Vital 2021 Annual Meeting

Annual Meeting
24 NOVEMBER 2021

Questions
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
2
WRITTEN QUESTIONS
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select the Q&A tab on the right half of your screen at
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HELP
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ASKING QUESTIONS

Voting
UNITHOLDERAND PROXYHOLDER VOTING
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
3
Once the voting has been opened, the resolutions and
voting options will allow voting.
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Presented by:
4
Meeting Agenda
▸Introduction
▸Address of the Chair of the Manager
▸Address of the Fund Manager
▸Annual Financial Statements
▸Questions
▸Re-election of Andrew Evans
▸General Business
▸Closing Remarks
Graham Stuart
Independent Chair
Aaron Hockly
Fund Manager
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

Board of the Manager
VITAL’SMANAGER HAS A MAJORITY OF INDEPENDENT DIRECTORS
5
Graham Stuart
—
Independent Chair
Andrew Evans
—
Independent Director
Paul Dalla Lana
—
Director
D r.Michael Stanford
—
Independent Director
Craig Mitchell
—
Director
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

In Attendance
VIRTUALLY
6
Aaron Hockly
Fund Manager – Vital
Michael Groth
Chief Financial Officer
Justine Wealleans
Trustees Executers Limited
Silvio Bruinsma
Deloitte
Chris Adams
Executive Director, Projects
Richard Roos
Executive Director, Portfolio
Toby Sharpe
Bell Gully
SUPERVISOR, AUDIT & LEGAL
MANAGEMENT TEAM
Vanessa Flax
Regional General Counsel and Company Secretary
Alex Belcastro
Senior Vice President, Medical Precincts
Evan Kennerley
Trustees Executers Limited
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

Address of the Independent
Chair of the Manager
Graham Stuart
Independent Chair

Comparative Returns
VITAL HAS CONTINUED TO OUTPERFORM ON A TOTAL RETURN
(1)
BASIS
8
▸Outperformance against both the S&P/NZX All Real Estate
Index and S&P/NZX 50 Index consistently since inception of
the Index in December 2004
▸2.6% outperformance versus NZX REIT benchmark over last
12 months and 5.0% outperformance versus NZX 50
▸Long-term outperformance highlights the defensive nature of
healthcare real estate compared to other real estate classes
Total return
(1)
to 30 September 20211yr
3yr
(p.a.)
10yr
(p.a.)
Since 2004
(p.a.)
(2)
Vital Healthcare13.2%19.5%16.4%14.6%
S&P/NZX All Real Estate Index10.7%12.6%12.2%9.8%
S&P/NZX 50 Index8.3%10.8%14.3%9.2%
Vital’s outperformance vs NZX REIT2.6%6.9%4.2%4.8%
Vital’s outperformance vs NZX 505.0%8.7%2.1%5.4%
Vital vs S&P/NZX Real Estate Index
Source: Forsyth Barr
1
Total returns measured by change in unit price adjusted for reinvestment of post-tax distributions to 30 September 2021
2
S&P/NZX All Real Estate Index data from 31 December 2004, being the inception date of the NZX All Real Estate Index
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

Key Achievements Over the Last 12 Months
GOVERNANCE AND OTHER INITIATIVES BENEFIT UNITHOLDERS
9
▸Ongoing Board renewal process underway.
Management represented by Craig Mitchell on
the Board.
▸Inaugural sustainability report issued and
inaugural CDP and GRESB participation
▸Enhanced engagement with unitholders
including Investor Day held in Auckland
(despite challenges presented by COVID-19)
▸$142.8m of new equity capital raised primarily
from existing unitholders
▸Governance policies reviewed
▸Dividend stability and growth
▸Continued investing and developing healthcare
real estate through COVID-19
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
FY22 Distribution guidance of 9.5cpu, 7.0% above FY21

