Investor day booklet

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare
Properties Management Limited


vhpt.co.nz

MARKET RELEASE
Managed by NorthWest Healthcare
Pr operties Management Ltd
29 June 2021

Investor Day booklet

NorthWest Healthcare Properties Management Limited (the Manager), as manager of
Vital Healthcare Property Trust (Vital), is holding an Investor Day today for key New
Zealand based stakeholders including existing institutional unitholders, investment analysts
and retail unitholder representatives.
The Investor Day includes:
1. Asset tour of Ormiston Hospital in Auckland.
2. Presentations from executives and directors of the Manager.
3. Presentations from the leadership teams of two hospital operators.
A copy of the Investor Day Booklet is attached.
– ENDS –
ENQUIRIES
Aaron Hockly
Fund Manager, Vital Healthcare Property Trust

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 (~83% of portfolio
value), out-patient facilities (~11% of portfolio value) and aged care (~6% of portfolio
value).


Vital is the only specialist listed landlord of healthcare property in Australasia and
currently has a portfolio valued at over $2.3 billion.

Vital is managed by NorthWest Healthcare Properties Management Limited, a subsidiary
of Toronto Stock Exchange listed NorthWest Healthcare Properties REIT, a global owner
and manager of healthcare property.

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

1
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
INVESTOR
DAY
TUESDAY 29 JUNE 2021 vhpt.co.nz

3
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
2
INVESTOR DAY AGENDA
WELCOME
• NEW ACQUISITIONS
DEVELOPMENT STRATEGY
• EPWORTH EASTERN EXPANSION
• 17-23 NELSON RD, BOX HILL
• PLAYFORD HEALTH HUB
WAKEFIELD HOSPITAL OVERVIEW
ORMISTON HOSPITAL OVERVIEW
REGIONAL ASSET MANAGEMENT AND PEOPLE STRATEGY
• MELBOURNE
• SYDNEY
• NEWCASTLE-MAITLAND
• BRISBANE / GOLD COAST
• ADELAIDE
• PERTH
• AGED CARE
NEW ZEALAND PORTFOLIO
FINANCE STRATEGY
NORTHWEST HEALTHCARE PROPERTIES OVERVIEW
BIOS
Contents
Investor Day Agenda
Contact details
In case of an emergency, please contact Liz Ingram, or Aaron Hockly.
Aaron Hockly
Fund Manager
+64 27 617 6011
aaron.hockly@nwhreit.com
Liz Ingram
Executive Assistant
+64 21 647 5122
liz.ingram@nwhreit.com
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
All figures in NZ$ and are as at 31 December 2020 unless otherwise shown
12.30pmTransfer from Auckland CBD to
Ormiston Hospital
Lunch provided on the bus
Meet at the bus stop on
Customs St West, outside the
PwC building. This is a public
bus stop so the driver cannot
wait.
12.30pm – 12.45pm
New Zealand Market and Assets
Update
(on bus)
Drugh Woods – Asset Manager, NZ, Vital
Presentations on the bus
12.45pm – 1.00pm
Ormiston Overview (on bus)
Drugh Woods – Asset Manager, NZ, Vital
1.00pm – 1.30pm
Regional Asset and People Strategy
Richard Roos – Executive Director,
Portfolio & People
Ormiston Hospital
125 Ormiston Road
Flat Bush, Auckland 2016
Dial in details available on
request for the presentations
1.30pm – 2.00pm
Development Strategy
Chris Adams – Executive Director,
Developments, Vital
2.00pm – 2.10pm
Ormiston Hospital Overview
and Q&A
Vivian Blake – CEO, Ormiston Hospital
2.10pm – 3.00pm
Ormiston Hospital Tour and Q&A
Vivian Blake – CEO, Ormiston Hospital &
Drugh Woods – Asset Manager, NZ, Vital
Ormiston Hospital
125 Ormiston Road
Flat Bush, Auckland 2016
3.15pmTravel to QT Hotel, Auckland Viaduct Pick up from Ormiston Hospital
4pm/4.30pm
(depending on
traffic) – 5.00pm
Overview of Wakefield Hospital
and Evolution Healthcare
Sue Channon – CEO, and Matthew Clarke
– CFO, Evolution Healthcare
QT Hotel
4 Viaduct Harbour Ave
Auckland CBD, 1010
Dial in details available on
request for the presentations
5.00pm – 5.30pm
Vital Finance Strategy
Michael Groth – CFO, Vital
5.30pm – 7.00pmDrinks
QT Hotel
4 Viaduct Harbour Ave
Auckland CBD, 1010
7.00pmDinner
8.00pmFinal Remarks
Aaron Hockly – Fund Manager, Vital &
Graham Stuart – Chair, Vital
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29 June 2021

