Vital announces Third Quarter Results

Dear Unitholders,
During the quarter, Vital announced
the acquisition of development
land to expand “The Hills
Clinic” an existing mental health
facility in north-west Sydney.
The land will be leased to Aurora
Healthcare as part of the existing
lease (25 years remaining) enabling
a ~A$50m
1
expansion of the
existing hospital at an initial yield
of ~5%. Aurora is Australia’s largest
specialty private mental health
provider with 1,000 beds across 16
facilities. Following completion of
this expansion and other committed
development projects, Vital will have
~1,300 mental health beds in its
portfolio (all currently in Australia).
Also during the quarter, Vital
acquired 27,840 square metres
of land in western Sydney
which is expected to be
developed in three stages:
1. ~A$52 million
1
, four-storey
cancer centre of excellence
pre-leased to GenesisCare
for an initial term of 15 years
providing a net yield on costs
of ~4.0% with annual fixed
increases. An artist’s impression
is above. GenesisCare is one
of the leading providers of
integrated cancer care globally
with 350 clinics across the
US, UK, Australia and Spain.
Development is expected to
take approximately 16 months
from early to mid 2022.
2. ~10,000 square metres of land
for development of a proposed
day surgery and mental health
facility. Advanced discussions are
underway with one of Australia’s
largest hospital operators
in relation to this potential
development. Final costs, timing
of spending and nature of
development are dependent
on finalising agreements with
a suitable tenant or tenants.
3. ~13,000 square metres of
land for future healthcare
and ancillary development
which may include education
and research related uses.
Upgraded FY22 AFFO guidance:
at least 11.90 cpu
2
; 3.2% above FY21
Upgraded distribution guidance:
9.75 cpu (annualised)
Third Quarter Update
1 JANUARY 2022 – 31 MARCH 2022
TOTAL RETURN 12 MONTHS
TO 31/03/2022
15.0%
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY22 | 1
Artist’s Impression of a four-storey cancer centre of excellence fully pre-leased to GenesisCare in Sydney.
1
Includes land acquisition payment
2
cpu = cents per unit

Acqusition of Kawarau Park Health Precinct, Queenstown for $95m
2
in April 2022
In early April 2022 (after the
end of Q3), Vital announced:
PAYMENT DATE
23 JUNE 2022
Ex date
8 June 2022
CASH
DISTRIBUTION
IMPUTATION
CREDITS
ANNUALISED
DISTRIBUTION
DRP DISCOUNT
2.4375 cpu
0.3122 cpu
9. 75 cpu
1.0%
GROWTH
5.6%
DRP
active
Q3 Distribution
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY22 | 2VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY22 | 3
4
Includes acquisitions announced / entered into after 31 March 2022 as referred to above. All figures calculated by income. Figures may not sum due to rounding.
3
Completion of the acquisition is subject to a number of conditions, including the completion of due diligence, board and supervisor approval
and the tenant at the property agreeing to waive pre-emptive rights to purchase the property and approving Vital as the purchaser.
Metro sports facility
(in construction)
Hospital and related
68 Asaph St
CDHB multi deck
staff carpark
CDHB head office
Manawa Building
Public outpatient
clinic
Public hospital
energy centre

/boiler house
(in construction)
and existing labs
Public Hospital
Portfolio Overview
4
1
Three high-quality asset
acquisitions in Christchurch,
Queenstown
3
and Auckland
with an aggregate acquisition
price of ~$168 million,
including Vital’s strategic
entry into the South Island;
2
An increase in committed
developments by
~$54.5m enabling the
expansion of two hospitals
in Auckland; and
3
A$200m equity raising
through a 1 for 8.54
underwritten pro rata
accelerated entitlement
offer at $2.95 per unit.
The rights offer is due to
close on 12 May with
proceeds used to support
the above acquisitions
and developments.
Details available at
www.vitalunitoffer.co.nz
4
The retirement of Andrew Evans and the appointment of Angela Bull
as a new independent director and member of the Audit Committee.
Angela is based in Auckland, is CEO of Tramco Group (NZ owned
property investment company) and an independent director of the
Real Estate Institute of NZ and Foodstuffs (among other roles).
Aaron Hockly
Fund Manager
12 May 2022
Thank you for your ongoing support for Vital.
~$3.2bn17. 6
years
78.3%
Sub-sector exposure
15.0%
Sub-sector exposure
6.7%
Sub-sector exposure
WEIGHTED AVERAGE LEASE EXPIRY
HOSPITALS
PORTFOLIO VALUE
AMBULATORY CARE
GEOGRAPHIC DIVERSITY
AGED CARE
70%30%
AUSTRALIANEW ZEALAND
Post acquisitions and the $200m
equity raising, Vital’s balance sheet
gearing will be ~33.8%.