Address of the
Fund Manager
Aaron Hockly
Fund Manager - Vital

Operational Highlights
SIGNIFICANT ACHIEVEMENTS IN FY21 AND SUBSEQUENTLY
11
▸10.4% increase in AFFO per unit (FY21)
▸FY22 AFFO guidance of at least 11.80 cpu;
up at least 2% on FY21
▸FY22 distribution guidance of 9.5 cpu; 5.6%
above last annualisedguidance
▸Equity raising reduced gearing to ~34%
1
Financial
▸>99% of rent collected for FY21 and Q1
FY22 despite COVID-19
▸Market leading,18.0-year WALE maintained
▸60,000sqm of new, renewed or extended
2
leasing during FY21
▸Strategic asset sales continue to be
considered in line with Vital’s5yr Strategy
Portfolio
▸$286m of acquisitions completed in FY21,
plus ~$145m
3
completed to date during
FY22
▸10 developments underway and at varying
stages from commencement to nearing
completion
▸Actively considering both stabilisedand
development opportunities in excess of
$350m
Acquisitions and Developments
Targeting 2-3% AFFO and distribution growth per unit per annum
1
30 Sept proforma incl. Oct equity raise
2
Includes new leasing on standing investments and development pre-commitments
3
Predominately The Tennyson Centre (settled) and Hutt Valley Health Hub which is contracted and awaiting settlement
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

Property Portfolio
PORTFOLIO REMAINS DIVERSIFIED, LOW RISK AND HIGH- QUALITY AT 31 OCTOBER 2021
12
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
Portfolio value
$2.7bn
Properties
42
81%
Hospitals
14%
Ambulatory care
5%
Aged care
4
3
6
13
5
12
74%
Australia
26%
New Zealand
Excludes any revaluation gains which may be recorded as at 31 December 2021
Key Metrics
99.0%
occupancy
8.0%
NPI growth FY21
(excluding FX)
18.0 year
WALE
4.86%
weighted average
cap rate
$460.2m
committed development pipeline
($276m cost to complete)
12
5
13
6
2
4

5-year Portfolio Strategy
CONTINUED DEPLOYMENT OF 5- YEAR STRATEGY
13
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
ACQUISITION OF THE TENNYSON CENTREACQUISITION OF HUTT VALLEY HEALTH HUB
▸The Tennyson Centre is one of Adelaide’s leading ‘Cancer Centresof Excellence’, a high-
quality ambulatory care facility located in a strategic metropolitan location, acquired for
~A$93m
▸The asset has strong leasing fundamentals with high quality tenants operating in the
identification, assessment and treatment of cancer through oncology, radiotherapy, imaging
and consulting services
▸The transaction includes 1,920sqm of adjoining land held for future development
▸Hutt Valley Health Hub is a purpose-built seismically resilient medical office building and amulatory
facility, acquired for $46.5m (plus transaction costs)
▸The existing building was completed in late 2019 consistent with the Manager's focus on developing
and acquiring new and recently constructed buildings. The acquisition will increase Vital’sfuture
expansion land holding to ~3,200sqm to meet both public and private healthcare demand
▸The property adjoins Vital’sexisting asset, BoulcottHospital, as well as the main public hospital for the
region, Hutt Hospital. Post settlement Vital’syield for the campus will reflect ~4.5% across the Hutt
Valley Health Hub and BoulcottHospital
▸Settlement is expected to occur between September 2021 and March 2022, subject to finalisationof
title amalgamation for the development land
SALE OF GOLD COAST SURGICAL CENTRE
In mid-October, Gold Coast Surgery Centre was sold for ~A$13m (before costs) ~5%
above its book value, with the proceeds used to support acquisitions.

New Zealand Hospital Developments
WITH EVOLUTION HEALTHCARE AND SOUTHERN CROSS
14
During the quarter, stage one of the redeveloped Wakefield
Hospital in Wellington was officially opened with the contract for
Stage 2 executed and early works underway. This project includes
additional funding from Vital and Evolution Healthcare
(Wakefield’s operator).
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
WAKEFIELD HOSPITAL
~$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 joint venture
with Southern Cross
▸Royston Hospital, Hastings
▸Royston Day Surgery Unit, Hastings
▸Wakefield Hospital, Wellington
▸Bowen Hospital, Wellington
New and extended
brownfield developments
~$74m