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VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
New AcquisitionsWelcome
Aaron Hockly
AUSTRALIA
NEW ZEALAND
$1.7bn
**
30* PROPERTIES (AUS)
$652m
**
12* PROPERTIES (NZ)
WESTERN
AUSTRALIA
SOUTH
AUSTRALIA
4
2
NEW SOUTH
WALES
12
VICTORIA
5
TASMANIA
QUEENSLAND
7
NORTHERN
TERRITORY
12
$2.36bn
**
42* PROPERTIES (AUS/NZ)
*Excludes strategic assets
**As at 31 March 2021
• Targeting 2-3% growth in AFFO per unit per annum
• 5-year portfolio strategy designed to enhance earnings growth including acquisitions,
disposals and developments
• Other key metrics focused on: geographic and tenant diversity, age and quality of
buildings, IRRs and operators
• Developments remain a core strength for Vital and its manager
• ESG becoming a greater focus including CDP participation in 2020 and expected GRESB
participation in 2021
AFFO
up 14.6%
to 31 March 2021
NTA
$
2.63
at 31 March 2021
ANNUALISED
DISTRIBUTIONS
9.00 cpu
2.9% above
CY20
Vital recently announced the acquisition
of four properties comprising:
DEVELOPMENT
PIPELINE
RENEWED
Epworth Camberwell
Two development opportunities in South-East Queensland being:
A 749 square metre development opportunity
at 61-71 Park Road, Grafton, Auckland
A 4 level,147 bed private mental health and
specialist rehabilitation hospital leased to
Epworth Foundation for 20 years.
3,036 square metres of developable land
at 7-17 Wolseley Street, Woolloongabba,
Brisbane; and
20,131 square metres of developable land
at 195 Foxwell Road, Coomera, Gold Coast.
1
23
4
Artists impression of potential development

6 7
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Epworth Eastern Expansion
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 now topped out
• Services installation and fitout well advanced through
clinical areas on levels 3 to 7
• Target completion early 2022
A$380m
$
200m
DEVELOPMENTS
ENHANCE

EARNINGS,
NTA AND
PORTFOLIO
>
$
560m
$
356m
~6%
SPEND
REMAINING ON
COMMITTED

PIPELINE
POTENTIAL

PIPELINE
OF COMMITTED
PROJECTS
AVERAGE

YIELD ON COST
• Health Precinct and Ambulatory Care focus
• Highly experienced team in the origination and delivery of health development projects
• Strong risk management key component with track record of project delivery on plan
• Supporting the growth of our operating partners via development of existing sites but also
facilitating business growth from the ground up in strategic locations
Development Strategy
Chris Adams
6
PROJECT VALUE
ON COMPLETION

8
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
9
Staged health precinct under development
Playford Health Hub
Precinct Overview
Level 2 fully poured and lift shaft
panels installed up to Level 5
South west corner from
John Rice Ave
total projected cost
of stages 1 & 2
total projected GFA

