Vital Healthcare Property Trust/Announcement

Progressing strategic initiatives to enhance future returns

Full Year Results7 August 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 5

8 August 2024

Progressing strategic initiatives to enhance future returns
Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare
Property Trust (Vital), has today released its results for the 12 months ended 30 June 2024 (FY24).
Despite a challenging environment, Vital recorded Adjusted Funds from Operations (AFFO) of 10.9 cpu
enabling payment of 9.75 cpu in distributions, consistent with guidance, on a prudent 89.4% payout ratio.
The Manager also continued to progress several strategic initiatives including the sale of non-core assets,
key ESG initiatives, capital partnering, increasing hedging and maintenance of balance sheet gearing below
40%.
Fund Manager, Aaron Hockly, said: “During FY24, NZ$251.3m of non-core assets were sold and five
developments, totaling NZ$197m, were completed. Recycling capital from sales into developments, in
addition to leasing, has enabled us to maintain Vital’s market leading WALE at 18.3 years and improved
Vital’s property portfolio across a range of metrics including lowering the average building age, increasing
exposure to healthcare precincts, green buildings and key markets including New Zealand.”
“Vital’s remaining committed development spend of ~NZ$138m is fully funded from existing debt
headroom of ~NZ$158m. In addition, ~NZ$180m of asset sales are in due diligence to complete Vital’s asset
sales programme” Hockly continued.

FY24 results at a glance ($NZ)

FY24 FY23 Change
Property portfolio $3.2 billion $3.4 billion (4.2%)
AFFO $72.9 million $73.3 million (0.5%)
AFFO per unit (cpu) 10.90 11.18 (2.5%)
NTA per unit (cpu) 2.69 2.96 (9.1%)
Balance sheet gearing 39.1% 36.3% 7.7%
Weighted average cost of debt 4.97% 4.93% 3bps
Weighted average debt maturity 3.5 years 3.8 years (0.3) years
Distributions (cpu) 9.75 9.75 -

MARKET RELEASE

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 2 of 5

FY24 highlights include:
 Vital was acknowledged as Sector Leader (the highest possible achievement) by GRESB for ESG in
healthcare for listed entities globally across performance, management and developments.
 A 3.7% increase in underlying net property income
1
(NPI) primarily reflecting the impact of
development income and rent reviews.
 Divestment of NZ$251.3m of non-core assets at a 7.5% discount to previous book values.
 Practical completion was reached at five developments with a total development cost of NZ$197m:
 10.90 cpu in AFFO, a 2.5% decline from FY23.
 Maintenance of distributions at 9.75 cpu (consistent with guidance) on a prudent 89% AFFO pay-
out ratio.
Capital recycling progressing
In August 2023, the Manager announced it was targeting selling ~NZ$100m of non-core assets in addition
to the ~NZ$155m sold since March 2023. This was substantially achieved with a further NZ$96m of non-
core asset sales completed taking the total FY24 sales to NZ$251.3m on a 7.5% discount to previous book
values.
Net sale proceeds have been recycled into Vital’s development pipeline and have helped maintain balance
sheet gearing below the stated target of 40%.
A further ~NZ$180m of non-core assets are in due diligence to end the sales programme and the Manager
is targeting a minimum of ~NZ$100m in net proceeds before 31 December 2024. As with previous sales, net
proceeds will continue to fund the development pipeline and retain sustainable balance sheet gearing.
Development pipeline reduced
Practical completion was reached at five developments with a total development cost of NZ$197m
2
:
 A$57.4m fund-through development of Macarthur Health Precinct (Stage 1), Campbelltown,
Sydney in February 2024. This development comprises ~2,700 square metres of net lettable area, is
100% leased to GenesisCare and is on track to achieve a 6 Star Green Star rating (as built).
 A$28.5m fund-through conversion of a former aged care facility into Avive Clinic, Mornington
Peninsula in December 2023. This 60-bed mental health facility is fully leased to Avive Health for 25
years. Repurposing this facility saved an estimated 1,400 tonnes of CO2 compared to building a
new facility.
 A$43.4m Playford Health Hub (Stage 2), Adelaide in May 2024. This development comprises ~6,400
square metres of net lettable area, is ~67% leased and is on track to achieve a 6 Star Green Star
rating (as built).
 NZ$38.1m expansion of Ormiston Hospital (Stage 1), Auckland in June 2024 to double the size of
this Southern Cross majority occupied hospital to ~7,600 square metres of net lettable area. The
property is ~94% leased.
 NZ$5.3m Bowen Hospital Expansion, Wellington in November 2023. This development included an
operating theatre fit out and ward refurbishment. The property is fully leased to Evolution
Healthcare.

1
On a same-property, constant currency basis.
2
Development costs exclude land cost other than the two fund-through developments for which Vital paid the
contractual sum as listed which included an allocation for land.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 3 of 5

The above developments were completed substantially on time and on budget.
Vital’s committed development pipeline is now NZ$264.1m across six developments with NZ$138.2m
remaining to complete and are able to be fully funded from existing debt headroom.
Capital partnering delayed
The Manager has progressed its capital partnering initiative but has not concluded a transaction to date.
Whilst this remains a key medium-term objective, Vital’s expectations have not been met by global
investors’ return expectations and liquidity. Sector interest remains high, and it is anticipated this initiative
will be further progressed in CY25.
Outlook and guidance
Despite recent heightened market volatility, healthcare property remains a defensive asset class,
underpinned by a high level of government support and non-discretionary spending. We expect the Vital
portfolio will continue to demonstrate strong operating metrics and portfolio resilience based on a long
history of investment in the assets and partnerships with market leading operators.
Balance sheet metrics will continue to be enhanced as a further ~NZ$180m of assets are in due diligence
for sale to conclude Vital’s asset recycling programme.
FY25 distribution guidance of 9.75 cpu (payable quarterly) has been provided consistent with FY24
distributions.
Conference call and webcast
A conference call and webcast are scheduled for 10:00 am (NZST) on Thursday, 8 August 2024. Participants
are encouraged to pre-register for the event to avoid delays by navigating to:
https://s1.c-conf.com/diamondpass/10035899-9gdt5f.html

Presentation slides and audio can be viewed by copying the following URL into your internet browser:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=0sSpoz8d

You will be required to input your name, email address and company name to register for the webcast.
A copy of the webcast will be available on Vital’s website later today at: www.vhpt.co.nz

Online-only Annual Report
As part of Vital’s sustainability commitments, Vital’s Trust Deed has been amended so that only a summary
report of FY24 results will be mailed to those Unit Holders who have elected to receive hard copies.
As usual, the full Annual Report and Half Year Report will be released to the NZX, made available on Vital’s
website and emailed to Unit Holders who have provided an email address to Computershare. In addition,
Unit Holders may specifically request a hard copy of the Annual Report be posted to them.
This initiative has saved over 250,000 pages of paper and diverted 500kg of waste from landfill, equivalent
to a reduction in greenhouse gas emissions of 1,532.16kg CO
2
e.
– ENDS –

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 4 of 5

ENQUIRIES
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 (~80 %* of portfolio value),
ambulatory care facilities (~20%* of portfolio value) and aged care (~0%* 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 as at 30 June 2024
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

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 5 of 5

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 .

---

Annual Report
2024
Continuing to enhance our resilience

Contents
As part of its sustainability efforts, hard copy Annual Reports will no longer be mailed unless specifically requested by Unit Holders. As with previous results, the full Annual
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 Annual Report can request one by calling 0800 225 264 (toll free from within NZ), emailing enquiry@vhpt.co.nz or mailing
a request to: Northwest Healthcare Properties Management Limited, PO Box 6945, Victoria Street West, Auckland.
About Vital and Northwest 4
Overview of Vital 6
FY24 Key Events 10
Short, Medium and Longer
Term Progression 12
Manager’s Report 14
Financial Summary
& Portfolio Metrics 18
Asset Allocation 19
Australian Portfolio Overview 20
New Zealand Portfolio Overview 22
Completed Developments 24
Committed Developments 30
Sustainability 38
Our Board 56
Our Executive Team 58
Corporate Governance 60
Financial Statements 68
Vital’s Structure 11 6
Directory 11 9
All values in this report are in NZ dollars
unless stated otherwise.

AWARDS & RECOGNITION
FY24 HIGHLIGHTS
~$251m
*
divestments completed
~$197m
developments completed reducing
amount remaining to be spent on
committed developments to $138m
$2.69
NTA per unit
9. 75cpu
Distributions paid to Unit Holders
SILVER AWARD 2024
2023 GRESB SECTOR LEADER
* Disposal Value
ANNUAL REPORT 2024
|
3

Vital is an NZX listed
property trust which
owns ~$3.2billion of
healthcare property in
New Zealand
and Australia.
To be Australia and New Zealand’s leading
listed healthcare property fund.
Deliver stable and growing total Unit Holder returns,
including an attractive risk-adjusted income distribution,
majority sourced from healthcare real estate.
Vision
Mission
4
|
VITAL HEALTHCARE PROPERTY TRUST

TSX listed owner and manager of
$12.4 billion of healthcare property
across four continents.
Hard work, integrity, collaboration, drive,
flexibility, team work, fun and results.
Be the leading global diversified healthcare real estate company.
Provide best in-class real estate solutions to the healthcare industry
and deliver exceptional shareholder value to investors.
EXCELLENCE
Delivering exceptional outcomes
INTEGRITY
Doing what’s right
PARTNERSHIP
Succeeding together
We value
Vision
Mission
Values
Northwest (Australia and New
Zealand) is the manager of Vital,
with over 50 professionals in the
region. We have offices in Auckland,
Melbourne and Sydney.
ANNUAL REPORT 2024
|
5

WESTERN
AUSTRALIA
4%
Overview of Vital
1
1
All numbers quoted on this page relate to income producing properties only and exclude strategic land holdings.
$ 14 5m
5.3%98%
NET PROPERTY INCOME
WEIGHTED AVE
CAP RATE
PORTFOLIO
OCCUPANCY
6
|
VITAL HEALTHCARE PROPERTY TRUST

WESTERN
AUSTRALIA
NORTHERN
TERRITORY
SOUTH

AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
9%
23%
11 %
22%
28%
3%
18.3years
WALE
9. 5years
AVERAGE
BUILDING AGE
ANNUAL REPORT 2024
|
7

Healthe Care Surgical 16%
Burnside 3%
Evolution Healthcare 14%
Epworth Healthcare 16%
Mercy Ascot 3%
Southern Cross 3%
GensisCare 2%
Health NZ / Te Whatu Ora 1%
I-Med Radiology Network 1%
Other 21%
Aurora Healthcare 20%
Tenant Diversification
% of Rent
20%
21 %
16 %
2%
1%
1%
3%
3%
3%
16 %
14 %
Key Numbers
3.7%
LIKE-FOR-LIKE NET
PROPERTY INCOME
GROWTH OVER FY24
9. 75cpu
FY25 DISTRIBUTION
GUIDANCE
~$2.2b
COMMITTED AND
POTENTIAL DEVELOPMENT
PIPELINE
8
|
VITAL HEALTHCARE PROPERTY TRUST

Acute Hospitals 57%
Ambulatory Care 20%
Specialty Hospitals
(mental health & rehabilitation) 23%
Sub-sector Diversification
% of Value
H
O
S
P
I
T
A
L

8
0
%
A
M
B
U
L
A
T
O
R
Y
C
A
R
E

2
0
%
57%
20%
23%
39.1%2 .1 %
BALANCE SHEET GEARINGDISTRIBUTION 10-YEAR CAGR
FY14 - FY24
Macarthur Health Precinct, NSW
(Artist’s Impression)
ANNUAL REPORT 2024
|
9

• Toy car donation to Christchurch Hospital
• Recognised as 2023 Sector
Leader for Healthcare listed
entities globally by GRESB
• Opening of redeveloped
Abbotsford Private Hospital
• Toy car donation to Starship
Foundation, Auckland
• Gut Foundation Event Sponsor (Gut Feelings
2023 - A healthy mind takes guts!)
• Property Council NZ conference
property tour of RDX, Queensland
• Belmont Private Hospital
expansion official opening
• Vital joined Starship Foundation
as a corporate partner
• Dr Michael Stanford re-elected
as an Independent Director
• Bowen Hospital
redevelopment complete
AUGUST 2023
OCTOBER 2023
SEPTEMBER 2023
NOVEMBER 2023
JULY 2023
FY24 Key Events
1
including land
Q1
Q2
Donation to Christchurch Hospital
(via the Maia Health Foundation)
Opening of expansion of Belmont Private Hospital, QLD
10
|
VITAL HEALTHCARE PROPERTY TRUST

APRIL 2024
• Presentation to NZ Shareholders Association Nelson Branch
• New primary birthing unit Kurawaka: Waipapa opens in Christchurch
MAY 2024
• Opening of Avive Clinic, a new private mental
health hospital in Mornington Peninsula
• Presentation to the NZ Shareholders Association Waikato Branch
• Presentation to the NZ Shareholders Association Wellington Branch
• Australian Non-deal Roadshow
• Completion of Stage 2 of Playford Health Hub in Adelaide, South Australia
JUNE 2024
• Royston Day Surgery awarded National Category Winner
in Health at the 2024 NZ Commercial Project Award
• Completion of Ormiston Hospital Stage 1 expansion
• Keystone NZ Property Education
Trust scholarship awarded to
Charlotte Simpson (Bachelor
of Property & Bachelor of
Commerce conjoint at the UoA)
• Macarthur Health Precinct
(Stage 1) official opening
FEBRUARY 2024
MARCH 2024
JUNE 2024
Q4
Q3
Richard Roos speaking at the
opening of the Avive Clinic, VIC
Opening of Macarthur Health Precinct
(Stage 1) by the NSW Health Minister
and other local dignitaries
ANNUAL REPORT 2024
|
11

428%
growth (FY14-FY24)
Maintenance of
market leading WALE
Younger buildings
reduce maintenance
capex requirements
149%
increase (FY14 - FY24)
Enhance earnings and
valuation growth and support
portfolio development
Concentration
risk reduced
Diversity of assets reduces
risk and enhances earnings
F Y 14F Y 21FY24
Total property
value
~$613.1m
(AUS: 74%, NZ: 26%)
~$2.63b
(AUS: 73%, NZ: 27%)
~$3.24b
(AUS: 69%, NZ: 31%)
WALE15 .118.718.3
Average
Building Age
Not Available12.49.5
Net Property
Income (annual)
$58m$110m$145m
Development
pipeline
~$85m~$1.0b~$2.2b
Largest single
tenant exposure
43%42%20%
Sector split
Hospital: 87%
Ambulatory Care: 13%
Aged Care: n/a
Hospital: 85%
Ambulatory Care: 10%
Aged Care: 5%
Hospital: 80%
Ambulatory Care: 20%
Aged Care: n/a
Weighted
average cap rate
8.9%4.9%5.3%
Resilient Portfolio,
underpinned by high quality
assets and tenants
Short, Medium and Longer
Term Progression
12
|
VITAL HEALTHCARE PROPERTY TRUST