Delivering Value for Unitholders
DEVELOPMENTS PROVIDE EARNINGS AND VALUATION GROWTH
15
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
PLAYFORD HEALTH HUB
Vital’sdevelopment of Playford Health Hub in Adelaide has
recorded success across all three stages:
▸Stage 1 - ~A$24m
1
multi-deck car park and retail suites
completed this month. 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$49m
1
Specialist Medical Centre is ~60%
pre-leased and design work has significantly progressed.
Construction is expected to commence in mid-2022.
▸Stage 3 - ~A$93m
1
up to 120 bed private hospital under
a Memorandum of Understanding with Calvary, one of
Australia’s largest not-for -profit hospital operators.
Artist’s impression of ~$165m
1
Playford Health Hub in Adelaide
1
Includes base build and hard fit-out costs
STAGE 1
Car park and
retail
STAGE 2
Specialist Medical
Centre
STAGE 3
Private Hospital with
airbridge to public
hospital

Activating Sustainably within Precincts
PRECINCT STRATEGY ALIGNED WITH SUSTAINBILITY STRATEGY
16
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
PLAYFORD HEALTH HUB
The Playford Health Hub will be an engaging community space that links
people to a healthy, vibrant and active life through a culture of wellness and
connection to nature. The Stage 2 Specialist Medical Centre actively seeks
to address sustainability including targeting a 6 star green-star rating. The
centrewill:
▸Be fully electric with the removal of all fossil fuels from
the building; and
▸Have a zero operational energy carbon footprint for
landlord controlled areas achieved through off-site
100% renewable energy.
Embodied carbon modelling has been undertaken with opportunities to
reduce the embodied carbon footprint of the building being activated within
the design.A Climate Change Adaptation Plan has also been developed,
identifying and responding to forecast impacts of climate change.
The Specialist Medical Centre will actively respond and positively contribute
to the environment in which it sits.
Artist’s impression of ~$165m
1
Playford Health Hub in Adelaide
1
Includes base build and hard fit-out costs

Balance Sheet Strengthened
NEW DEBT AND EQUITY RAISED OVER LAST 12 MONTHS
17
▸Tranches totallingA$175m secured on 7 year
terms, including the introduction of a new financier
to further improve lender diversity
▸Tranches totallingA$40m secured for a term of 5
years
▸A$100m multi-currency tranche for a 2.5 year term
▸Vital'snext refinancing event is in FY23
▸Successful completion of $115m Placement, fully
underwritten at $2.90 per unit (3.7% discount to 12
October 21 closing price)
▸Nearly two times oversubscribed
▸Allotment of 39,655,172 units for the Placement
occurred on 20 October 2021
▸UPP for $27.8m closed on 3 November 2021 at an
issue price of $2.852
1
1
2.5% discount to the volume weighted average price of Vital units traded on the NZX during the five
days up to and including 3 November 2021
Debt facility extension and expansionEquity raising
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

Annual Financial Statements
Grace Hospital
Tauranga, NZ

Questions
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
19
WRITTEN QUESTIONS
Questions may be submitted ahead of the meeting. If you
have a question to submit during the live meeting, please
select the Q&A tab on the right half of your screen at
anytime. Type your question into the field and press
submit. Your question will be immediately submitted.
HELP
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ASKING QUESTIONS

Re-election of
Andrew Evans
Andrew Evans
Independent Director

Voting
RESOLUTION 1 – THAT ANDREW EVANS BE RE-ELECTED AS AN INDEPENDENTDIRECTOR OF NORTHWEST
HEALTHCARE PROPERTIES MANAGEMENT LIMITED, THE MANAGER OF VITAL HEALTHCARE PROPERTY TRUST
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021
21
Vo t e Ty p eUnits Voted
% of Units
Voted
% of Total
Units
For
270,887,25889.9647.11
Against
22,472,2517.443.91
Discretionary
8,658,9722.871.51
Abstain
11,107,686N/A1.93
Once the voting has been opened, the resolutions and
voting options will allow voting.
To vote, simply click on the Vote tab, select your voting
direction from the options shown on the screen. You can
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General Business

Ascot Hospital
Auckland, NZ
Closing Remarks
THANK YOU FOR ATTENDING
TODAY’S ANNUAL MEETING

Disclaimer
24
This presentation has been prepared by NorthWestHealthcare 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 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 presentation or the information
contained in it after it has been released. Past performance is no indication of future
performance.
24
th
November 2021
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2021

