Vital Healthcare Property Trust/Announcement

Healthcare property provides underlying income growth

Half Year Results14 February 2024VHPReal Estate

View on NZX PDF 1 PDF 2 PDF 3 PDF 4 PDF 5

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 1 of 4

15 February 2024
Healthcare property continues to provide underlying income growth
Northwest Healthcare Properties Management Limited (Northwest), as manager of Vital Healthcare
Property Trust (Vital), has today released its results for the six months ended 31 December 2023 (HY24).
Following strong earnings growth in FY23, Vital has continued to deliver solid results in the first half of
FY24, with net property income (NPI) up 4.1% (on a same property, constant currency basis).
Fund Manager, Aaron Hockly, said the encouraging results can be attributed to Vital executing on its
strategy, which was reaffirmed by its Board in December 2023.
“Our commitment to enhancing Vital’s portfolio has seen us continue our non-core asset divestment
programme. Over NZ$220m has now been realised and initially applied to debt repayment. Ultimately
these proceeds will be reinvested to fund Vital’s development pipeline, improving the quality, resilience and
cash returns of the portfolio as Vital focuses on core and emerging healthcare precincts. With the majority
of annual rent increases linked to CPI, weighted to the second half of FY24, Vital continues to generate
strong and sustainable income growth to mitigate some of the impact of higher interest rates,” said Hockly.
Vital’s market-leading portfolio of high-quality, healthcare assets across Australia and New Zealand is now
valued at NZ$3.2 billion with ~98.2% occupancy and a weighted average lease term (WALE) of 19.2
years to leading healthcare operators in each country. Vital is also an acknowledged sector leader in ESG.
“While our AFFO per unit growth was below our target over HY24, we remain committed to achieving 2%-
3% per unit growth in AFFO and distributions per annum over the medium term. We have several strategies
to return to growth in future periods. Our recent increase in interest rate hedging to 78% at 31 December
2023, in particular, is expected to reduce the impact of movements in interest rates.
“Vital’s committed and potential development pipeline coupled with the existing strong demand for
healthcare property and tailwinds from population growth and an ageing population, will support our
return to growth in AFFO per unit,” continued Hockly.
HY24 highlights include:
1. Vital was acknowledged as a Sector Leader (the highest possible achievement) by GRESB for ESG
in healthcare for listed entities globally across performance, management, and developments.
2. A 4.1% increase in NPI on a same-property, constant currency basis primarily reflecting the impact
of development income and rent reviews. After allowing for the impact of divestments, NPI reduces
to a still healthy 1.8% increase.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 2 of 4

3. NZ$164m
1
of non-core assets were sold during HY24 taking the total calendar year non-core
asset sales to NZ$222.1m with a further ~NZ$92m in due diligence for sale. Sales have been
executed at a ~8% discount to book values highlighting both the accuracy of these valuations and
the demand for healthcare assets. Proceeds have been used to repay debt and will ultimately fund
Vital’s development pipeline, materially improving the resilience of Vital’s property portfolio. Over
the five years to 31 December 2023, Vital has divested NZ$339m of non-core assets.
4. Distributions were maintained at 4.875 cpu from the prior corresponding period whilst also
maintaining a conservative payout ratio of <90%. FY24 distribution guidance remains at least
9.75 cents per unit. The distribution reinvestment plan remains active with ~20% of Unit Holders
participating. However, the 1% discount has been removed for future distributions.
5. Seven percent of Vital’s total property portfolio (by net lettable area) was leased or renewed during
HY24, helping to maintain Vital’s long WALE of 19.2 years and 98.2% occupancy.
6. Nine developments are currently underway with NZ$212.7m spend remaining of which
~NZ$170m is expected to be spent over the next 12 months. These developments include
Wakefield Hospital in Wellington and Ormiston Hospital in Auckland, which are nearing
completion reducing the capital required in future periods. With these developments nearing
completion, increasing consideration is being given to Vital’s future development pipeline. A
number of potential developments across Australia and New Zealand have been made “shovel-
ready” (typically design and resource consent), enabling quick conversion to a committed
development when market conditions are supportive and appropriate tenant pre-commitments are
in place.
7. At 31 December 2023, Vital had balance sheet gearing of 38.3% with no debt expiring until March
2025 and A$166m of debt headroom to fund Vital’s development pipeline. This is above the
~NZ$170m expected to be spent over the next 12 months on developments as noted above.
Additional development funding is expected to come from non-core asset sales, capital partnering
and / or other strategic initiatives. To support capital partnering initiatives, the Board has today
sent to Unit Holders a notice proposing to amend Vital’s Statement of Investment Policy and
Objectives (SIPO). In particular, the proposed amended SIPO would make it easier for Vital to earn
management fees as part of capital partnering arrangements.
8. Interest rate hedging increased from 67.2% at 31 December 2022 to 78.0% at 31 December
2023. Whilst this remains slightly below where Vital would like it to be, the increase removes future
volatility.
“We will continue our process of upgrading and enhancing our property portfolio, in-line with
announcements made over the 2023 calendar year. Developments in particular, are an integral part of
our strategy to enhance Unit Holder returns and improve Vital’s portfolio. All our developments are
substantially on time and on budget other than some minor adjustments announced today,” said Hockly.

1
Includes assets held for sale at 30 June 2023.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 3 of 4

Sustainability
Vital was proud to be acknowledged in late 2023 as GRESB sector leader for ESG in healthcare for listed
entities globally across performance, management, and developments.
Vital’s commitment remains that all new developments target a minimum 5 Star Green Star rating.
Hockly added: “In line with New Zealand legislation, we will submit a Climate Related Disclosure prior to
October this year, including information covering Governance, Strategy, Risk Management, Metrics and
Targets. We are currently working with Toitu Envirocare to verify our 2022 baseline emissions data and
are committed to a long-term emissions target of net zero by 2050.”
Outlook
In December 2023, Vital’s Board reaffirmed Vital’s strategy reflecting the Board and Management’s
conviction in healthcare property supported by growing institutional demand for the asset class and the
stability of the cashflows these assets provide.
Healthcare property remains a defensive asset class, underpinned by a high level of government support
and non-discretionary spending. Vital is the only specialist healthcare landlord listed on the NZX and has
the largest team of dedicated healthcare property specialists in Australasia leaving it in a unique position
to capitalise on these tailwinds.
Hockly concluded: “Whilst we have delivered on most of our strategic goals, our primary focus remains
delivering a growing income stream for our Unit Holders whilst also continuing to improve the property
portfolio.”
– ENDS –
For further information, please contact:
Aaron Hockly
Fund Manager, Vital Healthcare Property Trust
Tel 09 973 7301, Email aaron.hockly@nwhreit.com
Michael Groth
Chief Financial Officer, Northwest Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@nwhreit.com
About Vital (NZX code VHP):
Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare properties in New Zealand and Australia
including private hospitals (~81%* of portfolio value), ambulatory care facilities (~17%* of portfolio value) and aged care (~2%*
of portfolio value).
Vital is the leading specialist listed landlord of healthcare property in Australasia.
Vital is managed by Northwest Healthcare Properties Management Limited, a subsidiary of Toronto Stock Exchange listed
Northwest Healthcare Properties REIT, a global owner and manager of healthcare property.
For more information, visit our website: www.vhpt.co.nz
* All figures are indicative, as at 31 December 2023

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 4 of 4

Disclaimer:
This document has been prepared by Northwest as manager of Vital and provides high-level summary information only.
This document is not intended as investment, legal, tax, financial product 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.
All references to $ are to New Zealand dollars unless otherwise indicated.
This document 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. Any indications of, or guidance or outlook on, future earnings or financial position or
performance and future distributions are also forward-looking statements. 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. Northwest, Vital and its or their
directors, employees and/or shareholders have no liability whatsoever to any person for any loss arising from this
document or any information supplied in connection with it. Northwest and Vital are under no obligation to update this
document or the information contained in it after it has been released. Past performance is no indication of future
performance.
The information in this document is of general background and does not purport to be complete. It should be read in
conjunction with Vital’s market announcements lodged with NZX, which are available at www.nzx.com/companies/VHP.

---

Interim Report
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2023
DELIVERING ON OUR STRATEGY

CONTENTS
Overview of Vital 4
Delivering for Unit Holders over time 8
Manager’s report 10
Sustainability 16
Ormiston Hospital Case Study 18
Our Board 20
Our Executive Team 22
Financial Statements 24
Directory 55
2
|
VITAL HEALTHCARE PROPERTY TRUST

Investing in
healthcare
infrastructure in
New Zealand
and Australia
~NZ$3.2bn
9.75 cpu
19.2 years
PROPERTY PORTFOLIO
FY24 DISTRIBUTION GUIDANCE
AT LEAST
WEIGHTED AVERAGE LEASE
TERM (WALE)
1
1
Inclusive of landlord options
INTERIM REPORT
|
3

Overview of Vital
as at 31 December 2023
Vital is the only specialist healthcare landlord on the NZX.
~NZ$2.2bn
~NZ$1.0bn
23
‡
PROPERTIES (AUS)
15
‡
PROPERTIES (NZ)
Geographic diversity
(by portfolio value)
AUSTRALIA
—
NEW ZEALAND
—
WESTERN
AUSTRALIA
NORTHERN

TERRITORY
SOUTH
AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
4%
8%
23%
12 %
22%
27%
4%
4
|
VITAL HEALTHCARE PROPERTY TRUST

Evolution Group 17%
Southern Cross 4%
Epworth Healthcare 16%
Healthe Care Surgical 16%
Burnside 3%
Bolton Clarke 3%
Mercy Ascot 3%
Te Whatu Ora 2%
I-Med Radiology 1%
Other 17%
Acute Hospitals 56%
Ambulatory Care 19%
Specialty Hospitals
(mental health & rehabilitation) 23%
Aged Care 2%
19.2 years
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
1
9.7 years
AVERAGE
BUILDING AGE*
98.2%
PORTFOLIO
OCCUPANCY
~NZ$3.2bn
38
‡†
PROPERTIES
(AUS & NZ)
Aurora Healthcare 19%
NZ$146m
NET ANNUAL PROPERTY
INCOME (CY23)
5.21%
WEIGHTED AVERAGE
CAP RATE (IPP)
‡
( A U S
5.02%, NZ 5.61%)
Tenant
Diversification
(% of Rent)
O
T
H
E
R

2
1
%
H
O
S
P
I
T
A
L

7
9
%
Sub-sector
Diversity
(% of Value)
1
Inclusive of landlord options
* measured through the latter of date of
construction or last significant development
‡
Income Producing Property (excludes strategic assets)
†
Figures may not sum due to rounding.
INTERIM REPORT
|
5

Investing in healthcare
property across Australia
and New Zealand
Vital is the only specialist healthcare
Landlord listed on the NZX
DEFENSIVE SECTOR
HIGH DEMAND
HIGH QUALITY PORTFOLIO
DEVELOPMENT UPSIDE
EARNINGS GROWTH
Non-discretionary or high priority discretionary spending
Low impact from economic or business cycles
Strong demand for healthcare property compared to other property sectors
Ageing demographics and growing populations
Rising life expectancy
Increased offerings due to technological advances
Increasing demand from the public sector due to capacity
and / or fiscal constraints
Landlord leading private healthcare operators and Te Whatu Ora
98.2% occupancy
Average building age
1
: 9.7 years
NZ$213m of remaining spend on existing developments
~NZ$2bn+
2
potential development pipeline
Vital has an unmatched development team in healthcare
property across Australia and New Zealand
Targeting 2–3% AFFO and DPU growth with a conservative payout ratio
97% of leases increase annually by CPI
3
or a fixed %
Strong underlying NPI growth enhanced by developments
1
Average building age = the later of the date of construction or last significant capital works
2
Development timing and therefore spend expected to be over a staged and lengthy period (at least 10 years)
3
~70% of leases with CPI increases have some form of cap in place. Refer to the Investor Presentation released
on the date of this report for full details.
6
|
VITAL HEALTHCARE PROPERTY TRUST

In September 2023, the PCNZ conference was
held on the Gold Coast. We took the opportunity
to showcase RDX, Vital’s first life sciences
development (due for completion mid-2025).
New Zealand Property
Council (PCNZ) Conference
INTERIM REPORT
|
7

1
Average building age = the later of the date of construction or the last significant capital works
2
Committed and potential development pipeline
All as at 31 December of the year shown unless otherwise indicated
growth
(HY14-HY24)
TOTAL PROPERTY VALUE
4 41%
2024
~NZ$3.22bn (AUS: 69%, NZ: 31%)
2021
~NZ$2.25bn (AUS: 71%, NZ: 29%)
2 014
~NZ$0.60bn (AUS: 74%, NZ: 26%)
Younger buildings
reduce maintenance
capex requirements
AVERAGE BUILDING AGE
1
Data not available
14.7 years
9.7 years
2021
2024
2 014
Market leading
WALE
WALE
2021
2024
2 014
19.0 years
19.2 years
14.9 years
NET PROPERTY INCOME (HALF YEAR)
151 %
H Y 21
HY24
H Y 14
increase
(HY14-HY24)
NZ$54m
NZ$72m
NZ$29m
Diversity of assets
reduces risk and
enhances earnings
SECTOR SPLIT
Hospital 82%,
Ambulatory Care 18%,
Aged Care 0%
Hospital 83%,
Ambulatory Care 11%,
Aged Care 6%
Hospital 79%,
Ambulatory Care 19%,
Aged Care 2%
2021
2024
2 014
Enhance earnings and
valuation growth and
support portfolio quality
DEVELOPMENT PIPELINE
2021
2024
2 014
~NZ$1.0bn
~NZ$2.5bn
2
~NZ$60m
Concentration risk
reduced
LARGEST SINGLE TENANT EXPOSURE
2021
2024
2 014
41 %
19 %
41 %
Healthcare now
considered a core real
estate investment
WEIGHTED AVERAGE CAP RATE
2021
2024
2 014
5.33%
5.21%
8.91%
Delivering for Unit
Holders over time
Short (1 year), medium (3 years) and longer
(10 years) term enhancements
8
|
VITAL HEALTHCARE PROPERTY TRUST

NZ$222.1m
OF ASSET SALES UNDERTAKEN SINCE MARCH 2023
INTERIM REPORT
|
9
Divestments have:
2.1 years3.6%
0.8
years450 bps
INCREASED WALE BY
REDUCED AVERAGE BUILDING BY
REDUCED CY24 LEASE EXPIRIES BY
REDUCED BALANCE SHEET GEARING BY
(PRO-FORMA)
Non-core asset sales combined with
developments have improved Vital’s
property portfolio
INTERIM REPORT
|
9

Tēnā koutou,
Northwest Healthcare Properties
Management Limited, the Manager of Vital
Healthcare Property Trust (Vital), is pleased
to report Vital’s results for the six months
ended 31 December 2023 (HY24).
Manager’s report
Vital is a highly transparent investment entity. We provide regular
updates to our investors and other stakeholders including around
our strategic direction and key targets. We are very proud to have
delivered what we said we were going to.
During the Half Year we realised a number of our previously
communicated strategic goals and targets resulting in the
Board refreshing these as part of an updated strategic plan for
the medium term.
1st
4.1%
GRESB ACKNOWLEDGED VITAL
AS SECTOR LEADER FOR ESG FOR
LISTED HEALTHCARE GLOBALLY
GROWTH IN NET PROPERTY INCOME
SINCE HY23 (LIKE-FOR-LIKE, SAME
PROPERTY AND CONSTANT CURRENCY)
10
|
VITAL HEALTHCARE PROPERTY TRUST

• Vital was acknowledged as a Sector Leader (the
highest possible achievement) for ESG by GRESB for
listed healthcare entities globally across performance,
management and developments.
• NZ$164m
1
of non-core assets were sold or contracted
for sale taking total sales over the last 12 months to
NZ$222.1m. Sales have been executed at a ~8%
discount to book values highlighting both the accuracy
of these valuations and the demand for healthcare
assets. Proceeds have been used to repay debt and will
ultimately fund Vital’s development pipeline.
• 7% of Vital’s total property portfolio (by net lettable
area) was leased or renewed during HY24.
• Two of Vital’s larger developments, Wakefield Hospital
in Wellington and Ormiston Hospital in Auckland, are
nearing completion reducing the capital required in
future periods.
• With these developments nearing completion,
increasing consideration is being given to Vital’s
future development pipeline. A number of potential
developments across Australia and New Zealand
have been prepared to being “shovel-ready” (typically
design and resource consent) enabling quick conversion
to being a committed development when appropriate
tenant pre-commitments are in place.
• Distributions were maintained at 4.875 cpu from the
prior corresponding period whilst also maintaining a
payout ratio of <90%. Vital’s distribution reinvestment
plan or DRP remains active but the 1% discount has
been removed from February 2024.
• Interest rate hedging increased from 67.2% at 31
December 2022 to 78% at 31 December 2023.
Other key achievements over
the Half Year include:
With two of Vital’s larger developments
due to complete this year, work
is underway to add committed
developments to Vital’s pipeline.
1
Includes assets held for sale at 30 June 2023.
INTERIM REPORT
|
11

“Over the 10 years ended 31 December
2023, Vital has provided a total return of
10.8% per annum, 2.3% per annum above
the S&P/ NZX All Real Estate Index.”
Due to a falling AFFO per unit, we were unable to
increase distributions for the Half Year which remained at
4.875 cpu (2.4375 cpu per quarter). Our conservative
payout ratio of <90% has enabled maintenance of Vital’s
distribution despite the modest fall in AFFO per unit.
We remain focused on delivering 2-3% growth in AFFO
and distributions per unit per annum over the medium term.
Net tangible assets
Net tangible assets fell ~15% per unit from NZ$3.17 at 31
December 2022 to NZ$2.70 at 31 December 2023. This
fall was primarily attributable to property revaluations which
is unrealised. We anticipate a return to stable and growing
NTA per unit as interest rates stabilise and potentially decline.
AFFO and distributions
AFFO (a proxy for cash profit for Unit Holders) decreased
from the prior corresponding period (NZ$37.7 million
to NZ$37.0 million) primarily due to asset sales.
Pleasingly, as noted above underlying income rose by
4.1% (on a same property, constant currency basis).
AFFO per unit declined by 3.8% decrease in cents
per unit (5.76cpu to 5.54cpu). This decline in
AFFO per unit is primarily due to debt costs rising
faster than net property income and is expected
to be reversed in future periods due to:
1. interest rates stabilising and potentially declining;
2. Vital having higher levels of fixed debt due to
asset sales and potentially capital partnering;
3. further net property income increases over
coming periods as CPI / market rent reviews
flow to future rent and developments complete
and become income producing; and
4. future development commitments being repriced
to align with Vital’s revised cost of capital.
Net property income
Net property income increased from NZ$72.1 million to
NZ$72.4 million for the Half Year. This increase was driven
by strong income growth, offset by asset sales. Underlying
income rose by 4.1% (measured by like-for-like net property
income on a constant currency basis).
~86% of Vital’s income is linked to CPI (albeit with varied
caps as detailed in the Investor Presentation we have
released today). Under Vital’s leases, rent for future periods
is determined by CPI from previous periods so Vital’s future
income is expected to be supported by current and previous
periods of heightened inflation.
31 Dec 202331 Dec 2022Change
NTA per unit (NZ$)2 . 703 .17(15)
Investment portfolio value (NZ$m)3,218.13,454.7(236.6)
Investment properties (No.)3847(9)
Avg. property value (NZ$m)84.773. 511 . 2
Avg. building age (years)9.711 . 1(1.4)
WALE (years)19 . 217. 22.0
Occupancy (%)98.298.4(0.2)
AFFO - 6 months (NZ$m)3 7. 03 7. 7(1.9%)
AFFO - 6 months (cpu)5.545. 76(3.8%)
Reduction due to disposal of non-core assets to improve the portfolio and fund new developments
12
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VITAL HEALTHCARE PROPERTY TRUST

