW ZEALAND
82%
Hospitals
12%
Out-patient / medical
office buildings
6%
Aged care
Properties
44
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

AGED CARE ACQUISITIONS
12
IN MARCH 2020 VITAL ACQUIRED THREE AGED CARE FACILITIES IN AUSTRALIA FOR $60.1M
✓16.6-year WALE
✓Bolton Clarke has
over 6,300
employees and
A$1.3billion of
assets
✓Purchase price:
NZ$60.1m
✓6.5% yield
✓Increased diversity
of tenants, asset
class and location
✓311 single
bedrooms with
private ensuites
✓Quality buildings in
desirable locations
Quality assets with
growing income
Leading Operator
Strategic
acquisition
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Leased to one of Australasia’s largest and most experienced not-for-profit operators
Darlington Aged Care
TantulaRise Aged Care
Baycrest Aged Care

AGED CARE ACQUISITIONS (continued)
13
TWO PROPERTIES LOCATED IN SOUTH EAST QUEENSLAND, ONE IN NORTHERNNEW SOUTH WALES
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Darlington Aged Care
TantulaRise Aged Care
Baycrest Aged Care

COMPLETED DEVELOPMENTS
14
TWO DEVELOPMENTS COMPLETED IN FY20
AssetThe Hills Clinic, Sydney
Asset TypeMental Health
Total CostA$8.3m
Project Yield6%
Completion DateMay 2020 (ahead of schedule)
Lease100% leased to Australia’s third largest private hospital
operator, HealtheCare, for a further 27 years
Precinct ValueA$45m
AssetLingard Day Centre, Newcastle
Asset TypeDay Surgery / MOB
Total CostA$27.7m
Project Yield6.5%
Completion DateJune 2020 (on schedule)
Lease100% leased to Australia’s third largest private hospital
operator, HealtheCare, for a further 25.7 years
Precinct ValueA$190m
The Hills Clinic, Sydney (2020)
Lingard Day Centre, Newcastle (2020)
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING2020

VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
15
ENHANCING WELLINGTON’S PRE-EMINENT PRIVATE HOSPITAL INCLUDING SEISMIC RESILIENCE (ABOVE CODE)
Project Summary
Redevelopment of Wellington’s leading private hospital
Adopting base isolation will ensure enhanced seismic resilience;
exceeds building code requirements
30-year lease to New Zealand’s third largest private hospital operator,
Evolution Healthcare (previously known as AcurityHealth Group)
Construction Update
Super structure for Stage 1 is complete with roof installed
Exterior envelope (windows and cladding) approximately 75%
complete
Interior fitout works now underway
WAKEFIELD HOSPITAL, WELLINGTON
Precinct Value on CompletionA$130m

ROYSTON HOSPITAL, HASTINGS
16
EXPANSION AND REDEVELOPMENT OF LEADING HAWKE’S BAY PRIVATE HOSPITAL
Project Summary
Extension of the existing hospital and reconfiguration of reception, admission and recovery areas
Two new theatre shells for future expansion
New stand-alone day surgery unit with one operating theatre and provision for additional theatre at later
date
29-year lease to New Zealand’s third largest private hospital operator, Evolution Healthcare
Construction Update
Existing Hospital-structure of extension complete;
internal fit-out works underway; scheduled for
completion by year end
New day surgery-in ground works complete; slab
and structure works underway; scheduled to be
operational by the end of 2021
Precinct Value on CompletionA$75m
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

EPWORTH EASTERN, MELBOURNE
17
ENABLING EPWORTH TO MEET RISING DEMAND FOR HEALTHCARE SERVICES IN THIS CATCHMENT
Project Summary
Construction of a new 14 storey tower comprising 5
operating theatres, 62 beds, an emergency
department and seven levels of specialist consulting
80+% leased to Victoria’s largest not-for-profit
hospital operator, Epworth Healthcare
Construction Update
Structure progressed to Level 4
First stage of existing medical centre refurbishment
complete and handed over
Remains on target for late calendar 2021 completion
Precinct Value on CompletionA$380m
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