---

PO Box 6945, Victoria Street West,
Auckland 1142

vhpt.co.nz
INDEPENDENT CHAIR & FUND
MANAGER ADDRESS FOR THE
ANNUAL MEETING
The following are the addresses of the Independent Chair and the Fund
Manager for the Vital Healthcare Property Trust Annual Meeting held on
a fully virtual basis through the Computershare Meeting Platform
https://meetnow.global/NZ on Wednesday, 24 November 2021
commencing at 10.00am.
___________________________________
Slide 1 – Cover slide
GRAHAM:
Welcome to the 2021 Annual Meeting of Vital Healthcare Property
Trust.
My name is Graham Stuart, and I am the Independent Chair of Vital
Healthcare Property Trust. Vital’s Supervisor has appointed me as Chair
of this meeting.

As you are aware, we are hosting a virtual meeting this year and as this
is our first fully virtual meeting, please accept our apologies in advance
if we experience any technological issues or if the meeting flow is
different from usual.
Today’s meeting is being held online via the Computershare Online
Meetings platform. This allows Unitholders, proxyholders and guests to
attend the meeting virtually. All attendees can watch a live webcast of
the meeting and read the associated company documents. In addition,
Unitholders and proxies have the ability to ask questions and submit
votes.

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

___________________________________
Slide 2 – Questions Instructions
If you are a unitholder or proxyholder and have a written question to
submit during the live meeting, please select the Q&A tab on the right
half of your screen anytime. Type your question into the field and press
send. Your question will be immediately submitted.
Should you require any assistance, you can type your query into the
Q&A tab and one of the Computershare team will assist with the chat
function and reply to your query. Alternatively, you can call
Computershare on 0800-650-034.
Please note that while you can submit questions from now on, I will not
address them until the relevant time in the meeting. Please also note
that your questions may be moderated or if we receive multiple
questions on one topic, amalgamated. Finally, due to time constraints
we may run out of time to answer all your questions. If this happens, we
will answer them in due course via email/posting responses on our
website.
Voting today will be conducted by way of a poll on all items of business.
In order to provide you with enough time to vote, I will shortly open the
voting for all resolutions.
___________________________________
Slide 3 – Voting Instructions
If you are eligible to vote at this meeting, you will be able to cast your
vote under the Vote tab. Once the voting has opened, the resolutions
will allow votes to be submitted. To vote, simply select your voting
direction from the options shown on screen. Your vote has been cast
when the green tick appears. To change your vote, simply select
‘Change Your Vote’. You have the ability to change your vote, up until
the time I declare voting closed.
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
2021 Annual Meeting of Unitholders of Vital Healthcare Property Trust
open. The resolutions will now be open in the vote tab, please submit

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

your votes at any time. I will give you a warning before I move to close
voting.
___________________________________
Slide 4 – Meeting Agenda
The order for the meeting is as follows:
 following general introductions, I will give my address;
 following my address, I will introduce Aaron Hockly to give his
Fund Manager’s address;
 Aaron will then table the Annual Financial Statements, following
which Aaron will pass back to me to invite questions on any
matter regarding the Trust or the presentations other than Andrew
Evan’s re-election;
 we then move to the formal business being the proposed
resolution that Andrew Evans be re-elected as an Independent
Director of NorthWest Healthcare Properties Management Ltd,
Vital’s Manager, which will include an address by Andrew 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.
Copies of the minutes of last year’s Annual Meeting are available on
Vital’s website vhpt.co.nz.
__________________________________
Slide 5 – Board of the Manager
I will now introduce to you who we have on-line today. The full Board of
the Manager is attending, let me introduce
Paul Dalla Lana, Andrew
Evans, Craig Mitchell, attending his first Unitholders ’meeting as a
director of the Manager, and
Dr Michael Stanford.