Capital management
At 31 December 2023, balance sheet gearing was 38.3%,
all-in weighted cost of debt was 5 .14% (based on drawn
debt only and includes the cost of hedging), weighted
average debt duration was 3.3 years, the weighted
average hedging term was 2.3 years and Vital had debt
headroom in its existing facilities of A$166 million.
Portfolio overview
Vital owns a high-quality ~NZ$3.2 billion portfolio of
38 healthcare investment properties, diversified across
all mainland Australian States and New Zealand. The
portfolio comprises 24 private hospitals (representing 79%
of the portfolio value), 11 ambulatory care facilities (19%)
and three aged care facilities (2%).
At 19.2 years, Vital’s WALE remains the longest of any
NZX listed REIT providing a high level of income security
for Unit Holders.
Leasing
Approximately 17,500 square metres of new or
extended leasing was undertaken across Vital ‘s portfolio
(representing ~7% of Vital’s net lettable area) during the
Half Year. Leasing helped to maintain occupancy above
98%, maintain the long WALE and contribute to the net
property income growth noted above.
Acquisitions and divestments
NZ$21m of acquisitions completed during the Half
Year predominantly land adjoining Ormiston Hospital
in Auckland to facilitate further expansion of this
healthcare precinct as well as other expansion land.
NZ$222m of non-core asset sales were undertaken
over the 2023 calendar year to repay debt and ultimately
fund Vital’s development pipeline. pipeline. A further
NZ$92m is in due diligence for sale and further assets
are being considered for potential sale.
INTERIM REPORT
|
13

Sustainability / ESG
Vital and Northwest continue to prioritise sustainability,
allocating substantial resources to enhance performance
across various ESG (Environmental, Social, and
Governance) metrics.
In October, Vital was acknowledged as a GRESB Sector
Leader (the highest possible achievement) for ESG in
healthcare for listed entities globally across performance,
management and developments.
GRESB benchmarks ESG performance of real estate and
infrastructure entities with a worldwide investment value of
US$8.6 trillion.
Vital retained a B- in 2023 for CDP (formerly Carbon
Disclosure Project).
A B- score places Vital in the ‘Management’ category,
showcasing our commitment to proactively addressing
our environmental impact and actively striving to decrease
greenhouse gas emissions.
Vital has memberships with the Green Building Councils of
New Zealand and Australia demonstrating our dedication
to Green Star targets on all new developments.
Developments
Developments are a key component of Vital’s strategy to
continue to deliver earnings and capital growth and improve
the quality of the portfolio. In particular we are aiming to
increase Vital’s exposure to green properties in core and
emerging healthcare precincts including in our home market,
New Zealand, where we see significant opportunities to
support private and public healthcare operators.
As at 31 December 2023, Vital had a committed
development pipeline of NZ$512.3 million across nine
projects of which NZ$212.7 million was left to complete.
These figures include one fund-through project totaling
NZ$61.9million with NZ$13.0 million left to complete
which the tenant takes significant development risk.
During the Half Year ~NZ$131 million was spent on
developments, ~NZ$2.3 million spent on value-add
capital works and ~$NZ9.9 million on maintenance
and tenant incentives.
Significant development milestones during the Half Year
were as follows:
1. A$28.5m Mt Eliza fund-through project reached
practical completion in December 2023.
2. N$24.8m Boulcott Hospital Expansion
commenced construction in September 2023.
3. A$16.0m Maitland Hospital expansion
commenced construction in September 2023.
4. N$6.4m Bowen Hospital Expansion reached
practical completion in November 2023.
5. A$57.4m Macarthur Health Precinct Stage 1
fund-through & A$43.4m Playford Health Hub
Stage 2 projects both well progressed nearing
practical completion.
6. N$91.5m Wakefield Hospital Stage 2 & N$38.1m
Ormiston Hospital Stage 1 projects in New Zealand
both well progressed & nearing practical completion.
Vital also has ~NZ$2.0 billion of potential development
opportunities. These opportunities are being actively
considered on land already owned, but are not yet
committed or approved. We will be highly selective about
which opportunities to pursue and when to pursue them.
Vital was acknowledged as Sector Leader
(the highest possible achievement) by
GRESB for ESG for listed healthcare entities
globally across performance, management
and developments.
14
|
VITAL HEALTHCARE PROPERTY TRUST

Outlook
In December 2023, Vital’s majority Independent Board
approved an updated strategy. The updated strategy is
substantially in line with previously announced strategy
reflecting the Board and management’s conviction in
healthcare property. Key elements include:
– Healthcare property continues to be attractive
due to the underlying tenant demand and
relatively low volatility. Vital is in a unique position
to capitlise on this.
– Vital is supporting our home market and the
communities where our investors are located.
– We have several strategies to return to a growth
path for AFFO and distributions in future periods.
– Vital needs to remain relevant, attractive to
investors and at the forefront of best practice
across all ESG areas.
Continuation of core strategy & focus on
healthcare real estate
Continued focus on key identified markets
notably New Zealand where Vital is
supporting the three main private hospital
operators as well as the public health system
Measures to return to AFFO and
distribution growth in future periods
consistent with targets
– Benefits to Vital include enabling the potential
development pipeline, adding another way
of funding developments and reducing risk
(development, tenant concentration and
geographic concentration) - to support capital
partnering, a proposed amended to Vital’s SIPO
has been sent to Vital’s Unit Holders on the date
of this report.
Increased focus on alternative sources
of capital
Sustainability / ESG to remain core to
everything we do
Continued focus on brownfield and
greenfield developments in core or emerging
healthcare precincts
– Continued improvement of the portfolio to support
security of Unit Holder returns
– Retain sector leadership
– Reflects our belief in healthcare precincts as a
means to enhance returns for Unit Holders
– To become committed, potential developments
must add value for Unit Holders
Graham Stuart
Independent Chair
15 February 2024
Northwest Healthcare Properties Management Limited,
the Manager of Vital Healthcare Property Trust
Aaron Hockly
Fund Manager
Nā māua noa, nā
On behalf of your Board and Management,
thank you for your ongoing support.
Ko ngā pae tawhiti
whaia kia tata, ko ngā
pae tata, whakamaua
kia tina.
The potential for
tomorrow depends on
what we do today.
INTERIM REPORT
|
15

Sustainability
Green Star
Vital is committed to targeting a minimum of 5
star Green Star ratings for all new development
projects and currently has 9 new developments
registered to achieve the below ratings:
Modern Slavery
Northwest (including Vital) has released its third
Modern Slavery Statement in December 2023
and has joined the Informed 365 – Property
Consortia to manage surveys and reduce
risks of modern slavery in our supply chain.
Reconciliation &
Cultural Awareness
Northwest (including Vital) is committed to
cultural acknowledgement to achieve better
health outcomes in communities we serve
and improve reconciliation outcomes with
Australia’s First Nations peoples. Reconciliation
Australia has endorsed our inaugural Reflect
Reconciliation Action Plan (RAP) to integrate and
prioritise reconciliation across our business.
Māori cultural awareness training has been
deployed across the business with a focus on
Tikanga Māori (Māori customs), te Tiriti o Waitangi
(the Treaty) and te reo Māori (language).
Vital’s CDP (formerly Carbon Disclosure Project)
scorewas maintained at B- in 2023 (up from C
two years earlier). A B- score positions Vital in the
‘Management’ category, indicating evidence of our
commitment to managing our environmental impact.
Vital was acknowledged as a
GRESB Sector Leader (the highest
possible achievement) for ESG
in healthcare for listed entities
globally across performance,
management and developments.
5 STAR
ESG RATING
SECTOR LEADER
2023
Targeting 6 Star Green Star
Design & As-Built Rating
• RDX, Queensland
• Macarthur Health Precinct - Stage 1,
Campbelltown (Design Certification
Achieved, As-Built Certification
on track to be achieved 2024)
• Playford Health Hub - Stage 2,
Elizabeth Vale (Design Certification
Achieved, As-Built Certification
on track to be achieved 2024)
Targeting 5 Star Green Star
Design & As-Built Rating
1
• Kipling Avenue, Auckland
• Coomera Health Precinct -
Stage 1, Queensland
• Logan Private Hospital,
Meadowbrook
• Buranda Health Hub,
Woolloongabba
• St Asaph St, Christchurch
• 61-71 Park Road, Auckland
1
Except for Kipling Avenue, the other developments listed in this section are part of Vital’s potential development pipeline and have not been committed to by Vital yet
16
|
VITAL HEALTHCARE PROPERTY TRUST

Future expansion
opportunity
Future expansion
opportunity
New hospital
expansion
Existing
hospital
Ormiston
Hospital
Case Study
Vital, in collaboration with Ormiston Hospital is in the final
stages of constructing a $46m, ~5,000sqm expansion.
The new facility is 100% pre-leased (including heads of
agreement) and will provide an endoscopy suite with
three procedure rooms, 15 additional beds and 900sqm
of consulting space and future expansion space.
On completion in July 2024, the expanded Ormiston
Hospital, is expected to be valued at over $100m
representing ~3% of Vital’s NZ$3.2 billion portfolio
across Australia and New Zealand (~10% of Vital’s
NZ$1billion NZ portfolio).
In 2023, after completing comprehensive master planning
of the existing site and identifying significant constraints,
Vital acquired ~7,500sqm of expansion land adjoining
the Ormiston Hospital for $13m enabling Vital to respond
to increased demand for healthcare services in Southeast
Auckland. Master-planning for the precinct has commenced.
Vital acquired Ormiston Hospital (majority
operated by Southern Cross) in 2017. The
then ~5,000sqm facility was a 3 level,
26 bed facility with 6 Operating Theatres.
18
|
VITAL HEALTHCARE PROPERTY TRUST

Delivering
on strategy
5,000sqm expansion
forecast to complete in July
2024; doubling the size of
the facility and extending
existing lease by 20 years
~70% leasing pre-commitment
prior to commencement
of construction
100% leasing commitments
prior to practical completion
Comprehensive medical
precinct master planning
for medical precinct
Acquisition of 7,500sqm
of adjacent land for future
expansion and development
Acquisition of
Ormiston Hospital
Stage 1Stage 2
INTERIM REPORT
|
19

The Board comprises five highly qualified directors
based in Auckland, Toronto, Sydney and Melbourne,
three of whom are independent. Their executive
experience includes healthcare, property and finance.
Our
Board
Graham Stuart
INDEPENDENT CHAIR AND MEMBER
OF THE AUDIT COMMITTEE

(66, Auckland)
Graham Stuart is an experienced
corporate director with an established
track record of performance in
governance and in prior executive roles.
He is currently the independent Chair
of EROAD Limited and an Independent
Director and Chair of the Audit Committee
at Tower Limited. He was previously
the CEO of Sealord Group from 2007
to 2014 and Director, Strategy and
Growth and CFO of Fonterra Co-
operative Group from 2001 to 2007.
Graham is a Fellow of Chartered
Accountants Australia & New Zealand
(CAANZ) and has a Master of
Science degree from Massachusetts
Institute of Technology and a Bachelor
of Commerce with first class honours
from the University of Otago.
Mike Brady
DIRECTOR
(56, Toronto)
Mike was appointed global President of
Northwest Healthcare Properties REIT
(TSX: NWH.UN) in 2023 after serving
as global Executive Vice President,
General Counsel and Board Secretary
since joining the REIT in 2006. He has
extensive experience in real estate
investments and finance, transaction
management, global leadership,
governance and legal matters.
Mike has played a significant commercial
and legal role in the strategic direction and
growth of the REIT, most recently leading
the team to complete a €2 billion pan-
European joint venture fund, a $435 million
UK hospital portfolio, and a $2 billion joint
venture fund and acquisition of a $1.25
billion hospital portfolio in Australia.
Prior to joining the corporate real estate
world, Mike was a corporate law partner
at two Toronto-based law firms, where he
developed his real estate practice. He has
a Bachelor of Arts (Economics) and a joint
LL.B./Masters of Business Administration
from Dalhousie University, Halifax.
Angela Bull
INDEPENDENT DIRECTOR AND MEMBER OF
THE AUDIT COMMITTEE
(48, Auckland)
Angela Bull is an independent director
of realestate.co.nz, Property For Industry
Limited (NZX:PFI), Foodstuffs South
Island Ltd and Foodstuffs NZ Ltd. She is
also on the Trust Board of St Cuthbert’s
College and an independent director
of Bayleys Corporation Board (NZ)
and recently joined the Board of Fulton
Hogan as an independent director.
Angela is a former Chief Executive of
Tramco Group, a large New Zealand
owned property investment company
which specialises in large scale land
holdings, notably the Viaduct Harbour
precinct in Auckland and Wairakei Estate
in the Waikato; a former Board member
of the Property Council of New Zealand;
and a former independent director of the
Real Estate Institute of New Zealand.
She holds a Bachelor of Laws and a
Bachelor of Arts (Political Science) and
practised property and environmental
law prior to her executive career.
Previously, Angela held a number
of senior positions over a 10-year
period with Foodstuffs Auckland and
Foodstuffs North Island Ltd, most recently
being General Manager Property
Development for Foodstuffs North Island.
20
|
VITAL HEALTHCARE PROPERTY TRUST

Dr Michael Stanford AM
INDEPENDENT DIRECTOR AND CHAIR
OF THE AUDIT COMMITTEE

(64, Melbourne)
Dr Michael Stanford has more than 30
years’ experience in the health sector
in either Group CEO or Board roles.
Michael’s current Board roles include
Chair of Nexus Hospitals, a leading
provider of specialist day and short stay
private hospital based care; and Board
member of the Royal Australian College
of General Practitioners as well as
Board member of Healius (ASX:HLS).
Other Board roles in the last three years
have included Australian Clinical Labs
(ASX: ACL), Australia’s third largest private
pathology provider; Nucleus Networks,
one of the world’s largest Phase one clinical
research organisations; Virtus Health (ASX:
VRT), one of the world’s top five providers of
Assisted Reproductive Services; as Chair of
disability, aged, employment and training
services provider GenU; and as President
and Board Chair of Diabetes Australia, a
significant Not-for-Profit organisation.
Michael was the Group CEO of St John of
God Healthcare, Australasia’s third largest
private hospital provider, for 16 years during
which time the company increased revenue
fivefold through organic and M&A growth
plus more than A$1 billion greenfield and
brownfield developments. Michael’s other
Managing Director roles included the ASX
listed Australian Hospital Care and two
public hospital networks in Victoria. Michael
holds an MBA from Macquarie University
and Bachelor of Medicine and Bachelor of
Surgery from UNSW. He is a Fellow of the
Australian Institute of Company Directors.
In 2018 Michael was awarded a Member of
the Order of Australia for significant service
to the health sector through executive roles, to
tertiary education and the WA community, in
2010 he received the WA Citizen of the Year
Award – Industry and Commerce category.
Craig Mitchell
DIRECTOR AND MEMBER
OF THE AUDIT COMMITTEE

(56, Sydney)
Craig joined Northwest in 2018 as CEO
for Australia and New Zealand, was a
member of the global management team
and assumed a global leadership role
with funds and operations when he was
named President in 2020. The Northwest
Board appointed him CEO in 2023.
A professional manager with an inclusive
leadership style, Craig has more than 20
years of experience specialising in the
property industry. His previous roles include
Executive Director and Chief Operating
Officer of Dexus, an ASX top 50 listed REIT.
Craig has a Master of Business
Administration (Executive) from the
Australian Graduate School of
Management, a Bachelor of Commerce
and a Fellow of CPA Australia. He has also
completed the Advanced Management
Program at Harvard University, Boston.
INTERIM REPORT
|
21
WAKEFIELD HOSPITAL, WELLINGTON

Aaron Hockly
SENIOR VICE PRESIDENT - NEW ZEALAND
& FUND MANAGER - VITAL
(45, Auckland)
Aaron Hockly has over 20 years’ experience in financial
services, property and law. Originally from New Zealand,
Aaron spent 17 years in the UK and Australia until
returning in 2018.
Aaron was Chief Operating Officer for a large ASX listed
real estate investment trust for nearly 10 years where he was
responsible for strategy, transaction structuring and execution
(property, debt and equity), reporting and investor relations.
Among other qualifications, Aaron has a Masters in Applied
Finance and a BA/LLB from the University of Auckland. He
is a Fellow of both Governance New Zealand and the
Financial Services Institute of Australasia (FINSIA), as well as
being a Chartered Member of the Institute of Directors (NZ).
Aaron has served on the boards of several charities in both
New Zealand and Australia including Mercy Healthcare
Auckland where he is currently a director. Aaron is a member
of the Auckland Urban Design Panel as well as the Health
Sector Climate Scenarios Leadership Group.
Chris Adams
CO-HEAD A/NZ REGION
(54, Melbourne)
Chris Adams has extensive experience in the property
industry in New Zealand, Australia and the United
Kingdom, including over 20 years’ experience in health
sector property acquisitions, transaction structuring and
large-scale hospital development.
Responsibilities with respect to Northwest include
overseeing development management and joint responsibility
for acquisitions undertaken by the business. He was one
of the founding Executives at Generation Healthcare
REIT. Prior to joining Generation, Chris established Vital’s
presence in Australia in 1999 and served as General
Manager – Australia following various roles with the group
in New Zealand.
Chris holds a Bachelor of Property from the University
of Auckland.
Northwest has over 300
employees globally, including more
than 50 real estate professionals
in New Zealand and Australia.
The Vital Executive Team is made
up of property professionals with
extensive experience in New
Zealand, Australia and beyond.
Our Executive
Team
ROYSTON HOSPITAL, HAWKE’S BAY
22
|
VITAL HEALTHCARE PROPERTY TRUST