(sqm) of stages 1 & 2
car parking

bays provided
A$48m
>7,000
450
Stage 1 (S1): Retail precinct & multi-deck car park. Construction commenced.
Stage 2 (S2): Specialist Medical Centre. Planning approval received.
Stage 3 (S3): Private Hospital. Concept planning in progress.
PLAYFORD HEALTH HUB
21
STAGED HEALTH PRECINCT UNDER DEVELOPMENT
VITAL HEALTHCARE PROPERTY TRUST | HALF YEAR RESULTS 2021
LYELL MCEWIN
PUBLIC HOSPITAL
PLAYFORD
HEALTH HUB
Precinct Overview
Overview of Stages 1-3
A$48m
S3
S2
S1
Medical Centre (Stage 2)
total projected cost
of stages 1 & 2
>7,000
total projected GFA
(sqm) of stages 1 & 2
Stage 1 (S1): Retail precinct
& multi-deck car park.
Construction commenced.
Stage 2 (S2): Specialist
Medical Centre. Planning
approval received.
Stage 3 (S3): Private
Hospital. Concept planning in
progress.
450
car parking
bays provided
Vital has acquired a strategic land holding adjoining existing premium assets for
future precinct expansion
1
17-23 Nelson Road, Box Hill
Epworth Eastern
Private Hospital &
Medical Centre
Box Hill Public Hospital
Ekera Medical
Centre & 120
Thames St
Box Hill Institute
Box Hill Institute
1
Settled in February 2021.
Acquisition Summary
Future Development
Summary
Acquisition adjoins existing Vital owned, Epworth Eastern Private Hospital and Medical Centre.
Future development may include,
hospital expansion / medical uses,
aged care, retirement, life sciences
/ research and office.
aquisition pricesettlement
potential expansion/
development cost
site area (sqm)holding income
potential GFA (sqm)
A$29m

Feb 2021

c.A$350m
5,330~7yrs
40,000+

VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Wakefield Hospital
Overview
Sue Channon
& Matthew Clarke
*47 beds post completion
Wellington Airport
Wellington CBD
Wellington Hospital
Wellington's pre-eminent private hospital
• 2 stage development
• Stage 1 complete
• Focus on seismic resilience
~
$
134m
47
*
5.3%
30y
Diverse
FORECAST VALUE
ON COMPLETION
BEDS
CAP RATE
SUB LEASES
LEASE TERM
SPECIALTIES
POST
COMPLETION
Radiology l Gastro
Heart Group l Urology
Orthopaedics
as at
31 December 2020
assuming 31 Dec 2020
cap rate
10
10 0
%
leased to

VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
As at 31 December 2020
Ormiston Hospital
Overview
Vivian Blake
*Ormiston and Vital are in discussions to extend the lease
43.4m
32
5.6%2.7y*
Diverse
VALUE
BEDS
CAP RATE
SUB LEASES
LEASE TERM
SPECIALTIES
Radiology l Pharmacy
Cafe l Dentist
Orthodontist
Auckland Airport
Middlemore Hospital
Ormiston Town Centre
leased to
12

14 15
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Regional Asset
Management and
People Strategy
Richard Roos
Alex Belcastro
• Our people and portfolio strategy is to hire and
invest in the best people in healthcare real estate
to manage and add value to Vital’s best in class
property portfolio.
• Vital and NorthWest’s growth in the A/NZ region
over recent years has allowed us to significantly
increase our investment in people. We have
recruited and retained an outstanding team of
44 healthcare real estate professionals across
offices in Auckland , Melbourne and most recently
Sydney.
• Healthcare assets provide critical services to
vulnerable people making owing and managing
healthcare assets a unique asset class.
• Strong tenant relationships are key to the
management strategy for each asset to deliver
value for our both our healthcare partners and
Vital unitholders.
• NorthWest’s global platform provides the regional
asset management team with perspectives on how
changes in healthcare delivery in other parts of
the world may impact real estate at a local level
providing us with time to manage these impacts.
In late 2019, a 266kw solar panel
system was installed on the Sportsmed
hospital building. Sportsmed have
saved over 72,000kg of CO2 emissions
which is the equivalent of planting
over 2,150 trees! This system generates
approximately 50% of Sportsmed’s
usage. An additional 238kw solar panel
system has recently been commissioned,
serving the Sportsmed clinic building.
This image showcases the extent of the
panels to show you just how big we are
talking!
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Capability - People
A highly experienced team with proven ability to manage an industry leading
healthcare property platform and facilitate and deliver complex projects.
5 significant hires
over the last 3 months
primarily to expand our
specialist healthcare
development team
NorthWest has recently appointed Alex Belcastro
as Senior Vice President of Medical Precincts. Alex
was most recently Chief Business Development
Officer of Australia’s largest hospital operator,
Ramsay Health Care.