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

__________________________________
Slide 6 – In Attendance
I would also like to welcome:
Vital’s Fund Manager, Aaron Hockly
Along with, Justine Wealleans and Evan Kennerly from Trustees
Executors Limited, the Supervisor of the Trust
Silvio Brunisma from Deloitte, the auditors of the Trust, and
Toby Sharpe from Bell Gully, legal advisers to the Manager.
We also have several of NorthWest’s senior executive team attending,
including:
Chris Adams, Executive Director - Projects,
Alex Belcastro, Senior Vice President – Medical Precincts
Michael Groth, Chief Financial Officer,
Vanessa Flax, Regional General Counsel and Company Secretary, and
Richard Roos, Executive Director – Portfolio.
_________________________________
Slide 7 – Address of the Independent Chair of the Manager
Following another very successful year for the Trust, it gives me great
pleasure to deliver this address as Independent Chair of the Manager.

__________________________________
Slide 8 – Comparative Returns
As shown on the graph in the presentation in front of you, Vital once
again outperformed both the NZX50 index and the NZX All Real Estate
indices and recorded a 13.2% total return for the 12 months ended 30
September 2021.
This significant outperformance highlights the defensive nature of
healthcare real estate compared to other real estate classes and the

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p5

resilience of hospital operators, at a time where COVID 19 has
impacted the wider economy.
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 dollars in
October and November 2021 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 8.875 cents per unit in distributions over the 2021 financial
year and we have provided guidance of 9.5 cents for the current
financial year.
__________________________________
Slide 9 – Key achievements over the last 12 months
The past year has been a very active one for your Board,
notwithstanding the impacts of COVID-19, interest rates at historic low
levels and large amounts of liquidity in our markets that have intensified
competition for quality real estate assets.
Last year we announced our new 5-year portfolio strategy, that included
ambitious targets for earnings (AFFO) growth per unit, investment
strategy including asset types, asset allocations, development exposure,
asset locations and other key quantitative and qualitative factors.
This year the Manager supported by the NorthWest teams in Australasia
and Canada has pursued this strategy in a disciplined and focussed
manner.
In October and November last year we successfully raised 157.5 million
dollars by way of an Institutional Placement and a Unit Purchase Plan,
both of which were well oversubscribed.
Since balance date we have successfully raised a further 142.8 million
dollars of equity through an oversubscribed 115 million dollar
Institutional Placement and a 27.8 million dollar Unit Purchase Plan.

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

Late last year we announced the 95 million dollar acquisition of Grace
Hospital in Tauranga as well as two divestments in NSW and one in
Tasmania totalling 100 million dollars.
In February we announced the acquisition of a 5,333m2 development
site in Box Hill, Melbourne that will accommodate an ambitious
expansion of Epworth Eastern private hospital over time.
In June we announced the 83 million dollar acquisition of Epworth
Camberwell private hospital in Melbourne.
We also announced the acquisition of three further development
properties, one in Brisbane, one on the Gold Coast and one in
Auckland. These development properties will support the achievement of
our 5-year strategic goals.
These acquisitions and divestments represent a small part of the activity
undertaken this past year; Aaron Hockly will provide greater detail in his
report.
The Board has also focussed on several key governance and other
initiatives over the last 12 months.
I was appointed as Independent Chair at the conclusion of the last
Unitholders’ meeting in November last year.
Bernard Crotty retired from the Board in June this year and was
replaced by Craig Mitchell.
Bernard served on the Board of the Manager for 9 years, a period in
which the Trust has seen very significant growth and investment returns
consistently above those achieved by the NZX 50 and the NZX All Real
Estate indices.
I take this opportunity to thank Bernard for his service.
Craig brings a strong background in real estate and development to the
Board. He is the Regional CEO of NorthWest, Australia, and New
Zealand, as well as President of NorthWest REIT. His previous roles

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

include being CEO for one of Australia's largest private construction
groups and COO for one of Australia's largest listed property groups.
The Board is coming to the end of a phase of renewal, with myself, Dr
Stanford and Craig all being appointed within the past 3 years.
The Board is conscious of the need to balance institutional knowledge
and continuity with fresh ideas and new perspectives and will continue
to ensure that we have the right mix of skills and experience around the
Board table to manage the fund and serve Unitholders’ interests well.
__________________________________
Slide 10 – Address of the Fund Manager
It is my pleasure to now introduce Aaron Hockly, Vital’s Fund Manager.