Vital has continued to refine and deploy its strategy
of owning and developing healthcare property as
a means to deliver growing returns for Unit Holders.
4
Net Distributable Income per unit (AFFO not reported)
Significantly
expanded
No debt expiring
until March 2026
5%
growth (FY14-FY24
2.1%
Distribution 10-year
CAGR (FY14-FY24)
15 9 %
growth (FY14-FY24)
F Y 14F Y 21FY24
Balance sheet
gearing
31.4%35.0%3 9 .1 %
Average debt
maturity
4.1 years2.5 years3.5 years
NTA per unit
$1.0 4$2.89$2.69
AFFO per unit (cpu)
10.40c
4
11.54c10.90c
Distributions
per unit (cpu)
7.90c8.88c9.75c
Buranda Health Hub, QLD
(Artist’s Impression)
ANNUAL REPORT 2024
|
13

Manager’s Report
Tēnā koutou,
Northwest Healthcare Properties Management Limited (Northwest),
the Manager of Vital Healthcare Property Trust (Vital), is pleased to
report Vital’s results for the year ended 30 June 2024 (FY24).
FY24 highlights included:
• Vital was acknowledged as Sector Leader (the highest possible
achievement) by GRESB for ESG in healthcare for listed entities
globally across performance, management and developments.
• A 3.7% increase in underlying net property income (NPI)
primarily reflecting the impact of development income
and rent reviews.
1
• 10.90 cpu in Adjusted Funds from Operations (AFFO).
• Maintenance of distributions at 9.75 cpu (consistent with
guidance) on a prudent 89% AFFO pay-out ratio.
• Practical completion was reached for five developments
2
:
• A$57.4m fund-through development of Macarthur Health
Precinct (Stage 1), Campbelltown, Sydney in February
2024. This development comprises ~2,700sqm of net
lettable area, is 100% leased to GenesisCare and is on
track to achieve a 6 Star Green Star rating (as built).
• A$28.5m fund-through conversion of a former
aged care facility into Avive Clinic, Mornington
Peninsula in December 2023. This 60-bed mental
health facility is fully leased to Avive Health.
• A$43.4m Playford Health Hub (Stage 2), Adelaide in
May 2024. This development comprises ~6,400sqm
of net lettable area, is ~67% leased and is on track
to achieve a 6 Star Green Star rating (as built).
• $38.1m expansion of Ormiston Hospital (Stage 1),
Auckland in June 2024 to double the size of this Southern
Cross majority occupied hospital to ~7,600sqm
of net lettable area. The property is ~94% leased.
• $5.3m expansion of Bowen Hospital, Wellington
in November 2023. This development included an
operating theatre fit out and ward refurbishment.
The property is fully leased to Evolution Healthcare.
Our commitment to sustainability
Vital continues to prioritise sustainability throughout its operations in
line with Northwest’s global sustainability strategy and framework.
During FY24 we have:
• Achieved increases in benchmarking scores including GRESB
where we achieved “sector leader” status.
• Nine developments registered targeting at least 5 Star
Green Star.
• Undertaken significant work in preparation for our first Climate
Related Disclosure (for release in October 2024).
• Engaged a modern slavery platform to manage supplier surveys
which supports identifying and mitigating modern slavery risks
within our supply chain.
• Launched our first Reflect Reconciliation Action Plan,
an 18-month commitment that details initiatives we have set
towards our reconciliation journey.
• Signed 100% green power contracts for all base
building electricity.
• Commissioned electric vehicle EV charging at our first pilot site
at Tennyson Centre in line with our EV charging strategy.
• Undertaken limited assurance of our complete Scope 1, Scope
2 and Scope 3 GHG inventory. This data is used to establish
our baseline year and progress emission reduction targets in line
with our net zero by 2050 commitment.
• Completed Level 2 energy audits across all our assets including
tenant-controlled sites.
Portfolio overview
Vital’s high-quality ~$3.2 billion property portfolio has continued
to be revitalised through the ~$251m divestment of non-core and
lower quartile assets and the reinvestment of sales proceeds into
new developments.
Vital’s weighted average lease expiry (WALE) was 18.3 years at
30 June 2024 compared to 17.8 years at 30 June 2023. It is worth
noting that Vital’s WALE was 18.1 years ago despite five years
passing reflecting leasing, developments, divestments, acquisitions
and other asset management initiatives undertaken during this time.
1
On a same-property, constant currency basis
2
Development costs exclude land cost other than the two fund-through developments for which Vital paid the contractual sum as listed which included an allocation for land.
Vital recorded AFFO of 10.9 cpu enabling payment of 9.75 cpu in
distributions, consistent with guidance, on a prudent 89.4% payout ratio.
$251.3m of asset sales were completed during FY24 at a 7.5% discount to previous book values. A further ~$180m of
assets are in due diligence to complete the asset recycling programme through which Vital has been selling its non-core
and lower quartile assets to fund its development pipeline. This programme aims to improve the quality and resilience of
Vital’s property portfolio to enhance Unit Holder returns over the medium term.
14
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VITAL HEALTHCARE PROPERTY TRUST

3.7%
INCREASE IN LIKE-
FOR-LIKE NET
PROPERTY INCOME
~$3.2b
PROPERTY
PORTFOLIO
2023 GRESB
SECTOR LEADER
The average building age has been lowered to 9.5 years
consistent with the Manager’s strategy to maintain or lower this key
metric as a means of maintaining relatively low maintenance capital
expenditure and ensuring Vital’s assets continue to meet tenant
/ patient demand.
Net property income
Net property income increased by 3.7% over FY24 (on a same
property, constant currency basis), reflecting contributions from
the structured rent reviews within the portfolio and developments.
82% of Vital’s rent is linked to CPI. 77% of this having a weighted
average annual limit of ~3.6% with the balance being uncapped.
This structure provides Vital’s Unit Holders with some protection
in periods of elevated inflation.
Acquisitions
No new acquisitions of income producing property was undertaken
during FY24 reflecting a shift in our strategy of focusing on new
developments ahead of acquisitions.
Macarthur Health Precinct, NSW (Artist’s Impression)
ANNUAL REPORT 2024
|
15

1
All sale prices listed here are gross and are before selling costs and are in NZ$ unless otherwise specified
Divestments
Over FY24, the following assets were divested for ~$251.3m
1
:
1. In July 2023, the sale of Mons Road Medical Centre in
Sydney to a specialist health care real estate investor
settled for A$37.9m.
2. In August 2023, Southport Private Hospital in the Gold Coast
was sold to a large Australian institutional property investor
for A$51.4 with A$4m to be held in trust for 3 years to
cover specified capital expenditure requirements.
3. In December 2023, five aged care assets were sold for
A$65m to a large Australian superannuation scheme with
A$5m of the consideration deferred for two years.
4. In January 2024, a residential house in Perth no longer
required for expansion of an adjoining Vital asset was sold
for A$1.8m.
5. In June 2024, a development site in Hobart previously
proposed for a fund-through development which is
no longer feasible was sold for A$7.0m to a local
development syndicate.
6. In June 2024, three aged care assets leased to Bolton
Clarke were sold for A$57.5m to a large Australian
superannuation scheme.
7. In June 2024, Napier Medical Centre was sold for $17.0m
to the tenant.
The above sales were undertaken at a 7.5% discount to previous
book values.
The Manager has a further ~$180m of assets in due diligence for
sale to fund Vital’s development pipeline. This will bring to an end
Vital’s non-core asset sales programme.
Developments
During FY24 five developments reached practical completion
totalling $197m.
In addition, Vital’s contribution to the redevelopment of Wakefield
Hospital Stage 2 has reached the agreed cap of $91.5m with
the balance of the works to be funded by the tenant. Project Costs
were rentalised as incurred and practical completion is expected
to be split into two phases with the first in late 2024 and the second
in 2025.
At 30 June 2024, Vital had ~$264m of developments underway
in New Zealand and Australia with ~$138m remaining to spend
(figures exclude land costs and Wakefield Hospital).
Further details of specific developments are available on pages
30-37 of this report.
Financial results
Cash from operations available to Unit Holders, measured by
AFFO, decreased 0.5% to $72.9m. AFFO per unit was 10.90cpu;
a 2.5% decrease from FY23, reflecting a higher interest rate
environment offset by increased NOI (Net Operating Income) and
lower current tax expense.
Expenses were $70.6m, 6.8% lower than FY23 reflecting higher
borrowings costs and higher property related taxes in both Australia
and New Zealand offset by lower management fees.
Vital’s NTA per unit decreased by 9.1% to $2.69 primarily due
to $165.2m of property revaluation losses driven by market forces.
The revaluation losses recognised were largely attributable to
+27bps portfolio cap rate softening, partially offset by development
margin gains, rental growth and leasing.
Capital management
Vital had a weighted average debt maturity of 3.5 years at 30
June 2024, and management continues to investigate measures
to extend Vital’s debt tenor. Vital’s all-in weighted average cost of
debt was 4.97% at 30 June 2024 (30 June 2023: 4.93%) reflecting
a debt cost environment that remains challenging.
$9.2m (before costs) of equity was raised via the Distribution
Reinvestment Plan (DRP) offered to Unit Holders. The debt to
total assets or balance sheet gearing ratio was 39.1% at 30 June
2024 (30 June 2023: 36.3%). Vital currently has approximately
Macarthur Health Precinct (Stage 1), NSW
16
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VITAL HEALTHCARE PROPERTY TRUST

A$144m (~$158m) of headroom under its debt facilities which
is more than enough to fund the balance of Vital’s committed
development pipeline.
FY25 guidance
The Board and management are pleased to provide FY25
distribution guidance of 9.75 cpu (payable quarterly) consistent
with FY24 distributions. The payout ratio is to be cashflow covered.
Refer to disclaimer on back page of this report for limitations to
this guidance.
Outlook
We are cognisant of the recent falls in Vital’s Unit price reflecting
wider property sector declines on the back of a higher interest rate
environment as well as Vital falling out of two key offshore share
indices. “Passive investment”, where investors are agnostic to the
underlying fundamentals of entities and invest solely based on
size, has become a significant component of the NZX (and other
sharemarkets) resulting in share price movements which appear
hard to equate with underlying businesses.
The disconnect between NZX pricing and operations is
pronounced in Vital’s case with >99.99% of rent having been
collected over the last five years, an improving underlying portfolio
due to developments and divestments, high income security
afforded by a long weighted average lease term (WALE) to high-
quality tenants and a distribution stream which has been growing
over the last five years.
As noted previously, the Board and management remain confident
around Vital’s strategy for delivering medium-long term returns for
our Unit Holders.
Nā māua noa, nā
Graham Stuart
Independent Chair
8 August 2024
Northwest Healthcare Properties Management Limited,
the Manager of Vital Healthcare Property Trust
Aaron Hockly
Fund Manager
Wakefield Hospital, Wellington
ANNUAL REPORT 2024
|
17

Financial summary
Portfolio metrics
All figures are in New Zealand dollars (NZD) unless otherwise stated
All figures are in New Zealand dollars (NZD) unless otherwise stated
1
Excludes properties held for development
2
Excludes Epworth Foundation - Brighton (1.3%) as this asset is in the process of being divested.
FY20FY21FY22FY23FY24
Financial Performance
Net property income100,147109,66312 3 , 018145,224144,533
Revaluation gain/(loss) on investment properties45,703235,383244,239(208,553)(165,244)
AFFO and distributions
Adjusted Funds From Operations (AFFO)
1
47,21157,457 6 7, 8 2 473, 33572,899
AFFO (cpu)10.4511 . 5 411 . 9 211 . 1 810.90
Cash distribution to Unit Holders (cpu)8 . 758.889.639. 759. 75
Financial Position
Total assets2,105,2182,662,5603,399,8343,429,7123,304,759
Borrowings813 , 515929,3001,018,7771,239,1561,287,477
Total equity1, 078 ,9791,503,4512,165,8761,957,3831,805,126
Debt to total assets ratio (%)38.735.030.036.33 9 .1
Net tangible assets ($ per unit)2.382.893.342.962.69
20202021202220232024
Investment properties ($m)2,086 2,6343,3393,3813,240
Number of investment properties
1
4441464536
Occupancy (%)99.499.298.898.998.0
Weighted average lease term to expiry (years)18 .118 . 717. 617. 818.3
12 month lease expiry (% of income)1.41. 71. 71.81.2
2
Financial Summary
18
|
VITAL HEALTHCARE PROPERTY TRUST

1
Healthcare precinct = area or hub for healthcare delivery typically including at least two
of a public hospital, major private hospital, health teaching facility or health research facility
Comprises
Public, private, specialty, rehabilitation
and mental health hospitals
Targeting
Government supported or high
private health insurance catchments
with growing populations
Indicative target
portfolio weighting
50 - 70%
(30 June 2024: 80%)
HOSPITALS
Comprises
Administration, diagnostic services
and specialist consulting, primary
care out-patient facilities
Targeting
Facilities located in a healthcare precinct
1

and/or from where healthcare is delivered
Indicative target
portfolio weighting
10 - 20%
(30 June 2024: 20%)
OUT-PATIENT/AMBULATORY CARE
Comprises
Residential aged care facilities
(excluding retirement facilities)
Targeting
High quality operators with substantial
balance sheets and <45% rent/
EBITDAR and high-quality infrastructure
Indicative target
portfolio weighting
10 - 20%
(30 June 2024: 0%)
AGED CARE
Comprises
Biotechnology, pharmaceutical,
biomedical, university, health education
and other research facilities
Targeting
Specialised facilities and/or facilities
located in a healthcare precinct
1
Indicative target
portfolio weighting
5 - 15%
(30 June 2024: 0%)
LIFE SCIENCES/RESEARCH
Asset Allocation
Hospitals are expected to remain
the core of Vital's portfolio
Ambulatory care is expected to be a key growth
area in Australia and New Zealand reflecting shifts
in healthcare delivery models in both countries.
During FY24 Vital sold all of its eight aged care facilities.
Five of these had been identified as non-core due to
a mixture of asset age and quality as well as other
screening considerations. The other three were sold in
response to an unsolicited offer at competitive pricing.
Subject to finding suitable opportunities of scale, Vital
may look to reinvest into aged care in future periods.
Note- Expected to increase to
~5% on completion of RDX
The indicative target asset allocations listed
below provide an indication of how we
could move the portfolio over time subject to
appropriate acquisition and / or development
opportunities becoming available.
ANNUAL REPORT 2024
|
19

PRIVATE HOSPITALSAMBULATORY CARE
• 17 hospitals (acute
and specialty – mental
health, rehabilitation)
• 5 hospital operators
• 79% of AUS portfolio
value; 89% of AUS rent
• WALE: 19.3 years
•5 assets, multiple tenants
• 21% of AUS portfolio
value; 11% of AUS rent
• WALE: 8.6 years
WESTERN
AUSTRALIA
SOUTH
AUSTRALIA
NEW SOUTH
WALES
VICTORIA
QUEENSLAND
2
3
7
2
8
Australian Portfolio
Overview
20
|
VITAL HEALTHCARE PROPERTY TRUST

