Vital 2022 Annual Meeting

Annual Meeting
1 DECEMBER 2022

Questions
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A S KI N G Q U E S T I O N S

Voting
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Presented by:
4
Meeting Agenda
▸Introduction from the Independent Chair of the Meeting
▸Address of the Independent Chair of the Manager
▸Address of the Fund Manager
▸Adoption of Annual Financial Statements
▸Questions
▸Election of Angela Bull
▸General Business
▸Closing Remarks
▸Refreshments
Graham Stuart
Independent Chair
Aaron Hockly
Fund Manager
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All amounts are in NZD unless otherwise shown
All numbers shown as at 30 September are unaudited unless stated otherwise

Paul Dalla Lana
—
Director
*
Board of the Manager
VITAL’SM A N A G E R H A S A M A J O RI T Y O F I N DE P E N D E N T DI RE C T O R S
5
Graham Stuart
—
Independent Chair
Angela Bull
—
Independent Director
Dr.Michael Stanford
—
Independent Director
*
Craig Mitchell
—
Director
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*
attending virtually

In Attendance
I N P E RS O N O R V I RT U A L L Y
6
Aaron Hockly
Fund Manager –Vital
Michael Groth
Chief Financial Officer
*
Justine Wealleans
Trustees Executors Limited
Silvio Bruinsma
Deloitte
Andrew Boivin
Deloitte
Rebecca Clark
Deloitte
Toby Sharpe
Bell Gully
Chris Adams
Executive Director, Projects
SUPERVISOR, AUDIT AND LEGAL
MANAGEMENT TEAM
Richard Roos
Executive Director, Portfolio
Vanessa Flax
Regional General Counsel and Company Secretary
1
Evan Kennerley
Trustees Executors Limited
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*
virtually

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

Review of Previous 12 Months
G O V E RN A N C E A N D O T H E R I N I T I A T I V E S T H A T B E N E F I T U N I T H O L D E RS
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Retirement of Andrew Evans as
an Independent Director and
appointment of Angela Bull as
an Independent Director
In October 2022, Vital achieved a 5-star rating
from independent standards organisation
GRESB (formerly known as the Global Real
Estate Sustainability Benchmark) among other
notable achievements
Three year Keystone Scholarship Partner
programmethrough an annual
scholarship, mentoring and support to a
student from the University of Auckland
$379m of new equity
capital raised primarily
from existing unitholders
Governance policies reviewed
and modernisedincluding
revised Statement of
Investment Policy and
Objectives
Distribution
growth
Continued investment in,
and development of,
healthcare real estate
through COVID-19

Address by the
Fund Manager
Aaron Hockly
Fund Manager -Vital

Overview of Vital
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WALE
17.0years
22%
7%
4%
3%
▸Third largest NZX listed property group;
▸Externally managed by a subsidiary of
Toronto-listed, global healthcare real
estate owner and manager, NorthWest
Healthcare Properties REIT (TSX ticker:
NWH);
▸Underpinned by rental income that
tracks inflation with ~80% of lease
income indexed toCPI in some way;
and
▸Targeting 2–3% AFFO and DPU growth
per annum over the medium term, whilst
retaining aconservative pay-out ratio.
Vital Healthcare Property Trust (Vital) is:
25%
11%
27%
47 properties (AUS & NZ)
~$3.6bn
16 properties (NZ)
~$1.1bn
31 properties (AUS)
~$2.6bn
70%
30%
All figures as at 30 September 2022. Numbers may not include strategic assets

Operational Highlights
S I G N I F I C A N T A C H I E V E M E N T S I N F Y 2 2 A N D S U B S E Q U E N T L Y
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▸3.3% increase in AFFO per unit (FY22)
▸FY23 distribution guidance of 9.75 cpu; 1.2% above FY22
▸2.9% per annum growth in distributions over last 3 years
▸12.8% increase in net property income over FY22 (ex forex)
▸>99% of rent collected for FY22 and subsequently
Financial
▸$287m of acquisitions completed in FY22
▸10 developments and 2 fund through developments
underway with ~$257m left to complete
▸Any new developments to reflect market conditions
Acquisitions and Developments
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Targeting 2-3% AFFO and distribution growth per unit per annum over the medium term

