$175m property revaluation gain anticipated for 2H FY21

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare
Properties Management Limited


vhpt.co.nz

MARKET RELEASE
Managed by NorthWest Healthcare
Pr operties Management Ltd
4 August 2021

$175m property revaluation gain anticipated for 2H FY21

NorthWest Healthcare Properties Management Limited (the Manager), as manager of
Vital Healthcare Property Trust (Vital), advises that it expects Vital to record $175m of
property revaluation gains over the second half of the financial year ended 30 June 2021.
This is a 7.8% increase since 31 December 2020, is in addition to the $61m recorded for the
six months ended 31 December 2020 and equates to a full year gain of $235m (subject to
rounding), a 11.3% increase.
This revaluation gain, after allowing for $269m completed acquisitions, $127m of capital
additions (primarily development), $101m of disposals and FOREX impacts, would take
Vital's property portfolio above $2.63 billion with a weighted average capitalisation rate
(WACR) of 4.88%. This is 45 basis points below Vital's WACR at 31 December 2020 and 66
basis point below Vital's WACR at 30 June 2020.
Vital's Fund Manager, Aaron Hockly, said:
"Healthcare property continues to attract increased investor demand with investors
drawn to the relatively low risk and low volatility of the sector's cash returns. Increased
transactional evidence in healthcare property, across both the direct and indirect
(M&A) markets particularly in Australia, has provided support for the indicative valuation
increases noted above.
The FY21 valuation gain noted above includes ~$30m of development margins and
~$17m due to rental increases and leasing."
The indicative revaluation gain referred to above is subject to audit and will be
confirmed when Vital's full year results are released on 12 August 2021.
– 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

VITAL HEALTHCARE PROPERTY TRUST
Managed by NorthWest Healthcare Properties Management Limited
vhpt.co.nz
Page 2 of 2
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 (~85% of portfolio
value), out-patient facilities (~10% of portfolio value) and aged care (~5% of portfolio
value).


Vital is the only specialist listed landlord of healthcare property in Australasia and
currently has a portfolio valued at over $2.63 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

Disclaimer:
This announcement 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 announcement 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.

All references to $ are to New Zealand dollars unless otherwise indicated.

This announcement 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 or
conditions. 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 may vary 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 information supplied in connection
with it. The Manager and the Trust are under no obligation to update this announcement
or the information contained in it after it has been released. Past performance is no
indication of future performance.