NEW SOUTH WALES
VICTORIAWESTERN AUSTRALIA
• Belmont Private Hospital
• Palm Beach Currumbin Clinic
• Hirondelle Private Hospital
• Hurstville Private Hospital
• Lingard Day Centre
• Lingard Private Hospital
• Macarthur Health Precinct
Stage 1 – GenesisCare
Integrated Cancer &
Health Centre
• Maitland Private Hospital
• The Hills Clinic
• Toronto Private Hospital
• Abbotsford Private Hospital
• Marian Centre
• Playford Health Hub –
Retail & Carpark
• Sportsmed Hospital,
Clinic and Consulting
• Tennyson Centre
• 120 Thames Street
• Avive Clinic Mornington
Peninsula
• Ekera Medical Centre
• Epworth Camberwell
• Epworth Eastern Hospital
• Epworth Rehabilitation Hospital
• South Eastern Private Hospital
SOUTH AUSTRALIAQUEENSLAND
~$2.2b
22
1
PROPERTIES (AUS)
1
Income Producing Property (excludes strategic assets)
Full details of individual properties are available at:
www.vitalhealthcareproperty.co.nz/portfolio/
ANNUAL REPORT 2024
|
21

New Zealand
Portfolio Overview
1
Income Producing Property (excludes strategic assets)
NORTH
ISLAND
SOUTH
ISLAND
12
2
PRIVATE HOSPITALSAMBULATORY CARE
•9 hospitals (all acute)
•6 hospital operators
• 82% of NZ portfolio
value; 85% of NZ rent
•WALE: 20.0 years
• 5 assets, multiple tenants
• 18% of NZ portfolio
value, 15% of NZ rent
• WALE: 10.3 years
NORTH ISLAND
SOUTH ISLAND
• Ascot Carpark (Right of Use)
• Ascot Central
• Ascot Hospital & Clinics
• Boulcott Hospital
• Bowen Hospital
• Endoscopy Auckland
• Grace Hospital
• Hutt Valley Health Hub
• Kensington Hospital
• Ormiston Hospital
• Royston Hospital
• Wakefield Hospital
• Kawarau Park Health Hub
• 68 Saint Asaph Street
~$1.0b
14 PROPERTIES (NZ)
22
|
VITAL HEALTHCARE PROPERTY TRUST

Ascot Central, Auckland
Full details of individual properties are available at:
www.vitalhealthcareproperty.co.nz/portfolio/
ANNUAL REPORT 2024
|
23

Completed Developments
During FY24, Vital completed
five developments which had a
total development cost of $197m.
Details of four of the major
completed developments follow
on pages 25-28 of this report.
Vital now has 6 committed developments with a total
development cost of ~$264m of which ~$138m is
remaining to be spent. This remaining spend is able to
be fully funded from existing debt capacity. As noted,
to maintain balance sheet gearing below 40%, $180m
of further asset sales are currently in due diligence.
Wakefield Hospital, Wellington
24
|
VITAL HEALTHCARE PROPERTY TRUST

The Macarthur Health Precinct is located in
Campbelltown in south-west Sydney, one of
Australia’s fastest growing cities.
Macarthur Health Precinct (Stage 1), Sydney
Strategically located ~800m from the recently redeveloped Campbelltown Public Hospital
and easily accessible by train, car and bus. The Macarthur Health Precinct is a multi staged
precinct development. Stage 1 is the GenesisCare Integrated Cancer Centre which achieved
Practical Completion in February 2024 and includes radiation and medical oncology,
integrated diagnostics and wellness centre, theranostics, clinical trials and research.
Stage 1 is targeting a 6 Star Green Star rating and the precinct has been registered with
the GBCA’s Green Star Communities rating tool - making it the first health precinct to be
registered as a Green Star Community.
This development was a finalist for the 2024 Urban Development Institute of Australia Awards
for Excellence in the Sustainability and the Social & Community Infrastructure categories.
NLA
~2,700sqm
LAND AREA STAGE 1
~4,700sqm
FROM CAMPBELLTOWN
PUBLIC HOSPITAL.
~800m
YEAR DEVELOPMENT
RIGHTS ACQUIRED
2 0 21
STAGE 1 PRACTICAL
COMPLETION ACHIEVED
February 2024
% OF VITAL'S
PORTFOLIO
1.6%
MED ONC CHAIRS
11
BUNKER +
1 BUNKER SHELL
1
A$57.4m
DEVELOPMENT COST
LAND AREA STAGE 2&3
~2.3ha
ANNUAL REPORT 2024
|
25

Playford Health Hub is a three-stage health precinct development
opposite Lyell McEwin Public Hospital, the third largest hospital
in South Australia.
Playford Health Hub (Stage 2) , Adelaide
Stage 1 completed in 2022, consists of retail, on grade and multideck car parks,
(combined 500 car spaces), providing amenity for the broader precinct including food outlets,
supermarket, health supplies and community services and organisations.
Stage 2 is a 3 level specialist medical office building incorporating radiation therapy,
radiology, oncology, pathology, imaging, pharmacy, café and hospital support services with
a basement link to the future hospital (Stage 3). The building is targeting 6 Star Green Star
rating (as built) and achieved practical completion in May 2024. The building is currently 67%
let with 28% of NLA currently operational and 39% of fit out currently under construction.
Stage 3 is a purpose-built 64 bed, 8 theatre private hospital, with 125 basement car parks
and is currently in the design phase, with operating partner Calvary Healthcare.
NLA
6,438sqm
LAND AREA
4,067sqm
PROXIMITY TO
PUBLIC HOSPITAL
500m
YEAR ACQUIRED
BY VITAL
2 018
% OF VITAL'S
PORTFOLIO
2%
A$43.4m
DEVELOPMENT COST
EXCL LAND
STAGE 1 PRACTICAL
COMPLETION ACHIEVED
May 2024
26
|
VITAL HEALTHCARE PROPERTY TRUST

Ormiston Hospital (Stage 1), Auckland
Practical Completion for Stage 1 was achieved in June 2024 for the ~3,600sqm net
lettable area expansion to provide a new endoscopy suite with three procedure rooms,
15 additional beds, 900sqm of consulting space and future expansion space for
Ormiston Hospital, a Southern Cross Healthcare partner.
Ormiston Hospital have extended their lease on the existing and new facility to a
20 year term.
Stage 2 concept design is underway for further expansion to provide ~4,000sqm net
lettable area of ambulatory care services.
NLA
~3,600sqm
LAND AREA
~3,570sqm
PROXIMITY TO
PUBLIC HOSPITAL
~5km
YEAR ACQUIRED
BY VITAL
2 017
% OF VITAL'S
PORTFOLIO
2.6%
PATIENT BEDS
15 + 9 shell
$38.1m
DEVELOPMENT COST
EXCL LAND
Ormiston Hospital is located in south-east Auckland,
approximately 5km from Middlemore Hospital, one of
New Zealand’s largest public Hospitals and within the
rapidly growing catchment of Counties Manukau.
STAGE 1 PRACTICAL
COMPLETION ACHIEVED
June 2024
ANNUAL REPORT 2024
|
27

Avive Clinic Mornington Peninsula, a state-of-the-art mental health
facility located approximately 60km south of the Melbourne CBD.
Avive Clinic, Mornington Peninsula
A fund-through brownfield project to convert a former aged
care home into a 60-bed mental health facility.
100% leased to Avive with initial lease term 25 years plus (3 x 15 year options).
The facility includes doctor consulting rooms, group therapy spaces,
gymnasium, outdoor retreat areas and best in class technology.
Provides 100% private rooms with ensuite accommodation
Re-purposing an existing facility saved ~1,400 tonnes of CO
2

emissions
NLA
3,000sqm
LAND AREA
8,424sqm
PROXIMITY TO
PUBLIC HOSPITAL
~6km
YEAR ACQUIRED
BY VITAL
2022
% OF VITAL'S
PORTFOLIO
1%
PATIENT BEDS
60
A$28.5m
DEVELOPMENT COST
Artist’s Impression
Artist’s Impression
STAGE 1 PRACTICAL
COMPLETION ACHIEVED
Dec 2023
28
|
VITAL HEALTHCARE PROPERTY TRUST

Asset Management Case Study
Tennyson Centre is one of Adelaide’s leading
Cancer Centres of Excellence and was acquired
by Vital in October 2021.
• It comprises a modern, 2 level facility tenanted by national
healthcare groups including Nexus Hospitals, ICON Cancer,
GenesisCare, Baxter, Sonic Healthcare and Dr Jones & Partners.
• The asset is strategically located 650m from one of Adelaide’s
major private hospitals (Ashford Hospital) and <5kms from South
Australia’s largest public hospital (Royal Adelaide Hospital).
• Since the acquisition, Vital has significantly extended the asset’s
WALE through lease extensions with all major tenants.
• Sustainability attributes include a 282kW, 796 solar panel system,
embedded network and 4 EV charging stations installed in June 2024
• In addition to the cancer centre, Vital also owns an adjoining
warehouse for future expansion and / or redevelopment.
11 OCT. 2021
(AT ACQUISITION)
30 JUNE 2024IMPROVEMENT
WALE2.6 years6 years3.4 years
Rental Income~A$4.20m~A$4.496.9%
1
1
9.5% on like-for-like basis
Under Vital’s ownership, the WALE has been extended,
rent increased and sustainability attributes improved.
ANNUAL REPORT 2024
|
29

Committed
Developments
Vital has 6 committed developments underway at a total projected cost
of $264m with $138m remaining to spend which is able to be fully funded
from existing debt capacity. In addition, Vital has reached its contribution
cap on Wakefield Hospital.
Land worth ~$200m is being prepared for future development providing
Vital with a potential development pipeline of $1.9b (assuming this land
is fully developed).
1
All images in this section are artist’s impressions.
1
This potential development pipeline is expected to be delivered over a long period of time (~10 years) and is subject to market conditions
being supportive and range of other requirements including minimum tenant precommitments.
Artist’s Impression
30
|
VITAL HEALTHCARE PROPERTY TRUST

total cost excl land
A$133.6m
forecast completion
June 2025
fully let blended yield
~5.6%
RDX Lumina is a state-of-the-art health and research focused facility under
construction within the Gold Coast Health and Knowledge Precinct (GCHKP).
By connecting place and possibility, our aim is to provide real estate solutions for
world-class life science occupiers and innovators within RDX’s premier facility.
RDX, Gold Coast
Targeting 6 Star Green
Star certification
Reduced embodied
carbon
Climate scenario
analysis and
adaptation undertaken
SUSTAINABILITY
FEATURES
End of Trip Facilities
and EV charging
All electric building
powered by
renewable energy
RDX spans 9 storeys and features sustainable design, targeting a 6 Star
Green Star rating, a first-in-precinct accomplishment. The building offers a
mix of clinical, research, laboratory, and specialist consulting spaces, with
tenancies available for lease now. Construction is underway and scheduled
for completion in June 2025. With a proposed air bridge link into Gold
Coast Private Hospital, RDX is currently the only building within the Lumina
precinct to offer clinical connectivity and direct hospital access.
Artist’s Impression
Artist’s Impression
ANNUAL REPORT 2024
|
31

Located in NSW, Maitland Private Health and Oncology is
undergoing a two stage expansion for operator Healthe Care.
Maitland Private Hospital, Newcastle
1
Estimated on practical completion
estimated
development cost
A$16 .0 m
WALE
17.9 years
1
forecast completion
Sept 2024
fully let blended yield
~6.0%
This redevelopment, provides an additional 24 mental health beds, 5 day
oncology chairs, 4 surgical beds, 6 consulting suites and 67 car parks.
Stage 1 works being the mental health expansion and elevated
car park achieved Practical Completion in July 2024.
Stage 2 works are forecast for completion in September 2024.
Artist’s ImpressionArtist’s Impression
32
|
VITAL HEALTHCARE PROPERTY TRUST

Wakefield Hospital is undergoing a major transformation to deliver
leading healthcare services as the largest private hospital in Wellington.
Vital’s contribution, capped at $141m total all in cost, was reached in
June 2024 with the balance funded by operator Evolution Healthcare.
Wakefield Hospital, Wellington
Seismic resilience - an Importance Level 3
facility, base isolators and accelerometers
were designed to exceed the latest seismic
codes and standards
Reduced embodied
carbon
Passive design and
thermal performance
Building services designed
around stepped isolation
plane and movement joints
Energy efficient
systems
SEISMIC &
SUSTAINABILITY FEATURES
total all in development
cost, which has been
fully contributed by Vital
$141m
WALE
23 years
1
Dec 2024
Main Works
Sept 2025
Demolition Works
yield on cost
~5.6%
1
Estimated on practical completion
Spanning 6 storeys across multiple buildings, connected via a spacious
atrium this redevelopment will provide a seismically resistant facility with
7 fully digital operating theatres, 10 ICU/HDU bed ward, spacious and
modern recovery areas, 2 cardiac cath labs with the latest technology, a
37-bed inpatient ward with ensuites and whanau areas, a 34-bed inpatient
ward shell for future growth, 3,000sqm specialist medical consulting
suite, full radiology unit, new administration and front of house areas.
ANNUAL REPORT 2024
|
33

In partnership with the hospital operator (a joint venture between
Evolution Healthcare and Southern Cross), Grace Hospital
continues to undergo significant expansion.
Grace Hospital, Tauranga
estimated
development cost
$36.7m
WALE
24.5 years
1
forecast completion
although staged over
this period
June 2026
yield on cost
~5.5%
A multi staged redevelopment, 3 of 5 works packages are now complete.
Oropi Day Unit endoscopy expansion is forecast for completion in August 2024.
The final works package, West Wing Inpatient Unit expansion commenced in
May 2024 and has a forecast completion of June 2026.
As the only private surgical hospital in the Bay of Plenty, this major refurbishment
and expansion of Grace Hospital responds to the healthcare needs of
the community.
1
Estimated on practical completion
34
|
VITAL HEALTHCARE PROPERTY TRUST

Adjacent to the existing Endoscopy Auckland on Gillies Avenue in Epsom,
this 1,400sqm new stand alone endoscopy and day surgery facility at
22 Kipling Avenue is under development and will be operated by a
joint venture between Evolution Healthcare and Healthcare Holdings.
Endoscopy Auckland, Epsom
Targeting 5 Star Green
Star certification
SUSTAINABILITY
FEATURES
estimated
development cost
$32.2m
WALE
20.0 years
1
forecast completion
Aug 2025
yield on cost
~5.4%
This 3 storey facility will provide 4 procedure rooms, a sterile services
department, associated support services and basement parking. Construction
works are well underway, with slab pours and the structure nearing completion.
Consenting for an on grade car park at 24 Kipling Avenue to support the new
facility is in progress.
1
Estimated on practical completion
Reduced embodied
carbon
Sustainable
transport
Water
conservation
Passive design and
thermal performance
ANNUAL REPORT 2024
|
35

Immediately adjacent to the public Hutt Valley Hospital and Vital
owned Hutt Valley Health Hub, Boulcott Hospital is undergoing
a refurbishment and expansion to increase theatre capacity and
support services, whilst maintaining operational continuity.
Boulcott Hospital, Wellington
estimated development cost
$24.8m
WALE
20 years
1
forecast completion
July 2025
This complex refurbishment and expansion includes 2 additional
operating theatres, increased capacity within the day stay and
recovery units, a new kitchen and associated support services.
Master planning has commenced for future expansion at Boulcott
Hospital and Vital’s adjacent site at Hutt Valley Health Hub.
fully let blended yield
~5.9%
1
Estimated on practical completion
Artist's Impression
36
|
VITAL HEALTHCARE PROPERTY TRUST