Operational Highlights (cont'd)
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▸Long 17.0-year WALE
maintained
▸Non-core asset sales continue
to be considered in line with
Vital’s5yr Strategy
▸Over 80% of rent reviews are
linked to CPI
▸If inflation remains above 4%,
over 70% of the CPI linked
reviews will achieve a 4% or
higher review this year
Portfolio
1
next 12 month rent reviews
Rent Review Breakdown
1






























CPI Linked Reviews

Sustainability
5-S T A R E S G RA T I N G ; RA N KE D I N T O P Q U A RT I L E G L O B A L L Y F O R L I S T E D H EA L T H C A R E RE A L E S T A T E
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In October 2022, Vital achieved a 5-star rating from
independent standards organisationGRESB (formerly
known as the Global Real Estate Sustainability
Benchmark) among other notable achievements.
Vital’sGRESB results include top
quartile in listed healthcare.
Construction has commenced for Stage 2
of the ~A$165 million Playford Health
Hub in Adelaide, South Australia.
The development will be South Australia’s
first 6-star Green Star registered Medical
Office Building, and when complete will
be powered by 100% renewable energy.
First "6-star Green Star" registered
Medical Office Building in South Australia
Vital’sMacarthur Health Precinct in
Campbelltown, NSW is targeting a 5-
Star Green Star Communities rating.
The Precinct is the first health precinct
in Australia to have registered with
Green Star Communities.
First "Green Star Communities"
Registered Health Precinct
During FY22, Vital and NorthWestjoined the
New Zealand Green Building Council and
the Green Building Council of Australia
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NWH released its first Sustainability Report for its
global operations including Vital. View the report at:
https://nwhreit.wpengine.com/wp-content/
uploads/2022/08/nwh-sustainability-report.pdf

Having identified the opportunity
within the Box Hill Health and
Education Precinct to co-locate a
private hospital with the existing
public hospital, Epworth Eastern
Private Hospital completed in
2005, consisting of 208 beds,
eight operating theatres,
associated radiology, pathology
and consulting suites.
Subsequent expansion of
the Epworth Eastern Tower
was announced in 2018
responding to the precinct's
growth requirements.
Development Case Study -Epworth Eastern Precinct
N O R T H W E S TH A SAL O N G S T A N D I N GP A R T N E R S H I PW I T HEPW O R T HH E A L T H C A R E
H E L P I N GVITALD E V E L O PT H I SP R E C I N C TO V E R20Y E A R S
$97m
total cost
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March2022
completion
~5.8%
fully let blended yield
20.5 years
WALE

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As part of the acquisition, Vital
committed to funding
masterplanned works at Grace
Hospital over five years from
settlement of the transaction.
The development spend
is forecast to increase
the value of Grace
Hospital by over 25%.
Late2023
expected completion
$31.7m
project value
5.3%
yield
$6.9m
1
spend to date
Development CaseStudy-Grace Hospital
I N L A T E 2 0 2 0 V I T A L A N N O U N C E D T H A T I T H A D A C Q U I R E D G R A C E H O S P I T A L
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As at 30 September 2022

Debt Position as at 30 September 2022
I N C RE A S E D W E I G H T E D A V E RA G E DE B T DU RA T I O N A N D A V A I L A B L E H E A DRO O M F O R U T I L I S A T I O N
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Bank Facilities30 September 202230 September 2021
Debt to gross assets (Trust Deed)
1
32.9%36.6%
Bank loan to value ratio -actual
2
35.4%39.7%
Bank loan to value ratio -covenant55.0%55.0%
Weighted average duration to expiry3.6 yrs2.5 yrs
Undrawn facility limit (A$)$164.7m$141.8m
Debt Duration Profile –30 September 2022 (A$)
70.9% of drawn debt is
hedged (fixed for a weighted
term of 3.6 years)
3
Hedging Profile
3









1
Trust Deed debt ratio is based on total borrowings to gross asset value of the Trust
2
Bank LVR is based on total indebtedness to secured property value as determined by external valuers
3
An additional A$90m in forward dated interest rate swaps have been transacted lifting proforma hedging from 63.4% to 70.9%

Financial Position at 30 September 2022
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$3.6bn
Investment properties Units on issue
DebtDebt to gross assets
NTA per unit
656.1m
$1.2bn32.9%
$3.38