68 St Asaph Street, Christchurch, acquired for $50.7m in April 2022.
YEAR-TO-DATE UPDATE
Year-to-date Financial Performance (unaudited)
Q3 UPDATE
Like-for-like Financial Performance (unaudited)
Financial Position (unaudited)
For the period
9 months to
31 Mar 22
$000s
9 months to
31 Mar 21
$000s
Variance
$000s
Change
%
Gross property income 105,729 94,373
Property expenses (16,367) (12,664)
Net property income 89,362 81, 70 9 7,653 9.4%
Corporate expenses (2,986) (4,041)
Strategic transaction expenses (283) -
Management fees (base & incentive) (22,299) (15,498)
Net finance expenses (20,638) (20,017)
Operating profit 43,156 42,153 1,003 2.4%

Non-operating gains/(losses)
Fair value gain/(loss) on investment property 186,343 84,527
Net gain/(loss) on disposal of investment property 767 (1,616)
Fair value gain/(loss) on derivatives 41,728 20,812
Realised & unrealised gain/(loss) on foreign exchange (148) (1,929)
Profit/(Loss) before income tax 271,846 143,947 127,899 88.9%
Current and deferred taxation (42,112) (18,761)
Profit/(Loss) for the period attributable to unitholders of the Trust 229,734 125,186 104,548 83.5%
Funds from Operations (FFO) 50,329 4 3 , 919 6,410 14.6%
Adjusted Funds from Operations (AFFO) 50,031 42,874 7,157 16.7%
AFFO per unit 9.04 8.73 0.32 3.6%
Weighted average units on issue (000s) 553,592 491,19062,40212.7%
Average NZD/AUD exchange rate 0.9469 0.9314
For the period
3 months to
31 Mar 22
$000s
3 months to
31 Mar 21
$000s
Variance
$000s
Change
%
Gross property income 31,778 27,923
Property expenses (6,390) (3,187)
Like-for-like net property income25,38824,736 652 2.6%
Net property income from acquisitions 2,604 -
Net property income from disposals - 224
Net property income from developments 4,232 3,126
Straight-line rent (535) (520)
Non-recurring items (144) (17)
Foreign exchange (106) -
Net property income31,43927,549 3,889 14.1%
As at
31 Mar 22
$000s
31 Dec 21
$000s
Variance
$000s
Change
%
Assets
Investment properties 3,087,287 2,941,165 146,122 5.0%
Other assets 38,154 55,379
Liabilities
Borrowings 1,065,320 995,508 69,812 7.0%
Other liabilities 189,040 201,498
Debt to gross assets34.1%33.2%0.9%
Total unitholders' funds 1,871,081 1,799,538 71,543 4.0%
Units on issue (000s) 579,044 577,415
Net tangible assets ($/unit)3.233 .120 . 113.5%
Period end NZD/AUD exchange rate0.92700.9411
Vital recorded a strong uplift in rents
primarily reflecting CPI linked leases.
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 | THIRD QUARTER UPDATE FY22 | 4VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY22 | 5
Vital’s net tangible assets (NTA) was $3.23 per unit at 31 March 2022. This represents 3.5% growth
over Q3 reflecting rental growth during Q3 and mark-to-market changes in Vital’s derivatives.

DevelopmentDevelopment work being undertaken
Development
cost
5
Spend
to date
Forecast
completion
date

Australia

(A$m)

(A$m)
Belmont Private
Hospital (QLD)
48 new inpatient beds, 13 private practice
consulting suites and 70 new car parks
22.69.7Late-22
Playford Health Hub
Stage 2 (SA)
Specialist Medical Centre - Radiology,
Oncology, Radiotherapy, Consulting
39.34.4Late-23
Abbotsford Private
Hospital (WA)
47 beds, parking, therapy rooms and admin18.69.7Late-22
Eden Rehabilitation (QLD)New 26 bed mental health ward, rehab
unit and refurbishment of existing wards
4.83.0TBC
Total Australian Developments85.326.8

New Zealand

(NZ$m)

(NZ$m)
Wakefield Hospital
Stage 2, Wellington
Staged demolition and redevelopment
of entire hospital
91. 519 . 5Late-24
Ormiston Hospital, AucklandStage 1 - 3 Level expansion of existing hospital 38.12.7Late-23
Grace Hospital, TaurangaFitout of 2 theatres, new endoscopy room, PACU
redevelopment, 10 additional ward rooms,
admissions area alterations & redevelopment
of clinical staff and stores/loading areas
31 . 72.5Late-23
Royston Hospital,
Hawke's Bay
Stage 2 - Fitout of 2 operating theatres and PACU 6.30.3Mid-22
Bowen Hospital, WellingtonOT5, Consulting and Ward refurbishment6.31.0Mid-23
Boulcott Hospital, WellingtonTwo new theatres, PACU expansion and
conversion of double rooms to singles
7. 70.0TBC
Total New Zealand Developments181. 626.0
Total Developments in $NZD
6
273.755.0
5
Excludes land
6
A$ converted at 31 March 2022 spot rate 0.9270
Committed Developments
vhpt.co.nz
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY22 | 6
Artist’s impression of Ormiston Hospital expansion in Auckland