EQUITY RAISING
18
$157.5M EQUITY RAISING PRIMARILY FROM EXISTING UNITHOLDERS COMPLETED IN OCTOBER & NOVEMBER 2020
$125m placement undertaken in October
2020
Issue price $2.80; 6% discount to last
trading price and 19.7% premium to NTA
Primarily issued to existing holders on a
pro rata basis
Three times oversubscribed
$32.5m raised from existing unitholders
Expanded from $25m to enable >99% of
unitholders to participate above pro-rata
Issue price same as placement
Nearly three times oversubscribed
Scaling based on holdings on record date
Fund part of existing development
pipeline: $250.8m cost to complete
Reduce balance sheet gearing to ~33.0%
PlacementUPP
Proceeds used to
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

ANNUAL FINANCIAL STATEMENTS
19
Ormiston Hospital
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

QUESTIONS
20
ASKING QUESTIONS
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Any unitholder or appointed proxy / representative
attending the meeting is eligible to ask questions.
If you would like to ask a question, select xthen type
and submit your question. It will be sent to the
Chairman to answer.
Please note that not all questions may be able to be
answered during the meeting. In this case, questions
will be followed up by email after the meeting.

21
RE-ELECTION OF GRAHAM STUART
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

VOTING
22
RESOLUTION 1 –THAT GRAHAM STUART BE RE-ELECTED AS AN INDEPENDENT DIRECTOR OF NORTHWESTHEALTHCARE
PROPERTIES MANAGEMENT LIMITED, THE MANAGER OF VITAL HEALTHCARE PROPERTY TRUST
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Vote TypeUnits Voted%of Units Voted% of Total Units
For
172,373,60071.57%33.53%
Against
61,645,10625.60%11.99%
Discretionary
6,829,3332.84%1.33%
Abstain
854n.a.0%

GENERAL BUSINESS
23
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

CLOSING REMARKS
24
Ascot Hospital
Thank you for attending today’s Annual Meeting.
Those attending in person are welcome to join us for
refreshments in the foyer.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

DISCLAIMER
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.
17
th
November 2020
25
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020

ANNUAL MEETING
17 November 2020

---

Managed by NorthWest Healthcare
Properties Management Ltd

L16, AIG Building, 41 Shortland Street,
Auckland, 1010
vhpt.co.nz
CHAIR & FUND MANAGER
ADDRESS FOR THE ANNUAL
MEETING
The following are the addresses of the Chair and the Fund Manager for
the Vital Healthcare Property Trust Annual Meeting held at Makora
Room of Generator Commercial Bay, Level 2, PwC Tower, 15 Customs
Street, Auckland 1010 on Tuesday, 17 November 2020 commencing at
10.00am.
___________________________________
Slide 1 – Cover slide
BERNARD:
Welcome to the 2020 Annual Meeting of Vital Healthcare Property
Trust.
My name is Bernard Crotty, and I am the Chairman of Vital Healthcare
Property Trust. Vital’s Supervisor has appointed me as Chair of this
meeting.
As you are aware, this is a hybrid meeting involving a physical meeting
in Auckland with those, like me, who are unable to attend due to
COVID-19, attending virtually. As this is our first hybrid meeting, please
accept our apologies in advance if we experience any technological
issues or if the meeting flow is different from usual. We ask that you
hold all questions, whether from the floor or via our online platform,
until after both addresses and the tabling of the financial statements,
immediately prior to voting on the proposed resolution.
For those who are in the room in Auckland, please could I ask that your
mobile phones are turned off or to silent mode. The bathrooms are
located past the black panel doors, opposite side of the hallway on the
right hand side.
In an emergency, the fire evacuation stairwell is underneath the
escalators. Generator staff will guide you out of the room. The
emergency meeting point is the Downtown Carpark.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p2

The Notice of Annual Meeting has been circulated to all Unitholders. It
sets the scope of what we are scheduled to discuss today and includes
the details of the one resolution we are due to consider.
I am pleased to confirm that there is a quorum present and I declare the
2020 Annual Meeting of Unitholders of Vital Healthcare Property Trust
open. Voting is now also open.
___________________________________
Slide 2 – Meeting Agenda
The order for the meeting is as follows:
 following general introductions, I will give my address as
Chairman;
 following my address, I will introduce Aaron Hockly to give his
Fund Manager’s address;
 as he is in the meeting in Auckland, Aaron will then table the
Annual Financial Statements, following which Aaron will hand
over to Graham Stuart, again because he is in the physical
meeting, who will invite questions on any matter regarding the
Trust or the presentations other than his re-election;
 we then move to the formal business being the proposed
resolution that Graham Stuart be re-elected as an Independent
Director of NorthWest Healthcare Properties Management Ltd,
Vital’s Manager, which will include an address by Graham and
any questions on his proposed re-election;
 after voting is complete, we have an opportunity for general
business and I will invite you to ask any other relevant questions
you may have;
 we will then conclude the meeting, following which there will be
refreshments for those at the physical meeting.
Copies of the minutes of last year’s Annual Meeting are available for
inspection at the entrance to the room in Auckland. They are also
available on Vital’s website vhpt.co.nz.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p3