Valuations and Recent Transactions
T RA N S A C T I O N E V I DE N C E
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A number of key healthcare transactions have settled or are nearing completion in the current economic
environment, highlighting the continued strong investment appetite for the sector.
Overview of key transactional evidence on the following slide provides support for Vital'scurrent valuations
with a weighted average cap rate of 4.58% and a range of 4.3-8.8% (both at 30 June 2022).
High proportionate
volume of new
development and capital
partnering opportunities
1
Yields ranging from
4.00% -4.65%
(excluding aged care)
2
Aged Care transaction
of ~5.25%, reflects near
record yield for sector
3
Larger transactions are being
competed for by Australia’s
largest institutional investors,
some with no previous
healthcare exposure
4
Healthcare real estate is very different to other property sectors
Modest downward
adjustments of
healthcare property
valuations expected

Resilience of Healthcare Assets
19
Strong ongoing
demand for
healthcare real
estate
Healthcare operator
earnings are not correlated
to business or economic
cycles
Distribution guidance of 9.75cpu is unchanged. Also unchanged is our core
goal of growing AFFO by 2-3% per unit per annum over the medium term
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Premium healthcare
assets not exposed to
level of technological
disruption as office, retail
and other sectors
Growing rents due
to higher CPI

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Comparative Returns
DE S P I T E RE C E N T N E G A T I V E RE T U RN S DU E T O F A L L I N G S H A RE M A R K E T S ( G L OB A L L Y )
V I T A L M A I N T A I N S L O N G-T E RM O U T P E RF O R M A N C E V S B E N C H M A R K O N A T O T A LRE T U RN
1
B A S I S
▸Outperformance over the last 12 months, highlighting the
defensive nature of healthcare real estate versus other real
estate classes
▸4.1% outperformance versus NZX REIT benchmark over the past
10 years, and outperformaceof 1.0% versus NZX 50
▸Long-term outperformance versus both the NZX and the NZX
Real estate Index highlights the resilience of healthcare property















Source: Forsyth Barr
1
Total returns measured by change in unit price plus post-tax distributions to 30 September 2022
2
S&P/NZX All Real Estate Index and S&P/NZX 50 Index data from 31 December 2004, being the
inception date of the NZX All Real Estate Index
TOTAL RETURN TO 30 SEPTEMBER 2022 P.A.1YR5YR10YR
SINCE
INCEPTION
2
VHP-13.9%6.4%12.1%12.4%
S&P/NZX All Real Estate Index-19.9%5.3%8.0%7.8%
S&P/NZX 50-16.6%6.9%11.2%7.8%
Vital’sperformance vs NZX REIT6.1%1.0%4.1%4.6%
Vital’sperformance vs NZX 502.8%-0.5%1.0%4.6%

Annual Financial Statements
Kawarau Park Health Precinct
Queenstown, NZ

Election of
Angela Bull
Angela Bull
Independent Director

Voting
RE S O L U T I O N 1 –T H A T A N G E L A B U L L B E A P P O I N T E D A S A N I N DE P E N D E N T DI RE C T O R O F
N O RT H W E S TH E A L T H C A R E P RO P E R T I E S M A N A G E M E N T L I M I T E D, T H E M A N A G E R O F V I T A L H E A L T H C A R E P RO P E R T Y T RU S T
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Vote TypeUnits Voted%of Units Voted% of Total Units
For
386,137,15197.66%58.85%
Against
40,8160.01%0.01%
Discretionary
9,216,2262.33%1.4%
Abstain
14,153n.a.0%

