Vital announces First Quarter Results

Dear Unitholders,
The first quarter of FY22 has been a successful three months for the Trust with many key
achievements announced during October including:
Continued Deployment of
5-Year Portfolio Strategy
Vital acquired a “Cancer Centre of Excellence”
in Adelaide known as Tennyson Centre for
~A$93m in mid-October 2021.
Tennyson Centre is located between Adelaide’s
Airport and CBD and is ~300m from Ashford
Hospital. Tenants are primarily engaged in the
identification, assessment and treatment of cancer
through oncology, radiotherapy, imaging and
consulting with tenants such as ICON Cancer,
Genesis Care, Sonic and Nexus Day Hospitals.
Also in mid-October, Gold Coast Surgery
Centre was sold for ~A$13m (before costs) ~5%
above its book value. The sale removes an asset
with persistent vacancy from the portfolio.
Vital’s 5-year portfolio strategy seeks to continue to improve the overall portfolio as a means to grow
earnings for Vital’s unitholders. The strategy includes acquisitions, developments and divestments as
well as a number of key targets such as tenant, geographic and sub-sector exposure.
First Quarter Update
1 JULY – 30 SEPTEMBER 2021
TOTAL RETURN 12 MONTHS
TO 30/09/21
13.2%
Q1 INCREASE IN NET
PROPERTY INCOME
5.0%
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 1
1
Terms have been agreed to extend
ICON’s lease for 10 years
MARK MIDDLETON, GROUP CEO OF ICON GROUP, SAID:
“As Australia’s largest dedicated cancer
care provider we are very pleased to have
the NorthWest managed Vital Healthcare
Property Trust acquire the Tennyson
Centre and adjacent development land.
In recognition that Tennyson has been
acquired by the leading owner and
manager of healthcare infrastructure in
Australia, we have agreed to extend our
lease for an additional 10 years. We look
forward to this new partnership”.
Tennyson Centre, a Cancer Centre of Excellence in Adelaide which Vital acquired for ~A$93m in October 2021