Vanessa Flax
REGIONAL GENERAL COUNSEL ANZ AND COMPANY SECRETARY
(53, Melbourne)
Vanessa Flax joined the team on 1 May 2019, prior to
which she was a special counsel at Ashurst Australia.
Vanessa has 25 years of deep and broad ranging property
law experience in Australia and New Zealand, including acting
as primary legal adviser (for approximately 15 years) for Vital
and Northwest.
Vanessa’s legal experience covers all aspects of real estate
property transactions, including acquisitions, divestments and
sales, leasing and Crown leasing, development transactions
and due diligence.
Vanessa has a BA LLB from the University of Witwatersrand,
South Africa.
Michael Groth
CHIEF FINANCIAL OFFICER – ANZ REGION
(50, Melbourne)
Michael Groth has over 13 years’ experience as a senior
finance executive in the listed and unlisted property funds
and funds management industry.
Prior to joining the team in October 2019, Michael’s most recent
position was as Group Chief Financial Officer of the Melbourne
based and ASX-listed real estate fund manager, APN Property
Group Limited.
Michael has extensive experience in financial management and
reporting, taxation, treasury and capital management, corporate
structuring, acquisitions, disposals and equity raisings.
Michael holds a Bachelor of Commerce and Bachelor of Science
and has been a member of the Chartered Accountants Australia
and New Zealand since 2000.
Alex Belcastro
SENIOR VICE PRESIDENT – MEDICAL PRECINCTS
(35, Sydney)
Alex Belcastro joined the team in April 2021, prior to
which she was the Chief Business Development Officer
at Ramsay Health Care, where she managed a multi-
billion-dollar portfolio of 73 hospital assets in Australia.
Alex has over 13 years’ specialised healthcare real estate
experience across the public and private sectors, having
been involved in over $8b of hospital, laboratory, and
research projects.
Alex holds a Master of Construction Management, and a
Bachelor of Planning and Design (Property and Construction)
from the University of Melbourne. Alex has undertaken
executive education at Harvard Business School.
Richard Roos
CO-HEAD A/NZ REGION
(59, Melbourne)
Richard Roos has over 20 years’ career experience
in commercial real estate financing, acquisitions and
property management, 14 years of which have been
in healthcare real estate.
Richard is responsible along with his Melbourne and
Auckland-based teams for the asset management of the
Northwest Group’s Australian and New Zealand portfolio,
including leasing and tenant relationships, and joint
responsibility for acquisitions and business development.
In particular, Richard’s strong relationships with healthcare
operators are a crucial element of Northwest’s success in
sustainability achieving its growth targets.
INTERIM REPORT
|
23

Financial
Statements
24
|
VITAL HEALTHCARE PROPERTY TRUST

INTERIM REPORT 2024|25
Contents
Consolidated Statement of Comprehensive Income26
Consolidated Statement of Financial Position27
Consolidated Statement of Changes in Equity28
Consolidated Statement of Cash Flows29
Notes to the Consolidated Financial Statements30
ABOUT THIS REPORT30
1. Reporting Entity30
2. Basis of Preparation30
3. Material Accounting Policy Information32
PERFORMANCE33
4. Segment Information33
5. Taxation35
6. Investment Properties36
CAPITAL STRUCTURE, FINANCING AND RISK MANAGEMENT43
7. Units on Issue43
8. Earnings per Unit43
9. Distributable Income44
10. Borrowings45
11. Derivatives47
12. Commitments and Contingencies49
13. Trade and Other Receivables49
OTHER NOTES50
14. Subsequent Events50
15. Related Party Transactions50

26|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of
Comprehensive Income
For the six months ended 31 December 2023
Note
6 months
Dec-23
$000s
6 months
Dec-22
$000s
Gross property income from rentals75,15774,486
Gross property income from expense recoveries8,7279,203
Property expenses(11,485)(11,621)
Net property income472,39972,068
Other expenses(14,844)(18,796)
Finance income903159
Finance expense10(20,978)(17,543)
Operating profit37,48035,888
Other gains/(loss)
Revaluation gain/(loss) on investment property6(141,526)(56,225)
Net gain/(loss) on disposal of investment property(2,599)(16)
Fair value gain/(loss) on foreign exchange derivatives(18)1,069
Fair value gain/(loss) on interest rate derivatives(17,315)957
Realised gain/(loss) on foreign exchange95
Unrealised gain/(loss) on foreign exchange257353
(161,192)(53,857)
Profit/(loss) before income tax(123,712)(17,969)
Taxation benefit/(expense)510,586(13,005)
Profit/(loss) attributable to Unit Holders of the Trust(113,126)(30,974)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve(10,293)(33,804)
Total other comprehensive income/(loss) after tax(10,293)(33,804)
Total comprehensive income/(loss) after tax(123,419)(64,778)
Earnings per unit
Basic and diluted earnings per unit (cents)8(16.97)(4.74)
The notes on pages 30 to 54 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2024|27
Consolidated Statement of
Financial Position
As at 31 December 2023
Note
Dec-23
$000s
Jun-23
$000s
Non-current assets
Investment properties63,216,1753,288,356
Derivative financial instruments1112,83826,047
Other non-current assets1314,479-
Total non-current assets3,243,4923,314,403
Current assets
Investment properties held for sale61,94292,364
Cash and cash equivalents13,44710,885
Trade and other receivables137,7915,783
Other current assets2,8605,763
Derivative financial instruments11217514
Total current assets26,257115,309
Total assets3,269,7493,429,712
Unit Holders' funds
Units on issue71,202,1631,180,922
Reserves1,29523,240
Retained earnings606,959753,220
Total Unit Holders' funds1,810,4171,957,382
Non-current liabilities
Borrowings101,246,2801,239,156
Lease liability - ground lease3,6333,724
Derivative financial instruments113,803-
Deferred tax153,088177,527
Total non-current liabilities1,406,8041,420,407
Current liabilities
Trade and other payables38,17141,522
Income in advance1,6411,526
Derivative financial instruments1188
Lease liability - ground lease181178
Taxation payable12,5278,689
Total current liabilities52,52851,923
Total liabilities1,459,3321,472,330
Total Unit Holders' funds and liabilities3,269,7493,429,712
For and on behalf of the Manager, Northwest Healthcare Properties Management Limited.
G Stuart, Independent Chair
15 February 2024
M Stanford, Independent Director &
Chair of the Audit Committee
The notes on pages 30 to 54 form part of and are to be read in conjunction with these financial statements.

28|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2023
Units on issue
$000s
Retained
earnings
$000s
Translation
of foreign
operations
$000s
Foreign
exchange
hedges
$000s
Share based
payments
$000s
Total
Unit Holders'
funds
$000s
For the six months ended
31 December 2022
Balance at the start of the six months1,150,881970,405(34,736)63,41115,9152,165,876
Changes in Unit Holders' funds22,631---(15,915)6,716
Manager's incentive fee----7,4767,476
Loss for the period-(30,974)---(30,974)
Distributions to Unit Holders-(32,164)---(32,164)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--(33,804)--(33,804)
Balance at the end of the six months1,173,512907,267(68,540)63,4117,4762,083,126
For the six months ended
31 December 2023
Balance at the start of the period1,180,922753,220(55,122)63,41114,9511,957,382
Changes in Unit Holders' funds21,241---(14,951)6,290
Manager's incentive fee----3,3003,300
Loss for the period-(113,126)---(113,126)
Distributions to Unit Holders-(33,135)---(33,135)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--(10,293)--(10,293)
Balance at the end of the six months1,202,163606,959(65,415)63,4113,3001,810,418
The notes on pages 30 to 54 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2024|29
Consolidated Statement of Cash Flows
For the six months ended 31 December 2023
6 months
Dec-23
$000s
6 months
Dec-22
$000s
Cash flows from operating activities
Property income74,82377,145
Recovery of property expenses6,9908,771
Interest received903159
Property expenses(14,161)(15,366)
Management and trustee fees(10,138)(10,211)
Interest paid(20,412)(15,447)
Tax paid(9,177)(6,674)
Other trust expenses(1,911)(444)
Net cash provided by/(used in) operating activities26,91737,933
Cash flows from investing activities
Receipts from foreign exchange derivatives6,671230
Payments for foreign exchange derivatives(6,695)(238)
Capital additions on investment properties(147,192)(82,125)
Purchase of properties(10,676)(136,501)
Deposits and acquisiton costs paid – Investment Property(71)(340)
Fitout loans to tenants(9,841)-
Proceeds from disposal of properties155,350318
Net cash provided by/(used in) investing activities(12,454)(218,656)
Cash flows from financing activities
Debt drawdown182,351196,687
Repayment of debt(167,416)(85)
Loan issue costs7(22)
Costs associated with new equity raised(63)(53)
Distributions paid to Unit Holders(26,780)(25,428)
Net cash from/(used in) financing activities(11,901)171,099
Net increase/(decrease) in cash and cash equivalents2,562(9,624)
Cash and cash equivalents at the beginning of the period10,88522,055
Cash and cash equivalents at the end of the six months13,44712,431
The notes on pages 30 to 54 form part of and are to be read in conjunction with these financial statements.

30|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
About this Report
1. Reporting Entity
Vital Healthcare Property Trust (“VHP” or the “Trust”) is a unit trust established under the Unit Trusts Act 1960 by a Trust Deed dated
11 February 1994 (as subsequently amended and replaced), domiciled in New Zealand. The Trust is managed by Northwest Healthcare
Properties Management Limited (the “Manager”), with its registered office at HSBC Tower, Level 17, 188 Quay Street, Auckland.
The condensed consolidated interim financial statements of VHP for the six months ended 31 December 2023 comprise VHP and its
subsidiaries (together referred to as the “Group”). VHP is listed on the New Zealand Stock Exchange (NZX) and is a FMC reporting entity
for the purpose of the Financial Markets Conduct Act 2013. The Group's principal activity is the investment in, and management of, high
quality real estate in good locations primarily used by healthcare operators or used for healthcare, life sciences and related purposes.
These condensed consolidated interim financial statements were approved by the Board of Directors of the Manager on 15 February 2024.
The condensed consolidated interim financial statements for the six months ended 31 December 2023 (including comparative balances)
have been reviewed by the auditor. The 30 June 2023 comparatives were subject to independent audit.
2.
Basis of Preparation
(a) Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS 34 Interim Financial Reporting, and do not include notes of the type normally
included in an Annual Report. Therefore this report should be read in conjunction with the Group's most recent Annual Report. The
accounting policies and methods of computation have been consistently applied, when compared to those used in the 2023 Annual Report.
The 2023 Annual Report complies with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and other
applicable Financial Reporting Standards issued and effective at the time of preparing those statements.
(b)
Basis of consolidation
The Group’s financial statements incorporate the financial statements of the Trust and entities controlled by the Trust (its subsidiaries). Control
is achieved where the Trust has power over the investees; is exposed, or has rights to variable returns from its involvement with the investees;
and has the ability to use its power to affect its returns. The results of subsidiaries are included in the consolidated financial statements
from the date of acquisition to the date of disposal. All significant intra-group transactions, balances, cashflows, income and expenses are
eliminated on consolidation.
(c)
Basis of measurement
The Group uses the historical cost basis except for derivative financial instruments and investment properties which are measured at fair
value. Historical cost is based on the fair value of the consideration given or received in exchange for assets or liabilities. Fair value is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.
(d)
Functional and presentation currency
These financial statements are presented in New Zealand Dollars ($), which is the Trust's functional and presentation currency. All
information has been rounded to the nearest thousand dollars ($000), unless stated otherwise.

INTERIM REPORT 2024|31
(e) Fair value heirachy
The valuation technique inputs used to determine the value of an asset or liability are classified into Levels 1 to 3 based on the degree to
which the fair value inputs are observable. A description of the valuation technique inputs used for each level are as follows:
Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
(f) The notes to the consolidated financial statements
The following notes include information required to understand these financial statements that is relevant and material to the operations,
financial position and performance of the Group. The notes have been collated into sections to help users find and understand inter-related
information. Information is considered relevant and material if, for example:
•the amount in question is significant by virtue of its size or nature;
•it is important to understand the results of the Group;
•it helps explain the impact of significant changes in the Group's business; or
•it relates to an aspect of the Group's operations that is important to its future performance.

32|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
3. Material Accounting Policy Information
Critical accounting estimates and judgements
In the application of NZ IFRS, the Board and management are required to make judgements, estimates and assumptions about carrying
values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on
experience and other factors that are believed to be reasonable under the circumstances, however actual results may differ from these
estimates and assumptions.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised and in any future periods affected.
The critical judgements, estimates and assumptions made in the current period are contained in the following notes:
NoteDescription
Note 5Current and deferred taxation
Note 6Valuation of investment properties
Note 15Related party transactions

INTERIM REPORT 2024|33
Performance
This section shows the results and performance of the Group and its reporting segments and includes detailed information in respect to its
revenues, expenses and profitability. It also provides information on the investment properties that underpin the Group's performance.
4. Segment Information
The Group's principal activity is the investment in, and management of, high quality real estate in good locations primarily used by
healthcare operators or used for healthcare, life sciences and related purposes. Segment profit represents the profit earned by each
segment including allocation of identifiable administration costs, finance costs, revaluation gains/(losses) on investment properties and
gains/(losses) on disposal of investment properties. This is the measure reported to the Board, who are the chief operating decision makers
for the purposes of resource allocation and assessment of segment performance. The Group operates in both Australia and New Zealand.
The following is an analysis of the Group’s results by reportable segment.
Australia
$000s
New Zealand
$000s
Total
$000s
Segment profit/(loss) for the six months ended 31 December 2023:
Gross property income from rentals50,79224,36575,157
Gross property income from expense recoveries3,5335,1948,727
Property expenses(5,453)(6,032)(11,485)
Net property income48,87223,52772,399
Other expenses(10,635)(4,209)(14,844)
Net finance expense(18,678)(1,397)(20,075)
Operating profit19,55917,92137,480
Fair value gain/(losses) on interest rate derivatives(13,551)(3,764)(17,315)
Revaluation losses on investment properties(114,570)(26,956)(141,526)
Net gain/(loss) on disposal of investment property(2,626)27(2,599)
Other foreign exchange gains/(losses)(85)333248
Total segment profit before income tax(111,273)(12,439)(123,712)
Taxation benefit/(expense)10,586
Profit for the six months(113,126)
Segment profit/(loss) for the six months ended 31 December 2022:
Gross property income from rentals51,05123,43574,486
Gross property income from expense recoveries4,6564,5479,203
Property expenses(6,520)(5,101)(11,621)
Net property income49,18722,88172,068
Other expenses(7,260)(11,536)(18,796)
Net finance expense(16,316)(1,068)(17,384)
Operating Profit25,61110,27735,888
Fair value gain/(losses) on interest rate derivatives455502957
Revaluation losses on investment properties743(56,968)(56,225)
Net gain/(loss) on disposal of investment property(16)-(16)
Other foreign exchange gains/(losses)3221,1051,427
Total segment profit before income tax27,115(45,084)(17,969)
Taxation benefit/(expense)(13,005)
Profit for the six months(30,974)

34|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Net property income comprises rental income and expense recoveries from tenants less property expenses. The Group has three Australian
tenants and one New Zealand tenant that contributed $49.6m of gross property income (31 December 2022: three Australian tenants and
one New Zealand tenant that contributed $42.6m).
There were no inter-segment sales during the six months (31 December 2022: nil).
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 31 December 2023:
Investment properties2,226,067990,1083,216,175
Other non-current assets20,8136,50427,317
Current assets17,0059,25226,257
Consolidated assets2,263,8851,005,8643,269,749
Segment assets at 30 June 2023:
Investment properties2,338,978949,3783,288,356
Other non-current assets85225,19526,047
Current assets104,04311,266115,309
Consolidated assets2,443,873985,8393,429,712
Segment liabilities at 31 December 2023:
Borrowings1,088,934157,3461,246,280
Other liabilities171,88441,168213,052
Consolidated liabilities1,260,818198,5141,459,332
Segment liabilities at 30 June 2023:
Borrowings1,164,78574,3711,239,156
Other liabilities190,33742,837233,174
Consolidated liabilities1,355,122117,2081,472,330
All assets and liabilities have been allocated to reportable segments.
Net finance expense and borrowings are allocated against the segment of the borrower. In accordance with the Group’s finance facilities
comprising a common terms deed and bi-lateral facility agreements (refer note 10.a), financing arrangements are cross collateralised
across the Group’s investment properties and other assets and are managed on an aggregate basis.

INTERIM REPORT 2024|35
5. Taxation
Income tax recognised in the consolidated statement of comprehensive income
6 months
Dec-23
$000s
6 months
Dec-22
$000s
Profit/(loss) before tax for the period(123,712)(17,969)
Taxation (charge)/credit - 28% on profit before income tax34,6395,031
Effect of different tax rates in foreign jurisdictions(14,479)3,525
Tax exempt income/(expense)(3,414)(14,768)
Tax impact of leasing deals-(5)
Foreign tax credits568664
Tax charges on overseas investments(6,601)(7,120)
Other adjustments(127)(332)
Taxation benefit/(expense)10,586(13,005)
The taxation (charge)/credit is made up as follows:
Current taxation(12,532)(7,916)
Deferred taxation23,118(5,089)
Total taxation benefit/(expense)10,586(13,005)
Significant estimates and judgements
Significant estimates and judgements made in the determination of deferred tax include:
•Deferred tax on depreciation: Deferred tax is provided for in respect of New Zealand properties for the depreciation expected to be
recovered on the sale of investment property.
•Deferred tax on changes in fair value of investment properties: Deferred tax for Australian properties is provided on the capital gain that
is expected to be assessable on the land and building component from the sale of investment properties at fair value. The tax rate used
when measuring the deferrred tax position for Australian properties is either 15% (FDR method which applies the Australian 'fund payment'
withholding tax rate) or 28% (Attributed FIF method which applies the New Zealand tax rate) based on the Group's actual FIF income
attribution method election and/or its intention to 'opt-in' to the FDR method.
•Deferred tax on fixtures and fittings: It is assumed that all fixtures and fittings will be sold at their tax book value.
•Deferred tax positions are based on an estimated split between land and buildings as determined by registered valuers.

36|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
6. Investment Properties
Investment properties comprise real estate predominately leased, or targeted to be leased, to health, life sciences and related sector
tenants that is held for either deriving rental income, for capital appreciation or both. The following information excludes Investment Property
reclassified to Investment Properties held-for-sale.
(6.a) Reconciliation of Carrying Amounts
Dec-23
$000s
Jun-23
$000s
Carrying value of investment property at the beginning of the six months3,288,3563,339,169
Acquisition of properties13,183153,662
Capitalised costs127,772173,235
Capitalised interest costs12,79718,330
Net capitalised incentives7,8269,183
Disposal of properties(69,795)(61,564)
Classified as held for sale(1,942)(92,364)
Foreign exchange translation difference(20,495)(42,743)
Revaluation gain/(losses) on investment property(141,526)(208,553)
Carrying value of investment property at the end of the six months3,216,1753,288,356
The Group holds the freehold title to all properties except the car parks at the rear of Ascot Hospital and Ascot Central which are the
subject of a ground lease ("right of use" asset) that has a weighted average term remaining of 15.3 years (30 June 2023: 15.8 years). As at
reporting date the fair value of this right-of-use asset totals $7.9m (30 June 2023: $8.1m).
In September 2023 and as a result of the acquisition by Burnside War Memorial Hospital of the Sportsmed Hospital business, the Group
agreed to pay A$8.3m to secure an extension to the lease term of approximately 11 years (to 25 years) and increased rents to market
(2023: In December 2022, and as part of the acquisition arrangements when Epworth Camberwell was purchased in June 2021, the
Group paid A$10m in return for Epworth's early exercise of its 3 year lease extension).
(6.b)
Acquisition of Property
During the period the Group:
•settled the acquisition of a 7,461 sqm parcel of land in Flatbush, Auckland, NZ for NZ$13m (plus transaction costs) for future
development on 28 July 2023.