Current & Potential
Development Pipeline
QLD
NSW
VIC
SA
PLAYFORD HEALTH HUB
Adelaide
EPWORTH EASTERN PRIVATE HOSPITAL
SOUTH EASTERN PRIVATE HOSPITAL
Australia
Brisbane
Gold Coast
Newcastle
Sydney
Melbourne
Land holding
Current income producing assets
Auckland
Tauranga
Christchurch
BOULCOTT HOSPITAL EXPANSION
WAKEFIELD HOSPITAL
CHRISTCHURCH HOSPITAL PRECINCT
New Zealand
Wellington
LINGARD DAY CENTRE
MACARTHUR HEALTH PRECINCT STAGE 1
LINGARD PRIVATE HOSPITAL
STAGE 2 & 3 DEVELOPMENT
BURANDA HEALTH HUB
LOGAN PRIVATE HOSPITAL
COOMERA HEALTH CAMPUS
RDX
GRACE HOSPITAL
PARK ROAD, GRAFTON
ASCOT HEALTH PRECINCT
80 ASCOT, ASCOT HEALTH PRECINCT
ENDOSCOPY AUCKLAND
ORMISTON HOSPITAL
EXPANSION STAGE 2
ANNUAL REPORT 2024
|
37

Sustainability
Tūngia te uruuru kia tupu whakaritorito te tupu o te harakeke.
Clear the undergrowth so that the new shoots of the flax will grow.
Whakataukī
Māori proverb
ACKNOWLEDGEMENT OF COUNTRY
Northwest acknowledges the Traditional Owners of Country throughout Australia, especially
the lands on which we live and work, and recognises their continuing connection to lands,
waters and communities.
Northwest also acknowledges the Rangatiratanga of Māori as Tangata Whenua and Treaty
of Waitangi partners in Aotearoa New Zealand.
We pay our respects to all First Nations peoples and to Elders past, present and emerging.
Low
Medium
Low
High
Critical
MediumCriticalHigh
Community
Health, Safety,
and Wellbeing
Carbon
Disclosures
and Energy
Management
Enabling
Quality Care at
Our Properties
Healthy Building
Certifications and
Performance
Materials,
Design, & Processes
Fit for Healthcare
Tenancies &
Sustainability
Sustainability
Integration
into Corporate
Processes
Diversity, Equity,
and Inclusion
Employee
Experience
Tenant
Partnership
Experience
Corporate
Governance on
Sustainability
MATERIALITY TO INTERNAL STAKEHOLDERS
MATERIALITY TO EXTERNAL STAKEHOLDERS
Materiality
Since conducting a materiality assessment in 2021, we plan to reaffirm or refresh topics
and key issues that are of significance to our investors, stakeholders and employees in
Q4 2024, which will ensure our boarder ESG strategy is still tracking in the right direction.
38
|
VITAL HEALTHCARE PROPERTY TRUST

Sustainability framework
Northwest, as Vital’s manager, released its first sustainability report in 2021 which
outlines the below Sustainability Framework. This framework continues to direct
our actions and capital allocations as we progress our sustainability initiatives.
NORTHWEST’S
SUSTAINABILITY
FRAMEWORK
Inclusive company
Building for our current team members
as well as our future employees
Thriving partners
Preparing lasting tenant
spaces for health and healing
Enablers
• Sustainability governance and team •Sustainability integration into investment processes
• Sustainable financing •Green leases •Reporting and disclosures
Healthy planet
Deepening our contribution
to a healthy planet
Strong communities
Investing in the
communities we serve
ANNUAL REPORT 2024
|
39

Governance structure
Quarterly agenda plus
at least 2 climate specific
sessions per annum
• Heads of ANZ
• Fund Manager
• CFO
• Financial Controller
• General Counsel
• Sustainability Associates
• Development Managers
• Finance team representatives
VITAL
BOARD
OVERSEE
INFORM
MANAGE
IDENTIFY
OPERATIONAL
RISK COMMITTEE
SUSTAINABILITY
WORKING GROUPS
ANZ
SUSTAINABILITY
STEERING
COMMITTEE
CLIMATE
WORKING
GROUP
40
|
VITAL HEALTHCARE PROPERTY TRUST

ESG working groups
SUSTAINABLE OPERATIONS
& FACILITIES MANAGEMENT
Responsible for researching and
implementing efficiency improvements
throughout the portfolio
MODERN SLAVERY
WORKING GROUP
Responsible for identifying and
mitigating risk of modern slavery within
Vital operations and supply chains
CULTURAL WORKING GROUP
Responsible for advancing cultural
strategy and outcomes including
implementing initiatives associated
with the Reconciliation Action Plan
and promoting Māori culture
SUSTAINABLE DEVELOPMENT
Responsible for overseeing the
implementation of sustainable
measures in accordance with the
Sustainable Development Guidelines
and Green Star requirements
CLIMATE WORKING GROUP
Responsible for providing direction
and strategy on Climate Related
Disclosure activities, including climate
related risks and opportunities
Responsible for ESG related reporting
frameworks and disclosures required
within annual reporting period
ANNUAL REPORT 2024
|
41

FY24 sustainability
achievements and
key commitments
Targets and
Achievements
517,620 kWh
Solar generated
in FY24 total
259
Hours of volunteering
100%
All base building energy contracts
have green energy power
purchase agreements in place
524
Points of utility data
reported on
A
MSCI
IMPROVED FROM BBB IN 2022
ISS ESG
C-
IMPROVED FROM D- IN 2021
4 .1
Craigs Investment Partners
IMPROVED FROM 2.7 IN 2021
B-
CDP
IMPROVED FROM C- IN 2022
Sector Leader
GRESB
IN ESG FOR HEALTHCARE LISTED ENTITIES GLOBALLY
(RECOGNISED BY GRESB AS THE FASTEST MOVING COMPANY
TO REACH SECTOR LEADER STATUS IN OCEANIA TO DATE)
Sustainalytics
16 .1
LOW RISK CATEGORY
IMPROVED FROM 17.2 IN 2023
Forsyth Barr
B-
FAST FOLLOWER
INAUGURAL RESULT
(OUT OF 5)
42
|
VITAL HEALTHCARE PROPERTY TRUST

100%
Of Vital’s base building meters
have utility data capture
RAP
Reflect Reconciliation Action Plan
launched in February 2024
EV charging
EV charging strategy has been
launched in Australia with pilot
site at Tennyson Centre
Assurance
Limited assurance for GHG
inventory back to 2022
CRD
Vital’s Climate Related Disclosure
to be released in October 2024
9
Projects registered to target Green
Star ratings of 5 stars or more
ANNUAL REPORT 2024
|
43

Thriving Partners
Vital and Northwest recognise the importance of fostering
and strengthening our relationships with our healthcare tenant
partners. Through providing consistent interactions and prioritising
improvements to our facilities we seek to improve the user
experience and provide infrastructure that allows our tenants to
deliver improved patient outcomes.
Tenant engagement survey
Places for quality care
As part of our sustainability programme, the Places for
Quality Care initiative remains a key driver, demonstrating
our commitment to fostering healthy, vibrant communities.
Our dedication to quality goes beyond physical
spaces to include the well-being of our tenants. By
rigorously analysing the results from our tenant survey,
we have gained invaluable insights into their needs and
preferences, enabling us to tailor our strategies effectively.
To address survey findings, we have developed property-
specific action plans and deployed targeted interventions
to enhance tenant satisfaction.
We are committed to obtaining ongoing feedback from
our tenants both at regular intervals through site visits and
communications as well as formal feedback through a
tenant survey which will be conducted biennially. We
aim to issue our second tenant survey towards the end of
2024 to ensure continual improvement.
Strategic tenant alliances
Sustainability tenant collaboration
We have established Tenant Advisory Committees,
empowering tenants to actively participate in shaping their
working environments. To support greater collaboration
with our healthcare partners, we have formed ESG
partnerships with a number of our core tenants across
New Zealand and Australia. These engagements serve
as a forum for exchanging knowledge and pinpointing
significant ESG-related opportunities, leading to improved
environmental and social outcomes.
To facilitate continued knowledge-sharing, throughout
the year we will host tenant webinars and educational
sessions covering a variety of ESG topics.
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Tenant spotlight
Kurawaka: Waipapa,
St Asaph Street Birthing Unit
Our tenant Te Whata Ora Health New Zealand recently
opened Kurawaka: Waipapa, a state-of-the-art birthing
suite at our St Asaph Street asset. This new facility
is a significant addition to Christchurch, particularly
following the closure of the city’s only other birthing
suite in June 2023. Kurawaka: Waipapa features four
birthing rooms, 20 post-natal rooms, six assessment
rooms, an ambulance bay, an education room, and
a whānau room. The birthing room HVAC system has
been upgraded to the latest units, which use water as the
medium for the heat exchangers instead of refrigerant
gas. This comprehensive suite promises to enhance
maternity care in the region, providing essential services
and support to expecting families.
“Roof shout” at Ormiston Hospital, Auckland
Kurawaka: Waipapa, St Asaph Street Birthing Unit
Christchurch Mayor, Phil Mauger, and Aaron
Hockly at the opening of Kurawaka: Waipapa
ANNUAL REPORT 2024
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45

2023 Data
Healthy Planet
Northwest recognises the importance of minimising our impact
on the planet and are committed to further bringing sustainability
into the core of our business including our approach to asset
management, development and precincts.
DECARBONISATION PLANS
Building on our relationship with Veolia and foundations laid for
capturing utility data through our bespoke Envirohub dashboard
which was implemented in 2023, we have expanded our
ability to track energy efficiency projects and analyse our data
to identify which decarbonisation projects should be activated
to ensure appropriate capital allocation and resources.
Energy audits complete
Air quality and infection
control units
Data collection 2024
We have now completed portfolio wide Level 2
Energy Audits.
These audits have tracked and verified all meters and
metering systems and provided an extensive equipment
inventory for each asset which supports the utility data
collection for all electricity, water, waste and gas. This
data collection has been essential for understanding our
environmental footprint in total energy consumption and
establishing a GHG emission baseline for each asset.
These audits have also identified and highlighted key
energy saving and efficiency projects which support our
decarbonisation efforts towards our net zero by 2050 target
and inform our capital expenditure plans. We are actively
reviewing these plans to ensure the most efficient and
effective use of capital and resources.
Vital is piloting the installation of Plasma Shields at Tennyson
Centre, South Australia to improve air quality and reduce
emissions. Plasma Shield, unlike conventional filters,
combines plasma and HEPA filtration which enhances the
removal of airborne pollutants, bacteria and viruses. Unlike
traditional filters that depend solely on physical filtration,
Plasma Shield employs advanced technology to capture
and neutralise harmful particles, delivering superior air
purification. This sophisticated filtration system reduces the
need for outside air intake, significantly boosting system
efficiency and lowering energy consumption.
UTILITY DATA COLLECTION
Electricity
98%100%
100%
100%
100%
72%
96%
42%
T
T
T
LL
LL
LL
LL
T
Fuel
Water
Waste
LL - Landlord controlled properties
T - Tenant controlled properties
Removed 3,000kg of refrigerant
gas (R410A) through efficiency
upgrades at Tennyson Centre
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Green Star commitments
GREEN STAR
Vital is dedicated to achieving a minimum of 5 Star Green
Star ratings for all new developments. Currently, we have
9 new developments registered to attain these sustainable
infrastructure 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
• 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
Vital remains committed to achieving 5 Star (or equivalent)
Green Star certifications for all new developments. To date,
projects have been registered under the Design & As Built
rating tool. Green Star Buildings is now Australia’s leading
rating tool and aims to address key issues such as climate
action, resource efficiency, and health and wellbeing. Going
forward Vital aims to deliver sustainable developments
targeting a 5 Star Green Star rating under the Buildings tool.
Waste contracts
100% of landlord waste collected in Australia
via Wasteflex is reported into our utility data
dashboard. We are looking to find a similar solution
for New Zealand to better track tenant waste.
Sustainable development
guidelines
A summary of our sustainable development guidelines are
available on our website. We are committed to continuous
improvement and will be undertaking a comprehensive
review of these guidelines along with our Tenant Fit Out
Guide in the latter half of 2024. This review aims to
evaluate how well our guidelines align with completed
developments in accordance with Green Star registrations
and other certification benchmarks. This process will
help ensure our standards remain robust and effective in
promoting and delivering sustainable developments.
EV charging
Vital has a national contract with ENGIE to roll out EV
charging across a number of sites in Australia. Tennyson
Centre was the first pilot project and was activated in June
2024. We have identified a number of additional sites
and are rolling out these chargers over the next two years.
Tennyson Centre, Adelaide
ANNUAL REPORT 2024
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47

International days
& volunteering
Strong Communities
We are committed to enhancing the communities where we
operate by sharing our time, research and resources and
amplifying the healthcare objectives of our partners. Giving
back to our communities is ingrained in who we are and we
align our community investment efforts to those of our tenants.
259 hours
OF VOLUNTEERING IN FY24
Our Volunteerism Policy provides full-time employees
with two paid volunteer days each calendar year (one
for part-time employees), aligning with our commitment
to five key International Days (International Women’s
Day, Earth Day, World Health Day, World Mental
Health Day and Human Rights Day). In FY24, our team
dedicated a total of 259 hours to volunteering and we
aim to double our community involvement in FY25.
Melbourne office volunteering at
Ronald McDonald House
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Keystone Trust
Donation drives
Family dinner service
Christmas baskets
BRIGHT FUTURE
Vital continues to support the Keystone Trust as a Key
Scholarship Partner through scholarship opportunities
to a student from the University of Auckland.
As well as financial assistance, our scholarship
recipient receives mentoring, industry guidance and
connections through the mentorship programme.
In support of International Women’s Day, we held
donation drives across the region for Dress for Success,
a global charity dedicated to transforming the lives of
women in need by providing professional attire, job-
seeking advice, career guidance, ongoing employment
support, networking opportunities and leadership
skills to help them secure and retain paid work.
Our Auckland and Melbourne offices volunteered
at Ronald McDonald House Charities where they
prepared, cooked and served meals and baked
goods for families staying at the houses. At Ronald
McDonald Houses families can stay together and receive
compassionate hospitality from staff and volunteers
while being only minutes from the hospital where their
child is receiving care, allowing them to remain strong
and connect with others experiencing similar situations.
The Sydney team participated in the Magic Moments
Foundation’s Sydney Basket Brigade, packing
over 1,000 baskets of food, necessities and toys
for families in need during Christmas, providing joy
while engaging in a festive team-building activity.
Auckland office volunteering at Ronald McDonald House
Sydney office volunteering for Magic Moments Foundation
ANNUAL REPORT 2024
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49