16 17
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Sydney
Australia’s largest city - population ~5 million
The Hills Clinic
3 McCausland Place, Kellyville, New South Wales
Mons Road Medical Centre
16-18 Mons Road, Westmead, New South Wales
Hirondelle Private Hospital
10 Wyvern Avenue, Chatswood,
New South Wales
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 4.8%
Asset class Hospital (Acute)
Occupancy 94.5%
Major tenant Castlereagh
Market capitalisation rate 5.8%
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.5%
MARKET VALUE
$49.7m
MARKET VALUE
$36.7m
MARKET VALUE
$28.2m
WALE
26.5yrs
WALE
4.1yrs
WALE
21.4yrs
>$
10 0m
KEY ASSETS
Key area of focus for future
acquisitions/developments
Melbourne
Epworth Eastern Hospital
1 Arnold Street, Box Hill
Ekera Medical Centre
116-118 Thames Street, Box Hill North
Epworth Rehabilitation
85 Wilson Street, Brighton
South Eastern Private Hospital
329 Princes Hwy, Noble Park
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Epworth Foundation
Market capitalisation rate 5.0%
Asset class Medical Office Building
Occupancy 96.2%
Major tenant Imaging Associates
Market capitalisation rate 5.5%
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Epworth Foundation
Market capitalisation rate 5.5%
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.0%
MARKET VALUE
$235.4m
MARKET VALUE
$32.5m
MARKET VALUE
$27.8m
MARKET VALUE
$76.0m
WALE
19.9yrs
WALE
3.9yrs
WALE
3.1yrs
WALE
20.2yrs
Australia’s 2nd largest city - population ~5 million
$
371. 7m
$
4 76m
~$
126.2m
~$
350m
KEY ASSETS TOTAL
DEVELOPMENT
PIPELINE
COMMITTED
BEING

CONSIDERED
Refer to page 8 for details of Box Hill development (current and potential).

18 19
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Brisbane/Gold Coast
Third and sixth largest urban areas in Australia
- 2.3m and 660,000 respectively
Belmont Private Hospital
220 Creek Road, Carina
Palm Beach Currumbin Clinic
37 Bilinga Street, Currumbin
The Southport Private Hospital
21 Spendelove Avenue, Southport
Gold Coast Surgery Centre
103 Nerang Street, Southport, Queensland
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 4.8%
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.0%
Asset class Hospital (Acute/Specialty)
Occupancy 100%
Major tenant Ramsay
Market capitalisation rate 5.0%
Asset class Medical Office Building
Occupancy 88.9%
Major tenant South Coast Radiology
Market capitalisation rate 7.5%
MARKET VALUE
$117.8m
MARKET VALUE
$64.9m
MARKET VALUE
$51.3m
MARKET VALUE
$12.6m
WALE
24.7yrs
WALE
14.7yrs
WALE
24.2yrs
WALE
2.7yrs
Newcastle-Maitland
Greater Newcastle-Maitland is the second largest urban area in NSW
- population over 480,000, the 7th largest in Australia
$
320.3m
$
246.6m
KEY ASSETS TOTAL
KEY ASSETS TOTAL
Lingard Private Hospital
23 Merewether Street, Merewether
Lingard Day Centre
6 Lingard Street, Merewether
Maitland Private Hospital
175 Chisholm Road, East Maitland
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.0%
Asset class Medical Office Building
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.0%
Asset class Hospital (Acute/Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.5%
MARKET VALUE
$174.5m
MARKET VALUE
$36.6m
MARKET VALUE
$109.2m
WALE
25.2yrs
WALE
25.2yrs
WALE
17.0yrs