Artist’s impression of ~$160m
1
Playford Health Hub in Adelaide
Vital’s development of Playford Health Hub
in Adelaide has recorded success across all
three stages:
• Stage 1: ~A$22m multi-deck car park and retail
suites is due for completion in mid-Nov 2021.
The project was anchored via a long-term lease
to SA Health for ~50% of the car park with the
retail component now substantially pre-leased.
• Stage 2: ~A$39m Specialist Medical
Centre is ~60% pre-leased and design work
has significantly progressed. Construction
is expected to commence in mid-2022.
• Stage 3: ~A$50m (plus expected capital
contribution from operator in excess of
$25m) for 100+ bed private hospital
advanced discussions underway.
A$315m of new debt facilities were secured
increasing funds available to support the activities
noted previously, diversifying lenders (syndicated
banks increased from two to six) and extending
weighted average debt term from 2.5 years to
3.9 years
2
.
NZ$142.8m of new equity capital was raised primarily
from existing unitholders via a NZ$115m placement
and a NZ$27.8m unit purchase plan with all of Vital’s
unitholders who opted to participate able to do so
at or above pro-rata. The proceeds will support the
developments and acquisitions referred to previously.
COVID-19
Whilst Australia has largely reopened post-COVID
lockdowns, impacts continue for many of Vital’s tenants
and their patients particularly in Auckland (10% of rent)
which remains in a strict lockdown at the time of this
report. Vital has continued to support smaller tenants,
primarily those who occupy ambulatory care facilities
who are unable to recoup lost earnings post lockdown.
Delivering Value
for Unitholders
Balance Sheet
Strengthened Further
Developments are a critical part of
delivering valuation and earnings
growth for unitholders whilst
providing new and upgraded
facilities for our tenants and the
communities we operate in.
2
Both figures pro forma at 30 June 2021
1
Includes base build and fit-out costs
3
30 Sept proforma incl. Oct equity raise
Prior to the impact of any 31 December
2021 revaluations, Vital’s balance
sheet gearing is a conservative
~34%
3
providing significant capacity
for value-adding acquisitions
and developments.
Your investment in Vital is an investment in
some of the leading healthcare facilities in
New Zealand and Australia underpinned by
rental income that tracks inflation (~89% of
leases are indexed to CPI in some way).
PAYMENT DATE
16 DECEMBER 2021
Ex date
1 December 2021
CASH DISTRIBUTION
CPU
IMPUTATION CREDITS
CPU
ANNUALISED
DISTRIBUTION CPU
DRP DISCOUNT
2.375
0.0380
9.50
1%
GROWTH
DRP ACTIVE
8.6%
YES
Q1 Distribution
23
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 2VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 3
Aaron Hockly
Fund Manager
17 November 2021
During the quarter, stage one of the redeveloped
Wakefield Hospital in Wellington was officially
opened with the contract for stage two executed
and early works underway. This project includes
additional funding from Vital and Evolution
Healthcare (Wakefield’s operator).
~NZ$74m of new and extended brownfield
developments were approved across five of
Evolution Healthcare’s facilities in New Zealand:
• Grace Hospital, Tauranga which Evolution
operates in a joint venture with Southern Cross.
• Royston Hospital, Hastings.
• Royston Day Surgery Unit, Hastings.
• Wakefield Hospital, Wellington.
• Bowen Hospital, Wellington.
Refer to the updated committed developments table
on the back page of this update for more details.
Fortunately, Vital’s hospital tenants (80% of revenue)
and aged care tenants (7% of revenue) have a high
level of government support and / or have the ability
to make up for lost revenue post-lockdowns ending.
NZD:AUD
The Reserve Banks of New Zealand and Australia are
charting different paths with the former recently increasing
interest rates and the latter looking to keep them on
hold for some time. This has resulted in a relatively high
New Zealand dollar versus the Australian dollar by
historical standards. As ~70% of Vital’s earnings are
in AUD but Vital reports in NZD, a high NZD has a
negative impact on Vital’s reported earnings. We have
allowed for this in our FY22 guidance (refer below).
FY22 guidance
Vital remains on track to achieve FY22 earnings
guidance of at least 11.8 cents per unit (at least
2.0% above FY21) and distribution guidance
of 9.5 cents per unit (7.0% above FY21).
Thank you for your ongoing support for Vital.
Wakefield Hospital, Wellington, NZ

Grace Hospital, Tauranga, NZ
YEAR-TO-DATE UPDATE
Year-to-date Financial Performance (unaudited)
Q1 UPDATE
Like-for-like Financial Performance (unaudited)
Financial Position (unaudited)
For the period
3 months to
30 Sep 21
$000s
3 months to
30 Sep 20
$000s
Variance
$000s
Change
%
Gross property income 33,778 32,319
Property expenses (5,153) (5,046)
Net property income 28,625 27,273 1,352 5.0%
Corporate expenses (700) (1,116)
Management fees (base & incentive) (5,919) (4,207)
Net finance expenses (6,678) (7,401)
Operating profit 15,328 14,549 779 5.4%