Māori strategy
CULTURAL AWARENESS
We have implemented Māori cultural awareness
training across the business, emphasising Tikanga
Māori (Māori customs), te Tiriti o Waitangi
(the Treaty of Waitangi) and te reo Māori (the
Māori language). This initiative aims to promote
a deeper understanding and respect for Māori
culture among our employees, ensuring that
these important aspects are integrated into our
daily operations and interactions. By prioritising
this training, we are committed to creating an
inclusive and culturally aware workplace that
honours the rich heritage and traditions of Māori.
Reflect Reconciliation
Action Plan
Employee policies
February 2024 saw the launch of our inaugural
Reflect Reconciliation Action Plan (RAP) which
is our first step in our reconciliation journey.
We are dedicated to increasing First Nations
participation in our developments and have
identified this as an area for positive change
after reviewing our key projects. In Stage 1 of
our Macarthur Health Precinct, approximately
3.5% of the contract price was allocated to
First Nations peoples and businesses.
Northwest maintains various ESG-related policies within our
risk management and sustainability frameworks to uphold the
highest standards of accountability and responsibility. These
policies guide us in identifying, assessing and mitigating risks
related to environmental impact, social considerations and
corporate governance practices and many of these policies
can be found on the Governance page of our website.
• Code of Business Conduct and Ethics
• Diversity Policy
• Environmental Management System (EMS)
• Environmental Policy
• ESG Policy
• Global Expenditures Policy
• Health and Safety Policy
• Insider Trading Policy
• IT Systems/Usage Policy
• Modern Slavery Statement
• Parental Leave Policy
• Reflect Reconciliation Action Plan (RAP)
• Volunteerism Policy
• Whistleblower Policy
• Workplace Anti-violence, Harassment
and Sexual Harassment Policy
Gender pay
We conduct gender reports and pay comparisons
annually to analyse the gender distribution across
various levels of the organisation. This helps us ensure
we maintain pay equity across the business.
Inclusive Company
Preparing lasting tenant spaces for health and healing.
As a global business, Northwest creates an inclusive
environment that encourages all people to bring their unique self
and passion to work, allowing them to feel safe in doing so.
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*The absentee rate is the ratio of employees with
absences to total salaried employment
Employee opportunities
& talent management
We prioritise creating an inclusive and enriching work
environment that attracts top talent and promotes their
professional growth and retention. Recognising our employees
as our most valuable asset, we are committed to offering
competitive benefits and opportunities that enhance their
overall well-being and career advancement. We support
work-life balance through flexible work arrangements and
remote work options, invest in continued education and
professional development with tuition reimbursement for
approved courses and cover membership fees for professional
associations to keep employees updated with industry trends.
Photo taken during the
Smoking Ceremony at RDX site
WORKFORCE BREAKDOWN
FY23FY24
Australia & New Zealand6256
Turnover rate (voluntary)11.7%11 . 1 %
Turnover rate (involuntary)0%4.7%
GENDER
FY23FY24
MFMF
Gender (workforce)48%52%43%57%
Middle Management59%41 %47%53%
Senior Leadership71 %29%67%33%
A G E
FY23FY24
>200%0%
21-3019 %13 %
31-4037%43%
41-5026%21 %
51-6016 %21 %
61-642%2%
65+0%0%
HEALTH & SAFETY
FY23FY24
Absentee Rate*0.57% 0.66%
Injury Rate 00
Fatalities 00
TRAINING
FY23FY24
ESG training completion rate100%100%
VOLUNTEERING
FY23FY24
Total hours of volunteer
time by employees
n/a258
ANNUAL REPORT 2024
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51

Enablers
We must evolve our ways of working and ensure the integration
of sustainability throughout our operations, strategy and decision-
making to deliver on our sustainability commitments for our
healthcare tenants, Unit Holders and broader stakeholders.
Governance
Green leases
Integrating sustainability
into investments
Reporting and disclosures
Our governance framework and dedicated
sustainability teams ensure we fulfil our responsibilities
to the environment, communities, and stakeholders.
The continued implementation of green leases
highlights our commitment to creating healthier, more
sustainable spaces for our tenants and communities.
By embedding sustainability into our investment
processes, we create long-term value and mitigate
risks related to environmental and social factors.
We prioritise transparency through our reporting
and disclosures, showcasing our accountability and
dedication to driving positive change while promoting
trust and collaboration with our stakeholders.
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Carbon accounting
Climate related disclosures
Vital’s CY2023 GHG inventory has received limited
assurance by Toitu Envirocare, using the GHG Protocol as
guidance. While we have undertaken our GHG inventory
by calendar year previously, going forward in line with
CRD reporting, we will be moving to a financial year
reporting period. Details of our full FY24 GHG Inventory
will be provided in our Climate Related Disclosure which
will be released in October of this year.
We undertook a scoping boundary exercise to determine
the most material Scope 3 categories for our business.
These categories have been highlighted below using
a materiality reporting threshold of 1% in line with the
GHG Protocol.
Under New Zealand legislation, Vital will submit a
Climate Related Disclosure (CRD) prior to 31 October
2024, aligning to the External Reporting Board (XRB)
Aotearoa New Zealand Climate Standards (CS1,
CS2 & CS3), which will include information covering
Governance, Strategy, Risk Management and Metrics
and Targets.
In accordance with the XRB standards, our climate
scenario analysis will encompass evaluations of
climate-related risks and opportunities for all standing
assets across three time horizons and Representative
Concentration Pathways (RCPs). To support this analysis,
Vital actively participated in two working groups in the
collaboration of both the NZGBC Climate Scenarios for
the Construction and Property Sector and the Climate
Change Scenarios for the Health Sector.
Vital’s CRD will be found on our website.
0.09%
Scope 1
1%
C1 Purchased goods
and services
0.31%
Scope 2
99.60%
Scope 3
0%
C3 Fuel and energy
related activities
1%
C6 Business travel
7%
C5 Waste generated
in operations
0%
C7 Employee
commuting
39%
C13 Downstream
leased assets
52%
C2 Capital
goods
Vital 2023
Emissions Profile
TCO
2
e
Vital activity examples
Vital 2023
Scope 3 Emissions
TCO
2
e
Scope 1
Natural GasGrid gas connection at
landlord controlled assets
FuelDiesel in backup generators
Refrigerants gasTop ups or leakages at AU/HVAC
units at landlord controlled assets
Scope 2
Purchased electricitykWh units of purchased electricity
at landlord controlled assets
Renewable energyPurchased or generated renewable
energy impacts the total GHG
profile through ‘discounts’
Scope 3
C1 Purchased goods
and services
Spend of all purchased
goods and services
C2 Capital goods‘Long life’ equipment
Building materials
Leasehold improvements
C3Fuel and energy
related activities
Transmission & Distribution losses
for electricity and natural gas
C5Waste generated
in operations
Waste sent to landfill from assets
Construction waste
Wastewater
C6Business travelFlights
Accommodation
Rental car travel
Taxi travel
C7Employee
commuting
Type of transport vehicle used for
each individual km travelled
C 13Downstream
leased assets
Tenant utility data
Tenant refrigerant top
ups and leakages
ANNUAL REPORT 2024
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53

Throughout FY24, Vital has maintained memberships
with a number of industry bodies to keep abreast
of industry developments, education and learning
opportunities and enhance meaningful relationships.
Members of our team attend regular events,
conferences and seminars provided by the Property
Councils of New Zealand and Australia, and
the Green Building Councils of New Zealand
and Australia.
Industry Engagement
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VITAL HEALTHCARE PROPERTY TRUST

Avive Clinic, VIC
Property Councils
We are members of both the Property Council
of New Zealand (PCNZ) and the Property Council
of Australia (PCA). As part of these memberships,
several of our team members sit across working
groups, round tables and committees including
the PCA Sustainable Development Committee
(VP Development), PCA Precinct Committee (SVP,
Developments and Precincts), PCNZ ESG Roundtable
(Sustainability Associate), PCNZ Property Conference
Committee (Sustainability Associate), and the PCA
Property Consortia with Informed 365 (Sustainability
Associate). These forums comprising industry peers
in leadership and management, offer opportunities
for collaboration on relevant topics and consultation
on upcoming legislation.
Green Building Councils
Vital and Northwest maintained memberships
with the Green Building Council Australia and
New Zealand Green Building Council to support
industry education for our managers. Vital’s
Sustainability Associates were part of the working
group that created the NZGBC Climate Scenarios
for the Construction and Property Sector, aligning
with the External Reporting Board’s climate
disclosure standards.
We are also working closely with NABERS to
develop a Private Medical Sector Benchmark,
to enable the industry to have a bespoke and fit
for purpose rating tool.
ANNUAL REPORT 2024
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55

Our Board
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.
Graham Stuart
Independent Chair and
Member of the Audit Committee
(67, 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 an Independent Director and Chair of
the Audit Committee at Tower Limited, Director
of Ravensdown Limited and Director of Dairy Goat
Co-operative (N.Z.) 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 and Independent Chair
of EROAD Limited.
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.
Angela Bull
Independent Director and
Member of the Audit Committee
(49, 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.
Mike Brady
Non-Independent Director
(Appointed 9 August 2023)
(57, Toronto)
Mike was appointed President of Northwest
Healthcare Properties REIT (TSX: NWH.UN) in
2023 after serving as 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.
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Directors are based in Auckland (x2), Toronto, Sydney
and Melbourne. Their current and prior executive
experience includes healthcare, property and finance.
Dr Michael Stanford AM
Independent Director and Chair
of the Audit Committee (65, 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 AS 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
is a Fellow of CPA Australia. He has also completed
the Advanced Management Programme at Harvard
University, Boston.
ANNUAL REPORT 2024
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57

Our Executive Team
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.
Aaron Hockly
Senior Vice President
– New Zealand & Vital Fund Manager
(46, 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 Bachelor of Arts and
Bachelor of Laws 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. He is also a member of the Auckland
Urban Design Panel and the Health Sector Climate
Scenarios Leadership Group.
Chris Adams
Co-Head A/NZ Region (54, Melbourne)
Chris Adams jointly leads the Northwest business
in Australia and New Zealand.
He has extensive experience in the property
industry in Australia, New Zealand and the
United Kingdom, including over 25 years’
direct experience in health property.
Chris was one of the founding Executives at
ASX-listed Generation Healthcare REIT which
was acquired by Northwest in 2017. Prior to that
he established Vital Healthcare Property Trust’s
presence in Australia in 1999 following various
roles with the group in New Zealand.
Chris holds a Bachelor of Property from
the University of Auckland.
Alex Belcastro
Senior Vice President
Developments and Precincts
(36, Sydney)
Alex Belcastro, formerly the Chief Business
Development Officer at Ramsay Health Care
managing a multi-billion-dollar hospital asset
portfolio, joined our team in 2021.
Alex leads precinct transactions, leasing and
developments. She also provides strategic
leadership to the development and leasing
divisions and heads our Strategy and
Research function.
With over 18 years of specialised experience
in social infrastructure, she has facilitated large-
scale transactions and developments across
public and private sectors.
Her diverse background spans advisory,
operational, and ownership roles, adding
valuable real estate expertise to our platform.
Holding a Master of Construction Management
and a Bachelor of Planning and Design from
the University of Melbourne, Alex has also
honed her skills through executive education
at Harvard Business School.
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Vanessa Flax
Vice President, Regional General
Counsel and Company Secretary
(53, Melbourne)
Vanessa Flax joined the team in 2019, prior to which
she was a special counsel at Ashurst Australia.
Vanessa has over 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 Bachelor of Arts and Bachelor
of Laws from the University of Witwatersrand,
South Africa.
Michael Groth
Chief Financial Officer
(50, Melbourne)
Michael Groth has over 18 years’ experience as
a senior finance executive in the listed and unlisted
property funds and funds management industry.
Prior to joining the team in 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
in the listed and unlisted property and funds
management industry.
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.
Richard Roos
Co-Head A/NZ Region (59, Melbourne)
Richard Roos jointly leads the Northwest business
in Australia and New Zealand. He has over
25 years’ experience in commercial real estate
financing, acquisitions and property management,
of which the last 17 years have been in healthcare
real estate in senior roles for Northwest in
Canada and Australia.
Richard is responsible for asset management,
transactions, people and culture, and ESG. He
is also focused on building and expanding strong
relationships with Northwest’s operator partners.
Buranda Health Hub, QLD
(Artist’s Impression)
ANNUAL REPORT 2024
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59

Corporate Governance
Vital Healthcare Property Trust and Northwest Healthcare Properties Management
Limited. All information as at 30 June 2024, unless otherwise stated.
The Board of Directors
The role of the Board of Directors is to set the strategic direction
of Vital and to support management in monitoring the delivery
of this against specific performance objectives. The Board
also ensures all business risks are appropriately identified and
managed and compliance with all applicable regulatory,
statutory, financial, health and safety and social responsibilities
of the Manager. The Board also plays an important role of
overseeing risks and opportunities associated with environmental
(including climate), social and governance (ESG) factors, the
preparation of climate statements and compliance with any other
applicable ESG reporting or broader regulatory requirements.
Board composition
The Manager is committed to having an effective
Board providing a balance of independent skills,
knowledge, experience and perspectives.
All Directors bring a significant breadth and depth of expertise
and have the composite skills to optimise the financial and
portfolio performance of Vital and returns to Unit Holders.
Attendance at
Board meetings
Attended /
Eligible to attend
Date of appointment
Graham Stuart5/612 November 2018
(Appointed Chair
17 November 2020)
Michael Stanford6/619 November 2019
Craig Mitchell6/629 June 2021
Angela Bull6/626 April 2022
Michael Brady**6/69 August 2023
The Board does not impose any specific restriction on the tenure
of any Director as it considers such a restriction may lead to the
loss of experience and expertise. However, as noted below, the
Board does have regard for best practice around tenure when
assessing the independence of directors. In addition, there has been
on-going renewal of the Board and the longest serving director
has served for less than 6 years (as at the date of this report).
The table below shows all relevant interests of Directors
and Officers in units, which include legal and beneficial
interests in Vital units as at 30 June 2024.
DirectorsHoldings (number of
units) non-beneficial
Holdings (number
of units) beneficial
Graham Stuart-81,229
Officers
Aaron Hockly
1
-8 3 ,14 8
1
Aaron Hockly makes a voluntary disclosure that, in addition to his personal holdings,
members of his immediate family own an additional 114,461 units in Vital although he
does not control or impact any investment decisions in relation to such holdings.
Independent Directors
Further information about the Board’s assessment of the
independence of Directors is contained in Recommendation 2.4 of
the NZX Corporate Governance Code on page 64 of this report.
Audit Committee
The Audit Committee is responsible for overseeing
the financial and reporting practices of Vital.
At financial year end and at the date of this report,
the Audit Committee assists the Board in fulfilling its
corporate governance and disclosure responsibilities with
particular reference to financial matters, and internal and
external audit, and is specifically responsible for:
• Reviewing proposed climate, sustainability & ESG disclosures
and advising the Board whether in the Committee’s view
that disclosure complies with applicable standards and
legislative requirements and ensuring that appropriate
controls and assurance processes are undertaken for the
preparation, review, verification and approval of climate,
sustainability and ESG related disclosure reporting;
• Recommending to the Board the appointment /
removal of Vital’s external auditor; and
• Reviewing the performance of the external auditor.
Attendance at Audit
Committee meetings
Attended /
Eligible to attend
Date of
appointment
Graham Stuart3/49 May 2019
Michael Stanford4/46 October 2020
Craig Mitchell4/429 June 2021
Angela Bull4/426 April 2022
** Michael Brady does not sit on the Audit Committee
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VITAL HEALTHCARE PROPERTY TRUST