20 21
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Perth
Vital owns two of Perth’s leading private mental health facilities valued
at $84 million with A$18.6 million of development underway
Marian Centre
187 Cambridge Street, Wembley,
Western Australia
Abbotsford Private Hospital
69 Cambridge Street, West Leederville,
Western Australia
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.1%
Asset class Hospital (Specialty)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.1%
MARKET VALUE
$52.8m
MARKET VALUE
$31.0m
WALE
13.6yrs
WALE
21.2yrs
Adelaide
This property has previously been shown as two properties but is being amalgamated for reporting purposes.
Refer to page 9 for details of Playford Health Hub.
Australia's 5th largest urban area
- population 1.3 million
$
80.4m
>$
10 0m
KEY ASSETS TOTAL
POTENTIAL
DEVELOPMENT
PIPELINE
BEING
CONSIDERED
Sportsmed Hospital, Clinic,
Consulting & Office
32 Payneham Road, Stepney
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Sportsmed SA
Market capitalisation rate 5.5%
MARKET VALUE
$80.4m
WALE
15.1yrs
8 facilities
2 operators
6.0% of portfolio value; 7.5% of rent
WALE:
15.2 years
Aged Care
Latest

independent

valuation
Fair value
Market

capitalisation

rate
WALE
PropertiesLocationMajor TenantDate$M
Dec-20
%
Dec-20
Ye a r s
Dec-20
Fairfield
Aged Care
Fairfield,
New South Wales
Hall & PriorDec 2019 .1 6.515 . 2
Darlington
Aged Care
Banora Point,
New South Wales
Bolton ClarkeJun 2018.26.515 . 8
Clover Lea
Aged Care
Burwood Heights,
New South Wales
Hall & PriorDec 2013 . 96.515 . 2
Grafton
Aged Care
South Grafton,
New South Wales
Hall & PriorDec 2011 . 87. 016.3
Baycrest
Aged Care
Hervey Bay,
Queensland
Bolton ClarkeJun 2019. 76.515 . 5
Tantula Rise
Aged Care
Alexandra Headland,
Queensland
Bolton ClarkeJun 2024.66.515 . 5
Hamersley
Aged Care
Subiaco, Western
Australia
Hall & PriorDec-2013 . 3   7.015 . 2
Rockingham
Aged Care
Rockingham, Western
Australia
Hall & PriorDec-207. 2   7.015 . 2
$
12 7. 8m
$
16.0m6.63
%
15.0yrs
FAIR VALUE TOTAL
AVERAGE

ASSET VALUE
WEIGHTED

AVERAGE CAP RATE
WALE OF

AGED CARE ASSETS
21

22 23
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
New Zealand
Portfolio
Market Overview
Portfolio Overview
Drugh Woods
• Last 10 years has seen NZ
portfolio increase over 3.5x
from ~$170m to ~$650m
• Higher quality portfolio
now with average asset size
$54m vs $19m in 2011
• NZ market continues to
differ from Aus with limited
opportunity set, and absence
of private rehabilitation and
mental health facilities
• Outlook for NZ looks strong
with existing and new
development opportunities
As at 31 March 2021
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
$
652m
$
128.5m
129 7. 6
%
20.7yrs
INVESTMENT
VALUE
DEVELOPMENT