INTERIM REPORT 2024|37
(6.c) Disposal of Property
During the period the Group:
•divested Mons Road Medical Centre in Westmead, NSW Australia for A$37.9m (excluding transaction costs) on 20 July 2023.
•divested The Southport Private Hospital in Southport, QLD Australia for A$51.4m (excluding transaction costs) on 23 August 2023. A
capex retention deed was entered into such that A$4.0m of the purchase price was escrowed and available for specified potential
capital expenditure works for a period of up to 2 years post settlement. Vital is entitled to 50% of any residual balance at the conclusion
of this period.
•divested the Hall & Prior portfolio of Aged Care properties for A$65.0m (excluding transaction costs) on 19 December 2023. These
properties were:
a.Clover Lea Aged Care at 14 Claremont Road, Burwood Heights, NSW Australia and a residential property at 12 Claremont Road.
b.Fairfield Aged Care at 125 The Crescent, Fairfield, NSW Australia
c.Hamersley Aged Care at 441 Rokeby Road, Subiaco, WA Australia
d.Rockingham Aged Care at 14 Langley Street, Rockingham, WA Australia and residential properties at 8 Langley Street and 23
Thorpe Street.
e.Grafton Aged Care at 12 Brent Street, South Grafton, NSW Australian and a residential property at 20 Brent Street.
A deferred settlement agreement has been entered into whereby A$5m of the disposal consideration is payable on 18 December 2025,
which is presented within other receivables (refer note 13).
•reclassified a residential property at 9 Abbotsford Street, West Leederville, WA to 'held for sale' as its carrying value is expected to be
recovered principally through a sale transaction. This property has subsequently been divested (refer note 14).
(6.d)
Individual Valuations and Carrying Amounts
The details of the New Zealand and Australian investment property portfolio, including its location, sub sector, fair value, market
capitalisation rate, occupancy and weighted average lease expiry term are as follows:

38|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-23
$M
Jun-23
%
Dec-23
%
Jun-23
%
Dec-23
%
Jun-23
Years
Dec-23
Years
Jun-23
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareDec-23200.2217.64.84.5100.0100.022.722.7
Maitland Private HospitalEast Maitland, New South WalesHospital (Acute/Specialty)Healthe CareDec-23128.5128.05.55.3100.0100.019.114.2
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2390.894.05.85.8100.0100.018.818.8
The Hills ClinicKellyville, New South WalesHosptial (Specialty)AuroraDec-2357.759.84.84.5100.0100.024.024.0
Toronto Private HospitalToronto, New South WalesHospital (Acute/Specialty)AuroraDec-2347.547.96.05.8100.0100.019.119.1
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareDec-2342.145.44.84.5100.0100.022.722.7
Hirondelle Private HospitalChatswood, New South WalesHospital (Specialty)AuroraDec-2328.630.85.35.0100.0100.018.918.9
Fairfield Aged Care
1
Fairfield, New South WalesAged CareHall & Priorn.a.-19.1-7.5-100.0-12.7
Darlington Aged CareBanora Point, New South WalesAged CareBolton ClarkeDec-2318.118.86.56.3100.0100.013.313.3
Clover Lea Aged Care
1
Burwood Heights, New South WalesAged CareHall & Priorn.a.-13.8-7.8-100.0-12.7
Grafton Aged Care
1
South Grafton, New South WalesAged CareHall & Priorn.a.-11.6-8.0-100.0-13.8
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationDec-23419.5446.04.54.396.496.223.925.6
South Eastern Private HospitalNoble Park, VictoriaHospital (Specialty)AuroraDec-2388.7104.25.04.4100.0100.017.717.7
Epworth CamberwellCamberwell, VictoriaHospital (Specialty)Epworth FoundationDec-2385.890.84.64.4100.0100.021.021.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesDec-2336.737.05.65.597.897.84.92.3
Epworth RehabilitationBrighton, VictoriaHospital (Specialty)Epworth FoundationDec-2322.430.57.45.5100.0100.01.10.6
120 Thames StreetBox Hill, VictoriaAmbulatory CareEpworth FoundationDec-2312.412.86.06.041.225.57.45.3
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Specialty)AuroraDec-23164.0171.94.54.4100.0100.022.222.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Specialty)AuroraDec-2377.779.44.84.5100.0100.012.212.2
Tantula Rise Aged CareAlexandra Headland, QueenslandAged CareBolton ClarkeDec-2324.520.76.56.3100.0100.013.013.0
Baycrest Aged CareHervey Bay, QueenslandAged CareBolton ClarkeDec-2319.725.86.56.3100.0100.013.013.0
Western Australia
Marian CentreWembley, Western AustraliaHospital (Specialty)AuroraDec-2364.767.74.84.5100.0100.011.111.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Specialty)AuroraDec-2362.667.74.84.5100.0100.018.618.6
Hamersley Aged Care
1
Subiaco, Western AustraliaAged CareHall & Priorn.a.-13.3-7.8-100.0-12.7
Rockingham Aged Care
1
Rockingham, Western AustraliaAged CareHall & Priorn.a.-7.3-7.8-100.0-12.7
South Australia
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Sportsmed SADec-2393.383.25.85.8100.0100.023.212.6
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareDec-2390.597.45.34.999.899.86.24.1
Playford Health - Retail & CarparkElizabeth Vale, South AustraliaAmbulatory CareSA HealthDec-2322.723.96.05.873.673.97.88.5
Total Australia1,898.72,066.15.04.898.698.518.817.8
1This property was divested in Dec23

INTERIM REPORT 2024|39
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-23
$M
Jun-23
%
Dec-23
%
Jun-23
%
Dec-23
%
Jun-23
Years
Dec-23
Years
Jun-23
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareDec-23200.2217.64.84.5100.0100.022.722.7
Maitland Private HospitalEast Maitland, New South WalesHospital (Acute/Specialty)Healthe CareDec-23128.5128.05.55.3100.0100.019.114.2
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2390.894.05.85.8100.0100.018.818.8
The Hills ClinicKellyville, New South WalesHosptial (Specialty)AuroraDec-2357.759.84.84.5100.0100.024.024.0
Toronto Private HospitalToronto, New South WalesHospital (Acute/Specialty)AuroraDec-2347.547.96.05.8100.0100.019.119.1
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareDec-2342.145.44.84.5100.0100.022.722.7
Hirondelle Private HospitalChatswood, New South WalesHospital (Specialty)AuroraDec-2328.630.85.35.0100.0100.018.918.9
Fairfield Aged Care
1
Fairfield, New South WalesAged CareHall & Priorn.a.-19.1-7.5-100.0-12.7
Darlington Aged CareBanora Point, New South WalesAged CareBolton ClarkeDec-2318.118.86.56.3100.0100.013.313.3
Clover Lea Aged Care
1
Burwood Heights, New South WalesAged CareHall & Priorn.a.-13.8-7.8-100.0-12.7
Grafton Aged Care
1
South Grafton, New South WalesAged CareHall & Priorn.a.-11.6-8.0-100.0-13.8
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationDec-23419.5446.04.54.396.496.223.925.6
South Eastern Private HospitalNoble Park, VictoriaHospital (Specialty)AuroraDec-2388.7104.25.04.4100.0100.017.717.7
Epworth CamberwellCamberwell, VictoriaHospital (Specialty)Epworth FoundationDec-2385.890.84.64.4100.0100.021.021.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesDec-2336.737.05.65.597.897.84.92.3
Epworth RehabilitationBrighton, VictoriaHospital (Specialty)Epworth FoundationDec-2322.430.57.45.5100.0100.01.10.6
120 Thames StreetBox Hill, VictoriaAmbulatory CareEpworth FoundationDec-2312.412.86.06.041.225.57.45.3
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Specialty)AuroraDec-23164.0171.94.54.4100.0100.022.222.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Specialty)AuroraDec-2377.779.44.84.5100.0100.012.212.2
Tantula Rise Aged CareAlexandra Headland, QueenslandAged CareBolton ClarkeDec-2324.520.76.56.3100.0100.013.013.0
Baycrest Aged CareHervey Bay, QueenslandAged CareBolton ClarkeDec-2319.725.86.56.3100.0100.013.013.0
Western Australia
Marian CentreWembley, Western AustraliaHospital (Specialty)AuroraDec-2364.767.74.84.5100.0100.011.111.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Specialty)AuroraDec-2362.667.74.84.5100.0100.018.618.6
Hamersley Aged Care
1
Subiaco, Western AustraliaAged CareHall & Priorn.a.-13.3-7.8-100.0-12.7
Rockingham Aged Care
1
Rockingham, Western AustraliaAged CareHall & Priorn.a.-7.3-7.8-100.0-12.7
South Australia
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Sportsmed SADec-2393.383.25.85.8100.0100.023.212.6
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareDec-2390.597.45.34.999.899.86.24.1
Playford Health - Retail & CarparkElizabeth Vale, South AustraliaAmbulatory CareSA HealthDec-2322.723.96.05.873.673.97.88.5
Total Australia1,898.72,066.15.04.898.698.518.817.8
1This property was divested in Dec23

40|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-23
$M
Jun-23
%
Dec-23
%
Jun-23
%
Dec-23
%
Jun-23
Years
Dec-23
Years
Jun-23
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareDec-23175.6154.45.55.3100.0100.024.424.4
Ascot Hospital & ClinicsGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-23123.7127.05.45.398.497.715.215.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Norfolk Southern Cross LimitedDec-23105.1104.45.45.4100.0100.027.527.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2386.492.45.55.5100.0100.026.426.4
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Norfolk Southern Cross LimitedDec-2375.576.15.45.394.994.915.215.2
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedDec-2372.962.35.65.5100.0100.014.50.9
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareDec-2366.265.75.45.4100.0100.026.426.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2352.441.85.95.5100.0100.015.09.6
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareSyft Technologies LimitedDec-2341.046.05.85.671.1100.09.815.0
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedDec-2337.039.06.05.897.297.26.26.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2334.634.65.45.196.6100.013.112.7
Endoscopy AucklandEpsom, AucklandAmbulatory CareEvolution HealthcareDec-2327.323.55.86.0100.0100.018.923.0
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2323.125.66.35.5100.0100.023.018.9
Napier Health CentreNapier, Hawkes BayAmbulatory CareHawke's Bay District Health BoardDec-2317.916.17.06.3100.0100.010.510.5
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-237.98.110.910.391.190.413.113.0
Total New Zealand946.6917.05.65.597.599.219.819.0
Properties held for development370.9305.2
Investment properties - non current3,216.23,288.3---
Investment properties held for sale1.992.4-5.5-99.8-12.2
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,218.13,380.75.25.098.298.919.117.8

INTERIM REPORT 2024|41
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-23
$M
Jun-23
%
Dec-23
%
Jun-23
%
Dec-23
%
Jun-23
Years
Dec-23
Years
Jun-23
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareDec-23175.6154.45.55.3100.0100.024.424.4
Ascot Hospital & ClinicsGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-23123.7127.05.45.398.497.715.215.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Norfolk Southern Cross LimitedDec-23105.1104.45.45.4100.0100.027.527.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2386.492.45.55.5100.0100.026.426.4
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Norfolk Southern Cross LimitedDec-2375.576.15.45.394.994.915.215.2
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedDec-2372.962.35.65.5100.0100.014.50.9
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareDec-2366.265.75.45.4100.0100.026.426.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2352.441.85.95.5100.0100.015.09.6
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareSyft Technologies LimitedDec-2341.046.05.85.671.1100.09.815.0
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedDec-2337.039.06.05.897.297.26.26.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2334.634.65.45.196.6100.013.112.7
Endoscopy AucklandEpsom, AucklandAmbulatory CareEvolution HealthcareDec-2327.323.55.86.0100.0100.018.923.0
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2323.125.66.35.5100.0100.023.018.9
Napier Health CentreNapier, Hawkes BayAmbulatory CareHawke's Bay District Health BoardDec-2317.916.17.06.3100.0100.010.510.5
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-237.98.110.910.391.190.413.113.0
Total New Zealand946.6917.05.65.597.599.219.819.0
Properties held for development370.9305.2
Investment properties - non current3,216.23,288.3---
Investment properties held for sale1.992.4-5.5-99.8-12.2
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,218.13,380.75.25.098.298.919.117.8

42|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
(6.e) Contractual Arrangements
The Group was party to contracts to purchase or construct property or provide fitout loans to tenants which are not recognised in the
financial statements for the following amounts:
Dec-23
$000s
Jun-23
$000s
Capital expenditure commitments205,310282,209
Property acquisition commitments15,94966,094
Tenant fitout loan commitments7,87621,924
•the Group has committed to providing:
–
up to NZ$8.0m as an amortising loan (for a term of 10 years) for tenant fitout works at the 68 Saint Asaph Street, Christchurch
Central, Christchurch, at the election of the tenant. As at 31 December 2023, NZ$6.5m has been advanced.
–
up to A$2.8m as an amortising loan (for a term of 10 years) for tenant fitout works at the Playford Health Hub Stage 2 project at the
election of the tenant. As at 31 December 2023 $Nil has been advanced.
–
up to A$2.0m for air conditioning replacement works at Sportsmed Hospital, Clinic and Consulting suites.
–
Capital expenditure and property acquisition committments relate to development projects' cost to complete (including fund-
through projects).
–
reimbursement of 50% of the costs incurred (up to A$0.6m) by a tenant should the agreement for lease be terminated any time before
commencement of construction if the Board approval is not obtained for the development.
(6.f)
Recognition and Measurement
Recognition and measurement
Valuation process
The purpose of the valuation process is to ensure that investment properties are held at fair value. In accordance with the Group's valuation
policy, external valuations are performed by independent professionally qualified valuers who hold a recognised and relevant professional
qualification and have specialised expertise in the type of investment property being valued. The valuation policy requires that a valuer
may not value the same property for more than two consecutive valuations. All valuations are reviewed by the Manager and approved by
the Board.
The fair value of investment property as at 31 December 2023 was determined through independent professional valuers for approximately
44% of the portfolio (30 June 2023: 55%) and the remainder was determined by the Manager. The Manager's valuations were informed
by market data and valuation advice provided by independent valuers, comparable transactional evidence and current period leasing
activities. The valuers of properties which have been independently valued at 31 December 2023 included: Ernst & Young, Colliers
International, Jones Lang LaSalle Australia, Cushman & Wakefield, Valued Care, Absolute Value, Urbis and CBRE. The properties which
have been independently valued at 31 December 2023 are disclosed above in note 6.d.
The methods used for assessing the fair value of investment property are the Direct Comparison, Discounted Cash Flow (using a risk adjusted
discount rate), Capitalisation of Contract and Market Income approaches and are unchanged from the prior year. The principal factors
that influence a valuation include the market capitalisation / discount rates, occupancy, market rent assessments and the weighted average
lease term to expiry (WALE).
Fair Value Hierarchy
Investment properties are classified as Level 3 under the fair value valuation hierarchy.
Generally, as:
•occupancy and weighted average lease term to expiry increase, yields firm, resulting in increased fair values for investment properties
and vice versa;
•capitalisation rates and discount rates used in the valuation approaches decrease (firm), the fair value of the investment property will
increase, and vice versa.

INTERIM REPORT 2024|43
Capital Structure, Financing and Risk Management
This section outlines how the Group manages its capital structure and related financing activities and presents the resultant returns delivered
to Unit Holders via distributions and earnings per unit.
7. Units on Issue
Dec-23
$000s
Jun-23
$000s
Balance at the beginning of the period1,180,9221,150,881
Issue of units under Distribution Reinvestment Plan6,35314,188
Issue of units to satisfy Manager's incentive fee14,95115,949
Issue costs of units(63)(95)
Balance at the end of the period1,202,1631,180,922
Dec-23
000s
Jun-23
000s
Reconciliation of number of units
Balance at the beginning of the period661,014649,155
Issue of units under the Distribution Reinvestment Plan3,0805,980
Units issued to satisfy Manager's incentive fee6,4175,879
Balance at the end of the period670,511661,014
Distributions related to the six month period to 31 December 2023 were 4.875 cents per unit (31 December 2022: 4.875 cents per unit),
including the second quarter distribution of 2.4375 cents per unit declared subsequent to the reporting date (31 December 2022: 2.4375
cents per unit). Refer Note14 for details.
On 22 August 2023, 6,417,684 units were issued against the 30 June 2023 Manager’s incentive fee of $14.95 million (31 December
2022: 5,878,511 were issued against the 2021 Manager’s incentive fee of $15.9 million).
8.
Earnings per Unit
Dec-23
000s
Dec-22
000s
Profit attributable to Unit Holders of the Trust ($000s)(113,126)(30,974)
Weighted average number of units on issue (000's of units)666,533653,798
Basic and diluted earnings per unit (cents)(16.97)(4.74)
Recognition and measurement
Basic and diluted earnings per unit is calculated by dividing the profit attributable to Unit Holders of the Trust by the weighted average
number of ordinary units on issue during the reporting period.