General Business

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

Appendix
T RA N S A C T I O N E V I DE N C E –2 H C Y 2 2
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HospitalsAsset TypeLocationDateValue ($m)
Mkt
Equated
Yield
WALE
(yrs)
PurchaserComments
Metro area
Hospital /
Dev / MOB
NSWTBC
~A$450.0
m
~4.25%~20TBC
~34,110sqm of health and associated accommodation, including a
private hospital (90 beds + 5 theatres), clinic /medical, research,
education, retail and commercial uses and a five storey basement carpark
with capacity for ~600 car spaces.
Regional town
Hospital /
Dev
TASTBC
~A$150.0
m
~4.25%~30TBC
40-day surgery spaces and 128 overnight beds, 172 underground
carparks, 10 operating theatres, 2 cardiac catheterisation labs, 2
procedure rooms and 8-day oncology / infusion units, within a building
totaling25,737sqm over 7-storeys.
Peninsula Private HospitalHospitalQLDSep-22A$47.7m4.65%20NorthWest
Single level acute surgical and rehabilitation hospital of ~3,557sqm GBA,
situated on a 14,600sqm site, located ~27kms north-east of the Brisbane
CBD and ~1km from the 250 bed Redcliffe Public Hospital. Peninsula
Private has 70 beds, two theatres and one procedure room.
MOB, Aged Care & Life
Science
Asset TypeLocationDateValue ($m)
Mkt
Equated
Yield
WALE
(yrs)
PurchaserComments
UNSW Health Translation
Hub, Randwick
Dev /
Education
/ Life
Science
NSWSep-22
~A$600.0
m
~4.00%~13
Plenary /
ISPT /
UniSuper
17-storey health, education and research building with a total GFA of
40,017sqm and an NLA of up to 33,357sqm. UNSW as major anchor
tenant will lease ~20,000sqm of NLA (~60%), with the landlord
responsible for leasing the balance.
Bolton Clarke Aged Care
Portfolio
Aged CareSASep-22A$241.0m~5.25%20
Australian
Unity
9 aged care assets, predominantly located in Adelaide metropolitan area.
Cornerstone Portfolio
1
MOB / Dev
AUS
(Various)
Sep-22
~A$158.0
m
~4.65%9.1TBC
Four recently completed MOB healthcare assets and access to a pipeline
of further development opportunities currently under planning /
construction to be completed over the next 12 to 24 months.
1
Expected to close pre-Christmas

Disclaimer
27
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.
1 December 2022
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VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by NorthWest Healthcare
Properties Management Limited
Page 1 of 12


PO Box 6945, Victoria Street West, Auckland
The following are the addresses of the Independent Chair and the Fund Manager for the
Vital Healthcare Property Trust Annual Meeting held as a hybrid of a physical meeting at
the Tuhono Room, Ground Lobby, HSBC Tower, 188 Quay Street, Auckland CBD and a
virtual meeting through the Computershare Meeting Platform https://meetnow.global/nz
on Thursday, 1 December 2022 commencing at 10.00am.
___________________________________
Slide 1 – Cover slide
GRAHAM:
Tena kotou, tena kotou, tena kotou katoa,
Welcome to the 2022 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 holding this meeting in person in Auckland as well via
Computershare’s virtual meeting platform. Unit Holders, proxy holders and guests can
attend the meeting in person or virtually. All attendees can watch a live webcast of the
meeting and read the associated company documents. In addition, Unit Holders and their
proxies have the ability to ask questions and submit votes.
Holding this meeting in person and online should provide our Unit Holders with the
maximum ability to participate in this meeting from wherever they are located.
__________________________________
Slide 2 – Questions Instructions
If you are a Unit Holder or proxy holder and are attending virtually you can submit a
written question 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.
If 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.

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


Whilst you can submit questions from now on, I will not address them until the relevant time
in the meeting. 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 or
posting responses on our website.
Voting today will be conducted by way of a poll on all items of business. To provide you
with enough time to vote, I will shortly open the voting for the resolution.
I will also invite questions from the floor and will conduct a poll for Unit Holders and proxy
holders attending in person in the normal way. Computershare will collect voting forms
and will collate results. Results of the poll, covering online and in person voting, will be
released to the NZX later today.
___________________________________
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. 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 can change your vote until I declare voting closed.
The Notice of Annual Meeting has been circulated to all Unit Holders. 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 2022 Annual
Meeting of Unit Holders of Vital Healthcare Property Trust open. The resolution is open in
the vote tab, please submit 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 as Independent Chair;
 following my address, I will introduce Aaron Hockly to give his Fund Manager’s
address;
 I will then table the Annual Financial Statements and invite questions on any
matter regarding the Trust or the presentations other than Angela Bull’s election;
 we then move to the formal business being the proposed resolution that Angela
Bull be elected as an Independent Director of NorthWest Healthcare Properties
Management Ltd, Vital’s Manager, which will include an address by Angela
and any questions on her proposed election;

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


 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; and
 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
The full Board of the Manager is in attendance. Angela Bull and Craig Mitchell are with us
in person and Paul Dalla Lana and Dr Michael Stanford, are attending virtually.
__________________________________
Slide 6 – In Attendance
I would also like to welcome:
Vital’s Fund Manager, Aaron Hockly;
Justine Wealleans and Evan Kennerly from Trustees Executors Limited, the Supervisor of the
Trust;
Silvio Bruinsma, Andrew Boivin and Rebecca Clark 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 and Richard Roos, Executive Director – Portfolio.
Richard and Chris are both attending in person
Chief Financial Officer, Michael Groth and Regional General Counsel and Company
Secretary, Vanessa Flax are attending virtually.
_________________________________
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 – Review of Previous 12 months
It is always disappointing to report a loss in investment value but over the last year in a
relative sense Vital once again outperformed both the NZX50 index and the NZX All Real
Estate indices and recorded a negative 10.2% total return for the 12 months ended 30
June 2022 against the Real Estate index decline of 13.6%.