Non-operating gains/(losses)
Fair value gain/(loss) on investment property 8,039 2,703
Fair value gain/(loss) on derivatives 2,938 (4,417)
Realised & unrealised gain/(loss) on foreign exchange (85) (2,678)
Profit/(Loss) before income tax 26,220 10,157 16,063 158.1%
Current and deferred taxation (3,854) (342)
Profit/(Loss) for the period attributable to unitholders of the Trust 22,366 9,815 12,551 12 7. 9 %
Funds from Operations (FFO) 16,049 13,709 2,340 17.1 %
Adjusted Funds from Operations (AFFO) 15,976 13,347 2,629 19 . 7 %
AFFO per unit 3.06 2.93 0.14 4.4%
Weighted average units on issue (000s) 521,270 454,79566,47514.6%
Average NZD/AUD exchange rate 0.9532 0.9258
For the period
3 months to
30 Sep 21
$000s
3 months to
30 Sep 20
$000s
Variance
$000s
Change
%
Gross property income 30,959 30,763
Property expenses (4,329) (4,623)
Like-for-like net property income26,63026,140 490 1.9%
Net property income from acquisitions 2,317 -
Net property income from disposals - 1,316
Net property income from developments 622 228
Straight-line rent (519) (346)
Non-recurring items 210 (64)
Foreign exchange (633) -
Net property income28,62527,273 1,352 5.0%
As at
30 Sep 21
$000s
30 Jun 21
$000s
Variance
$000s
Change
%
Assets
Investment properties 2,637,070 2,634,588 2,482 0.1%
Other assets 71, 913 2 7, 9 7 2
Liabilities
Borrowings 992,615 932,377 60,238 6.5%
Other liabilities 218,762 226,732
Debt to gross assets36.6%35.0%1.6%
Total unitholders' funds 1,497,606 1,503,451 (5,845)(0.4%)
Units on issue (000s) 525,667 519 , 75 3
Net tangible assets ($/unit)2.852.89-0.04-1.4%
Period end NZD/AUD exchange rate0.95470.9309
After allowing for transactions which settled in October,
Vital’s property portfolio was valued at $2.7b. This
is before any valuation increases which may occur
once the portfolio is revalued at 31 December 2021.
Important note: The information in this investor update is general information only and does not contain all information necessary to make an investment decision. The
financial information in this investor update has not been audited. No representation or warranty, express or implied, is made to the accuracy, adequacy or reliability of
information in this update, including the financial information. This investor update contains forward looking statements which are inherently susceptible to uncertainty. Vital’s
actual results may vary materially from those expressed or implied in this investor update. The Manager is under no obligation to provide any update to information included
in this update, including as a result of the audit process.
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 4VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 5
$142.8m equity capital raised after the end of
the quarter reducing gearing to 32.4%

DevelopmentDevelopment work being undertaken
Development
cost
Spend
to date
Forecast
completion
date

Australian

(A$m)

(A$m)
Epworth Eastern
Hospital (VIC)
New 14 storey tower incorporating five operating
theatres, 60 beds, levels of consulting and
refurbishment of the existing medical centre
96.579.7Early-22
Belmont Private
Hospital (QLD)
48 new inpatient beds, 13 private practice
consulting suites and 70 new car parks
22.65 .1Late-22
Playford Health Hub
Stage 1 (SA)
Multi-deck car park (circa 450
spaces) and ground floor retail
20.7
4
17. 7Late-21
Playford Health Hub
Stage 2 (SA)
Specialist Medical Centre - Radiology,
Oncology, Radiotherapy (TBC), Consulting
32.6
4
0.5Late-23
Playford Health Hub
Stage 3 (SA)
New co-located private hospital proposed
to accommodate ten operating heatres, over
100 beds and ~150 basement car parks
50.0
5
0 .1Late-24
Abbotsford Private
Hospital (WA)
47 beds, parking, therapy rooms and admin18.65.6Mid-22
Eden Rehabilitation (QLD)New nine bed mental health ward and conversion
of an existing ward to provide a 29 bed unit along
with refurbishment of the rehabilitation ward
4.72.9Late-22
Total Australian Developments245.7111 . 6

New Zealand

(NZ$m)

(NZ$m)
Wakefield Hospital,
Wellington
Staged demolition and redevelopment
of entire hospital
141 . 461 . 2Staged
21-24
Grace Hospital, TaurangaWorks include fitout of two theatres, PACU
redevelopment, and 10 additional ward rooms
31 . 70.0Staged to
Late-23
Royston Hospital,
Hawke's Bay
Stage 2 – Fitout of two operating
theatres, among other works
6.30.0Early-22
Royston Hospital DSU,
Hawke's Bay
New standalone two theatre Day
Surgery Unit and OT2 fitout
8.86.2Early-22
Bowen Hospital, WellingtonOT5, Consulting and Ward refurbishment6.30.0Mid-23
Boulcott Private
Hospital, Wellington
6
Two new theatres, PACU expansion and
conversion of double rooms to singles
7. 70.0TBC
Total New Zealand Developments202.867. 5
Total Developments in $NZD
7
460.2184.4
7
A$ converted at 30 September 2021 spot rate 0.9547
4
Excludes land value
5
~$50m plus expected capital contribution from operator in excess of $25m
6
Discussions underway with operator around potential variations to scope and timing
Development Update
vhpt.co.nz
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | FIRST QUARTER UPDATE FY22 | 6