Vital announces Third Quarter Results

Dear Unit Holders
This quarterly update provides an overview of
Vital’s non-core asset sales programme, explains
why we continue to undertake developments,
outlines some recent awards that Vital has
been nominated for, and provides a portfolio
and financial update to 31 March 2023.
Consistent with previous announcements, Vital
is selling ~$200m of non-core assets to fund
Vital’s committed development pipeline.
To date:
1. One Australian asset (Eden Private
Hospital) has been sold for NZ$30.5m
with settlement due pre 30 June
2023. The sale price was in line with
the 31 December 2022 book value
(before currency movements).
2. Strong interest has been received from a
range of institutional and high net wealth
investors across the second tranche of
properties marketed for sale. Exclusive
dealings have been entered into over
properties with a current book value
of ~NZ$125m that remain subject to
customary due diligence and final terms.
Third Quarter Update
1 JANUARY 2023 - 31 MARCH 2023
FY23 DISTRIBUTION GUIDANCE;
1.2% ABOVE FY22
9.75 cpu
RDX
Aaron Hockly
Fund Manager
30 May 2023
Why are developments important for Vital?
Vital is selling non-core assets (refer to
previous section) to reinvest the capital into
Vital’s committed development pipeline.
This strategy is expected to result in:
1. Earnings and capital growth
for Vital’s Unit Holders.
2. Newer buildings which accord with
the latest and emerging trends in
healthcare and which have lower
operating and maintenance costs.
3. Enhanced tenant covenants.
4. Greener, more sustainable
and resilient assets.
5. Increased exposure to core and
emerging healthcare precincts.
6. Improved diversity of assets by
geography, tenant mix and sub-sector.
The combined effect of the above is expected
to enhance Vital’s portfolio and increase total
returns for Vital’s Unit Holders particularly
through reducing risks to future cashflows.
~NZ$155m
Book value of assets sold
or in exclusive dealings
NZ$324.1m
TOTAL DEVELOPMENT SPEND
6.2%
YIELD ON COST
28.3%
DEVELOPMENT MARGIN
21.4%
DEVELOPMENT IRR
~NZ$236m
Additional non-core assets
being considered for sale
~27% discount to NTA
Non-core asset divestment pricing
compares favourably to the
~ NZ$200m of non-core asset sales on track
To illustrate the importance of new
developments to upfront returns, the aggregate
financial benefit of the 15 development
projects which Vital has completed over the
last three years is listed below. Long term
returns are expected to be even greater than
those shown below reflecting the benefits
noted above which typically translate
into higher rents, less vacancy and / or
lower maintenance capital expenditure.
1
subject to customary due diligence
Vital currently trades at
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY23 | 1

PAYMENT DATE
22 JUNE 2023
Ex date
7 June 2023
CASH
DISTRIBUTION
2.4375 cpu
ANNUALISED
DISTRIBUTION
9.75 cpu
Q3 Distribution
1
Property Council of New Zealand
Awards
Development update
Vital’s $200m capital raising in 2022 was a
finalist for the Equity Market Transaction of
the year in the 2023 INFINZ awards. The
Awards recognise innovation and excellence
in New Zealand’s financial sector and is
the leading programme for the industry.
Vital’s Royston Day Surgery Unit is a
finalist for the 2023 Property Council New
Zealand Rider Levett Bucknall Property
Industry Awards in the Civic, Health and
Arts Category. These prestigious awards are
presented to outstanding property projects.
In 2022, Stage 1 of Vital’s
development of Wakefield Hospital
received an “Excellence” in the
same category of these awards.
The Level 3 slab has been poured, topping out
the structure of the Stage 1 Cancer Centre.
The internal formwork is being stripped to
prepare for services rough in and fitout.
Stage 1, (5,000m
2
) is 70% pre-leased to
Ormiston Hospital to accommodate new
15 bed in-patient ward, new 3 theatre
endoscopy suite and consulting suites.
Construction commenced in October 2022
with completion forecast July 2024.
Extension to the hospital will be 70% leased
by existing tenant and will house new 26 bed
ward and endoscopy suite. Development is
under construction with structure well advanced,
windows and external cladding commencing
with a forecast completion of February 2025.
Campbelltown Stage 1
CAMPBELLTOWN, WESTERN SYDNEY
Ormiston Hospital Expansion
Stage 1
SOUTH AUCKLAND, NZ
Wakefield Hospital Stage 2
WELLINGTON, NZ
~48% COMPLETE
~39% COMPLETE~53% COMPLETE
"Proceeds were used to acquire
and develop four healthcare
facilities across Auckland,
Christchurch and Queenstown.
True to Vital’s purpose, these assets
are now providing Vital’s Unit
Holders with a growing income
stream whilst also delivering key
healthcare services.”
“Excellence is presented to projects
that symbolise excellence within
the property industry across all
aspects of the evaluation.”
“ The Awards are highly regarded
for their focus on efficient use of
capital. Projects are awarded
for meeting a wide range of
criteria to provide an outstanding
return and/or delivery of service
potential on investment of funds
and maximum community benefit
for public buildings.”
1
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY23 | 2