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


In October 2022 and in May this year we undertook on market capital raisings totalling
$342.8 million. That capital is being used to fund Vital’s strategic objectives Ih in turn will
provide future earnings growth for unitholders.
Vital paid 9.4373 cents per unit in distributions over the 2022 financial year up 6.3% on the
prior year. We have provided guidance of at least 9.75 cents for the current year.
The past year has been Ir active one for your board, the sharp rise in interest rates and the
volatility in capital markets has underscored the importance of having a disciplined
approach to capital and investment.
We are in the second year of or 5-year strategy, that targets earnings (AFFO) growth per
unit, Ies further diversification of asset types, and increases our emphasis developments
and particularly so in quality medical precincts.
This year, the Manager supported by the NorthWest teams in Australasia and Canada
have continued to pursue this strategy in a disciplined and focussed manner.
In July 2021, we completed stage 1 of the Wakefield Hospital development in Wellington
at a total cost of $50.8 million.
In August, we acquired the Hutt Valley Health hub also in Wellington, for $46.5 million.
In October, we announced the purchase of the Tennyson Centre in Adelaide for A$92.75
million, the commencement of Stage 2 of the Wakefield Hospital development $92.5
million and the agreement to undertake $74 million of developments across five of
Evolution Healthcare’s facilities in New Zealand.
In November, we completed Stage I of the Playford development in Adelaide and
announced the signing a memorandum of understanding with Calvary Healthcare for a
$92 million facility as part of Stage III of this development.
In the first quarter of this calendar year, we acquired two important strategic
development land parcels. A A$76.6 million site in South-West Sydney for a multi-staged
development and another site for expansion of the Hills Clinic in Sydney.
We also completed the Epworth Eastern East Wing Tower in Melbourne and commenced
construction on Stage 2 of the Playford Health Hub.
In April, we made our first acquisitions in Te Wai Pounamu (the South Island), St Asaph
Street in Christchurch and Kawerau Park in Queenstown along with development projects
in Auckland totalling around $84 million.

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


In June, we announced a A$98 million development in Hobart, Tasmania.
It was extremely pleasing to be rated in the top quartile of peers in the GRESB assessment.
This assessment is an investor driven global ESG benchmark and reporting framework for
property companies, and our top quartile rating confirms that we are on the right track in
meeting global standards of Environmental, Social and Governance practices.
These activities represent a small part of the activity undertaken this past year; Aaron
Hockly will provide greater detail in his report.
We also completed the Board renewal process in April this year with the recruitment of
Angela Bull to the Board. Angela will address you today before you will be asked to elect
her to the Board. She has the unanimous support of the Board.
With Angela’s appointment came Andy Evan’s retirement. after almost 15 years on the
board, preceded by time in executive roles.
It is accurate to say that in one way or another Andy’s fingerprints are over everything
good that has happened at Vital this century!
I would like to take this opportunity to acknowledge Andy’s vast contribution to the fund
and to wish him the best for the future.
__________________________________
Slide 9 – Address of the Fund Manager
It is my pleasure to now introduce Vital’s Fund Manager and Senior Vice President for
NorthWest, Aaron Hockly.

AARON: Thank you Graham.
Kia ora koutou katoa. Good morning everyone.
I would like to start by thanking the Board and staff of Vital’s Manager as well the wider
NorthWest team both in this region and globally. I am very pleased to have a majority of
the Board here today as well as all of my New Zealand based colleagues and my
colleagues Chris and Richard from Australia. All of us are available after the conclusion of
this meeting to meet with those of you attending in person.
Slide 10 – Overview of Vital
I would also like to acknowledge the ongoing support of you, our investors. Your support
has enabled us to continue to grow Vital to the third largest NZX listed property group with
assets on balance sheet of over $3.6 billion. The most enjoyable part of my role is the