AARON: Thank you Graham.
Kia ora koutou katoa. Good morning everyone.
I would to start by thanking the Board and staff of Vital’s Manager as
well the wider NorthWest team both in this region and globally. It has
been a very challenging year primarily due to the on-going impacts of
COVID-19. As you will be aware, this has continued to have a
significant impact people and their families and their day-to-day living
including our staff. Most of my colleagues in this region are located in
Melbourne, a wonderful city familiar with being the global leader in
many things. However, being the most locked down city in the world
over the past year has not been a cause of celebration. Our other two
key regional offices in Auckland and Sydney have also experienced and
continue to experience lockdowns and other significant impacts. My
experiences of homeschooling over the last few months have certainly
helped me empathize with how much peoples’ lives have been
upended.
Despite these challenges we have continued to achieve significant
success both in the financial and operating results I will touch on shortly
but also in setting up the Trust for future success.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p8

Much work has been undertaken across all areas from risk, to branding,
to staff development, and most importantly for Unitholders the portfolio
itself including leasing, acquisitions, asset sales, developments and
sustainability.
I would also like to acknowledge our tenants including hospital
operators, aged care operators and other specialist medical, diagnostic,
nursing, and therapeutic providers. Lockdowns and other COVID-19
related restrictions have presented significant challenges for healthcare
providers. In spite of these challenges, our operating partners have
continued to provide outstanding care for communities across Australia
and New Zealand. Private healthcare operators play a key role in the
healthcare ecosystems of both countries from medical imaging to
surgery to caring for people at the start and ends of their lives. These
are services which our public systems rely on to function and this has
been highlighted through the pandemic.
As a final initial acknowledgement, thank you to public health providers
across Australia and New Zealand particularly front-line health workers.
As challenging as the last few months have been for all of us, we should
be very grateful for the people who kept us safe, worked even longer
shifts than normal and who continue to put community needs ahead of
their own.
__________________________________
Slide 11 – Operational Highlights
Since I presented to you 12 months ago, Vital has recorded success
across all key areas. In FY21, we delivered 11.54 cents per unit in
AFFO or cash earnings; 10.4% above FY20. We remain on track to
achieve guidance of at least 11.8 cents per unit this financial year which
is over 2% year on year growth and within our target of 2-3% growth
per unit per annum.
Growth in AFFO has enabled us to continue to grow distributions to
Unitholders which we are guiding at 9.5 cents per unit; 7% above the
last financial year.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare Properties Management Limited p9

This growth in earnings and distributions per unit is despite raising
capital to lower balance sheet gearing to a conservative 34%.
Vital’s enviable portfolio of high-quality hospitals and other health and
aged care facilities continues to support dependable and growing
unitholder returns. Key features include a market-leading weighted
average lease expiry term otherwise known as WALE or WALT of over
18 years to some of Australasia’s leading healthcare operators. We
have continued to enhance the portfolio through the sale of non-core
assets and over 60,000 square metres of leasing.
The strong performance of our tenants enabled over 99% of rent to be
collected over the last 12 months.
Acquisitions and developments are a key source of future earnings
growth for Unitholders, and we are seeking to continue to prudently
grow the portfolio. Over 430 million dollars of acquisitions were
completed over the last 12 months representing over 20% of the
portfolio value. These acquisitions include large income producing
assets as well as sites that we will develop for healthcare operators in
coming years.
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Slide 12 – Property Portfolio
At 31 October, Vital’s portfolio was valued at 2.7 billion dollars across
42 assets in New Zealand and Australia. This bulk of this value is
comprised of private hospitals but with an important and growing
exposure to ambulatory and aged care facilities. We will look to expand
across all three of these subsectors potentially adding life sciences
should appropriate opportunities become available.
This 2.7-billion-dollar portfolio valuation is before any changes to
market capitalisation rates or other revaluations which may be recorded
at 31 December, noting that Australia in particular is continuing to see
significant cap rate compression for healthcare properties. Our
weighted average cap rate of 4.86% compares favourably against many
of our peers in Australia and New Zealand.

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As noted previously, we have continued to replenish our development
pipeline. Committed developments currently totals 460.2 million dollars
with 276 million dollars or work left to complete. We are targeting
having 10-15% of the portfolio under development at any time allowing
us to continue to deliver market-leading healthcare facilities particularly
as models of care evolve and community expectations around
sustainability increase.