__________________________________
Slide 3 – Board of the Manager
I would like to take the opportunity to introduce the Directors of the
Trust’s Manager.
In Auckland we have Directors Andrew Evans and Graham Stuart.
Due to travel restrictions and COVID-19, attending via virtually are
Directors Dr Michael Stanford and Paul Dalla Lana.
__________________________________
Slide 4 – In Attendance
I would also like to welcome the following who are attending in person:
1. Vital’s Fund Manager, Aaron Hockly;
2. Justine Wealleans from Trustees Executors Limited, the Supervisor of
the Trust;
3. Thomas Moeke from Deloitte, the auditors of the Trust; and
4. Toby Sharpe from Bell Gully, legal advisers to the Manager.
Due to COVID-19 travel restrictions, a number of NorthWest’s senior
executives are also attending virtually on Zoom, including regional CEO
Craig Mitchell, Michael Groth Vital’s Chief Financial Officer, Chris
Adams Executive Director, Projects, Richard Roos, Executive Director,
Portfolio, and Vanessa Flax, Regional General Counsel and Vital’s
Company Secretary.
__________________________________
Slide 5 – Address of the Chairman of the Manager
Following another very successful year for the Trust, it gives me great
pleasure to deliver this address as Chairman of the Manager.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p4

__________________________________
Slide 6 – Comparative Returns
As shown on the graph in the presentation in front of you, Vital recorded
a 12.7% total return for the 12 months ended 30 September 2020,
despite COVID-19 impacting around half of this period.
Over the same period, Vital outperformed the S&P/NZX All Real Estate
Index by 17.1%. This significant outperformance highlights the defensive
nature of healthcare real estate compared to other real estate classes
and the resilience of hospital operators in particular.
__________________________________
Slide 7 – COVID-19
This resilience led to over 99% of rent of being collected over the last
12 months; well above our peers in New Zealand and Australia with a
majority of Vital’s tenants having recovered to pre-pandemic operating
levels.
Despite COVID-19, we were able to raise $157.5 million in October
and November from a significantly oversubscribed equity raising. The
capital will be used to fund Vital’s strategic objectives which in turn will
provide future earnings growth for unitholders.
Vital paid 8.75 cents per unit in distributions over the 2020 financial
year and we have provided guidance of at least this amount for the
current financial year.
__________________________________
Slide 8 – Key achievements over the last 12 months
The board has focussed on a number of key governance and other
initiatives over the last 12 months.
These include the appointment of Graham Stuart as Independent
Chairman of the board with effect from the close of this meeting (subject
to his re-election). Mr Stuart is a former CEO of Sealord Group and a
former CFO of Fonterra; both significant global but New Zealand
headquartered businesses. In addition to his role with the Manager, he

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Managed by NorthWest Healthcare Properties Management Limited p5

is chairman of EROAD and a director of Tower Insurance and Metro
Glass.
Dr Michael Stanford was appointed as an additional Independent
Director. Dr Stanford’s executive experience includes 23 years running
large hospital groups most recently St John of God Health Care. He
was previously on the board of Australia’s second largest hospital
operator, Healthscope, and is currently on the boards of Diabetes
Australia and ASX listed Virtus Health .
A revised fee structure was approved by unitholders at the last annual
meeting and this resulted in a $2.2 million reduction in base
management fees in FY20.
In late 2019, we appointed a new Fund Manager, Aaron Hockly, and a
new CFO, Michael Groth. Both are seasoned real estate executives with
significant experience across New Zealand and Australia.
Finally, the board approved a 5-year portfolio strategy for Vital. This is
primarily an internal strategy document designed to support our
strategic goals, including earnings growth. However, the publicly
released elements provide unitholders with information on targets for
earnings growth and investment strategy including asset types, asset
allocations, development exposure, asset locations and other key
qualitative and quantitative factors we will consider.
__________________________________
Slide 9 – Address of the Fund Manager
It is my pleasure to now introduce Aaron Hockly, Vital’s Fund Manager.