44|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
9. Distributable Income
Statutory profit attributable to Unit Holders is determined in accordance with NZ GAAP and includes a number of non-cash items including
fair value movements, straight-line lease accounting adjustments, amortisation of borrowing costs, leasing costs and tenant incentives.
The Manager uses Adjusted Funds from Operations (AFFO) and AFFO per unit as the Group's key performance metric, representative of
the Group's underlying performance, and as a guide to informing the Group's distribution policy. AFFO adjusts statutory profit attributable
to Unit Holders for certain items that are non-cash, unrealised, capital in nature or are one-off or non-recurring (i.e. outside the Group's
ordinary operations or not reflective of its underlying performance). As AFFO is a non GAAP measure it may not be directly comparable
with other entities.
A reconciliation of statutory profit attributable to Unit Holders to AFFO and AFFO per unit is outlined as follows:
6 months
Dec-23
$000s
6 months
Dec-22
$000s
Adjusted funds from operations
Operating profit before tax and other income37,48035,888
Add/(deduct):
Current tax expense(12,532)(7,916)
Incentive fee3,3007,510
Current tax on translation of foreign currency funding transactions373
Current tax expense/(gain) on interest rate swap restructure6,338-
Amortisation of borrowing costs990809
Amortisation of leasing costs & tenant inducements1,6621,529
IFRS 16 Operating lease accounting(88)(84)
Funds from operations (FFO)37,15337,809
Add/(deduct):
Actual repairs and maintenance from continuing operations(200)(138)
Adjusted funds from operations (AFFO)36,95337,671
AFFO (cpu)5.545.76
Distribution per unit (cpu)4.8754.875
AFFO payout ratio88%85%
Units on issue (weighted average, 000s)666,533653,798

INTERIM REPORT 2024|45
10. Borrowings
Dec-23
$000s
Jun-23
$000s
AUD denominated loans1,126,4151,203,293
NZD denominated loans125,00042,000
Borrowing costs(5,135)(6,137)
Total borrowings1,246,2801,239,156
Non current liability1,246,2801,239,156
Total borrowings1,246,2801,239,156
Dec-23
$000s
Jun-23
$000s
Total borrowings at the beginning of the period1,239,1561,012,952
Drawdowns during the period182,351428,810
Repayments during the period(167,416)(182,925)
Additional facility refinancing fee(34)(2,070)
Facility refinancing fee amortised during the period9901,716
Foreign exchange movement(8,767)(19,327)
Total borrowings at the end of the period1,246,2801,239,156

46|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
(10.a) Summary of Borrowing Arrangements
The Group has structured its borrowings as a club financing arrangement governed by a common terms deed and bi-lateral facility
agreements. Currently there are eight financiers (2022: six financiers) that provide facilities to the Group. The facilities' expiry profile and
undrawn facility limits are as follows:
Dec-23Jun-23
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Common Terms Deed - AUD
Facility A1100.079.2Oct-28100.0-Oct-28
Facility A250.0-Mar-2650.0-Mar-26
Facility A475.075.0Mar-2975.020.0Mar-29
Facility A575.05.0Mar-2575.05.0Mar-25
Facility B150.0-Mar-2550.0-Mar-25
Facility C162.5-Mar-2662.5-Mar-26
Facility C262.5-Mar-2762.5-Mar-27
Facility C3125.0-Mar-27125.0-Mar-27
Facility D1125.0-Mar-27125.0-Mar-27
Facility D275.0-Mar-2575.0-Mar-25
Facility D325.0-Mar-2625.0-Mar-26
Facility K170.1-Mar-2870.1-Mar-28
Facility K221.0-Oct-2621.0-Oct-26
Facility K313.0-Mar-2813.0-Mar-28
Facility L75.0-Sep-2875.0-Sep-28
Facility M119.0-Oct-2619.0-Oct-26
Facility M212.0-Mar-2812.0-Mar-28
Facility N125.06.7Mar-28125.078.9Mar-28
Facility O50.0-Mar-2850.0-Mar-28
Total AUD Facility1,210.1165.91,210.1103.9
Dec-23Jun-23
NZ$m LimitNZ$m UndrawnExpiryNZ$m LimitNZ$m UndrawnExpiry
Common Terms Deed - NZD
Facility A50.0-Mar-2650.08.0Mar-26
Facility B75.0-Mar-2875.075.0Mar-28
Total NZD Facility125.0-125.083.0
In addition to the above, the Group has available a A$5.0m (2022: A$5.0m) bank guarantee facility of which A$0.3m (2022: A$0.6m)
has been utilised at the reporting date.
The facilities governed by the common terms deed are secured and cross collateralised over the Group's investment properties (by first
ranking real property mortgages) and other assets (via a first ranking general 'all assets' security agreement).
The common terms deed contains both financial and non-financial covenants and undertakings that are customary for secured facilities of
this nature. The key financial covenants (with capitalised terms being defined terms in the common terms deed) are as follows:

INTERIM REPORT 2024|47
Covenant
Dec-23
Actual
Jun-23
Actual
Banking Covenants
Loan to Value ratio< 55%39.8%36.5%
Interest Cover> 2.00x2.993.07
Total EBITDA of Obligors v Total EBITDA of GroupNot < 95%100%100%
Total Assets of Obligors v Total Assets of GroupNot < 95%100%100%
Total Value of Unmortgaged Properties v Total Assets of GroupNot > 10%2.6%2.3%
(10.b) Finance Expense
The effective interest rate on the borrowings, incorporating interest rate swaps, as at the reporting date was 5.14% per annum (31 December
2022: 4.57%).
11.
Derivatives
(11.a) Interest Rate Swaps
Dec-23
$000s
Jun-23
$000s
Current assets
Interest rate derivative assets-276
Non-current assets
Interest rate derivative assets12,82626,041
Current liabilities
Interest rate derivative liabilities--
Non-current liabilities
Interest rate derivative liabilities(3,798)-
Total9,02826,317
During the period the Group recognised an unrealised fair value loss of $17.3m (31 December 2022: $1.0m gain) on interest rate contracts.
The Group's interest rate swaps outstanding at the reporting date are as follows:
Dec-23
$000s
Jun-23
$000s
Nominal value of interest rate swaps - AUD863,630797,630
Nominal value of interest rate swaps - NZD46,350-
Average fixed interest rate A$3.44%3.02%
Average fixed interest rate NZ$4.63%-
Floating rates based on AUD BBSW4.40%4.21%
Floating rates based on NZD BKBM5.69%-
Interest rate derivatives mature over the next five years and have fixed interest rates ranging from 2.50% to 4.63% (30 June 2023: from
2.41% to 3.91%).

48|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Recognition and measurement
Derivatives are categorised as financial instruments at fair value through profit or loss and are initially recognised and subsequently
measured at fair value derived from counterparty bank valuations. Counterparty bank valuations are tested for reasonableness by
discounting the estimated future cashflows and using market interest rates for a substitute instrument at the measurement date. The resulting
gain or loss is recognised immediately in the consolidated statement of comprehensive income as hedge accounting has not been applied.
(11.b) Forward Exchange Contracts
Dec-23
$000s
Jun-23
$000s
Current assets
Foreign exchange derivative assets217238
Non-current assets
Foreign exchange derivative assets126
Current liabilities
Foreign exchange derivative liabilities(8)(8)
Non-current liabilities
Foreign exchange derivative liabilities(5)-
Total216236
During the period the Group recognised an unrealised fair value loss of $0.02m (31 December 2022: $1.07m gain) on forward exchange
contracts. The Group's forward exchange contracts outstanding at the reporting date are as follows:
Dec-23
$000s
Jun-23
$000s
Nominal value of foreign exchange contracts - AUD21,75013,850
Average foreign exchange rate0.91460.8992
Recognition and measurement
Derivatives are categorised as financial instruments at fair value through profit or loss and are initially recognised and subsequently
measured at fair value derived from counterparty bank valuations. Counterparty bank valuations are tested for reasonableness by using a
valuation model based on the applicable forward price curves derived from observable forward prices. As hedge accounting has not been
applied any resulting gain or loss is recognised immediately in the consolidated statement of comprehensive income.
(11.c)
Fair value hierarchy
The Group has determined that interest rate swaps and foreign exchange contract derivatives are Level 2 fair value measurement
instruments, that are measured using observable prices of similar instruments. There have been no reclassifications between levels in the
current period (2022: nil).

INTERIM REPORT 2024|49
12. Commitments and Contingencies
Other than the contractual obligations disclosed in Note 6.e and Note12.a, there are no other commitments and contingencies in effect at
the reporting date (31 December 2022: nil).
(12.a) NZX Bank Bond
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX/DX Listing Rule 1.23.2. The bank bond required by the Trust for listing on the NZX is $75,000.
(12.b) Other Contingent Liabilities
The Australian Federal Government has proposed legislation to clarify uncertainty associated with State property taxes and double tax
treaty agreements. The legilsation is proposed to be retrospective to
1 January 2018, remains to be approved and may potentially impact
the Group's position of absentee owner surcharges.
13.
Trade and Other Receivables
Dec-23
$000s
Jun-23
$000s
Trade receivables3,6791,517
Loss allowance(394)(388)
3,2851,129
Other receivables4,5063,135
Tenant fitout loans-1,519
Trade and other receivables (current)7,7915,783
Other receivables (non-current)14,479-
Total trade and other receivables22,2705,783

50|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Other Notes
14. Subsequent Events
•On 15 February 2024 a cash distribution of 2.4375 cents per unit was announced by the Trust. The Record Date for the final distribution is
7 March 2024, and payment is scheduled to be made to Unit Holders on 21 March 2024. Imputation credits of 0.9479 cents per unit
will be attached to the distribution.
•Settled the disposal of a residential property at 9 Abbotsford Street, West Leederville, WA Australia for A$1.8m (excluding transaction
costs) on 15 January 2024.
15. Related Party Transactions
Vital is managed by Northwest Healthcare Properties Management Limited (the "Manager"), a wholly owned subsidiary of NWI
Healthcare Properties LP (NWIHLP).
The ultimate parent of NWIHLP is Toronto listed Northwest Healthcare Properties Real Estate Investment Trust (NW REIT) that, as at reporting
date, holds a 28.6% (31 December 2022: 28.2%) interest in Vital. NW REIT and its controlled entities (including the Manager) are
considered related parties to Vital and its controlled entities by virtue of common ownership and/or directorships.
Other related parties by virtue of common ownership and/or ownership and/or directorship to the Manager of Vital include Australian
Properties Limited and Northwest Healthcare Australian Property Limited.
Remuneration of the Manager
Vital pays fees to the Manager in accordance with the Trust Deed, with capitalised terms being defined terms in the Trust Deed. The
aggregate of Base Fees, Incentive Fees and Activity Fees is capped at 1.75% per annum of Vital's Gross Asset Value (GAV) as at the end of
a financial year.
Fee arrangements
In accordance with the Trust Deed, the fee arrangements are as follows:
Base Fee
The Base Fee structure is as follows:
•65 bps per annum up to $1bn of GAV:
•55 bps per annum from $1bn to $2bn of GAV;
•45 bps per annum from $2bn to $3bn of GAV; and
•40 bps per annum over $3bn of GAV.
Incentive Fee
The Incentive Fee is determined as 10% of the average annual increase in Vital’s Net Tangible Assets (NTA) (as defined by the Trust Deed)
over the respective Financial Year and the two preceding Financial Years, with payment being made by way of subscribing for new units.
The incentive fee calculations are also subject to a ‘three year High Watermark Net Tangible Asset” requirement, such that for the purpose
of determining the increase in NTA for a Financial Year, the annual NTA increase for that Financial Year will reduce to zero if the actual NTA
does not exceed the High Watermark Net Tangible Asset requirement.
Activity Fees
The Activity Fee structure is as follows:
a. Leases or licences
Vital pays the Manager leasing or licence fees where the Manager has negotiated leases or licences. The fees are charged at 11% of the
aggregate annual rental for terms less than 3 years, 12% of the aggregate annual rental for terms of 3 years, and 12% plus an additional 1%
pro-rata for each year or part thereof for terms greater than three years (to a maximum of 20%), subject to a minimum fee of $2,500.

INTERIM REPORT 2024|51
Lease or licence renewals are charged at 50% of a new lease or licence fee.
Leasing or licence fees are capitalised to the respective investment or property in the consolidated statement of financial position and
amortised over the term of the lease.
b. Property management
Vital pays the Manager property management fees where the Manager acts as the property manager. These fees are charged at 1%
- 2% of gross income depending on the number of tenants at the property and may be recovered from tenants if permitted under
lease agreements.
Property management fees, net of recoveries from tenants, are expensed through the consolidated statement of comprehensive income in the
year in which they arise.
c. Facilities management
Vital pays the Manager a facilities management fee where the Manager acts as a property facilities manager based on the market rate
(referenced to a reputable and high-quality third party service provider) for similar services at similar properties. This fee may be recovered
from tenants if permitted under lease agreements.
Facilities management fees are expensed, net of recoveries from tenants, through the consolidated statement of comprehensive income in the
year in which they arise.
d. Project management
Vital pays project management fees to the Manager for managing capital expenditure projects where the purpose of the project is to
upgrade, repair or otherwise extend the life of the property, including via the replacement or repair of major plant and equipment, structural
items and building envelope.
Project management fees for projects with a budget of between $0.2m and $2.5m are 2% of the committed spend where the Manager is
the project lead and 1% of committed spend where the Manager has an oversight role, increasing to 4% and 2% respectively for projects
with a budget greater than $2.5m.
Project management fees are capitalised to the respective investment or property in the consolidated statement of financial position.
Additional Costs
The Additional Costs structure is as follows:
a. Acquisitions
Vital pays fees to the Manager for managing the due diligence, financing, legal aspects and settlement of the purchase of an investment or
property instead of, or alongside, a third party agent. These fees are charged at 1.5% of the capitalised cost of the relevant investment or
property, being the contracted price payable, excluding any deductions netted off the settlement price (such as rates), together with other
related capitalised acquisition costs.
Acquisition fees are capitalised to the respective investment or property in the consolidated statement of financial position.
b. Disposals
Vital pays fees to the Manager for managing the due diligence, legal aspects and settlement of the sale of an investment or property
instead of, or alongside, a third party agent. These fees are charged at 1% of the contracted sale price of the relevant investment or property
actually received, provided that, if a third party agent has been engaged to provide services for the disposal, then the fee payable to the
Manager will be net of the third party agent’s costs and commissions.
Disposal fees are expensed through the consolidated statement of comprehensive income in the year in which they arise.

52|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
c. Development Management
Vital pays fees where the Manager acts as a development manager on Vital developments. These fees are charged at 4% of the committed
spend (excluding land) approved by the Board of the Manager provided that, if a third party agent has been engaged to provide
development management services, then the fee payable to the Manager will be reduced by the non-rentalisable third party costs paid.
Development management fees are capitalised to the respective property in the consolidated statement of financial position.
Other amounts
In accordance with the Trust Deed, the Manager is permitted to engage related parties to provide services to the Trust. The provision of these
services is subject to compliance with the restrictions on related party transactions in the Financial Markets Conduct Act 2013.

INTERIM REPORT 2024|53
Transactions with related parties
Amounts charged by the Manager and related parties and owing are as follows:
31 December 2023
$000s
31 December 2022
$000s
30 June
2023
$000s
Statement
of
Comprehensive
Income
Statement
of Financial
PositionTotal
Amounts
Owing/
(Receivable)
Statement
of
Comprehensive
Income
Statement
of Financial
PositionTotal
Amounts
Owing/
(Receivable)
Base fee9,164-9,164-9,237-9,23718,546
Incentive Fee
1
3,300-3,3003,3007,510-7,51014,986
Activity Fees:
Leasing/licensing
2
712,2402,3111,46274755829495
Property management
3
1,158-1,1583151,123-1,1231,978
Facilities management
3
--------
Project management
4
-----474746
AFSL fee688-688-687-6871,397
14,3812,24016,6215,07718,63180219,43337,448
Additional Costs:
Acquisitions
5
-(180)(180)270-(907)(907)(571)
Disposals
6
308-3081758-8733
Development management
7
-2,1372,1373,134-3,8113,8116,767
3081,9572,2653,57982,9042,9126,929
Other Amounts:
Reimbursement of third
party expenses:
Other expenses105-105-131-131189
Amounts paid to directors:
8
Graham Stuart75-75-90-90180
Angela Bull50-50-8-858
Michael Stanford10-10-----
240-240-229-229427
14,9294,19719,1268,65618,8683,70622,57438,232
1Manager's incentive fee accrued at 31 December 2023 of $3.3m (Jun 23: $15.0m) is payable to Northwest Healthcare Properties Management Limited
2Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited $0.4m (Jun 23:$0.02m); Northwest Healthcare Australian Property Limited $1.1m
(Jun 23: $0.1m)
3Property Management and Facilities Management fees, exclusive of recoveries from tenants, incurred by the Trust totalled $1.2m and nil respectively for the 31 December 2023 period
(Jun 23: $2.0m and nil respectively).
Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited $0.1m (Jun 23: $0.1m); Northwest Healthcare Australian Property Limited $0.2m
(Jun 23:$0.2m)
4Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited Nil (Jun 23: Nil) Northwest Healthcare Australian Property Limited Nil (Jun
23: Nil)
5Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited nil (Jun 23: $0.2m); Northwest Healthcare Australian Property Limited $0.3m (Jun
23: $1.7m)
6Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited nil (Jun 23: nil); Northwest Healthcare Australian Property Limited $0.2m (Jun
23: $0.7m)
7Amounts outstanding at 31 December 2023 are: Northwest Healthcare Properties Management Limited $1.3m (Jun 23: $1.4m); Northwest Healthcare Australian Property Limited $1.9m
(Jun 23: $1.3m)
8Directors' fees for Graham Stuart are currently paid by the Manager (from Nov23)

54|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
Other Related Parties
On 30 December 2022 the Group entered into an agreement with Northwest Healthcare Australia RE Limited as trustee for Northwest
Healthcare Australia Lumina Trust (Lumina) under which Vital is to purchase the land at 15 Nexus Way, Southport, Queensland Australia
(Land) to facilitate the development of a new state of the art, 6-Star Green Star health, research and innovation building to be known as
“RDX”. Consideration payable, based on an independent valuation by Jones Lang LaSalle of the Land, totalled A$6.9m, including A$4.3m
payable to Lumina.
In conjunction with the purchase of the Land:
•Lumina has agreed to guarantee the net operating income of RDX will not be less than A$3.712m for the 12 months from practical
completion of RDX; and
•the Group has agreed to pay Lumina 50% of the actual net operating income in excess of A$3.712m plus 50% of any outperformance
against the leasing assumptions, capped at A$2.0m.

Independent Auditor’s Review Report
to The Unitholders of Vital Healthcare Property Trust

Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Vital
Healthcare Property Trust and its subsidiaries (‘the Group ’ or ‘the Trust’) on pages 26 to 54 which comprise the
consolidated statement of financial position as at 31 December 2023, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for the six months ended
on that date, and notes to the interim financial statements, including material accounting policy information.

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of
the Trust do not present fairly, in all material respects, the financial position of the Group as at 31 December 2023 and its
financial performance and cash flows for the six months ended on that date in accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34 Interim Financial Reporting.

Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (‘NZ SRE 2410 (Revised)’). Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the Interim Financial Statements section of our report.

We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the
audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.

In addition to this review and the audit of the Group’s annual financial statements, we have carried out other assignments
for the Group as independent AGM vote scrutineer. These services have not impaired our independence as auditor of the
Group. The firm has no other relationships with, or interests in, the Group.

Board of Directors’ responsibilities for the interim financial statements
The Board of Directors of the Manager is responsible on behalf of the Trust for the preparation and fair presentation of
the interim financial statements in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting and for such internal control as the Board of Directors of the Manager determines is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the interim
financial statements, taken as a whole, are not prepared, in all material respects, in accordance with NZ IAS 34 Interim
Financial Reporting and IAS 34 Interim Financial Reporting.

A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. The procedures performed in a review are
substantially less than those performed in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently do not enable us to obtain assurance that we might identify in an audit. Accordingly we
do not express an audit opinion on the interim financial statements.

INTERIM REPORT 2024|55

Restriction on use
This report is made solely to the Trust’s unitholders, as a body. Our review has been undertaken so that we might state to
the Trust’s unitholders those matters we are required to state to them in a review report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust’s
unitholders as a body, for our engagement, for this report, or for the conclusions we have formed.