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Slide 13 – 5 Ye a r Portfolio Strategy
We have continued to deploy Vital’s 5-year portfolio strategy which at its
core seeks to continue to deliver earnings and valuation growth for our
Unitholders. 18 months ago we had been targeting increasing the
portfolio’s value to around 3 billion dollars over 5 years. This seemed
ambitious at the time, however we have made and continue to make
substantial progress on delivering this. Importantly, the portfolio strategy
does not seek growth for growth’s sake but growth to enhance
unitholder returns and includes the sale of assets to improve the overall
portfolio. To this end, over $100m of assets were sold over the last 12
months at a premium to book value.
In addition to the 286 million dollars of acquisitions completed over
FY21, we recently acquired Tennyson Centre in Adelaide for 93 million
Australian dollars. Tennyson Centre is one of South Australia’s leading
cancer centres of excellence and we have already agreed to extend the
lease of one of the core tenants by 10 years.
We are also in the process of acquiring Hutt Valley Health Hub in
Wellington for approximately 46.5 million dollars with pricing
dependent on the amount of development land included. This asset is
adjacent to Vital’s existing asset Boulcott Hospital and forms part of the
Hutt Hospital precinct. We will look to master plan these sites, including
the development land we own here, in conjunction with the hospital
operator.

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Finally, we sold Gold Coast Surgical Centre for 13 million Australian
dollars; approximately 5% above its book value. This removed several
existing and potential vacancies from the portfolio.
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Slide 14 – New Zealand Hospital Developments
We are fortunate to have exceptional relationships with hospital
operators. In New Zealand, this includes the three largest private
hospital operators who together. We have recently agreed terms with
two of these, Evolution Healthcare and Southern Cross, to undertake 74
million dollars of additional developments at their existing facilities
including:
 Grace Hospital in Tauranga which we acquired in late 2020,
 Royston Hospital and the neighbouring day surgery unit in
Hastings, and
 Wakefield and Bowen Hospitals in Wellington.
All of these expansions are supported by very favourable business cases
and the strength and closeness of our relationship with these operators
means that we can adjust our support as required. An example of this is
Wakefield Hospital where we are building not just for immediate use but
with significant expansion capacity in light of the strong and growing
demand for Evolution’s services. Our relationship with Evolution is built
on trust and transparency and is one of our key and growing
relationships.
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Slide 15 – Delivering Value for Unitholders
Playford Health Hub is an example of what Vital is known best for –
development and delivery of world-class healthcare precincts.
Acquired in two stages, this property was originally a dilapidated
shopping centre. Its location next to one of South Australia’s main
public hospitals as well as NorthWest’s significant development

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expertise made it an excellent acquisition and development target
consistent with our precinct and portfolio strategies.
Construction of the first stage of this development, primarily carparking
for the public hospital majority leased to the South Australian
government completed this month at a total cost of 24 million
Australian dollars.
We will commence construction of stage two, a 49 million Australian
dollar specialist medical centre 60% pre-leased, in mid-2022.
Earlier today, we announced that we have signed an MoU with Calvary
Healthcare, one of Australia’s leading catholic hospital and aged care
operators, to lease and operate a new 93 million Australian dollar
private hospital which will comprise stage 3 of this development. Vital’s
investment in this precinct will be in excess of 130 million dollars with
healthcare operators, notably Calvary, also investing significant capital
in the precinct.
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Slide 16 – Activating Sustainability within Precincts
It goes without saying that sustainability is growing in importance
globally. To date, healthcare and healthcare property has lagged other
sectors in terms of sustainable development. However, this is rapidly
changing. We note the sustainability commitments by governments and
hospital operators as well as growing demands from our Unitholders
and other stakeholders.
Vital participated in the Carbon Disclosure Project or CDP for the
second time this year. We expect to participate in the Global Real Estate
Sustainability Benchmark or GRESB in 2022. We are using the learnings
and results of these external benchmarks to improve our sustainability
performance particularly in relation to the environmental impact of our
buildings.
The most meaningful contribution we can make is our developments
particularly those where we retain operational control of the building as
will be the case for stage two of Playford Health Hub. This specialist