AARON: Thank you Bernard.
__________________________________
Slide 10 – Operational Highlights
It is my pleasure to be presenting to you as Vital’s Fund Manager, my
first Annual Meeting in this capacity. It is almost 12 months since I
stepped into this role and what a journey it has been: splitting my time
between Australia and New Zealand, acquiring three aged care facilities

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p6

in Australia, getting to grips with Vital’s significant development pipeline,
a special meeting to restructure the Trust, a global pandemic,
connecting or re-connecting with many of Vital’s unitholders and tenants
(too often by means other than face-to-face unfortunately), developing a
new 5 year strategy for Vital, raising $157.5 million of new equity,
starting the process of re-setting our debt, , announcing new
developments and starting a process to redeploy proceeds from the sale
of certain assets in Australia into a premium hospital which I hope to
update the market on shortly.
I would like to start by thanking the board and my NorthWest
colleagues for their support over the year including my predecessor
Miles Wentworth who handed the Trust over in such an excellent
position for me to build on. It is unfortunate that COVID-19 has
prevented many of those who have contributed so much to Vital’s
success over the year from being here today.
I would also like to thank unitholders and other stakeholders for their
support for Vital and me personally over the last 12 months. I am
always interested to hear why people invest in Vital so thank you to the
30 something year old saving for your house deposit who recently
bought units via shareies, the retiree who has been a unitholder for the
last 20 years, and all the other large and small investors who have
shared with me what you are seeking from your investment in this
fantastic Trust.
On any measure, the FY20 results were outstanding. Our cash profit or
AFFO increased by 5.6% per unit. This was the result of both a 3.4%
increase in underlying earnings and a 7.2% reduction in expenses.
Earnings increased due to rental increases, acquisitions, developments
and leasing – in summary in all real estate level areas we recorded
significant achievements for unitholders.
The cost reduction was primarily due to a 28.5% decrease in
management costs and a 13.2% decrease in finance costs.
These results have continued into the first quarter of this financial year
as we seek to deliver our newly announced targets for AFFO and
distributions of 2-3% growth per unit per annum.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p7

__________________________________
Slide 11 – Property Portfolio
As at 30
th
September 2020 the Trust had a $2.2 billion portfolio
comprising 44 investment properties, weighted 77% to Australia and
23% to New Zealand.
82% of the portfolio comprises hospitals including the leading private
hospitals in Auckland, Brisbane, Hawkes Bay, Melbourne, Newcastle,
Sydney, Wellington and Whangarei.
The balance of the portfolio is split between out-patient facilities in
Australia and New Zealand and aged care facilities in Australia.
As Bernard mentioned, we have released a 5-year portfolio strategy
which includes asset allocation as a means of guiding the market to
where we believe the portfolio will move to over time. Hospitals will
remain the core asset and income provider for Vital and are expected to
make-up 50-70% of the portfolio over the medium term. Whilst we
would be very comfortable with a higher percentage of private hospitals,
we are also cognisant of the highly competitive landscape for these
assets, that hospitals are infrequently sold as well as other matters such
as our earnings’ growth targets. As a result, we are looking to allocate
10-20% of the portfolio into each of medical office buildings and aged
care and 5-15% of the portfolio into life sciences, however this will be
opportunity led.
At 30 September 2020, Vital had a weighted average lease expiry,
otherwise referred to as WALE or WALT, of 18.5 years. This is the
longest WALE of any listed property group in Australia or New Zealand
and nearly double the length of the next longest WALE in New Zealand.
Whilst WALE isn’t everything, it is key for long term income security for
our unitholders and so remains both a key focus for us and a key
differentiator with our competitors.
We also continue to focus on development opportunities, primarily within
the existing portfolio, as a means of growing income and value for
unitholders and improving the quality of the portfolio. Following recent
announcements, our committed development pipeline has grown to

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Managed by NorthWest Healthcare Properties Management Limited p8