Australian Subsidiary of Vital
Northwest Healthcare Australian Property Limited (NWHAPL)
is an Australian company which acts as trustee of the two
Australian wholly owned subsidiaries of Vital Healthcare
Property Trust, namely Vital Healthcare Investment Trust and
Vital Healthcare Australian Property Trust. The directors of
NWHAPL as at the date of this report are Mike Brady,
Craig Mitchell, Richard Roos and Miles Wentworth.
Management contract
Northwest manages Vital in accordance with Vital’s Trust Deed
in return for which Northwest receives management fees. From
these management fees, Northwest pays salaries and other
people related costs (including taxes, rent, IT, travel and training)
to or for its employees approximately 30 of whom are solely or
majority engaged with managing Vital, as well as the Directors
not appointed by all Unit Holders (one at the date of this
report). As a result, the details in this section relate to Northwest’s
employees rather than Vital’s employees (as there are none).
Remuneration
As noted above, Vital does not have any direct employees.
Instead, Northwest receives management fees to manage
Vital from which it provides remuneration to employees. As
a result, there is no reporting on individual employee salaries.
Notwithstanding the above, the following is
provided to enhance transparency:
1. Details of the holdings in Vital by Directors and officers as
at 30 June 2024 is provided on the previous page.
2. As at the date of this report, the Independent Chair of the
Manager and

Vital’s Fund Manager own units. Currently
the tax regime for Vital makes it uneconomic for the offshore
based Directors and officers to hold units in Vital.
3. Details of the costs of Independent Directors appointed
by Unit Holders and, as a result, paid for from Vital are
included in note 22 to the accounts in this report.
4. 15-20% of the Fund Manager’s annual potential bonus relates
to the performance of Vital. In addition, all Northwest’s executive
bonuses globally are linked to Northwest’s unit price as the
long-term component of these bonuses is paid in Northwest
units or calculated with reference to the value of Northwest
units. In addition to being Vital’s Manager, Northwest is
Vital’s largest investor, holding an aggregate shareholding of
>28% as at 30 June 2024. As a result, there is a significant
alignment of interest between Vital’s performance, Northwest
performance and the remuneration of the Fund Manager.
5. The following clawback / malus provisions are included in
the bonus plans for all Northwest executives globally (including
Vital’s Fund Manager, CFO and other key personnel):
• Where the Participant (i) has been terminated for cause, or
(ii) voluntarily resigns from his or her position with the Trust then
any Deferred Units granted on a discretionary basis pursuant
to Section 7.04 of the Northwest Healthcare Properties Real
Estate Investment Trust Omnibus Equity Incentive Plan (2022)
which have not yet vested at the time of the termination for
cause or voluntary resignation, shall be immediately forfeited
by such Participant.
Directors’ remuneration
DirectorBase
Audit
Committee
Member
ChairTotal
Graham Stuart
1

Independent Director,
Board Chair and Audit
Committee member
$90K$10K$80K
(Board)
$180K
Angela Bull
Independent Director and
Audit Committee member
$90K$10K-$100K
Craig Mitchell
2

Director and Audit
Committee member
N/A---
Michael Stanford
Independent Director and
Audit Committee Chair
A$90K-A$20K
(Audit
Committee)
A$110K
Mike Brady
1

Director
N/A---
Total
($280K paid by Unit Holders, and A$110K
paid by the Manager)
$390K
1
Paid by the Manager from management fees.
2
Executive of Northwest. Accordingly, no separate directors’ fees are payable.
a) Leasing
Vital pays the Manager leasing fees where the Manager
has negotiated leases instead of or alongside a real estate
agent. Consistent with general market rates, these fees are
charged at 11% of the annual rental for terms of three years
or less (to a minimum of $2,500), 12% of the annual rental
for terms of three years, and 12% plus an additional 1% for
each year greater than three years (to a maximum of 20%).
Lease renewals are charged at 50% of a new lease.
Structured rent reviews or market reviews which do not
result in a rental increase are charged an administration
fee of $1,000. Open market reviews are charged at
10% of the rental increase achieved in the first year.
Leasing fees are capitalised to the respective investment or
development property in the Statement of Financial Position
and amortised over the term of the life of the lease.
b) Property management
Vital pays the Manager property management fees
where the Manager acts as the property manager.
ANNUAL REPORT 2024
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61

Incentive fee
The incentive fee is an amount equal to 10% of the average
annual increase in the Net Tangible Assets of Vital over the
relevant financial year and two preceding financial years
subject to a three year high-water mark. The Manager and
the Supervisor are both entitled to be reimbursed out of the
Trust Fund for all expenses, costs or liabilities incurred by
them respectively in acting as Manager and Supervisor.
Insurance and indemnities
In accordance with the Board Charter, the Manager has
provided insurance and indemnities to its Directors and officers
for any liability / losses arising in respect of actions or omissions
occurring during the normal carrying out of their duties.
Joint Investment Policy
Under the terms of the Joint Investment Policy, which applies
to Northwest Healthcare Properties REIT (NWH REIT) and its
owned and controlled entities (including the Manager), an
Investment Committee has been established to avoid, manage
and resolve actual or perceived conflicts of interests between
members of the NWH REIT group in a manner which complies
with any relevant legal obligations and is equitable to each party.
The Joint Investment Policy can be found on Vital’s website.
Board diversity and relevant skills
At a Board level, diversity of experience is critical to ensure a
healthy exchange of ideas and opinions to deliver higher quality
decision making and outcomes. All Board appointments are always
based on merit and diversity (including gender and ethnicity).
A majority of the Directors are members of professional
organisations such as the Institute of Directors (or equivalent) or
other industry specific and relevant organisations which support
the ongoing education and training of professional directors.
Healthcare real estate is a specialised sector and the Board
believes it is important to have members with a diverse range
of backgrounds, skills and experience to ensure robust
discussion. It is also important to balance skills and knowledge
gained through length of tenure and the value of fresh ideas
in decision making. The table below summarises the skills,
experience and length of service of the current Board.
Modern slavery
In November 2023, the Australian manager of the Vital trusts,
Northwest Healthcare Australian Property Limited again
published a statement under the Australian Modern Slavery
Act 2018, which underpinned Vital’s philosophical approach
and commitment to ensuring our operations have sufficient
risk mitigation strategies to address supply-chain risks. Vital
committed to training employees to identify these risks.
Our entire organisation has engaged with tenants and suppliers
to conduct further and ongoing due diligence to identify possible
modern slavery supply chain risks. Vital will continue to assess
the potential modern slavery risks in our operations and develop
and review company policies on these possible impacts.
This year, as part of our ongoing commitment to ethical business
practices and sustainability, we have implemented a Supplier
Code of Conduct for all new suppliers. The purpose of this code
is to ensure that our suppliers align with our values and principles
and to promote responsible business conduct throughout our
supply chain. By implementing this code we aim to mitigate
risks, uphold our reputation and contribute to positive social
and environmental impacts.
We have also committed to reviewing supplier contracts to ensure
they contain terms consistent with the principles underlying the Act.
Skills & ExperienceGraham
Stuart
Angela
Bull
Craig
Mitchell
Michael
Stanford
Mike
Brady
Accounting/finance/economics••••
Commercial real estate /asset
management/valuation
••••
Corporate governance •••••
Legal / regulatory••••
Healthcare practitioner•
Climate related matters
Tenure (years)5.72.234.71
Strong Skills Moderate Skills
62
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VITAL HEALTHCARE PROPERTY TRUST

ReferenceRecommendationApproach
Principle 1 – Code of ethical standards
1.1The board should document minimum standards of ethical
behaviour to which the issuer’s directors and employees
are expected to adhere (a code of ethics).
The code of ethics and where to find it should be
communicated to the issuer’s employees. Training should
be provided regularly. The standards may be contained
in a single policy document or more than one policy.
The code of ethics should outline internal reporting
procedures for any breach of ethics, and describe the
issuer’s expectations about behaviour, namely that every
director and employee:
a. acts honestly and with personal integrity in
all actions;
b. declares conflicts of interest and proactively advises
of any potential conflicts;
c. undertakes proper receipt and use of corporate
information, assets and property;
d. in the case of directors, gives proper attention
to the matters before them;
e. acts honestly and in the best interests of the issuer,
shareholders and stakeholders and as required
by law;
f. adheres to any procedures around giving and
receiving gifts (for example, where gifts are given
that are of value in order to influence employees
and directors, such gifts should not be accepted);
g. adheres to any procedures about whistle blowing
(for example, where actions of a whistle blower
have complied with the issuer’s procedures, an
issuer should protect and support them, whether
or not action is taken); and
h. manages breaches of the code
In recognition of Vital’s role in the communities in which we operate, and where our investors
live, we continue to implement and refine policies and practices which encourage responsible
investment practices and compliance with all legal and regulatory requirements.
All of Vital’s Directors and employees must abide by Vital’s Code of Conduct and Business Ethics
(refreshed in May2024), which documents policies on conflicts of interest, fair dealing, compliance
with applicable laws and regulations, maintaining confidentiality of information, dealing with Vital’s
assets and use of Vital’s information.
The Code recognises the importance of a work environment which actively promotes best practice
and does not compromise business ethics or principles and the Code’s purpose is to uphold the
highest ethical standards, acting in good faith and in the best interests of Unit Holders at all times.
Following the review of the Code, employees will be provided with training in relation to the Code
and Vital has committed to refreshing that training at least once every 3 years.
The Code is on Vital’s website https://www.vitalhealthcareproperty.co.nz/ governance/
and a copy was provided to staff following the review in May 2024. All new starters are provided
with a link to the Code.
The Code is supplemented by a number of other policies including the Joint Investment Policy and
Whistleblower Policy which are available on the website at https://www.vitalhealthcareproperty.
co.nz/governance/.
1.2An issuer should have a financial product dealing policy
which applies to employees and directors
Vital’s Directors, officers and employees, their families and related parties must comply with the
Security Trading Policy. A copy of the Security Trading Policy is on Vital’s website https://www.
vitalhealthcareproperty.co.nz/governance/
The Manager is committed to ensuring compliance with legal and regulatory requirements with
respect to insider trading and restricted persons trading. To assist with such compliance, the
Manager’s Security Trading Policy identifies circumstances where Directors, officers and other
restricted persons are permitted to trade or are prohibited from trading units in Vital. Compliance
with these policies is monitored by the Board. In addition, all trading by Directors and officers of the
Manager is required to be reported to NZX in accordance with the Financial Markets Conduct Act
2013. The holdings of Directors of the Manager are disclosed on page 60.
Before trading in Vital units, a restricted person must get consent in writing from the Fund Manager
or the Chief Financial Officer of the Manager. Vital has set black-out periods for Directors and staff
throughout the year. Also, blackout periods can be invoked when specific events occur.
Emails are periodically sent to Directors and employees providing information as to the status of the
trading window in relation to the black-out periods.
Principle 2 – Board composition and performance
2 .1The board of an issuer should operate under a written
charter which sets out the roles and responsibilities of the
board. The board charter should clearly distinguish and
disclose the respective roles and responsibilities of the
board and management.
The Board has adopted a formal Board Charter which is available on Vital’s website at
https://www.vitalhealthcareproperty.co.nz/governance/.
The Charter sets out the roles and responsibilities of the Board, including in relation to distinguishing
between the respective roles and responsibilities of the Board and management.
The terms of a Director’s appointment are contained in the Board Charter. The Charter reaffirms
Directors must comply with their duties as set out in the Manager’s Constitution (which is also
available on Vital’s website https://www.vitalhealthcareproperty.co.nz/governance/) and the
Companies Act 1993, including to act in good faith, together with other duties which include (but
are not limited to) conducting themselves in an appropriate manner.
The Board’s specific responsibilities include approving the Manager’s strategic objectives, including
those applicable to Vital and ensuring that effective risk management procedures for the Manager
and Vital are in place and are being observed.
NZX Corporate Governance Code
The NZX Corporate Governance Code (NZX Code) applies to all issuers of Equity Securities listed on the NZX Main Board.
The NZX Corporate Governance Code does not apply to Vital Healthcare Properties Trust (Vital), as it is an issuer of Fund Securities
under the NZX Listing Rules.
Notwithstanding the foregoing, the Board of Northwest Healthcare Properties Management Limited (Manager) considers it important from
a governance perspective to identify how, as at 30 June 2024, Vital and the Manager comply with the NZX Code dated 1 April 2023.
The NZX Code is structured around eight principles. The table sets out each principle and an explanation as to if, and how, Vital and the
Manager comply with the recommendations in the NZX Code.
ANNUAL REPORT 2024
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63

ReferenceRecommendationApproach
2.2Every issuer should have a procedure for the nomination
and appointment of directors to the board.
Vital partially complies with this recommendation as the process for appointment of directors is
different for a listed managed investment scheme. Vital is a trust and does not have directors. Its
supervisor is Trustees Executors Limited, which is also the trustee of the Vital Healthcare Property Trust.
The Manager has a Board of Directors, which, subject to the below, is appointed by its sole
shareholder, NWI Healthcare Properties LP.
Two Independent Directors are appointed to the Manager’s Board by Unit Holders in the manner
described in the Trust Deed. A copy of the Trust Deed is available on Vital’s website (https://
www.vitalhealthcareproperty.co.nz/governance/) and also on the Disclose Register through the
Companies Office https://companies-register.companiesoffice.govt.nz/.
Unit Holders have the opportunity to appoint two of the Independent Directors of the Manager.
Unit Holders may nominate and vote on one Independent
Director of the Manager each year. The nominee receiving the most votes will be approved
as a Director of the Manager by the Manager’s shareholders.
2.3An issuer should enter into written agreements with
each newly appointed director establishing the terms
of their appointment.
The Manager enters into a written agreement with each newly appointed director setting out
the terms of their appointment, including expectations of the director in his or her role, remuneration
entitlements and indemnity and insurance arrangements.
2.4Every issuer should disclose information about each
director in its annual report or on its website, including:
a. a profile of experience, length of service and
ownership interests;
b. the director’s attendance at board meetings; and
c. the board’s assessment of the director’s
independence, including a description as to
why the board has determined the director to be
independent if one of the factors listed in table 2.4
applies to the director, along with a description of
the interest, relationship or position that triggers the
application of the relevant factor
Vital’s Annual Report includes a profile of experience, length of service, and ownership interest of
each Director. The Annual Report also sets out the attendance of each Director at Board meetings
and Audit Committee meetings.
A profile of each director is also included on Vital’s website https:// www.vitalhealthcareproperty.
co.nz/board-management/
The Board considers that at the date of this Annual Report, the Independent Directors are
independent, including by virtue of the following factors listed in table 2.4:
None of the Independent Directors:
• is currently, or was within the last three years, employed in an executive role by the Manager;
• is currently deriving, or within the last 12 months, derived a substantial portion of his or her
revenue from the Manager or the Trust;
• is currently, or was within the last 12 months, in a senior role in a provider of material professional
services to the Manager or the Trust or any of their subsidiaries;
• is currently, or was within the last three years, employed by the external auditor to the Manager
or the Trust or any of their subsidiaries;
• currently has, or did have within the last three years, a material business relationship
(e.g. as a supplier or customer) with the Manager or the Trust or any of their subsidiaries;
• is a substantial product holder of the Trust, or a senior manager of, or person otherwise
associated with, a substantial product holder of the Trust;
• is currently, or was within the last three years, in a material contractual relationship with
the Manager or the Trust or their subsidiaries, other than as a director;
• has close family ties (or personal relationships (including close social or business connections)
with anyone in the categories listed above; and
• has been a director of the Manager for a period of 12 years or more.
2.5An issuer should have a written diversity policy which
includes requirements for the board or a relevant
committee of the board to set measurable objectives
for achieving diversity (which, at a minimum, should
address gender diversity) and to assess annually both
the objectives and the entity’s progress in achieving
them. An issuer within the S&P/NZX20 Index at the
commencement of its reporting period should have a
measurable objective for achieving gender diversity in
relation to the composition of its board, that is to have
not less than 30% of its directors being male, and not less
than 30% of its directors being female, within a specified
period. An issuer should disclose its diversity policy or a
summary of it.
This recommendation has not been adopted due to our structure.
We continue to improve diversity on the Board and in Management, in line with the REIT’s diversity
policy introduced in April 2022. The number of women in the organisation is almost 50% of the total
number employed and our focus on gender diversity at a Board level continues.
2.6Directors should undertake appropriate training to remain
current on how to best perform their duties as directors
of an issuer.
The Manager provides formal training to Directors during the year and Directors undertake
additional training through professional bodies.
2.7The board should have a procedure to regularly assess
director, board and committee performance.
Assessment of the Board and each director’s performance is determined by the Chair and takes into
account overall attendance, contribution, training and experience of each member concerned.
2.8A majority of the board should be independent directors.The Board of the Manager is comprised of a majority of Independent Directors.
2.9An issuer should have an independent chair of the board.The Board of the Manager is chaired by an Independent Director.
2 .10The chair and the CEO should be different people.The functions of chair of the Board of the Manager and CEO are fulfilled by different people.
Principle 3 – Board committees
3 .1An issuer’s audit committee should operate under a
written charter. Membership on the audit committee
should be majority independent and comprise solely of
non-executive directors of the issuer. The chair of the audit
committee should not also be the chair of the board.
The Board has adopted a formal written Audit Committee Charter which is available on
Vital’s website at https://www.vitalhealthcareproperty.co.nz/governance/.
The minimum number of members on the Audit Committee is three Directors with a majority being
Independent Directors and at least one member must have an accounting or financial background.
The audit committee of the Manager is majority independent. The Chair of the audit
committee is an independent Director and is not the same person as the Chair of the Board.
3.2Employees should only attend audit committee meetings
at the invitation of the audit committee.
Directors and officers have a standing invitation to attend audit committee meetings.
Other employees may attend on invitation only.
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VITAL HEALTHCARE PROPERTY TRUST