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


opportunity to speak to so many of you and your advisers across New Zealand and
beyond.
It won’t have escaped any of you that equity markets are much lower now than 12
months ago. However, it is in these volatile times, that the benefits of an investment in a
low-risk, diversified and well managed entity like Vital come to the fore. Despite market
uncertainty, our core goal of growing AFFO and distributions by 2-3% per unit per annum
over the medium term has not changed.
The vast majority of Vital’s tenants remain in excellent financial health, underpinned by
high levels of government support and non-discretionary spending. This allows our tenants
to continue to afford rent even in periods of heightened inflation, noting that over 80% of
Vital’s leases are linked to CPI. I don’t want to downplay the challenges faced by
operators in the current environment particularly due to workforce shortages in both New
Zealand and Australia, but economic downturns have less impact on healthcare
operators when compared to other parts of our economy.
This leads me to my final initial acknowledgement, to our tenants and their staff. Thank you
for the work you do supporting the health and wellbeing of individuals and communities
across New Zealand and Australia.
__________________________________
Slide 11 – Operational Highlights
Vital delivered a 3.3% increase in AFFO per unit in FY22 slightly above our medium-term
target. This growth and the work undertaken during the first 5 months of the FY23 has
allowed us to maintain distribution guidance of 9.75 cents per unit. Although the 1.2% year
on year growth in distributions appears modest, FY22 was 8.5% above FY21 meaning our 2-
year average is nearly 5% growth per unit per annum and our 3-year average nearly 3%
growth per unit per annum.
We extended and increased debt facilities during FY22 and raised $379m of equity to
support acquisitions and developments. In early October 2023, we increased the
percentage of drawn debt which is fixed to 62.3%. We have increased this again over
recent weeks so that now over 70% of Vital's drawn debt is fixed. The increase in fixed debt
removes some of the potential interest rate uncertainty over the next few years
particularly in a rising interest rate environment.
$287 million of acquisitions were undertaken in FY22 including Vital’s first investments in the
South Island. The assets acquired all include development potential enabling us to
expand these facilities in the future and help us continue to grow returns for Unit Holders.
$100m was spent on capital works in FY22 across the portfolio primarily on developments
of new or expanded facilities. During FY22, we reached practical completion of stage 1 of
the Playford Health Hub in Adelaide, the East Wing Tower of Epworth Eastern Hospital in
Melbourne and Royston Day Surgery in Hawke’s Bay. Work also continued on other
committed developments. However, we are also adjusting to market conditions, primarily
increased construction costs and higher funding costs. The Board and management are

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


currently reviewing all yet to be committed developments and we will update the market
if changes to our previous announcements occur. We will only commit to new
developments where we see both long-term value for Unit Holders and supportive
business cases from our operating partners.
We invest for the long-term; our business model is built on enduring partnerships with our
tenants. However, like any investment manager, we regularly review our holdings to
ensure we are making the best possible use of your capital on a risk adjusted basis.
__________________________________
Slide 12 – Operational highlights (cont’d)
Vital’s weighted average lease expiry remains long at 17 years providing Unit Holders
security of income over the longer term.
Over time, the opportunity costs associated with holding a particular property change. If
another party sees more value in an asset or when we think we have extracted maximum
value, we will consider recycling capital into other investments that more closely match
our strategic objectives. As a result, we continue to evaluate opportunities to divest assets
in line with our 5-year portfolio strategy.
We have provided a detailed breakdown of future rent reviews across the portfolio. As
noted, this is a key strength in times of heightened inflation. Approximately 80% of the
portfolio’s rent is linked to CPI although there are significant differences across individual
leases as shown in this very detailed slide. All slides are available on the NZX if you wish to
review this in detail.
__________________________________
Slide 13 – Sustainability
Sustainability has become an increased focus for the health and property sectors in
general and for us at NorthWest in particular. As a result, we have dedicated greater
resources to the measurement of data; a focus on risk and opportunities; reporting; and
reduction of environmental impacts. Sustainability considerations now form a core part of
our acquisition, development and operating processes; as they should.
We are targeting increasing Vital’s exposure to green buildings including through
developing accredited green star buildings in Adelaide and Sydney as shown on this slide.
This will be an on-going process, primarily of improving the portfolio’s environmental
performance but also continuing to improve our governance as well as our community
impacts. We are conscious of the role we play as an employer, developer, funder,
corporate citizen, investment vehicle and, perhaps most importantly of all, supporting the
healthcare sectors in Australia and New Zealand. Among other things, we have
commenced processes of improving engagement with indigenous Australians and iwi in
New Zealand, we have joined the Green Building Councils in both countries, and provided
comprehensive sustainability reporting.