$347.1 million with $250.8 million of this left to complete. I will talk
more about developments shortly.
__________________________________
Slide 12 – Aged Care Acquisitions
In March 2020, Vital acquired three aged care facilities in Australia for
$60.1 million New Zealand dollars. These assets had a combined
WALE of 16.6 years at acquisition, providing a year one income of 3.7
million Australian dollars or a 6.5% yield on the purchase price.
All three assets are leased to the not-for-profit operator Bolton Clarke,
one of Australasia’s largest and most experienced aged care and
retirement living providers with over 200 years’ experience. Bolton
Clarke is the name for the merger between Royal District Nursing
Society and Returned Services League Care who have been providing
aged care in Australia since 1885 and 1938 respectively.
__________________________________
Slide 13 – Aged Care Acquisitions – continued
Bolton Clarke Baycrest has 101 beds and is located in Hervey Bay,
Queensland.
Tantula Rise is a 120 bed facility on Queensland’s Sunshine Coast.
Darlington is a 90 bed facility on the Tweed Coast in Northern New
South Wales, just south of the border with Queensland.
All three assets were purpose-built and comprise single rooms with
ensuites.
__________________________________
Slide 14 – Completed Developments
As noted previously, developments remain a core part of our strategy to
add value to Vital for unitholders by capitalising on the Manager’s
unmatched expertise in this space, our existing relationships and Vital’s
access to capital.

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Managed by NorthWest Healthcare Properties Management Limited p9

In FY20, we completed two developments requested by Healthe Care,
Vital’s largest tenant and Australia’s third largest private hospital
operator. A new 22 surgical bed day-surgery was constructed next to
Lingard Private Hospital, Newcastle, the leading private hospital in the
Hunter Region of New South Wales. The day surgery cost approximately
$28 million Australian dollars to construct with the wider precinct now
valued at $190 million Australian dollars. Combined, this is Vital’s
second largest asset group. The development was delivered on time and
on budget. There is over 25 years remaining on this lease.
We also undertook an $8.3 million Australian dollar expansion of The
Hills Clinic, a mental health in-patient facility, approximately 40kms
north-west of Sydney’s CBD. Following the expansion, which was
completed on budget and ahead of schedule, the hospital comprises 85
beds and is valued at $45 million Australian dollars. There are 27 years
remaining on this lease.
__________________________________
Slide 15 – Wakefield Hospital
Work continues to rebuild and seismically strengthen Wakefield
Hospital, Wellington’s pre-eminent private hospital. The total cost of this
project is over $130 million of which Vital’s contribution will be over
$100 million. The first stage of the project is a new building to the rear
of the existing hospital and is due to complete mid-way through 2021
following which work will commence on upgrading and extending the
existing hospital, with completion scheduled for mid-2023. On
completion, Wakefield will comprise over 74 in-patient beds, six
operating theatres, a cardiac and angiography suite, an endoscopy
suite, consulting rooms and a full range of specialist services. The
project has enhanced seismic resilience through its base isolation, well
in excess of the building code, to ensure this building quite literally
stands the test of time.
Wakefield is strategically located on the fringe of the CBD and close to
Wellington Regional Hospital. It is leased to New Zealand’s third largest
private hospital operator, Evolution Healthcare, formerly known as
Acurity, for 30 years.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p10

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Slide 16 – Royston Hospital
Royston Hospital, also leased to Evolution, is the leading private
hospital in Hawke’s Bay. The existing hospital is in the process of being
extended and upgraded. Due to significant demand in the region, a
new day surgery is being constructed on the adjoining site and is due to
be operational by the end of next year. The two sites are expected to
have a combined value for Vital of over 75 million dollars representing
another significant investment in New Zealand’s healthcare
infrastructure.
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Slide 17 – Epworth Eastern
Finally, the largest project we currently have underway is the East Wing
Tower development at Epworth Eastern. Epworth is currently operating
at maximum capacity and this 14 level, 126 million Australian dollar
development will deliver much needed additional hospital beds,
operating theatres, specialist consulting suites and a new emergency
department. Epworth has pre-committed to approximately 80% of the
new building and leasing for the remaining consulting suites is well
advanced with the facility expected to be 100% occupied at completion.

Construction is progressing well with the structure up to Level 4 and
expected to reach Level 7 by Christmas. Refurbishment of some areas
of the existing medical centre has already been completed and handed
over to Epworth. The project remains on target to complete by late
2021.