Andrew Boivin
Partner
for Deloitte Limited
Auckland, New Zealand
15 February 2024
56|VITAL HEALTHCARE PROPERTY TRUST

Directory
MANAGER
Northwest Healthcare Properties
Management Limited
Level 17, HSBC Tower,
188 Quay Street
Auckland 1010
Telephone: 0800 225 264 (NZ freephone);
+64 9 973 7300
Email: enquiry@vhpt.co.nz
Northwest Healthcare Properties
Management – Australia
Level 45, Rialto South Tower,
525 Collins Street
Melbourne 3000
Sydney Office
Northwest Healthcare Properties REIT
Level 2, 285 George Street
Sydney, NSW 2000, Australia

Gold Coast Office
Gold Coast, QLD 4218, AU
BOARD AND OFFICERS
OF THE MANAGER
Graham Stuart – Independent Chair
Mike Brady – Director
Angela Bull – Independent Director
Craig Mitchell – Director
Dr Michael Stanford – Independent Director
Aaron Hockly – Fund Manager
Michael Groth – Chief Financial Officer
Vanessa Flax – Regional General Counsel
A/NZ and Company Secretary
AUDITOR
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1010
Private Bag 115-033
Auckland 1140
Telephone: +64 9 303 0700
Facsimile: +64 9 303 0701
LEGAL ADVISERS TO THE
TRUST AND THE MANAGER
Bell Gully
Vero Centre
48 Shortland Street
PO Box 4199
Auckland 1140
Telephone: +64 9 916 8800
Facsimile: +64 9 916 8801
Ashurst Australia
Level 16, 80 Collins Street,
South Tower,
GPO Box 4958
Melbourne, Victoria 3001
Telephone: +61 3 9679 3000
SUPERVISOR
Trustees Executors Limited
Level 11/51 Shortland Street
Auckland 1010
PO Box 4197
Auckland 1140
Telephone: 0800 878 783
Facsimile: +64 9 308 7101
BANKERS TO THE TRUST
ANZ Bank New Zealand Limited
ANZ Centre
23–29 Albert Street
Auckland 1010
Australia and New Zealand
Banking Group Limited
ANZ Centre Melbourne, Level 9
833 Collins Street, Docklands
Victoria 3008, Australia
Bank of New Zealand
Deloitte Centre
80 Queen Street
Auckland 1010
Westpac Banking Corporation
Westpac Place
275 Kent St
Sydney NSW 2000
Australia
The Hongkong and Shanghai
Banking Corporation Limited
International Towers
100 Barangaroo Avenue
Sydney NSW 2000
Australia
Industrial and Commercial Bank
of China Limited – Australia
International Towers
100 Barangaroo Avenue
Sydney NSW 2000
Australia
Industrial and Commercial Bank of
China Limited – New Zealand
2 Queen Street,
Auckland CBD,
Auckland 1010
New Zealand
Credit Agricole CIB Australia Limited
Aurora Place
88 Phillip Street
Sydney NSW 2000
Australia
Bank of China Limited
140 Sussex Street
Sydney NSW 2000
Australia
Commonwealth Bank of Australia Limited
Tower One, Collins Square
727 Collins Street
Docklands VIC 3008
Australia
UNIT REGISTRAR
Computershare Investor Services Limited
159 Hustmere Road
Takapuna, Auckland 0622
Private Bag 92119
Auckland 1142
New Zealand
vital@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
This document is printed on an environmentally responsible
paper, produced using Elemental Chlorine Free (ECF),
FSC(R) certified, Mixed Source pulp from Responsible
Sources, and manufactured under the strict ISO14001
Environmental Management System.
INTERIM REPORT 2024|57

DISCLAIMER:
This document has been prepared by Northwest Healthcare
Properties Management Limited (the Manager) as
manager of the Vital Healthcare Property Trust (the Trust).
This document provides general information only and is
not intended as investment, legal, tax, financial product 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.
All references to $ are to New Zealand dollars unless
otherwise indicated.
This document 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. Any indications of, or
guidance or outlook on, future earnings or financial position
or performance and future distributions are also forward-
looking statements. 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 document or any information supplied in connection with
it. The Manager and the Trust are under no obligation to
update this document or the information contained in it after
it has been released. Past performance is no indication of
future performance.
The information in this document is of general background
and does not purport to be complete. It should be read in
conjunction with Vital’s market announcements lodged with
NZX, which are available at
www.nzx.com/companies/VHP.

---

15 FEBRUARY 2024
HY24 interim
results presentation
Delivering on our strategy

All amounts are in NZD unless otherwise shown
Contents
Investing in healthcare property
across Australia and New Zealand 3
HY24 highlights 4
Financial results & capital management 10
Portfolio 16
Developments 20
Future focus 25
Appendices 27
Presenters
Aaron Hockly
SENIOR VICE PRESIDENT
AND FUND MANAGER
Richard Roos
CO-HEAD ANZ REGION
Michael Groth
CHIEF FINANCIAL OFFICER
Chris Adams
CO-HEAD ANZ REGION
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
2

WA
NT
SA
NSW
TAS
VIC
QLD
4%
8%
23%
12 %
22%
27%
4%
Investing in healthcare property across Australia and New Zealand
*Excludes strategic land held for development
1
Average building age = the later of the date of construction or last significant capital works
2
Development timing and therefore spend expected to be over a staged and lengthy period (at least 10 years)
3
Inclusive of landlord options
VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX
~NZ$3.2bn
38* PROPERTIES (AUS & NZ)
WALE
3
19. 2 year
Non-discretionary or high priority discretionary spending
Low impact from economic or business cycles
Strong demand for healthcare property compared to other property sectors
DEFENSIVE SECTOR
AUS ~NZ$2.2bn
23* PROPERTIES
NZ ~NZ$1.0bn
15* PROPERTIES
Ageing demographics and growing populations
Rising life expectancy
Increased offerings due to technological advances
Increasing demand from the public sector due to capacity and / or fiscal
constraints
HIGH DEMAND
Landlord to leading private healthcare operators and Te Whatu Ora
98.2% occupancy
Average building age
1
: 9.7 years
HIGH QUALITY PORTFOLIO
NZ$213m remaining spend on existing developments
~NZ$2bn+
2
potential development pipeline
Vital has an unmatched development team in healthcare property across
Australia and New Zealand
DEVELOPMENT UPSIDE
Targeting 2–3% AFFO and DPU growth with a conservative payout ratio
97% of leases increase annually by CPI or a fixed %
Strong underlying NPI growth enhanced by developments
EARNINGS GROWTH
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
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3

HY24
highlights

HY24 highlights
1
Includes NZ$164m in HY24
2
On a same-property, constant currency basis
3
Includes ~$131m of developments and ~$2.3m of value add capex
1s t
PLACE FOR LISTED
HEALTHCARE
GLOBALLY IN ESG
4.1%
NZ$222.1m
NZ
$13 4m
INCREASE IN
UNDERLYING INCOME
SINCE HY23
2
OF VITAL'S NET
LETTABLE AREA LEASED
OR RENEWED
NON-CORE ASSET SALES
OVER CY23
1
7%
9 developments
UNDERWAY WITH
NZ$212.7M SPEND
REMAINING
OF DEVELOPMENT AND
CAPITAL EXPENDITURE
WORKS UNDERTAKEN
3

NON-CORE ASSET SALES AND DEVELOPMENTS HAVE HELPED IMPROVE THE RESILIENCE OF THE PORTFOLIO
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
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5

1
Except for Kipling Avenue, the other developments listed in this section are part of Vital's potential development pipeline and have not been committed to by Vital yet
Sustainability
Vital retained a B- in 2023 for CDP
(formerly Carbon Disclosure Project).
A B- score positions Vital in the
‘Management’ category, indicating
evidence of our commitment to
managing our environmental impact.
Vital was acknowledged as Sector
Leader (the highest possible
achievement) by GRESB for ESG
in healthcare for all listed entities
globally across performance,
management and developments.
5 STAR
ESG RATING
SECTOR LEADER
2023
Green Star
Vital is committed to targeting a minimum of 5 star
Green Star ratings for all new development projects
and currently has 9 new developments registered
to achieve the below ratings:
Targeting 6 Star Green Star
Design & As-Built Rating
• RDX, Queensland
• Macarthur Health Precinct - Stage 1, Campbelltown
(Design Certification Achieved, As-Built Certification
on track to be achieved 2024)
• Playford Health Hub - Stage 2, Elizabeth Vale
(Design Certification Achieved, As-Built Certification
on track to be achieved 2024)
Targeting 5 Star Green Star
Design & As-Built Rating
1
• Kipling Avenue, Auckland
• Coomera Health Precinct - Stage 1, Queensland
• Logan Private Hospital, Meadowbrook
• Buranda Health Hub, Woolloongabba
• St Asaph's St, Christchurch
• 61-71 Park Road, Auckland
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
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6

Climate Related Disclosure
Under New Zealand legislation, Vital will submit a Climate Related Disclosure
(CRD) prior to October 2024, aligning to the XRB Aotearoa New Zealand
Climate Standards
1
which will include information covering Governance,
Strategy, Risk Management and Metrics and Targets.
Data collection
Vital is currently engaged with Toitū Envirocare to verify our 2022 baseline year
emissions data. We are proud to be working with Toitū Envirocare to bolster our
climate action journey through credibility and international best practice.
In accordance with XRB CS1 Vital will disclose an absolute and intensity based
GHG inventory for FY24 with limited assurance.
Targets
Vital is committed to a long term emissions target of net zero by 2050.
Establishing an interim 2030 science-based-target will set a key milestone for
Vital to ensure trajectory to 2050. The interim target will be measured from the
2022 baseline information.
Volunteering
Northwest launched a company wide volunteering
policy. Our team has completed volunteering
within the communities we serve including
opportunities with the Starship Foundation, Ronald
McDonald Charities Houses and Magic Moments
Foundation’s Sydney Basket Brigade.
Reconciliation & Cultural
Awareness
Northwest (including Vital) is committed to cultural
acknowledgement to achieve better health
outcomes in communities we serve and improve
reconciliation outcomes with Australia’s First Nations
peoples. Reconciliation Australia has endorsed our
inaugural Reflect Reconciliation Action Plan (RAP)
to integrate and prioritise reconciliation across our
business.
Māori cultural awareness training has been
deployed across the business with a focus on
Tikanga Māori (Māori customs), te Tiriti o Waitangi
(the Treaty) and te reo Māori (language).
Sustainability (Cont'd)Current focus
1
CS1, CS2, CS3
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
|
7

Executing on our strategy
Strategic initiativesDelivery over the five years ended 31 December 2023
Grow AFFO and distributions by 2-3%
per unit per annum over the medium term
11.4% growth in distributions per unit or 2.3% per annum
Reduction in AFFO per unit over last 18 months primarily due to rapidly rising interest rates but strategies in place to return to growth
Improve portfolio metrics through
acquisitions, developments and
divestments
WALE increased from 17.9yrs to 19.2yrs (despite 5 years passing)
Single largest tenant concentration reduced from 48% to 19%
Weighted average building age lowered from 14.0yrs to 9.7yrs
Metropolitan exposure increased from NZ$1.5bn to NZ$2.9bn (increase from 83% to 89% of the total portfolio)
Increase exposure to:
- New Zealand
- South-East Queensland
- Healthcare precincts
- Green buildings
- Ambulatory care facilities
- Life sciences
New Zealand portfolio increased from NZ$429m to NZ$1bn (increase from 25% to 31% of the total portfolio) and South-East Queensland
increased from NZ$196m to NZ$437m (increase from 11% to 13% of the total portfolio) with additional developments underway or being
considered in both jurisdictions
Exposure to core healthcare precincts increased from NZ$617m to NZ$1.6bn once current committed developments complete
(increase from 34% to 47% of the total portfolio)
Ambulatory care investment increased from NZ$212m to NZ$537m
First life sciences development underway (RDX: A$140m)
Divest non-core assets
NZ$339m sold
1
, NZ$92m in due diligence and a further NZ$220m being considered for potential sale
Prudent balance sheet management
Despite significant expansion of the portfolio, balance sheet gearing has been maintained below 40% which is considered conservative
for a portfolio like Vital’s (change from 35.1% to 38.3%)
Weighted average debt maturity increased from 1.7 years to 3.3 years
Interest rate hedging: ~78% of drawn debt at 31 December 2023
1
Includes the sale of small assets and three regional hospitals in the four years prior to CY23
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
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8

Strategy reaffirmed
The update is substantially in line with previously announced strategy. Key elements include:
– Healthcare property continues to be attractive due to the
underlying tenant demand and relatively low volatility.
Vital is in a unique position to capitalise on this.
Continuation of core strategy & focus on
healthcare real estate
– We have several strategies to return to a growth path
for AFFO and distributions in future periods.
Measures to return to AFFO and distribution growth in
future periods consistent with targets
– Vital needs to remain relevant, attractive to investors and
at the forefront of best practice across all ESG areas.
Sustainability / ESG to remain core to everything we do
Continued focus on brownfield and greenfield
developments in core or emerging healthcare precincts
– Continued improvement of the portfolio to support security
of Unit Holder returns
– Retain sector leadership
– Reflects our belief in healthcare precincts and developments
as a means to enhance returns for Unit Holders
– To become committed, potential developments must add
value for Unit Holders
Increased focus on alternative sources of capital
– Benefits to Vital include enabling the potential
development pipeline, adding another way of funding
developments and reducing risk (development, tenant
and geographic concentration).
IN DECEMBER 2023, VITAL'S MAJORITY INDEPENDENT BOARD APPROVED AN UPDATED STRATEGY
Continued focus on key identified markets notably New
Zealand where Vital is supporting the three main private
hospital operators as well as the public health system
– Vital is supporting our home market and the communities
where our investors are located.
Healthcare property is a growing investment class
due to its strong underlying tenant demand which
is uncorrelated with economic cycles.
Vital is in a unique position to capitalise on this due to
its deep understanding on the sector, unmatched sector
experience and key relationships benefiting both our
Unit Holders and operating partners.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
9

Financial results &
capital management

Financial performance
PROPERTY EARNINGS GROWTH HAS FACILITATED AFFO GROWTH OVER THE MEDIUM TERM
Non-cash loss primarily due to
property revaluations
Implementing strategies to return to
DPU growth
AFFO growth per unit below target
of 2-3% per unit per annum due to
debt costs rising faster than NPI and
development returns, as well as relatively
low levels of historic hedging
Management fees have reduced
because of lower property valuations
ACTUAL
HY2024
ACTUAL
HY2023
(%)
CHANGE
Net property income72,399 72,068 0.5%
Corporate expenses(2,664)(2,034)
31.0%
Management fees(12,464)(16,748)
25.6%
Realised transaction gains / (losses) on FX derivatives284 (14)
2,128.6%
Net finance expenses(20,075)(17,384)
15.5%
Operating profit before tax and other income37,480 35,888
4.4%
Property revaluations and other income( 161 ,19 2 )(53,857)
199.3%
Profit before income tax(123,712)(17,969)
588.5%
Adjusted funds from operations (AFFO)36,953 3 7, 6 71
1.9%
Adjusted funds from operations (cpu)5.54 5.76
3.8%
Distributions per unit (cpu)4.88 4.88 -
All values shown as $000s
Average NZD/AUD exchange rate in the period0 . 9 2 510.9074
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
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11

7 2 .1
2.7
1.8
(3.6)
0.4
(0.9)
72.4
40
45
50
60
55
65
75
80
70
HY23Development
Income
1
Rent Reviews &
Leasing Activity
Disposals
2
Amortisations
& Other
3
Foreign
exchange
HY24
Net property income
1.8% NPI GROWTH (EXCL. FX) DUE TO DEVELOPMENTS AND RENT REVIEWS
NET PROPERTY INCOME BRIDGE
($M)
Development income – rentalisation
of capital expenditure and holding
income from strategic site acquisitions
Disposals – Strategic disposal of
non-core assets in HY24 totaling
NZ$164m
Capex – remains modest due to
long term leases, minimal upcoming
expiries, young building age and
ability to capitalise or rentalise
upgrades as part of developments
1
Incremental development income contributed from Wakefield, Royston, Grace, Bowen, Epworth Eastern & Playford Health Hub - Retail & Carpark
2
Disposals of non-core assets: Eden Private Hospital, Apollo Health & Wellness Centre, Mons Road, Southport Private, and Hall & Prior Aged Care
Portfolio.
3
Amortisation, non-recurring R&M & abatements
4
Figures may not add due to rounding
86% of Vital's leases (by income) are indexed to CPI in some way
HY24 property income growth of +4.1%
(like-for-like, constant currency basis)
Headline growth impacted by non-core assets sales
which have improved Vital's overall property portfolio
+0.5% growth (incl FX) / +1.8% (excl. FX)
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
|
12

Balance sheet
NON-CORE ASSET SALES HAVE FULLY FUNDED DEVELOPMENT AND OTHER CAPEX DURING HY24
Decrease due to:
Sale of $164m
2
of non-core assets
Unrealised revaluation loss of
($141m)
F/X impact of ($19m)
Partly offset by: development
and capital spending of $13 4m
Fall largely due to unrealised
property valuations.
1
Calculated in accordance with Vital's Trust Deed
2
Includes assets held for sale at 30 June 2023
ACTUAL
HY24
ACTUAL
FY23
(%)
CHANGE
Investment properties3 , 218 ,117 3,380,720 4.8%
Other assets51,632 48,992
5.4%
Bank debt1, 251, 415 1,245,293
0.5%
Other liabilities2 0 7, 916 227,036
(8.4%)
Debt to gross assets
1
38.3%36.3%5.4%
Unitholder funds1,810,417 1,957,383
(7.5%)
Units on issue (000s)670,511 661,014
1.4%
Net tangible assets ($/unit)2.70 2.96
(8.8%)
All values shown as $000s
Period end NZD/AUD exchange rate0.92700 . 919 3
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
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13

Prudent gearing maintained
SEEKING TO MAINTAIN BALANCE SHEET GEARING BELOW 40% AT ANY POINT IN TIME
No debt expiring until
March 2025; well
progressed on extensions for
near term expiries.
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
DEBT EXPIRY PROFILE – 31 DECEMBER 2023 (A$)
0
50
100
150
200
250
300
350
Dec-24Jun-24Dec-29Jun-25Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29
VALUE ($M)
BANK FACILITIES31 DEC 202331 DEC 2022
Debt to gross assets (Trust Deed)
1
38.3%33.7%
Bank loan to value ratio – actual
2
39.8%35.5%
Bank loan to value ratio – covenant55.0%55.0%
Weighted average duration to expiry3.3 yrs3.4 yrs
Undrawn facility limit (A$)$166m$129m
capital partnering
further asset sales
adjusting development
commitments and timing
of spending
raising equity in advance
of deployment if required.
Measures to maintain balance
sheet gearing below 40% at any
point in time include
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
|
14