ReferenceRecommendationApproach
3.3An issuer should have a remuneration committee which
operates under a written charter (unless this is carried
out by the whole board). At least a majority of the
remuneration committee should be independent directors.
Management should only attend remuneration committee
meetings at the invitation of the remuneration committee.
This recommendation has not been adopted due to Vital’s structure.
A key feature of the external management structure under which Vital operates is that remuneration
of management is the responsibility of the Manager, not Vital. As Vital Unit Holders are not
economically exposed to employment remuneration costs, a remuneration committee is not
considered necessary by the Board at this time.
3.4An issuer should establish a nomination committee to
recommend director appointments to the board (unless
this is carried out by the whole board), which should
operate under a written charter. At least a majority of the
nomination committee should be independent directors.
This recommendation has not been adopted due to Vital’s structure.
Given its structure and the terms of the Trust Deed, the process for nomination of directors
to the Board of the Manager is not the same as for a listed company.
3.5An issuer should consider whether it is appropriate to
have any other board committees as standing board
committees. All committees should operate under
written charters. An issuer should identify the members
of each of its committees, and periodically report
member attendance.
From time to time the Board establishes Due Diligence Committees (DDC) under a formal process
memorandum to report on the due diligence process in relation to any potential transaction for
Vital of material size or complexity. An example would be the recent capital raisings undertaken by
Vital. A DDC would normally be comprised of an Independent Director, executive director, relevant
management staff and external consultants appropriate for the transaction.
3.6The board should establish appropriate protocols that set
out the procedure to be followed if there is a takeover
offer for the issuer including any communication between
insiders and the bidder. It should disclose the scope of
independent advisory reports to shareholders. These
protocols should include the option of establishing
an independent takeover committee, and the likely
composition and implementation of an independent
takeover committee.
This recommendation has not been adopted due to Vital’s structure.
The Takeovers Code does not apply to Vital, as a listed managed investment scheme. Vital’s
Trust Deed includes some provisions which would regulate takeover-like transactions relating
to units in Vital.
As a result of the above, the Board of the Manager has not established protocols that set out
the procedure to be followed if a takeover offer is received.
Principle 4 – Reporting and disclosure
4 .1An issuer’s board should have a written continuous
disclosure policy.
It is important that the market and investors feel confident in the timing or manner of any buying or
selling of Vital units. As a NZX issuer, the Manager is acutely aware of the need to ensure the
market, investors and regulators remain fully informed of any material or price sensitive information
relevant to Vital. The Board, management and employees are aware of the NZX Continuous
Disclosure requirements and Vital has internal procedures in place to ensure compliance.
The Continuous Disclosure Policy can be found on Vital’s website at
https://www.vitalhealthcareproperty.co.nz/governance/.
4.2An issuer should make its code of ethics, board and
committee charters and the policies recommended in
the NZX Code, together with any other key governance
documents, available on its website.
A copy of all relevant policies noted in this document can be viewed on Vital’s website
https://www.vitalhealthcareproperty.co.nz/governance/.
In addition, the website includes the Privacy Policy, the Whistleblower Policy and the Modern
Slavery Statement, all of which are endorsed by the Board.
4.3Financial reporting should be balanced, clear
and objective.
We provide disclosures of financial matters in our Annual Report. In addition, disclosures are
provided quarterly to keep the market updated as to the financial matters impacting Vital.
The Manager maintains and regularly reviews a risk management framework as part of its
compliance assurance programme. Reports are provided to both the Audit Committee and Board
along with an annual risk assessment.
4.4An issuer should provide non-financial disclosure at least
annually, including considering environmental, social
sustainability factors and practices. It should explain how
operational or non-financial targets are measured. Non-
financial reporting should be informative, include forward
looking assessments, and align with key strategies and
metrics monitored by the board.
Vital’s Annual Report includes non-financial disclosures, including environmental, economic and
social sustainability factors and practices. In this regard see page 38 onwards in the sustainability
section for an outlay of ESG related achievements and forward-looking targets, and page 52
onwards in the sustainability section for references to regulatory non-financial ESG disclosures
to which Vital is committed.
Principle 5 – Remuneration
5 .1An issuer should have a remuneration policy for the
remuneration of directors. An issuer should recommend
director remuneration to shareholders for approval in a
transparent manner. Actual director remuneration should
be clearly disclosed in the issuer’s annual report.
This recommendation has not been adopted due to Vital’s structure.
Vital is a trust and does not have directors. Subject to the below, the remuneration costs of
the Manager’s directors are borne by the Manager. As a result, Vital Unit Holders are not
economically exposed to those costs.
Vital’s Trust Deed provides that the costs associated with the two Independent Directors appointed
to the Board of the Manager by Unit Holders are reimbursed out of the trust fund.
Directors are paid a flat fee for each service provided (currently a base director fee and additional
fees for being the Chair, Audit Committee Chair and / or Audit Committee Member). Such fees
are market based by reference to other NZX listed entities; this is assessed annually. Accordingly,
the Board considers that it is unnecessary for Vital to maintain a remuneration policy.
Refer to page 61 of this Annual Report for details of Director remuneration.
5.2An issuer should have a remuneration policy for
remuneration of executives which outlines the relative
weightings of remuneration components and relevant
performance criteria.
This recommendation has not been adopted due to Vital’s structure.
As noted above, all officers’ remuneration is paid by the Manager not Vital. Accordingly,
the Board considers that it is unnecessary for Vital to maintain a remuneration policy.
5.3An issuer should disclose the remuneration arrangements
in place for the CEO in its annual report. This should
include disclosure of the base salary, short term incentives
and long term incentives and the performance criteria
used to determine performance based payments.
This recommendation has not been adopted due to Vital’s structure.
Vital does not have any employees as it is externally managed by the Manager. The remuneration
of the Fund Manager (CEO equivalent) is not paid by Vital but by the Manager or its
related parties.
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ReferenceRecommendationApproach
Principle 6 – Risk management
6 .1An issuer should have a risk management framework
for its business and the issuer’s board should receive
and review regular reports. An issuer should report the
material risks facing the business and how these are
being managed
The Board of Directors maintains a sound understanding of key risks faced by Vital. Effective
management of all financial and non-financial risks is fundamental to the delivery of the
Board’s strategy. In addition, the Manager will engage other external advisers as appropriate
to deal with specific risks.
The Manager has a risk management framework that is integrated into day-to-day operations.
As part of this framework, the Board and Audit Committee work closely with management and
external auditors to support the identification, management and reporting of risks.
This risk management framework is part of Vital’s compliance assurance requirements under
the FMCA. Higher risk groups are reviewed yearly with lower risk groups reviewed biennially.
The risk management framework/Compliance Assurance Programme is reviewed on an
annual basis and approved by the Board.
The Manager has currently identified the following key risk categories:
• Fund manager risk
• Development risk;
• Acquisition of Investment risk
• Asset and facilities management risk
• Information, data security/cybersecurity risk
• Energy/carbon efficiency of assets and operations risk;
• Talent recruitment, retention and succession planning;
• Reputation (social responsibility, brand and stakeholder relationships)
• Access to capital risk
• Compliance risk
• Governance risk
• Fraud/Misconduct risk
• Climate-related risk
6.2An issuer should disclose how it manages its health
and safety risks and should report on their health and
safety risks, performance and management
The Directors and Manager are committed to ensuring that as far as practical, a safe and
healthy working environment is provided for all employees, tenants, contractors and others
who may visit our properties.
The Trust’s Health and Safety Policy aims to reflect this commitment.
We have a Risk Management Framework meaning we employ a systematic approach
to identifying, evaluating and managing safety risks.
We have regular training to ensure employees are knowledgeable about our safety
practices. A register is maintained to track participation and ensure compliance.
The Operational Risk Committee oversees our safety protocols and implements strategies
to address operational risks.
Safety expectations are integrated into our supplier contracts and tender/ RFI procedures
to ensure consistency across all external arrangements.
Principle 7 – Auditors
7.1The board should establish a framework for the
issuer’s relationship with its external auditors. This
should include procedures:
a. for sustaining communication with the issuer’s
external auditors;
b. to ensure that the ability of the external auditors to
carry out their statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
c. to address what, if any, services (whether by type
or level) other than their statutory audit roles may be
provided by the auditors to the issuer; and
d. to provide for the monitoring and approval by the
issuer’s audit committee of any service provided by
the external auditors to the issuer other than in their
statutory audit role.
The Board has established an Audit Committee with a majority of Independent Directors.
A copy of the Audit Committee Charter can be found on Vital’s website
https://www.vitalhealthcareproperty.co.nz/governance/.
The Audit Committee Charter sets out the procedures to be followed to ensure the
independence of the Trust’s external auditor. The Audit Committee is responsible for
recommending the appointment of the external auditor and maintaining procedures
for the rotation of the external audit engagement partner.
Under the Audit Committee Charter, the external audit engagement partner must be
rotated at least every five years.
The Audit Committee Charter covers provision of non-audit services with the general principle
being that the external auditor should not have any involvement in the production of financial
information or preparation of financial statements such that they might be perceived to be
auditing their own work.
The Board facilitates regular and full interface between its Audit Committee, the external
auditors and management as reflected in the Audit Committee charter.
7. 2The external auditor should attend the issuer’s Annual
Meeting to answer questions from shareholders in
relation to the audit.
To maximise the effectiveness of communication at the Annual Meeting, the Manager also
requires its external auditors to attend the meeting and be prepared to answer Unit Holders’
questions about the conduct of the audit, as well as the preparation and content of the
independent auditor’s report.
Vital undertakes an annual audit engagement with its external auditor. As part of the process
the Audit Committee identifies any key areas of focus and reporting required of the auditors.
Management is required to attend the meeting to discuss the findings of the report and
respond to queries. Any recommendations for improvement are discussed and management
is required to agree a timetable for the implementation of the changes.
7. 3Internal audit functions should be disclosed.The Manager’s ultimate parent has an internal audit programme that includes an annual
global internal control review. The scope of this programme encompasses both the Manager
and Vital.
In addition, Vital has a Supervisor who undertakes oversight functions on behalf of Unit
Holders, including in relation to conduct and the payment of management fees / expenses.
66
|
VITAL HEALTHCARE PROPERTY TRUST

ReferenceRecommendationApproach
Principle 8 – Shareholder rights and relations
8 .1An issuer should have a website where investors
and interested stakeholders can access financial
and operational information and key corporate
governance information about the issuer.
Vital’s website www.vhpt.co.nz enables Unit Holders to access financial and operational
information and key corporate governance information about Vital. The website allows key
stakeholders to access and navigate important information with ease.
8.2An issuer should allow investors the ability to easily
communicate with the issuer, including by designing
its shareholder meeting arrangements to encourage
shareholder participation and by providing
shareholders the option to receive communications
from the issuer electronically.
A key focus of investor relations is to ensure the market and investors are informed of all details
necessary to assess their investment and Vital’s performance as specified by NZX Listing Rules.
The Board aims to foster constructive communications and encourages all stakeholders to
engage with Vital.
A key element of corporate communication is the Trust’s website at www. vhpt.co.nz.
Vital’s website is designed to make it easier for Unit Holders to locate and understand key
information. The website enables all existing and potential Unit Holder to view information
including: an overview of the business and corporate structure, a history of financial and
investment performance, key calendar dates and the ability to access and download all
NZX announcements, presentations and investor forms.
The website also includes key corporate governance documents including the Board Charter,
Statement of Investment Policies and Objectives (SIPO) and other key policy documentation.
The Manager also actively encourages engagement through a communication strategy which
includes:
• The Annual Meeting for the Unit Holders to meet with and ask questions
of the Board, the Supervisor, management and external auditors;
• Any other meetings called to obtain approval for the Manager’s action as appropriate;
• Results webcasting providing all investors with the ability to
listen and ask questions of Management; and
• Various investor communications including Annual Reports and Interim Reports.
Through Vital’s external registrar investors have the ability to easily communicate with the
issuer, including providing the option to receive communications from the issuer electronically.
There is a NZ toll free number 0800 225 264 and email address
enquiry@vhpt.co.nz to which general enquiries can be directed.
To further enhance Unit Holder engagement, the format of Vital’s annual meetings is a ‘hybrid’
meeting, allowing investors to attend in-person or virtually by attending the meeting online.
Where one format of meeting may be more appropriate in the circumstances, the Directors
will take into account the competing interests, cognisant of the importance of
Unit Holder participation. The Directors have at the forefront, when making this decision the
importance of ensuring that all Unit Holders are adequately informed about the format of
these meetings as well as the rules applicable to voting and participation generally.
8.3Quoted equity security holders should have the right
to vote on any major decisions which may change
the nature of the issuer in which they are invested.
The Manager respects the views of Unit Holders and seeks to foster constructive relationships
that encourages engagement.
Our Unit Holders are entitled to vote to replace the supervisor or the Manager, which would
be the two key decisions which would change the nature of Vital, given its structure as a
listed managed investment scheme. In addition, Unit Holders have the right to appoint two
independent directors to the board of the Manager at each annual meeting.
As a managed investment scheme regulated by the FMCA, investment objectives, investment
philosophy, investment strategy and categories of authorised investments are required to be
set out in a Statement of Investment Policy and Objectives (SIPO). A copy of Vital’s SIPO is
available here:
https://www.vitalhealthcareproperty.co.nz/app/ uploads/2021/02/SIPO_Vital_New.pdf
Changes to the SIPO may only be made in accordance with section 165 of the FMCA after
having given written notice to Vital’s supervisor, Trustees Executors Limited. Depending on the
nature of the changes, prior notice to Unit Holders or Unit Holder approval may be required.
8.4If seeking additional equity capital, issuers of
quoted equity securities should offer further
equity securities to existing equity security holder
of the same class on a pro rata basis, and on
no less favourable terms, before further equity
securities are offered to other investors.
Vital’s most recent equity capital raising was implemented in April and May 2022 as an
accelerated entitlement offer. Eligible Unit Holders were entitled to subscribe for 1 new unit
for every 8.54 units held at the record date. This structure allowed existing Unit Holders to
participate on a pro rata basis, on no less favourable terms (subject to certain exceptions,
like for Unit Holders outside New Zealand).
Previous equity capital raisings completed in 2020 and 2021 were structured as a
combination of a non-pro rata placement and a Unit Holder purchase plan and were
undertaken as close to a pro-rata structure as practicable in accordance with the Board
approved allocation policy. The Board of the Manager considers a range of factors when
assessing capital raising options. Those factors include the interests of existing Unit Holders,
cost of capital and register composition.
8.5The board should ensure that the notices of annual
or special meetings of quoted equity security
holders is posted on the issuer’s website as soon as
possible and at least 20 days prior to the meeting.
Under Vital’s Trust Deed at least 14 days’ notice is required for notices of meeting to be
sent by post. Vital will continue to follow the Trust Deed when determining the period of
notice to be given. Having said that, the Notices of Meeting for Vital’s annual meeting
in 2020, 2021, 2022 and 2023 were provided at least 20 days prior to the meeting,
as was the Notice of Meeting for the special meeting of Unit Holders held in 2021.
The notice of meeting is released on the NZX and included on Vital’s website.
ANNUAL REPORT 2024
|
67