UNDERWAY
PROPERTIESOCCUPANCYWALE
Private surgical and
medical hospital
with 12 operating
theaters, 88 inpatient
beds, and a 24-
hour accident and
emergency clinic.
Ascot Hospital & Clinics
90 Green Lane East, Remuera,
Auckland
Asset class Hospital (Acute)
Occupancy 99.5%
Major tenant Ascot Hospital
and Clinics Limited
Market capitalisation rate 4.9%
MARKET VALUE
$123m
WALE
17.4yrs
Single-level hospital
facility and two-level
consulting centre.
Only private hospital
within the regional
hub of Hawkes Bay
and one of two
hospitals in the region
serving 160,000
residents.
Royston Hospital
500 Southland Road,
Hastings, Hawke’s Bay
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Evolution Healthcare
Market capitalisation rate 5.5%
MARKET VALUE
$72.9m
WALE
29.0yrs
OUT-PATIENT FACILITIES /
MEDICAL OFFICE BUILDINGS
3 assets
3.0% of portfolio value;
3.9% of rent
WALE:
8.81 years
New Zealand (cont’d)
PRIVATE HOSPITALS
9 hospitals (all surgical)
6 hospital operators
23% of portfolio; 25% of rent
WALE:
22.6 years
*includes Ascot Carpark (right of use).
23
WELLINGTON
• Boulcott Private Hospital
• Bowen Private Hospital
• Wakefield Private Hospital
HAWKE'S BAY
• Napier Health Centre
• Royston Hospital
AUCKLAND
• Apollo Health and Wellness
• Ascot Central
• Ascot Carpark (right of use)
• Ascot Hospital & Clinics
• Ormiston Hospital
5
NORTHLAND
• Kensington Hospital
BAY OF PLENTY
• Grace Hospital
2
3
1
1

24 25
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Two level hospital
facility and five-level
specialist consulting
building.
Bowen Hospital
98 Churchill Drive, Wellington
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Evolution Healthcare
Market capitalisation rate 5.3%
MARKET VALUE
$57.6m
WALE
29.0yrs
38-bed private
surgical hospital
with three operating
theatres and is
located directly
adjacent to the Hutt
public hospital.
Boulcott Private Hospital
666 High Street, Wellington
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Healthe Care
Market capitalisation rate 5.4%
MARKET VALUE
$44.0m
WALE
17.5yrs
Ascot Central is a
high-quality, five-
level medical office
building located next
to Ascot Hospital.
Ascot Central
7 Ellerslie Racecourse Drive,
Auckland
Asset class Medical Office Building
Occupancy 80.9%
Major tenant Fertility Associates Ltd
Market capitalisation rate 5.3%
MARKET VALUE
$40.4m
WALE
7.0yrs
Apollo is home to
a diverse range of
specialists healthcare
tenants including
audiologists,
physiotherapists,
laboratory and
radiology providers,
fertility specialists and
GPs
.
Apollo Health & Wellness
Centre
119 Apollo Drive, Auckland
Asset class Medical Office Building
Occupancy 81.9%
Major tenant Apollo Medical Ltd
Market capitalisation rate 5.8%
MARKET VALUE
$27.2m
WALE
8.3yrs
Inpatient and
day-stay surgery.
Kensington Hospital
12 Kensington Avenue,
Northland
Asset class Hospital (Acute)
Occupancy 100%
Major tenant Kensington Hospital
Market capitalisation rate 5.5%
MARKET VALUE
$21.7m
WALE
25.5yrs
Napier Health
Centre is the first
comprehensive
ambulatory facility
in the outpatient
services.
Napier Health Centre
76 Wellesley Road,
Hawkes Bay
Asset class Medical Office Building
Occupancy 100%
Major tenant Hawkes Bay District
Health Board
Market capitalisation rate 7.5%
MARKET VALUE
$11.6m
WALE
12.7yrs