Interest rate hedging profile
INTEREST RATE COSTS SUBSTANTIALLY HEDGED FOR OVER 2 YEARS TO HELP MANAGE RISK
1
Drawn debt (excludes line fees on undrawn facility)
HEDGING MATURITY PROFILE ($A)
NOTE: Fixed rates exclude line fees and margin
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
1,000,000,000
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
Jun-26
Dec-26
Jun-27
Dec-27
Jun-28
Dec-28
Jun-29
Dec-29
Jun-30
Dec-30
Jun-31
IR SwapsCallable SwapWA Swap %
RATES31 DEC
2023
31 DEC
2022
Weighted average cost of debt
1
5 .14 %4.57%
Weighted average fixed rate
(excl line fee and margin)
3.27%2.82%
Weighted average fixed rate duration2.3 yrs2.7 yrs
% of drawn debt fixed78 %59%
Interest rate hedging remains a priority with
focus on extending duration.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
15

Portfolio

WA
NT
SA
NSW
TAS
VIC
QLD
4%
8%
23%
12 %
22%
27%
4%
Portfolio overview
AUSTRALASIA'S HIGHEST QUALITY INVESTABLE HEALTHCARE PORTFOLIO
GEOGRAPHIC DIVERSIFICATION
(BY VALUE)
CPI aligned leases support income growth
occupancy
98.2%
4.1% growth for same properties on a like-for-like and constant
currency basis; 1.8% (excl. FX) growth in net property income
after allowing for disposals
Evolution Healthcare 17%
Burnside 3%
Epworth Healthcare 16%
Healthe Care Surgical 16%
Southern Cross 4%
Bolton Clarke 3%
Mercy Ascot 3%
Te Whatu Ora 2%
I-Med Radiology Network 1%
Other 17%
Aurora Healthcare 19%
Vital's tenants include some of the largest healthcare
operators across Australia and New Zealand
~86% of Vital's rent is linked to CPI
of which 70% has a cap with a
weighted average of 3.59%
AFFO lags CPI increases due to:
1-CPI being a backward measure
for future rent; and 2-Vital's rent
reviews are weighted towards the
second half of the financial year
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
|
17

Non-core asset disposals in line with strategy
OVER NZ$220M OF NON-CORE ASSETS OVER CY23 AT A SMALL DISCOUNT TO BOOK VALUE
Targeting over NZ$100m
additional net proceeds by
31 December 2024
of non-core assets sold
during CY23
Proceeds to be used for
development pipeline
NZ$222.1m
Non-core asset sales, coupled with
the reinvestment into developments,
have improved Vital's portfolio through
increasing exposure to healthcare
precincts and green buildings, increasing
Vital's pro-forma WALE and reducing
average building age.
An improved, more resilient portfolio
is expected to enhance returns for Unit
Holders over the medium-long term.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
18

Healthcare valuations underpinned by strong demand
Healthcare assets
have become a
mainstream

asset class
Institutional demand
for healthcare
assets evidenced by
several new entrants
into market
Limited high
quality assets
drive premium
asset pricing
Vital has been acquiring
and developing
irreplaceable precinct
assets for over 20 years
Vital has deep
relationships with
a broad range
of healthcare
operators
Our long term
partnerships across
the healthcare
spectrum drive real
estate opportunities
and value
The long term outlook
for the industry is
healthy despite some
industry headwinds
Industry metrics
are strengthening
and a growing
ageing population
will continue to
support demand
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
19

Developments

Several large developments
close to completion
reducing capital required
in future periods
Vital has undertaken
$NZ650m of developments
over the last 5 years
Completed developments
have improved average
building age by ~8 years
& WALE by ~4 years during
this time whilst delivering
strong underlying returns
Development strategy
Continue to develop through
the cycle to enhance
Vital’s portfolio, support
operating partners and
provide future earnings
growth for Unit Holders
Focus on precincts and
green buildings
Brownfield developments in
particular have supported
Unit Holder total returns and
kept Vital's assets modern
and fit for purpose
Vital has several shovel
ready projects across
Australia and New
Zealand that can be
commenced once market
conditions are supportive
In the process of repricing
new developments to
match current environment
Working on new
ways of funding these
developments including
capital partnering
Current focusAchievementsStrategy
VITAL HEALTHCARE PROPERTY TRUST
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INTERIM RESULTS HY24
|
21

NZ$170m
expected to be spent over
the next 12 months
(funded through existing debt
capacity & asset sales)
5.7%
weighted average
development yield
50bps
weighted average
development yield versus in use
or expected completion yield
NZ$213m
remaining
to be spent
NZ$512m
committed
developments
1
Committed development pipeline
1
Including $62m in fund-through developments
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
22

Developments nearing completion
Wakefield Private Hospital Stage 2
Asset TypeHospital (Acute)
Total CostNZ$91.5m
Net Project Yield5.6%
Completion DateStage 2A - May-24 & Stage 2B - Feb-25. Vital's cost cap
to be reached in early -24.
DescriptionSecond stage of hospital rebuild delivering 8 operating theatres,
42 beds, new Day Surgery Unit and additional expansion
capacity
Asset ValueNZ$176m
Ormiston Hospital - Stage 1
Asset TypeHospital (Acute)
Total CostNZ$42.9m
Net Project Yield5 .1 %
Completion DateJuly 2024
DescriptionNew three level building with internal links to the existing Hospital.
The building consists of a L1 tenancy space, a new patient ward
on L2 which will extend to the existing ward via the link bridge on
L2/L3 and a dedicated Endoscopy space on L3 with shell space
to accommodate a future CSSD.
Asset ValueNZ$73m plus land for future development
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
23

Precinct creation: Ormiston Hospital
Case Study
Ormiston Hospital (majority operated by Southern Cross) acquired in 2017 for NZ$33.0m.
The then ~5,000sqm facility was a 3 level, 26 bed facility with 6 Operating Theatres.
$46m ~5,000sqm expansion due to complete in July 2024 and is 100% pre-leased
(including heads of agreement).
Expected to be valued at over $100m on completion representing ~3% of Vital’s total
portfolio and 10% of Vital’s NZ portfolio.
In 2023, Vital acquired ~7,500sqm of adjoining land for $13m enabling Vital to respond
to increased demand for healthcare services in Southeast Auckland. Master-planning for
the precinct has been completed.
Future expansion
opportunity
Future expansion
opportunity
New hospital
expansion
Existing
hospital
5,000sqm expansion forecast to complete in July 2024; doubling the size of the facility
and extending lease by 20 years
~70% leasing pre-commitment prior to commencement of construction
100% leasing commitments prior to practical completion
Comprehensive medical precinct master planning for medical precinct
Acquisition of 7,500sqm of adjacent land for future expansion and development
Delivery in line with commitments:
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
24

Future
focus
Ko ngā pae tawhiti whaia kia tata, ko
ngā pae tata, whakamaua kia tina.
The potential for tomorrow depends on
what we do today.

Outlook & guidance
CONTINUED DELIVERY AND FOCUS ON ADDING VALUE AND EARNINGS GROWTH
FY24 distribution guidance of at least 9.75 cpu
<90% payout ratio retained
Guidance
Capital partnering and other new strategic enhancements being added to our proven strategy
Unit Holders benefit from lower risk nature of Vital's portfolio: high income security, high occupancy,
long WALE, high quality properties and tenants, growing demand for healthcare assets
Ranked leading healthcare property fund globally by GRESB for ESG
Sector tailwinds and Vital's unique offering
Adjusting to market conditions
Additional non-core asset sales being progressed to improve the portfolio and part-fund development pipeline
Continuing to improve the quality of the portfolio, including through asset sales and developments,
providing increased portfolio resilience and ensure the portfolio can provide for future healthcare needs
Developments remain integral; focused on precincts and enhancing and expanding presence in
existing locations
Focus on maintaining sector leadership in ESG as well as TCFD reporting
Focus on AFFO per unit growth of 2-3% p.a. through the economic cycle remains at the centre of our strategy.
Strategic focus
Vital is a 'best in class' investment platform.
The board and management will seek to capitalise
on Vital's unique position, high-quality portfolio
and previous achievements for the benefit of Unit
Holders through on-going active capital and asset
management as well as ESG leadership.
As well as focusing on AFFO per unit growth, we are
seeking to continually improve Vital's portfolio and
add value for Unit Holders
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
26

Appendices

Committed developments – Australia & New Zealand
DEVELOPMENTS ENHANCE EARNINGS GROWTH AND IMPROVE ASSET QUALITY
ALL VALUES SHOWN IN $MDESCRIPTION OF WORKSDEVELOPMENT
COST
1
LAND
VALUE
SPEND
TO DATE
COST TO
COMPLETE
FORECAST
NET RETURN
FORECAST
COMPLETION DATE
STATUS
Australia
GCHPK - RDX (QLD)9 level Research and development centre of excellence
and 3 level 181 bay basement car parking.
13 3 . 67. 238.095.55.6%Mid-25Works progressing ahead of programme. 3 level basement excavation
complete with concrete pours commenced in early-24.
Playford Health Hub
Stage 2 (SA)
2
Specialist Medical Centre - Radiology, Oncology,
Radiotherapy & Consulting
43.45.939.04.46.5%
3
Mid-24Structure & façade works completed. Multiple works well advanced
and fit off commenced.
Maitland (NSW)Hospital expansion including 24 additional mental
health beds, 5 additional Day Oncology chairs, 4
additional surgical beds & 6 new consulting suites
16.00.06 .19.96.0%Late-24Structure works & roof installation complete. Separable portion
Oncology works ready to commence.
Total Australian Developments A$193.013 .183.110 9.95.8%
Total Australian Developments NZ$208.214 .189.7118.55.8%
New Zealand
Wakefield Stage 2 (NZ WGN)Second stage of hospital rebuild delivering 8 operating
theatres, 42 beds, new Day Surgery Unit and
additional expansion capacity
91. 5 - 85.56.05.6%Early-25Structure completed and façade well advanced for Zone 2. Zone 1
structure complete, cladding well progressed and Level 1 wall framing
complete. Fixed cost cap to be reached in early-24.
Ormiston Stage 1 (NZ AKL)3 level expansion of existing hospital38.1 4.8 30.08 .15 .1 %Mid-24Structure, roof and plant room now complete. Façade framing complete
with cladding well advanced.
Grace Stage 1 (NZ TRG)
4
Fitout of 2 theatres, new Endoscopy room, additional
10 beds and redevelopment of existing clinical areas
36.7 - 10.426.35.5%Mid-26Same day admissions unit, OT8/9 & on-grade car park works
complete. Oropi Day units works under construction, Western Wing
extension expected to commence construction Q1-24.
Endoscopy Auckland (NZ AKL)4 dedicated Endoscopy procedure rooms, 15 car
parks & reception/waiting areas
32.2 - 8.823.45.4%Mid-25Site establishment completed and early works complete. Main works to
commence early-24.
Boulcott (NZ LH)2 new theatres, PACU expansion and conversion of
double rooms to singles
24.8 - 7. 417. 45.9%Mid-25Construction progressing well with multiple work fronts commenced.
Minor enabling works complete.
Total New Zealand Developments NZ$223.24.814 2 .181. 25.5%
Total Developments in NZ$
5
431.418 .92 31. 7199.75.7%
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
28

Committed developments – Australia & New Zealand (cont'd)
DEVELOPMENTS ENHANCE EARNINGS GROWTH AND IMPROVE ASSET QUALITY
1
Excluding Land
2
Updated $2.2m funding increase approved post balance date
3
Stabilised year 3 yield.
4
Updated business case incl $5.0m funding increase approved post balance date
5
A$ converted at 31 December 2023 spot rate 0.9270
6
Fund-through developments cost including land & operator fitout
ALL VALUES SHOWN IN $MDESCRIPTION OF WORKSDEVELOPMENT
COST
1
LAND
VALUE
SPEND
TO DATE
COST TO
COMPLETE
FORECAST
NET RETURN
FORECAST
COMPLETION DATE
STATUS
Australia
Macarthur Health Precinct Stage
1 (NSW)
4 storey comprehensive Cancer Centre with 2 bunkers,
10 medical oncology chairs, wellness centre & 61
on-grade car parks.
57.445.312 .14.3%
3
Early-24Base building and fit-out works largely complete. Defect rectification
works currently being undertaken.
Total Australian Fund-through Developments A$5 7. 445.312 .14.3%
Total Fund-through Developments in NZ$
6
61 . 948.913.04.3%
Total Committed developments including fund-through developments in NZ$
5
512.3280.6212.7
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
29

Adjusted funds from operations (AFFO)
CONSERVATIVE PAYOUT RATIO RETAINED
HY2024HY2023(%) CHANGE
Operating profit before tax and other income 37,480 35,888
4.4%
Add/(deduct):
Current tax expense(12,532) (7,916)
58.3%
Incentive fee 3,300 7, 510
56.1%
Realised and unrealised fx on borrowings (net of tax) 3 73
95.9%
Amortisation of borrowing costs 990 809
22.4%
Amortisation of leasing costs & tenant inducements 1,662 1,529
8.6%
Current tax expense on interest rate swap restructure 6,338 - -
IFRS 16 operating lease accounting(88) (84)
4.8%
Funds from operations (FFO) 3 7,15 3 37,809
1.7%
Add/(deduct): -
Actual repairs and maintenance from continuing operations(200) (138)
44.8%
Adjusted funds from operations (AFFO) 36,953 3 7, 6 71
1.9%
AFFO (cpu)5.54c5.76c
3.8%
Distribution per unit (cpu)4.88c4.88c -
AFFO payout ratio88%85%
All values shown in NZ$000's
Units on issue (weighted average, 000s)666,533653,798
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
30

Net Tangible Assets
NTA PER UNIT BRIDGE (HY24)
REVALUATION LOSS HAS LED TO SMALL NTA DECLINE PER UNIT
($0.19)
($0.02)
($0.03)
($0.01)
$0.01
$2.70
$2.40
$2.50
$2.60
$2.70
$2.80
$2.90
$3.00
$ 3 .10
$3.20
$2.96
Interest rate swapsProperty revaluationsCurrency translationRetained earningsNew units issuedHY24FY23
NZ$141m or 4.3%
reduction from June 2023
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
31

Movement in investment property
STRONG CPI LINKED HEALTHCARE PORTFOLIO OFFSETS CAP RATE SOFTENING
TOTAL PORTFOLIO VALUE BRIDGE (1H FY24)
KEY HY24 RESULTS
(NZ$ MILLIONS)
~44% of Vital’s portfolio (by
value) independently valued at 31
December 2023
Revaluation loss includes ~NZ$141m
from 16 basis points of Cap Rate
softening since 30 June 2023 and
other valuation adjustments. This
headline loss was partly offset by
~NZ$47m of revaluation gains from
rental increases, leasing activity and
development margins
1
$21m of acquisitions for strategic / development sites and tenant incentives. All values shown in NZ$, pre costs
2
Includes development expenditure and capitalised interest costs
3
Book value
4
Period end NZD/AUD exchange rate moved from 0.9193 at 30 June 2023 to 0.9270 at 31 December 2023
5
Disposals during HY24 including assets held for sale at 30 June 2023. Disposals over CY23 total NZ$222.1m
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
3,381
$2,431m
$949m
$2,228m
$990m
21
141(141)
(164)
5
(19)
3,218
31-Dec-23Acquisitions
1
Capital
additions
2
Property
revaluations
Disposals
3
Foreign
exchange
4
30-Jun-23
AUS Assets
NZ Assets
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
32

Comparative returns
VITAL MAINTAINS LONG-TERM OUTPERFORMANCE VS BENCHMARK ON A TOTAL RETURN
1
BASIS
TOTAL RETURN
1
TO 31 DECEMBER 20231YR5YR (P.A.)10YR (P.A.)SINCE 2004 (P.A.)
2
Vital2.6%4.7%10.0%10.5%
S&P/NZX All Real Estate Index5.5%2.9%7. 7 %7.2%
S&P/NZX 50 Index2.6%6.0%9.5%7.3%
Vital’s performance vs NZX REIT(2.9%)1.8%2.3%3.3%
Vital’s performance vs NZX50(0.0%)(1.2%)0.5%3.2%
S&P/NZX 50 Index
Vital
S&P/NZX All Real
Estate Index
0
100
200
300
400
500
600
700
800
900
1,000
Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
Outperformance against both the S&P/NZX All Real Estate
Index and S&P/NZX 50 Index since December 2004
Long-term outperformance highlights the defensive nature of
healthcare real estate compared to other real estate classes
Source: Forsyth Barr
1
Total returns measured by change in unit price plus post-tax distributions to 31 December 2023
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
VHP VS S&P NZX REAL ESTATE INDEX
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
33

PRIVATE HOSPITALS
15 hospitals (acute and specialty –
mental health, rehabilitation)
Four hospital operators
79% of AUS portfolio value;
85% of AUS rent
WALE: 20.4 years
5 assets, multiple tenants
19% of AUS portfolio value;
11% of AUS rent
WALE: 9.3 years
AMBULATORY CARE
3 facilities
3% of AUS portfolio value;
5% of AUS rent
WALE: 13.1 years
AGED CARE
~NZ$2.5bn Australian portfolio overview
GEOGRAPHICALLY DISPERSED AUSTRALIAN PORTFOLIO CONTINUES TO PERFORM WELL
SUBSECTOR DIVERSITY (BY VALUE)
45%
34%
18 %
3%
H
O
S
P
I
T
A
L

7
9
%
O
T
H
E
R

2
1
%
AMBULATORY
CARE
SPECIALTY
HOSPITAL
AGED CARE
ACUTE
HOSPITAL
18.8 years
WALE
1
1
Inclusive of landlord options
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
34

~NZ$1.0bn New Zealand portfolio overview
KEY NEW ZEALAND MARKET PERFORMING STRONGLY
PRIVATE HOSPITALS
9 hospitals (all acute)
6 hospital operators
81% of NZ portfolio value;
83% of NZ rent
WALE: 21.5 years
6 assets, multiple tenants
19% of NZ portfolio value;
16% of NZ rent
WALE: 10.6 years
AMBULATORY CARE
19.8 years
WALE
SUBSECTOR DIVERSITY (BY VALUE)
81 %
19 %
AMBULATORY
CARE
ACUTE
HOSPITAL
H
O
S
P
I
T
A
L

8
1
%
O
T
H
E
R

1
9
%
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
35

WESTERN
AUSTRALIA
NORTHERN

TERRITORY
SOUTH

AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
2
3
6
4
8
Investment properties
~NZ$3.5BN PORTFOLIO OF HEALTHCARE REAL ESTATE COMPRISING 38 INVESTMENT PROPERTIES AND 2,800+ BEDS
AS AT 31 DECEMBER 2023
Western Australia (2)
Abbotsford Private Hospital
Marian Centre
South Australia (3)
Playford Health Hub – Retail & Carpark
Sportsmed Hospital, Clinic, Consulting & Office
The Tennyson Centre
Queensland (4)
Baycrest Aged Care
Belmont Private Hospital
Palm Beach Currumbin Clinic
Tantula Rise Aged Care
New South Wales (8)
Darlington Aged Care
Hirondelle Private Hospital
Hurstville Private Hospital
Lingard Day Centre
Lingard Private Hospital
Maitland Private Hospital
The Hills Clinic
Toronto Private Hospital
Victoria (6)
120 Thames Street
Ekera Medical Centre
Epworth Eastern Hospital
Epworth Camberwell
Epworth Rehabilitation Hospital
South Eastern Private Hospital
Auckland (5)
Ascot Central
Ascot Carparks
Ascot Hospital & Clinics
Endoscopy Auckland
Ormiston Hospital
Wellington (4)
Boulcott Hospital
Bowen Hospital
Hutt Valley Health Hub
Wakefield Hospital
Northland (1)
Kensington Hospital
Bay of Plenty (1)
Grace Hospital
Christchurch (1)
Saint Asaph Street
Hawke's Bay (2)
Napier Health Centre
Royston Hospital
Queenstown (1)
Kawarau Park
Health Hub
2
13