DRP
active
IMPUTATION
CREDITS
0.7269 cpu
DRP DISCOUNT
1.0%
1
All figures calculated by value. Figures
may not sum due to rounding.
SustainabilityPortfolio Overview
70%
AUSTRALIA
GEOGRAPHIC DIVERSITY
1
30%
NEW ZEALAND
17.1 years
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
~NZ$3.51bn
PORTFOLIO VALUE
78%
SUB-SECTOR EXPOSURE
18 %
SUB-SECTOR EXPOSURE
4%
SUB-SECTOR EXPOSURE
PRIVATE HOSPITALS
1
AMBULATORY CARE
1
AGED CARE
1
Work is underway for Vital’s third consecutive GRESB submission building on Vital’s “5-Star”
outcome and second place ranking for listed healthcare real estate globally in 2022.
GRESB is the global ESG benchmark for financial markets. It is used by 170 institutional
investors and more than 2,000 fund managers, companies and asset operators to compare
the performance of property and infrastructure entities with an aggregate investment value of
>US$5.3 trillion.
Vital’s GRESB results, reflecting the 2022 calendar year, are expected to be publicly
available in late 2023 and can be accessed here: www.gresb.com
As a “climate-reporting entity”, Vital is required to disclose against the XRB Aotearoa New
Zealand Climate Standards CS1 prior to October 2024. These standards require entities
to, among other things, detail expected financial impacts posed by different climate change
scenarios over the short, medium and longer term. Work is well underway to prepare for
compliance with these reporting requirements. More details are available here:
www.xrb.govt.nz/standards/climate-related-disclosures/aotearoa-new-zealand-climate-standards
In alignment with Northwest’s 2022 Sustainability Report, Australia and New Zealand are
on a journey to strengthen the relationship with First Nation’s peoples and promote cultural
awareness. To support this, Northwest is developing a Reconciliation Action Plan (RAP).
Whilst a RAP is focused on Australia, the intent is to implement across both Australia and New
Zealand where possible.
Through our reconciliation journey, we are seeking to engage with, learn from and connect in
a meaningful way with First Nations people, as the traditional custodians of the land. We are
committed to manifesting our reconciliation ambitions through the development of our Reflect
RAP and integrating reconciliation practices into our day-to-day business, leveraging our
sphere of influence.
To further public education and awareness of gut disease and prevention, Vital is sponsoring
The Gut Foundation’s key annual event: Gut Feelings – A Healthy Mind Takes Guts! This will
be an interactive event in Auckland to present findings from foundation-funded research
projects and educational initiatives. This event aligns with several of Vital’s core ESG objectives
including health promotion, community engagement and tenant engagement / alignment.
More details will be provided on the Foundation’s website once available www.thegut.org.nz/
1.8693 cpu
FULLY IMPUTED
DISTRIBUTION
Sustainability is a core part of everything that Vital and Northwest do.
We have progressed a number of initiatives over the quarter but
highlight the four following initiatives in particular:
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY23 | 3

Q3 UPDATE
Like-for-like Financial Performance (unaudited)
1
Financial Position (unaudited)
For the period
3 months to
31 Mar 23
$000s
3 months to
31 Mar 22
$000s
Variance
$000s
Change
%
Gross property income 35,401 34,366
Property expenses (6,933) (7,039)
Like-for-like net property income28,46727,327 1,140 4.2%
Net property income from acquisitions and disposals 2,470 587
Net property income from developments 5,375 4,059
Straight-line rent (606) (534)
Non-recurring items 200 (1)
Foreign exchange 344 -
Net property income36,25031,439 4,811 15.3%
As at
31 Mar 23
$000s
31 Dec 22
$000s
Variance
$000s
Change
%
Assets
Investment properties 3,475,846 3,423,422 52,424 1.5%
Investment properties - held for sale 30,475 31,253
Other assets 31, 317 42,530
Liabilities
Borrowings 1,233,918 1,179,007 54,912 4.7%
Other liabilities 226,872 235,072
Debt to gross assets34.9%33.7%1.2%
Total unitholders’ funds 2,076,848 2,083,126 (6,278)(0.3%)
Units on issue (000s) 659,374 657,757
Net tangible assets ($/unit)3 .153 .17-0.02-0.6%
Period end NZD/AUD exchange rate0.93520.9311
1
On a ‘constant currency’ basis
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY23 | 4