26 27
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Finance Strategy
Michael Groth
Capital Structure - Strategy / Achievements:
Focus remains on:
• Prudent capital management through the cycle
• Ensuring Vital has the right sustainable capital structure to support value adding initiatives /
development opportunity pipeline
• Recycling capital remains a priority – focused on continually improving the quality and age of
the portfolio and realising value where prudent
From a debt strategy perspective, strategy is very much focused on:
• Diversification: Diversify funding sources with commercial banks – gone from 2 to 5 to ensure
that we have access to competitively priced capital when we need it
• Modernisation: Core facility documents have been recut to improve terms & conditions / provide
additional flexibility and to set Vital up for long term debt from non-bank sources
• Gearing: 2020 October equity raise was targeted to both lower head line gearing and provide
capacity for growth
Next steps:
• Duration: Attention is now focused on issuing first long term debt instrument for a 7/12 year term
– over time the strategy is targeting:
• ~40% of debt to be long term, with commercial bank debt used to provide flexibility /
optionality
• WADT to be ~5 years
• Will likely involve an annual issuance programme
• Diversified by instrument / market, likely to include USPP / A$MTN / A$ITL’s and
potentially NZ domestic bonds
Earnings / Distributions:
• Target of 2-3% AFFO / DPU growth per annum through the cycle
• Payout ratio seeks to ensure stability and sustainability of this
• Development pipeline is an important driver of both AFFO / DPU growth
and total returns for unitholders
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
About NorthWest
NorthWest REIT, together with its related bodies corporate, is a specialist healthcare real estate
investment group with 17 years' of experience. NorthWest REIT serves as a long term real estate
investment partner to leading healthcare operators in 5 countries globally. In 2010, NorthWest
listed in Canada (TSX: NWH.UN) and has since grown to $8 billion of healthcare assets under
management, including $4.5 billion in Australia and New Zealand.
Operating since 2011 in Australia and New Zealand, NorthWest has grown to be the largest
diversified healthcare real estate manager in the region. NorthWest manages Vital Healthcare
Property Trust as well as a joint venture with a sovereign wealth fund with $2.3 billion assets
under management and a further $1.5 billion of committed capacity.
NorthWest's local management team are highly experienced healthcare real estate specialists,
based in Auckland, Melbourne and Sydney with an enviable track record of value creation,
including in-house development management capability that supports the growth of its operating
partners.
NorthWest has deep and long-standing partnerships with both non-profit and for-profit major
New Zealand and Australian healthcare operators, evidenced through repeated transactions
and an extensive development track record.
NorthWest Healthcare
Properties Overview
$8.3bn
ASSETS UNDER MANAGEMENT

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VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Chris Adams
Executive Director – Projects
Chris Adams has extensive experience in the property industry in New
Zealand, Australia and the United Kingdom, including over 20 years’
experience in health sector property acquisitions, transaction structuring
and large-scale hospital development. Responsibilities with respect to
NorthWest include overseeing development management and joint
responsibility for acquisitions undertaken by the business. He was one of
the founding Executives at Generation Healthcare REIT. Prior to joining
Generation, Chris established Vital’s presence in Australia in 1999 and
served as General Manager – Australia following various roles with the
group in New Zealand.
Michael Groth
Chief Financial Officer – ANZ Region
Michael Groth has over 13 years’ experience as a senior finance
executive in the listed and unlisted property funds and funds management
industry. Prior to joining the team in October 2019, Michael’s most recent
position was as Group Chief Financial Officer of the Melbourne based
and ASX-listed real estate fund manager, APN Property Group Limited.
Michael has extensive experience in financial management and reporting,
taxation, treasury and capital management, corporate structuring,
acquisitions, disposals and equity raisings.
Richard Roos
Executive Director – Portfolio & People
Richard Roos has over 20 years’ career experience in commercial real
estate financing, acquisitions and property management, 14 years of
which have been in healthcare real estate.
In his role as Executive Director, Richard is responsible along with his
Melbourne and Auckland-based teams for the asset management of the
NorthWest Group’s Australian and New Zealand portfolio, including
leasing and tenant relationships, and joint responsibility for acquisitions
and business development. In particular, Richard’s strong relationships
with healthcare operators are a crucial element of NorthWest’s success in
sustainability achieving its growth targets.
Drugh Woods
Asset and Development Manager – New Zealand
Drugh Woods has been with Vital for over 10 years and is responsible
for managing the financial performance of the New Zealand portfolio
including asset acquisitions, disposals and developments. Drugh has over
15 years of experience following the completion of a Bachelor of Property
degree at the University of Auckland and was involved in a diverse range
of property projects in Auckland and Christchurch prior to joining Vital.
Graham Stuart
Independent Chairman and Member of the Audit Committee
Graham Stuart is an experienced corporate director with an established
track record of performance in governance and in prior executive
roles. He is currently the Independent Chair of EROAD Limited and an
Independent Director and Chair of the Audit Committee at Tower and
Metro Performance Glass Limited. He was previously the CEO of Sealord
Group from 2007 to 2014 and Director, Strategy and Growth and CFO of
Fonterra Co-operative Group from 2001 to 2007.
Graham is a Fellow of Chartered Accountants Australia & New Zealand
(CAANZ) and has a Master of Science degree from Massachusetts
Institute of Technology and a Bachelor of Commerce with first class
honours from the University of Otago.
Craig Mitchell
President, NorthWest REIT, Director - Vital
Craig Mitchell has over 22 years’ experience in senior roles in the property
industry in Australia. Prior to joining the NorthWest Group, he was Chief
Executive Officer of Grocon, one of Australia’s most recognised private
construction companies. His previous roles include Executive Director and Chief
Operating Officer of Dexus, an ASX top 50 listed REIT.
Craig is President of the NorthWest Group, having joined in 2018 as CEO of
Australia and New Zealand.  He is responsible for funds management globally
including establishment of new funds, providing strategic direction as part of the
REIT’s global leadership team, and has overall accountability for the Australian
and New Zealand region, including strategy, performance and leading the
team of over 40 real estate professionals.
Craig has a Master of Business Administration (Executive) from the Australian
Graduate School of Management, a Bachelor of Commerce and is a Fellow of
CPA Australia. He has also completed the Advanced Management Program at
Harvard University, Boston.
Aaron Hockly
Fund Manager – Vital
Aaron Hockly has over 20 years’ experience in financial services, property
and law. Originally from New Zealand, Aaron spent 17 years in the UK and
Australia until returning in 2018 following the birth of his second child. Aaron
was Chief Operating Officer for a large ASX listed real estate investment
trust for nearly 10 years where he was responsible for strategy, transaction
structuring and execution (property, debt and equity), reporting and investor
relations.
Bios