Already the largest asset in Vital’s portfolio, the expected value of the
precinct on completion is circa 380 million Australian dollars.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p11

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Slide 18 – Equity Raising
We undertook a 125-million-dollar placement in October 2020
primarily to existing unitholders and also introducing some new investors
as part of our strategy to broaden Vital’s unit register.
The issue price was $2.80; a 6% discount to the previous trading price
and a 19.7% premium to NTA representing both the tightest discount of
any property raising this year and the highest premium to NTA.
The placement was three times oversubscribed and was scaled back to
preference primarily supportive domestic institutions and retail brokers.
NorthWest committed to taking up at least its pro-rata and the balance
was fully underwritten by Goldman Sachs and Forsyth Barr.
To enable retail holders not represented by a sharebroker to participate
in the capital raising, we undertook a follow-on unit purchase plan at
the same price as the placement. The initial 25 million dollars we had
allocated for the UPP was nearly three times oversubscribed so we
elected to increase the size of the UPP to 32.5 million dollars. This
enabled over 99% of unitholders, who elected to participate, to do so at
or above their pro-rata entitlement. 6,813 unitholders participated in
the UPP, the vast majority of whom were retail holders.
The 157.5 million dollars raised through the placement and the UPP
has reduced balance sheet gearing to approximately 33% although the
proceeds will ultimately be used to fund Vital’s development pipeline.
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Slide 19 – Annual Financial Statements
The Annual Report and Financial Statements for the year ended 30 June
2020 have been circulated to all Unitholders and are now formally
tabled at the meeting.
I will now pass over to Graham Stuart to deal with your questions.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p12

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Slide 20 – Questions
GRAHAM:
Thanks Aaron. If there are any questions relating to the Trust or the
presentations now is the opportunity to raise them. Only unitholders or
proxy holders are permitted to speak or ask questions. Those present at
the meeting in Auckland who wish to ask a question, please raise your
hand and a microphone will be handed to you in due course. If you
could then please state your name and whether you are a unitholder or
a Proxy holder. Those attending virtually may ask questions through the
Lumi platform. Questions will be moderated by my fellow director,
Andrew Evans, who will read questions aloud for all to hear.

To allow those who want to have their say to do so, and in the interests
of fairness to all unitholders attending this meeting, I ask that anyone
wishing to speak should be as concise as possible and considerate to
other unitholders wishing to also ask questions. We also request that, in
consideration for other unitholders, any questions that relate to your
personal situation or unitholding be dealt with outside of the meeting
with management in the room or via email or phone.

Repeated questions or questions that have already been answered may
not be put to the meeting.

We will call for questions in the room first although those attending
virtually can pose their questions at any time. We request those wanting
to ask a question online to do so as early as possible to ensure it is
received and answered.
Thank you for your questions and comments. I will now hand back to
Bernard Crotty.
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Slide 21 – Re-election of Graham Stuart
Thanks Graham.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p13

I would now like to move to the formal business of the Meeting, the
proposed re-election of Graham Stuart.
The vote will be conducted by poll comprising the proxies lodged in
advance of the meeting, votes recorded on voting papers in the room
and votes lodged via the Lumi platform.
Unitholders have the right to speak once and I would be grateful if you
could limit your questions or comments to Graham’s re-election.
When I open up for questions, for those in the room please raise your
hand and a microphone will be handed to you. If you could then please
state your name and whether you are a unitholder or a Proxy holder.
Please note that only unitholders or proxy holders are permitted to speak
at this meeting. Those attending virtually may ask questions through the
Lumi platform. Questions will be moderated by my fellow director,
Andrew Evans, who will read questions aloud for all to hear.
I would like to invite Graham to address the meeting.
GRAHAM: Graham’s address
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Slide 22 – Voting
BERNARD:
Thank you, Graham. The details of the proxies received on this re-
election are on the screen. If I am appointed as proxy to vote and not
directed on how to vote, I will vote in favour of this resolution.

Please can I ask you now to cast your vote by clearly ticking the box on
the voting form you wish to reflect your vote and once completed please
hand your form to the representatives of the Manager or
Computershare moving around the room. Those voting via Lumi please
click “for”, “against” or “abstain”. You can change your vote at any
time while voting is open and I will give a reminder 10 seconds before I
close voting. Once voting has closed, you will not be able to amend
your vote.
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