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medical centre is targeting a 6 star green star rating, will be fully electric
and will have a zero operational energy carbon footprint.
It is also important to note that Playford Health Hub, like most of our
facilities, will play a key role in the health and wellbeing of the
community’s residents. The project is being delivered in conjunction with
partners such as SA Health and Calvary who are positively contributing
to community wellbeing.
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Slide 17 – Balance Sheet Strengthened
Finally, to our capital providers including Unitholders and debt providers
without whom we obviously could not exist and who supported a
significant strengthening of our balance sheet over the last 12 months.
Our debt funders, currently all banks, increased from two to five during
the year with debt maturities extended. We have also reset our debt
facilities to enable a long-term debt capital markets issuance and are
aiming to undertake our first issuance this financial y e a r.
We undertook a 115 million dollar Placement in October 2021 almost
solely to existing Unitholders.
The issue price was 2 dollars and 90 cents; slightly above NTA and a
3.7% discount to the previous trading price representing one of the
tightest discounts of any recent equity raising.
The Placement was nearly two times oversubscribed and was scaled
back based on unitholder holdings on the record date.
NorthWest committed to taking up at least its pro-rata and the balance
was fully underwritten by Goldman Sachs and Forsyth B a r r.
To enable retail holders not represented by a sharebroker to participate
in the capital raising, we undertook a follow-on unit purchase plan or
UPP at a slight discount to the placement. The initial 25 million dollars
we had allocated for the UPP was oversubscribed so we elected to
increase this to 27.8 million dollars reflecting the full amount of the

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oversubscription. This enabled 100% of Unitholders who elected to
participate to do so at the full amount of their application. Nearly 5,000
individual Unitholders participated in the U P P, the vast majority of whom
were retail holders.
The 142.8 million dollars raised through the Placement and the UPP
has reduced balance sheet gearing to approximately 34% although the
proceeds will ultimately be used to fund Vital’s development pipeline.
Thank you to our institutional and retail investors as well as our debt
providers for your on-going support.
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Slide 18 – Annual Financial Statements
The Annual Report and Financial Statements for the year ended 30 June
2021 have been circulated to all Unitholders and are now formally
tabled at the meeting.

I will now pass back to our Chair Graham Stuart.
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Slide 19 – Questions
GRAHAM:

Thank you, Aaron.

If there are any questions relating to the Tr u s t or the presentations now is
the opportunity to raise them. Only Unitholders or proxyholders are
permitted to ask questions. Yo u may ask questions through the
Computershare platform. Questions will be moderated by
Independent
Director, Dr Michael Stanford who will read questions aloud for all to
h e a r.

Those wanting to ask a question online, please do so as early as
possible to ensure it is received and answered.

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In consideration for other Unitholders, we ask that any questions that
relate to your personal situation or unitholding be dealt with outside of
the meeting with management via email or phone.

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

Thank you for your questions and comments.
_________________________________
Slide 20 – Re-election of Andrew Evans
I would now like to move to the formal business of the Meeting, the
proposed re-election of Andrew Evans.
The vote will be conducted by poll comprising the proxies lodged in
advance of the meeting and votes lodged through the Computershare
platform.
I would like to invite Andrew to address the meeting.

ANDREW: [Andrew’s address]
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Slide 21 – Voting
GRAHAM:
Thank you, Andrew. 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 clicking “for ”, “against” or
“abstain” through the Computershare platform. Your vote has been cast
when the green tick appears. To change your vote, simply select
‘Change Your Vote’. You have the ability to change your vote, up until
the time I declare voting closed, and a reminder will be given 20
seconds on screen before I close voting. Once voting has closed, you
will not be able to amend your vote.

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While votes are being cast, we welcome you to watch a flythrough of
the Playford Health Hub precinct.

[Playford Health Hub Flythrough]

Voting is now closed.

The results of these votes will be released to the stock exchange later
today.
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Slide 22 – General Business
I will now open the meeting for any general business.
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Slide 23 – Closing Remarks
There being no further business, may I wish you all a merry and COVID-
free festive season and a healthy and prosperous New Ye a r.
Thank you for attending the meeting today.