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VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited
Sue Channon
CEO, Evolution Healthcare
Sue Channon is an established healthcare industry leader with a well-
earned reputation for delivering business excellence and growth. Before
her appointment to CEO Evolution Healthcare in April 2020, Sue spent
more than 20 years in chief executive roles. She most recently was Group
Chief Executive at Virtus Health (Virtus), Australia’s leading provider of
assisted reproductive services. Sue joined Virtus as Chief Executive in
2004 and lead the growth of Virtus during private ownership, Australian
expansion and a successful listing on the Australian stock exchange (ASX)
which saw Virtus become the first publicly listed fertility business globally,
followed by accelerated international expansion.
Sue’s track record of establishing and growing new services and attracting
and retaining doctors is well known, underpinned by her deep clinical
knowledge, particularly within fertility, hospitals and diagnostic services.
Sue has a reputation as a decisive and impactful leader whose style
is collaborative as she supports her team to deliver improvements in
operational performance and business growth.
Vivian Blake
CEO, Ormiston Hospital
Vivian has extensive experience at an executive level in both the public
and private health sectors. She has been the CEO of Ormiston Hospital for
8 years. Vivian also has experience including public relations and media
management, directing disaster management, leading transformational
change, reducing disparities and improving health outcomes. In her role
at Ormiston, Vivian is focussed on maximising revenue. containing costs
and profiling Ormiston as a hospital that delivers clinical excellence
and superior service and has been a champion for the expansion of the
existing hospital.
Matthew Clarke
Chief Financial Officer, Evolution Healthcare
Matthew Clarke brings extensive experience providing strategic financial
leadership across a portfolio of businesses with over 20 years of
experience in finance and commercial management roles across the
services and resources sectors. Returning to New Zealand in 2019 after
15 years spent mostly in the UK and Australia, Matthew has previously
held senior finance positions with global quality assurance provider
Intertek Group, including Group Treasurer in London and most recently
Regional CFO based in Sydney.
Operating Partner Speakers

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VITAL HEALTHCARE PROPERTY TRUST
Managed by Northwest Healthcare Properties Management Limited