Dec-24
0.0%
2.5%
5.0%
Dec-25Dec-26Dec-27Dec-28Dec-29Dec-30Dec-31Dec-32Dec-33
Total expiry
Largest single rent expiring10 Year Average
1.5%
Lease expiry profile
LOW RISK EXPIRY PROFILE SUPPORTS SUSTAINABLE, PREDICTABLE AND DEFENSIVE CASH FLOWS
Total potential expiries
of NZ$4.8m or 3.2% of
annual rent through to
December 2024
CY24 EXPIRIES
—
10-year average annual lease expiry of only 1.5% (as % of total portfolio income)
1.2% in the process of
being divested and the
balance have renewal
discussions underway
Epworth Foundation -
Brighton - asset in the
process of being divested
1
2
2
1
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
37

Rent reviews undertaken in HY24
HIGH PERCENTAGE OF TOTAL RENT IS REVIEWED ANNUALLY WITH STRUCTURED
1
REVIEW MECHANISMS
Rent reviews have been
completed for 72 leases
in FY24 to date
Structured reviews
represent 97%
1
of leases
by income as at 31
December 2023
Significant uplift via
market and CPI rent
reviews
1
Includes fixed percentage and CPI reviews

#
Jun-23 Rent p.a.
(NZD)
Dec-23 Rent p.a.
(NZD)
Increase
(NZD)
Growth
(Stable currency)
AustraliaAUS3013 , 2 2 7, 7 0 613 , 7 2 3 , 610495,9043.7%
New ZealandNZ4242,599,62443,972,4251,372,8013.2%
Total7255,827,33057,696,0361,868,7063.3%

#
Jun-23 Rent p.a.
(NZD)
Dec-23 Rent p.a.
(NZD)
Increase
(NZD)
Growth
(Stable currency)
CPICPI4949,146,99950,787,4701,640,4703.3%
FixedFixed205,092,7115,257,486164,7753.2%
MarketMarket2413 ,12 8442,95229,8257.2%
TurnoverTurnover11,174,4921,208,12833,6352.9%
Total7255,827,33057,696,0361,868,7063.3%
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
38

Rent review profile
Rent Review BreakdownCPI Linked Reviews
Greater of Market or CPI
(0%)
No Review
(3.4%)
Stepped / Structured
(1.3%)
Fixed <3%
(1.5%)
Fixed 3%+
(6.9%)
Market Review
(1.0%)
CPI
(64.1%)
CPI x 1.5+
(18.8%)
Lesser of CPI
and 3%
(2.9%)
(85.8%)
Other Reviews
CPI Linked Reviews
(14.2%)
BREAKDOWN OF
PORTFOLIO CPI REVIEWS
TYPE%
CPI - Un-Capped 29.6%
CPI - 2.5% Cap1.5%
CPI - 3% Cap1.1 %
CPI - 3.5% Cap1.5%
CPI - 4% Cap37.4%
CPI x 1.5 - 2.5% Cap5.3%
CPI x 1.5 - 3.0% Cap 18.3%
CPI x 1.75 - 5.0% Cap 2.1%
Lesser of CPI and 3.0%3.3%
~5% of Vital's leases (by
income) have provisions
that carry forward any rent
increase lost due to a cap
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
39

Core portfolio metrics
5 YEAR TRENDS HIGHLIGHT PORTFOLIO STRENGTH AND UNDERPIN LONG-TERM PERFORMANCE
OCCUPANCY
AVERAGE 10 YR LEASE EXPIRY
1
WALE
TOTAL INCOME SUBJECT TO
STRUCTURED RENT REVIEWS
>98%
Occupancy
Long-term track record of maintaining
High degree of confidence
that future expiries will be
renewed or replaced with new
tenants in advance of expiry
0%
1%
2%
3%
4%
5%
6%
1.7%
1.3%
1.5%
1.9%
2.0%
PERCENTAGE OF INCOME
20192020202120222023
0%
20%
40%
60%
80%
100%
90.0%
94.0%
94.0%
96.3%
2019202020212022
96.6%
2023
PERCENTAGE OF INCOME
90%
92%
94%
96%
98%
100%
99.5%
99.1%
99.0%
98.4%
98.2%
2019202020212022
2023
15
16
17
18
20
17.9
19.0
19.2
17.8
17.2
2019202020212022
2023
1
Reflects the average % of total portfolio income that expires over the next 10 years
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
40

Glossary
AFFO
Adjusted Funds From Operations is an alternate measure used for assessing distributable income. Essentially adjusts net profit
after tax for non-cash/non-recurring items (i.e. NDI) then makes adjustments for items such as maintenance capex and lease
incentives paid.
Cap Rate
Capitalisation Rate. Generally calculated as net operating income / current market value of investment property.
CPI
Consumer Price Index. An index that measures the change in the cost of a ‘basket’ of basic goods and services, showing how
the cost-of-living changes over time. The most widely accepted indicator of inflation.
FX
An abbreviation for ‘foreign exchange’ used where there is a transaction in a currency other than the local currency.
NPI
Net Property Income.
NTA
Net Tangible Assets. The total assets of the Trust less total liabilities. NTA is normally divided by the number of units on issue and
expressed as an annual amount per unit.
WALE
Weighted Average Lease term to Expiry. The weighted average lease term remaining to expire across a portfolio, sometimes
also referred to as WALT.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
41

Disclaimer
This document has been prepared by Northwest Healthcare Properties Management Limited (the Manager) as manager of the Vital
Healthcare Property Trust (the Trust). This document provides general information only and is not intended as investment, legal, tax, financial
product 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.
All references to $ are to New Zealand dollars unless otherwise indicated.
This document 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. Any
indications of, or guidance or outlook on, future earnings or financial position or performance and future distributions are also forward-
looking statements. 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 document or any information
supplied in connection with it. The Manager and the Trust are under no obligation to update this document or the information contained in it
after it has been released. Past performance is no indication of future performance.
The information in this document is of general background and does not purport to be complete. It should be read in conjunction with Vital’s
market announcements lodged with NZX, which are available at www.nzx.com/companies/VHP.
15 February 2024
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY24
|
42

Belmont Private
www.vhpt.co.nz
Thank you

---

Vital invests solely in real property to support health
ecosystems in New Zealand and Australia.
• Over the 10 years ended 31 December
2023, Vital has provided a total return of
10.8% per annum, 2.3% per annum above
the S&P/ NZX All Real Estate Index.
• Although growth in AFFO and distributions
per unit were below our target for the Half
Year, we remain focused on delivering 2-3%
growth in AFFO and distributions per unit per
annum over the medium term. In December
2023, the Board reaffirmed Vital’s medium
term strategy focussed on this goal (refer
to the back page of this report for more
details).
• During the 6 months ended 31 December
2023 (HY24), NZ$164m
1
of non-core
assets were sold taking the total over 2023
to NZ$222.1m. Proceeds have been used
to repay debt and will ultimately be used
to reinvest in new healthcare properties
in core health care precincts with quality
tenants and strong ESG credentials.
Strategic initiativesDelivery over the five years ended 31 December 2023
Grow AFFO and
distributions by 2-3%
per unit per annum over
the medium term
11.4% growth in distributions per unit or 2.3% per annum
Reduction in AFFO per unit over last 18 months primarily due
to rapidly rising interest rates but strategies in place to return to
growth
Improve portfolio
metrics through
acquisitions,
developments and
divestments
WALE increased from 17.9yrs to 19.2yrs (despite 5 years passing)
Single largest tenant concentration reduced from 48% to 19%
Weighted average building age lowered from 14.0yrs to 9.7yrs
Metropolitan exposure increased from NZ$1.5bn to NZ$2.9bn
(increase from 83% to 89% of the total portfolio)
Increase exposure to:
- New Zealand
- South-East
Queensland
- Healthcare precincts
- Green buildings
- Ambulatory care
facilities
- Life sciences
New Zealand portfolio increased from NZ$429m to NZ$1bn
(increase from 25% to 31% of the total portfolio) and South-
East Queensland increased from NZ$196m to NZ$437m
(increase from 11% to 13% of the total portfolio) with additional
developments underway or being considered in both jurisdictions
Exposure to core healthcare precincts increased from NZ$617m
to NZ$1.6bn once current committed developments complete
(increase from 34% to 47% of the total portfolio)
Ambulatory care investment increased from NZ$212m
to NZ$537m
First life sciences development underway (RDX: A$140m)
Divest non-core assetsNZ$339m sold
2
, NZ$92m in due diligence for sale and a further
NZ$220m being considered for potential sale
Prudent balance sheet
management
Despite significant expansion of the portfolio, balance sheet
gearing has been maintained below 40% which is considered
conservative for a portfolio like Vital’s (35.1% to 38.3%)
Weighted average debt maturity increased from 1.7 years
to 3.3 years
Interest rate hedging: ~78% of drawn debt at 31 December 2023
OF NON-CORE ASSET
SALES OVER CY23
NZ$222.1m
OF VITAL’S NET LETTABLE
AREA LEASED /
RENEWED OVER HY24
~7%
As part of its sustainability efforts, hard copy Interim Reports will no longer be mailed unless specifically requested by Unit Holders. Instead, this summary document provides an overview of
Vital’s key results for HY24. As with previous results, the full Interim Report will be emailed to Unit Holders and will be available on the NZX and be posted on Vital’s website: https://www.
vitalhealthcareproperty.co.nz/financial-results/. This initiative will save approximately 252,000 pages of printing per annum and reduce our greenhouse gas emissions both through reducing
printing and mailing.
Investors who would like to receive a printed Interim Report can request one by calling Computershare on +64 9 488 8777, emailing enquiry@computershare.co.nz or mailing a request to:
Computershare Investor Services Limited, Private Bag 92119, Auckland 1142.
Vital is a highly transparent investment entity. We provide regular updates to our investors and
other stakeholders including around our strategic direction and key targets. We are very proud
to have delivered what we said we were going to.
1
Includes assets held for sale at 30 June 2023.
2
Includes the sale of small assets and three regional hospitals in the four years prior to CY23
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD INTERIM REPORT SUMMARY 2024 | 1
HY24 Report
Summary
DELIVERING ON OUR STRATEGY

Financial results
Vital recorded underlying net property income growth
over HY24 despite non-core asset disposals reflecting the
contribution of development income, annual rent reviews
and leasing. Growth in underlying income since HY23 on a
same property, constant currency basis was a healthy 4.1%.
Interest rate hedging has been increased to ~78% and
Vital has no debt expiring until March 2025 and we are
well progressed on near term expiries.
A$166m
DEBT HEADROOM AVAILABLE IN
EXISTING FACILITIES
INCREASE IN NET PROPERTY INCOME (EX FX)
1.8%
Portfolio
overview
Vital owns 38 income producing properties across Australia and New Zealand (plus strategic
land for development) including many of the leading metropolitan private hospitals. Vital
is seeking to grow its exposure to core and emerging healthcare precincts with a focus on
New Zealand and South-East Queensland in particular.
Non-core asset sales, coupled with the development pipeline, has improved and will continue
to improve the resilience of Vital’s portfolio across a range of metrics including income security,
average building age, tenant quality and several environmental measures.
*Inclusive of landlord options
WAKEFIELD HOSPITAL, WELLINGTON
LIKE-FOR-LIKE, SAME PROPERTY INCREASE
IN EARNINGS (CONSTANT CURRENCY)
4.1%
RDX. GOLD COAST, QUEENSLAND
WALE*
19.2 year
PORTFOLIO (~NZ$2.2B AUSTRALIA
& ~NZ$1.0B NEW ZEALAND)
~NZ$3.2 billion
OCCUPANCY
98.2%
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD INTERIM REPORT SUMMARY 2024 | 2

FY24 DISTRIBUTION GUIDANCE
at least 9.75cpu
ADDITIONAL NON-CORE ASSET
SALES TARGETED FOR CY24
>NZ$100m
Outlook
In December 2023, Vital’s Board reaffirmed Vital’s
strategy reflecting the Board and Management’s
conviction in healthcare assets supported by growing
institutional demand for the asset class and the stability
of the cashflows these assets provide.
Vital is the only specialist healthcare landlord
listed on the NZX. Healthcare property remains a
Climate-Related Disclosures reporting
preparation underway for 2024
Development
update
SPENT ON CAPITAL WORKS IN
H24 INCLUDING DEVELOPMENTS
FULLY COVERED BY ASSET SALES
COMMITTED DEVELOPMENT
SPEND REMAINING
POTENTIAL DEVELOPMENT
PIPELINE
~NZ$213m
NZ$2bn
~NZ$134m
Our development team comprises >15 experts
in healthcare real estate which is unmatched in
Australia or New Zealand. Our precinct strategy
will help create new opportunities for Vital to build
out assets in health-related precincts where public,
private, education, aged care and research uses
are closely agglomerated and interrelated.
defensive asset class, underpinned by a high level of
government support and non-discretionary spending.
Whilst we have delivered on most of our strategic
goals, our primary focus remains delivering a growing
income stream (AFFO and distributions per unit) for
our Unit Holders.
ROYSTON HOSPITAL, HAWKE’S BAY
Vital’s distribution reinvestment plan remains active but
the 1% discount has been removed from February 2024.
Sustainability
Vital has continued its significant Environmental,
Social and Governance (ESG) efforts over
HY24. These efforts have aligned with the
Northwest overarching Sustainability Framework
cultivating healthy and sustainable places
through Thriving Partners, Healthy Planet, Strong
Communities, and an Inclusive Company along
with a variety of Enablers to support this.
9
B-
RETAINED B- SCORE IN 2023
FOR CDP (FORMERLY CARBON
DISCLOSURE PROJECT)
CURRENT AND POTENTIAL
DEVELOPMENTS TARGETING 5
STAR GREEN STAR (OR HIGHER)
PLACE GLOBALLY IN GRESB FOR
LISTED HEALTHCARE IN ESG
1st
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD INTERIM REPORT SUMMARY 2024 | 3

Strategy reaffirmed
To support capital partnering, the Board proposes to
amend Vital’s Statement of Investment Policy and Objectives
(SIPO). Although no specific transaction has been agreed,
the amendment is expected to enable Vital to do the
following, by way of example, more easily:
• earn management fees;
• consider a wider range of capital partnering initiatives
and structures; and
• consider a wider range of transactions.
The above is to remain consistent with Vital’s overarching
investment objectives, as set out in the SIPO, of increasing
“... its net asset value, the value of units held by Unit Holders
and the distributions paid to Unit Holders, on a sustainable
basis” through:
Disclaimer:
This document has been prepared by Northwest Healthcare Properties Management Limited (the Manager) as manager of the Vital Healthcare Property Trust (the Trust) and provides high-
level summary information only.
This document does not contain all the information in the Trust’s Interim Report which is available on www.nzx.com/companies/VHP and https://www.vitalhealthcareproperty.co.nz/
announcements/ and is not intended to replace the Interim Report.
This document is not intended as investment, legal, tax, financial product 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.
All references to $ are to New Zealand dollars unless otherwise indicated.
This document 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. Any indications of, or guidance or outlook on, future earnings or financial position or performance and future
distributions are also forward-looking statements. 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 document or any information supplied in connection with it. The Manager and
the Trust are under no obligation to update this document or the information contained in it after it has been released. Past performance is no indication of future performance.
The information in this document is of general background and does not purport to be complete. It should be read in conjunction with Vital’s market announcements lodged with NZX, which
are available at www.nzx.com/companies/VHP.
vhpt.co.nz
Proposed amended SIPO to support capital partnering
In December 2023, Vital’s majority independent board approved an updated strategy. The update is substantially in line with
previously announced strategy reflecting the Board and management’s conviction in healthcare property. Key elements include:
• “owning and managing high quality real estate in good
locations primarily used by healthcare operators or used
for healthcare, life sciences and related purposes;
• secure and maintain property occupancy with quality
tenant(s); and achieve long lease terms where possible...”
Consistent with Appendix 2 of the SIPO, notice is being
provided to Unit Holders on the date of this document of
the variation to the SIPO.
The proposed change provides the Board and management
with another mechanism to increase Vital’s earnings and / or
the value of Vital’s units.
– Vital needs to remain relevant, investable and at the forefront of
best practice across all ESG areas.
– We have several strategies to return to a growth path for AFFO
and distributions in future periods.
– Vital is supporting our home market and the communities where
our investors are located.
– Healthcare property continues to be attractive due to the
underlying tenant demand and relatively low volatility. Vital is in
a unique position to capitalise on this.
Sustainability / ESG to remain core to everything we doMeasures to return to AFFO and distribution growth
in future periods consistent with targets
Continued focus on key identified markets notably New
Zealand where Vital is supporting the three main private
hospital operators as well as the public health system
Continuation of core strategy & focus on healthcare
real estate
Continued focus on brownfield and greenfield
developments in core or emerging healthcare precincts
– Continued improvement of the portfolio to support security of
Unit Holder returns
– Retain sector leadership
– Reflects our belief in healthcare precincts as a means to
enhance returns for Unit Holders
– To become committed, potential developments must add value
for Unit Holders
– Benefits to Vital include enabling the potential development
pipeline, adding another way of funding developments
and reducing risk (development, tenant concentration and
geographic concentration).
Increased focus on alternative sources of capital

---

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

MARKET RELEASE

Results for announcement to the market
Name of issuerVital Healthcare Property Trust
Reporting Period6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations$72,3990.46%
Total revenue$72,3990.46%
Net profit/(loss) from continuing
operations-$113,126-265.23%
Total net profit/(loss)-$113,126-265.23%
Interim/Final Dividend
Amount per Quoted Equity
Security$0.02437500
Imputed amount per Quoted
Equity Security$0.00947900
Record Date7 March 2024
Distribution Payment Date21 March 2024
Current periodPrior comparable period
Net tangible assets per Quoted
Equity Security$2.70$3.17
A brief explanation of any of the
figures above necessary to enable
the figures to be understoodRefer announcement
Authority for this announcement
Name of person authorised to
make this announcementMichael Groth
Contact person for this
announcementMichael Groth
Contact phone number+61 409 936 104
Contact email addressMichael.Groth@nwhreit.com
Date of release through MAP15/2/2024
Interim financial statements accompany this announcement
RESULTS ANNOUNCEMENT

Half year results announcement date and webcast details DRP strike price set at $2.109338

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.