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


We are delighted to have achieved high accreditation across a range of areas from
GRESB, formerly known as the Global Real Estate Sustainability Benchmark. Vital achieved
a 5-Star ESG rating from GRESB for developments as well as scoring second place for listed
healthcare globally, third place for standing investments across healthcare peers globally
and being in the top quartile for "Developments" in the Oceania region for all listed
entities.
More than 140 institutional investors with US$47 trillion in assets use GRESB to monitor ESG
progress so this is an important measurement tool for us. Our goal is to use the benchmark
to continue to upgrade the portfolio over time and it is already leading to changes in the
way we do things.
Vital also participated in CDP otherwise known as the Carbon Disclosure Project with
results anticipated in the coming weeks. This work will help us prepare for mandatory
climate change reporting which, for us, starts for the year commencing 1 July 2023.
__________________________________
Slide 14 – Epworth Eastern Expansion
Given the importance of developments in how we add value for Unit Holders, I wanted to
provide two development case studies from Vital's 2022 A nnual Report.
Epworth Eastern Hospital is Vital’s single largest asset valued at ~$450m and was originally
constructed by Vital in 2005. This private hospital, operated by Victoria’s largest not-for-
profit private operator, is co-located with the Box Hill Public Hospital and located within
the Box Hill Health and Education Precinct, one of the leading health precincts in
Australia. The latest development, being the East Wing project, costing ~A$97m, added
five operating theatres to the eight existing theatres and 63 beds to the existing 208. It also
added 4 levels of consulting space. Most of the expansion was pre-leased to Epworth
Foundation for over 20 years providing a blended yield, including consulting space, of
nearly 6%. This development is a good example of NorthWest’s ability to undertake long-
term partnering with major healthcare operators in key healthcare precincts. This has
been a two-decade long journey drawing on NorthWest’s significant development
expertise.
Our development program in this precinct is far from complete. Vital owns 5,500 square
metres of additional development land providing scope for Vital to continue to expand in
a growing precinct over the longer term.
__________________________________
Slide 15 – Grace Hospital
To an example from Aotearoa.
Vital acquired Grace Hospital in late 2020 in a sale and leaseback with hospital operators
Southern Cross and Evolution Healthcare. Part of the attraction for both the hospital
operators and Vital was further development of Tauranga’s only private in -patient
hospital.

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


The first stage of this ~$30m expansion opened earlier this year with detailed planning
underway for the remaining development works. The development has already increased
operating theatre capacity from 9 to 11 and ongoing development will further increase
the overall capacity and efficiency of the hospital.
This is another example of Vital partnering with preferred operators to secure a modern
facility in a favourable catchment with immediate development potential.
Vital acquired the asset for $95m less than 2 years ago and it is now valued at $115.5m
reflecting a combination of value-add development works, rent increases and other
valuation gains.
__________________________________
Slide 16 – Debt
Debt is supposed to be boring but suddenly it is all anyone wants to talk about. I want to
reassure our Unit Holders that we remain in a comfortable position to withstand both the
current interest rate environment and falls in property valuations (should that occur).
Debt to gross assets was 32.9% at 30 September 2022, well below the position a year prior.
Similarly, the measure under our banking facilities was materially lower at 30 September
this year compared to last year and at 35.4% is well below the covenant level of 55%. For
context, property values could fall by over 35% before we were at risk of breaching
banking covenants. This equates to property yields increasing to over 7% which seems
unlikely for the premium hospitals that represent the bulk of Vital’s portfolio.
Vital has no debt expiring until October 2023 and work is currently underway to extend this
by the time we report our interim results next February.
A previously mentioned, we have recently increased the percentage of drawn debt
which is on a fixed interest rate to over 70% with a weighted average term of 3.6 years.
The increase in fixed debt will help remove some of the potential interest rate uncertainty
over the next few years particularly in a rising interest rate environment.
_________________________________
Slide 17 – Financial position
At 30 September 2022, Vital’s net tangible asset backing was $3.38 per unit. This is around
30% above where Vital is currently trading on the NZX. Whilst valuations often lag equity
markets, the broad indiscriminate sell-off of property stocks, in my view, fails to give due
weight to differences between different entities, most importantly earnings’ quality,
stability and longevity.
__________________________________
Slide 18 – Valuations
The core contributor to the net tangible assets of $3.38 per unit is the $3.6 billion property
portfolio. Given recent interest rate rises, we expect to see modest downward adjustments
to healthcare property valuations over the next 12 months. However, underlying demand