YEAR-TO-DATE UPDATE
Year-to-date Financial Performance (unaudited)
For the period
9 months to
31 Mar 23
$000s
9 months to
31 Mar 22
$000s
Variance
$000s
Change
%
Gross property income 128,533 105,729
Property expenses (20,217) (16,367)
Net property income 108,316 89,362 18,954 21.2%
Corporate expenses (3,044) (2,986)
Strategic transaction expenses - (283)
Management fees (base & incentive) (25,140) (22,299)
Net finance expenses (26,987) (20,638)
Operating profit 53,145 43,156 9,989 23 .1 %

Non-operating gains/(losses)
Fair value gain/(loss) on investment property (51,401) 186,343
Net gain/(loss) on disposal of investment property (17) 767
Fair value gain/(loss) on derivatives (10,182) 41, 72 8
Realised & unrealised gain/(loss) on foreign exchange 1,160 (148)
Profit/(Loss) before income tax (7,295) 271,846 (279,141)-102.7%
Current and deferred taxation (15,386) (42,112)
Profit/(Loss) for the period attributable to unitholders of the Trust (22,681) 229,734 (252,415)-109.9%
Funds from Operations (FFO) 55,744 50,329 5,415 10.8%
Adjusted Funds from Operations (AFFO) 55,414 50,031 5,383 10.8%
AFFO per unit 8.46 9.04 (0.57)-6.4%
Weighted average units on issue (000s) 655,145 553,592101,55318.3%
Average NZD/AUD exchange rate 0.9208 0.9341
23.1% growth in operating profit for the
9 months to 31 March 2023 compared with
the prior corresponding period reflecting rent
increases, acquisitions and developments
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 FY23 | 5

DevelopmentDescription of Works
Development
cost
1
Spend
to date
Forecast
completion
date
Australia (A$m)(A$m)
RDX (QLD)9 level research and development centre of excellence
and 3 level 181 bay basement car parking
13 3 . 69.9Mid-25
Playford Health Hub
Stage 2 (SA)
Specialist Medical Centre - Radiology,
Oncology, Radiotherapy and Consulting
39.315 . 4Early-24
Abbotsford Private (WA)47 beds, parking, therapy rooms and admin18.617. 8Mid-23
South Eastern (VIC)Renal dialysis unit refurbishment2.41.2Mid-23
Total Australian Developments A$19 3 . 944.2

New Zealand

(NZ$m)

(NZ$m)
Wakefield Stage 2
(WGN)
Second stage of hospital rebuild delivering eight
operating theatres, 42 beds, new Day Surgery
Unit and additional expansion capacity
91. 548.5Early-25
Ormiston Stage 1 (AKL)Stage 1 - three level expansion of existing hospital38.114 . 9Mid-24
Grace Stage 1 (BOP)Fitout of two theatres, new endoscopy room, additional
10 beds and redevelopment of existing clinical areas
31 . 76.9Staged,
Late-24
Endoscopy Auckland (AKL)Four dedicated endoscopy procedure rooms,
15 car parks, reception/waiting areas
22.63.3Mid-24
Royston Stage 2 (HKB)Fitout of two theatres and reconfiguration of
pre and post operative clinical areas
8.98.2Mid-23
Bowen OT5 (WGN)Fitout of one theatre, new sterile stores
and expansion of consulting suites
8.94 .1Late-23
Boulcott (WGN)Two new theatres, PACU expansion and
conversion of double rooms to singles
TBC
2
0.0TBC
2
Total New Zealand Developments201.786.0
Total Developments in $NZ
3
409.1133.3

Fund-through Developments
Campbelltown
Stage 1 (NSW)
Four storey comprehensive cancer centre with
two bunkers, 10 medical oncology chairs,
wellness centre and 61 on grade car parks
64.430.7Mid-24
Mt Eliza (VIC)Conversion of 60 bed Aged Care, including internal
refurbishment and external landscaping enhancements
28.513 . 3Sep-23
Total Australian Fund-through Developments A$92.944.0
Total Fund-through Developments in NZ$
4
99.347.0
Total Committed developments including fund-through developments in NZ$
3
508.417 9. 7
1
Excluding Land
2
Subject to review
3
A$ converted at 31 March 2023 spot rate 0.9352
4
Fund-through developments including land & operator costs
~NZ$328m remaining to be spent on Committed Developments
vhpt.co.nz
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | THIRD QUARTER UPDATE FY23 | 6