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


for healthcare assets with long WALE's and CPI linked reviews, like those in the Vital
portfolio, remains very strong.
_________________________________
Slide 19 – Resilience of healthcare assets
Healthcare real estate is a defensive asset class, with healthcare services a need, not a
want and much of the core services required to be undertaken in person rather than
remotely.
I was at a health precincts conference last week and one of the speakers noted how
different healthcare is from other property classes. People don’t have to work from offices
any more or go into physical shops; technology has provided a whole range of options for
what were previously exclusively physical spaces. Similarly in primary healthcare,
telehealth has an increased importance for GPs, pharmacists and other diagnostic
providers who don’t require healthcare providers and patients to be in the same physical
space. However, you can’t have surgery or an MRI from home and approximately 80% of
Vital’s income is sourced from healthcare uses which require a patient to attend a facility
in person; there is no alternative.
That said, as we roll out our precinct strategy, we want to make sure our healthcare
precincts are not just places where people have to come but places they want to come
through increased amenity, full service offerings and community based design.
The underlying resilience of healthcare assets has two key drivers:
(1) firstly, hospitals and similar healthcare assets require meeting in a physical
place and so are not exposed to the same level of technological disruption
as other sectors; and
(2) secondly, the earnings of operators, and therefore their ability to pay rent, is
not typically linked to business conditions or economic cycles.
This difference in asset classes is demonstrated by recent acquisitions in the health care
sector as shown in the appendix to this presentation released to the NZX earlier today.
Vital’s portfolio also benefits from a strong linkage of CPI with rent increases.
_________________________________
Slide 20 – Comparative returns
The resilience I have mentioned is borne out in Vital’s returns as shown on this slide. Vital
has outperformed the NZX-REIT index over the last 1, 3 and 10 year periods.
Any changes we look to make to Vital's portfolio over coming years will seek to continue
to provide growing returns for our Unit Holders whilst also holding to the core strategies that
have helped deliver this outperformance and made Vital the leading listed owner of
healthcare real estate in Australasia.
Thank for you for attending virtually or in person today.

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


Ka kite ano.
I will now pass back to our Independent Chair Graham Stuart.
_________________________________
Slide 21 – Annual Financial Statements
GRAHAM: Thank you, Aaron.
The Annual Report and Financial Statements for the year ended 30 June 2022 have been
circulated to all Unit Holders and are now formally tabled at the meeting.
If there are any questions relating to the Trust or the presentations now is the opportunity to
raise them. Only Unit Holders or proxy holders are permitted to ask questions. You may ask
questions through the Computershare platform if attending virtually or raise your hand if in
the room. Those wanting to ask a question online, please do so as early as possible to
ensure it is received and answered.
In consideration for other Unit Holders, 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 again.
[Pause for questions]
Thank you for your questions and comments.
_________________________________
Slide 21 – Election of Angela Bull
I would now like to move to the formal business of the Meeting, the proposed election of
Angela Bull.
The vote will be conducted by poll comprising the proxies lodged in advance of the
meeting and votes lodged through the forms for those in the room and via the
Computershare platform for those attending virtually.
Angela’s nomination has the unanimous support of the Board.
I would like to invite Angela to address the meeting.
ANGELA: [Angela’s address]
_________________________________
Slide 22 – Voting
GRAHAM:

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


Thank you, Angela. The details of the proxies received on this 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.
If you are attending virtually, please 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 can change your
vote until I declare voting closed, and a reminder will be given 10 seconds on screen
before I close voting. Once voting has closed, you will not be able to amend your vote.
If you are attending in person, please pass your completed form to a Computershare
representative.
Whilst voting occurs we will be playing a short video showcasing NorthWest Australasia,
Vital's Manager, which includes several of Vital’s key assets in New Zealand and Australia.
[Video]
Voting has now closed.
The results of these votes will be released to the NZX later today.
_________________________________
Slide 23 – General Business
I will now open the meeting for any general business.
_________________________________
Slide 24 – Closing Remarks
There being no further business, may I wish you all a merry festive season and a healthy
and prosperous New Year.
Thank you for attending the meeting today.
[End of meeting]