Financial Statements
68
|
VITAL HEALTHCARE PROPERTY TRUST

ANNUAL REPORT 2024|69
Contents
Consolidated Statement of Comprehensive Income70
Consolidated Statement of Financial Position71
Consolidated Statement of Changes in Equity72
Consolidated Statement of Cash Flows73
Notes to the Consolidated Financial Statements74
ABOUT THIS REPORT74
1. Reporting Entity 74
2. Basis of Preparation74
3. Material Accounting Policies75
PERFORMANCE76
4. Segment Information 76
5. Taxation79
6. Investment Properties 81
7. Other Expenses90
CAPITAL STRUCTURE, FINANCING AND RISK MANAGEMENT91
8. Units on Issue91
9. Earnings per Unit92
10. Distributable Income 92
11. Borrowings93
12. Lease Liabilities 95
13. Derivative Financial Instruments95
14. Financial and Risk Management 97
15. Commitments and Contingencies 102
EFFICIENCY OF OPERATIONS103
16. Statement of Cash Flows Reconciliation from Operating Activities103
17. Trade and Other Receivables104
18. Other Assets105
19. Trade and Other Payables105
OTHER NOTES106
20. Investment in Subsidiaries 106
21. Subsequent Events 106
22. Related Party Transactions106

70|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of
Comprehensive Income
For the year ended 30 June 2024
Note
2024
$000s
2023
$000s
Gross property income from rentals150,978150,530
Gross property income from expense recoveries17,81020,785
Property expenses(24,255)(26,091)
Net property income4144,533145,224
Other expenses7(30,003)(37,960)
Finance income2,645445
Finance expense11.b(43,251)(38,215)
Operating profit73,92469,494
Other gains/(losses)
Revaluation (loss)/gain on investment property6.a(165,244)(208,553)
Net (loss)/gain on disposal of investment property(5,702)(3,697)
Fair value (loss)/gain on foreign exchange derivatives(284)651
Fair value (loss)/gain on interest rate derivatives(10,540)5,872
Realised (loss)/gain on foreign exchange(87)(1)
Unrealised (loss)/gain on foreign exchange(270)611
(182,127)(205,117)
(Loss)/Profit before income tax(108,203)(135,623)
Taxation benefit/(expense)5592(16,778)
(Loss)/Profit for the year attributable to Unit Holders of the Trust(107,611)(152,401)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve6,076(20,386)
Total other comprehensive (loss)/income after tax6,076(20,386)
Total comprehensive (loss)/income after tax(101,535)(172,787)
Earnings per unit
Basic and diluted earnings per unit (cents)9(16.09)(23.22)
The notes on pages 74 to 110 form part of and are to be read in conjunction with these financial statements.

ANNUAL REPORT 2024|71
Consolidated Statement of
Financial Position
As at 30 June 2024
Note
2024
$000s
2023
$000s
Non-current assets
Investment properties63,213,6893,288,356
Derivative financial instruments1317,72026,047
Other non-current assets1813,980-
Total non-current assets3,245,3893,314,403
Current assets
Investment properties held for sale626,28492,364
Cash and cash equivalents1618,93410,885
Trade and other receivables1710,0815,783
Other current assets183,8885,763
Derivative financial instruments13183514
Total current assets59,370115,309
Total assets3,304,7593,429,712
Unit Holders' funds
Units on issue81,204,9771,180,922
Reserves20,96623,240
Retained earnings579,183753,220
Total Unit Holders' funds1,805,1261,957,382
Non-current liabilities
Borrowings111,287,4771,239,156
Lease liability - ground lease9,9823,724
Derivative financial instruments131,856-
Deferred tax5158,762177,527
Total non-current liabilities1,458,0771,420,407
Current liabilities
Trade and other payables1932,17141,522
Income in advance1,6531,526
Derivative financial instruments13948
Lease liability - ground lease123178
Taxation payable7,5158,689
Total current liabilities41,55651,923
Total liabilities1,499,6331,472,330
Total Unit Holders' funds and liabilities3,304,7593,429,712
For and on behalf of the Manager, Northwest Healthcare Properties Management Limited
G Stuart, Independent Chair
8 August 2024
M Stanford,
Independent Director
The notes on pages 74 to 110 form part of and are to be read in conjunction with these financial statements.

72|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of
Changes in Equity
For the year ended 30 June 2024
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 year ended 30 June 2023
Balance at the start of the period1,150,881970,405(34,736)63,41115,9152,165,876
Changes in Unit Holders' funds30,041---(15,915)14,126
Manager's incentive fee----14,95114,951
Profit for the period-(152,401)---(152,401)
Distributions to Unit Holders-(64,784)---(64,784)
Other comprehensive income for the period
Movement in foreign currency translation reserve--(20,386)--(20,386)
Balance at the end of the year1,180,922753,220(55,122)63,41114,9511,957,382
For the year ended 30 June 2024
Balance at the start of the period1,180,922753,220(55,121)63,41114,9511,957,383
Changes in Unit Holders' funds24,055---(14,951)9,104
Manager's incentive fee----6,6006,600
Profit for the period-(107,611)---(107,611)
Distributions to Unit Holders-(66,426)---(66,426)
Other comprehensive income for the period
Movement in foreign currency translation reserve--6,076--6,076
Balance at the end of the year1,204,977579,183(49,045)63,4116,6001,805,126
The notes on pages 74 to 110 form part of and are to be read in conjunction with these financial statements.

ANNUAL REPORT 2024|73
Consolidated Statement of
Cash Flows
For the year ended 30 June 2024
Note
2024
$000s
2023
$000s
Cash flows from operating activities
Property income151,043151,732
Recovery of property expenses17,71119,637
Interest received1,289445
Property expenses(23,637)(29,930)
Management and trustee fees(19,994)(20,518)
Interest paid(41,080)(35,277)
Tax paid(20,006)(11,183)
Other trust expenses(3,881)(1,323)
Net cash provided by/(used in) operating activities1661,44573,583
Cash flows from investing activities
Receipts from foreign exchange derivatives12,255475
Payments for foreign exchange derivatives(12,479)(473)
Capital additions on investment properties(250,760)(182,137)
Purchase of properties(10,679)(151,983)
Deposits and acquisiton costs paid – Investment Property-(2,514)
Proceeds from disposal of properties239,40358,756
Fitout loans to tenants(11,374)-
Strategic transaction expenses(455)-
Net cash provided by/(used in) investing activities(34,089)(277,876)
Cash flows from financing activities
Debt drawdown316,327428,810
Repayment of debt(277,227)(182,925)
Loan issue costs(1,084)(2,072)
Costs associated with new equity raised(100)(95)
Distributions paid to Unit Holders(57,223)(50,595)
Net cash from/(used in) financing activities(19,307)193,123
Net increase/(decrease) in cash and cash equivalents8,049(11,170)
Cash and cash equivalents at the beginning of the period10,88522,055
Cash and cash equivalents at the end of the year18,93410,885
The notes on pages 74 to 110 form part of and are to be read in conjunction with these financial statements.

74|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 Level 17, HSBC Tower, 188 Quay Street, Auckland
Central 1010.
The consolidated financial statements of VHP for the year ended 30 June 2024 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 direct and/or indirect 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 consolidated financial statements were approved by the Board of Directors of the Manager on 8 August 2024.
2.
Basis of Preparation
(a) Statement of compliance
These financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP)
and comply with New Zealand equivalents to IFRS Accounting Standards (NZ IFRS) and other applicable Financial Reporting Standards,
as appropriate for profit-oriented entities. Accordingly these financial statements comply with IFRS Accounting Standards (IFRS).
(b)
Basis of consolidation
The Group’s financial statements incorporate the financial statements of the Trust and entities controlled by the Trust (its subsidiaries) as
set out in Note 20. 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 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.
In preparing the financial statements, transactions in currencies other than the Trust’s functional currency (i.e. a foreign currency transaction)
are recorded at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, foreign currency
denominated monetary items are retranslated at the rate of exchange prevailing at that time. Exchange differences are recognised in profit
or loss in the period in which they arise, except for exchange differences on transactions entered into to hedge foreign currency exposure.
The assets and liabilities of the Group’s foreign operations are translated to New Zealand Dollars using exchange rates prevailing at the
end of the reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences
arising on translation are recognised in other comprehensive income and the foreign currency translation reserve.

ANNUAL REPORT 2024|75
(e) Changes in accounting policy and presentation
All accounting policies have been applied on a basis consistent with the prior year's financial statements.
(f) Standards and Interpretations in issue not yet effective
At the date of authorisation of these financial statements, the Group has not applied new and revised NZ IFRS standards and amendments
that have been issued but are not yet effective. It is not expected that the adoption of these standards and amendments will have a material
impact on the financial statements of the Group except as outlined below.
In May 2024, NZ IFRS 18 Presentation and Disclosure in Financial Statements (effective for reporting periods beginning on or after
1 January 2027) was issued. This standard replaces NZ IAS 1 Presentation of Financial Statements. Management are still assessing the
impact and note this may change the presentation of primary statements.
(g) Climate-related disclosures
On 14 December 2022, the External Reporting Board (XRB) published Climate-related Disclosure standards that are applicable from
reporting periods beginning on or after 1 January 2023.
Vital’s first report under this reporting regime will be available by October 2024.
(h)
Material accounting policy information
Significant accounting policies that summarise the measurement basis used and are relevant to an understanding of the consolidated
financial statements are provided throughout the notes to the consolidated financial statements.
(i)
Fair value hierarchy
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 levels of fair value hierarchy 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 (as prices) or indirectly (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).
(j)
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 material and relevant if, for example:
•the amount 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.

3.
Material Accounting Policies
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

76|VITAL HEALTHCARE PROPERTY TRUST
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 22Related party transactions
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 an allocation of identifiable administration costs, finance costs 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.

ANNUAL REPORT 2024|77
Australia
$000s
New Zealand
$000s
Total
$000s
Segment profit/(loss) for the year ended 30 June 2024:
Gross property income from rentals101,46349,515150,978
Gross property income from expense recoveries7,28010,53017,810
Property expenses(11,966)(12,289)(24,255)
Net property income96,77747,756144,533
Other expenses(15,636)(14,367)(30,003)
Net finance expense(38,341)(2,265)(40,606)
Operating profit42,80031,12473,924
Fair value (losses) on interest rate derivatives(7,643)(2,897)(10,540)
Revaluation losses on investment properties(133,505)(31,739)(165,244)
Net losses on disposal of investment property(4,523)(1,179)(5,702)
Other foreign exchange losses(210)(431)(641)
Total segment profit/(loss) before income tax(103,081)(5,122)(108,203)
Taxation expense / (benefit)592
Profit/(loss) for the year(107,611)
Segment profit/(loss) for the year ended 30 June 2023:
Gross property income from rentals102,46748,063150,530
Gross property income from expense recoveries9,51011,27520,785
Property expenses(13,450)(12,641)(26,091)
Net property income98,52746,697145,224
Other expenses(14,838)(23,122)(37,960)
Net finance income/(expense)(39,538)1,768(37,770)
Operating profit44,15125,34369,494
Fair value gain/(losses) on interest rate derivatives8565,0165,872
Revaluation losses on investment properties(69,999)(138,554)(208,553)
Net losses on disposal of investment property(3,697)-(3,697)
Other foreign exchange gains/(losses)1701,0911,261
Total segment profit/(loss) before income tax(28,519)(107,104)(135,623)
Taxation expense / (benefit)(16,778)
Profit/(loss) for the year(152,401)
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 $100.5m of gross property income (2023: three Australian tenants and one New
Zealand tenant that contributed $96.4m).
There were no inter-segment sales during the year (2023: nil).

78|VITAL HEALTHCARE PROPERTY TRUST
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 30 June 2024:
Investment properties2,213,762999,9273,213,689
Other non-current assets25,0306,67031,700
Current assets47,26112,10959,370
Consolidated assets2,286,0531,018,7063,304,759
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 30 June 2024:
Borrowings1,107,629179,8481,287,477
Other liabilities178,63233,524212,156
Consolidated liabilities1,286,261213,3721,499,633
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 11.a), financing arrangements are cross collateralised across
the Group’s investment properties and other assets and are managed on an aggregate basis.

ANNUAL REPORT 2024|79
5. Taxation
Income tax recognised in the consolidated statement of comprehensive income
2024
$000s
2023
$000s
Profit/(loss) before tax for the period(108,203)(135,623)
Taxation (charge)/credit - 28% on profit before income tax30,29737,974
Effect of different tax rates in foreign jurisdictions(13,431)(3,262)
Tax exempt income/(loss)(1,339)(38,681)
Tax impact of leasing deals-(215)
Foreign tax credits1,559460
Tax charges on overseas investments(13,058)(12,710)
Over/(under) provided in prior periods1,228-
Other adjustments(4,664)(344)
Taxation benefit/(expense)592(16,778)
The taxation (charge)/credit is made up as follows:
Current taxation(19,046)(14,787)
Deferred taxation19,638(1,991)
Taxation benefit/(expense)592(16,778)
The key assumptions used in the preparation of the Group’s tax calculation are as follows:
Tax rate:
The Group is subject to New Zealand tax on assessable income, including assessable Foreign Investment Fund ("FIF") income attributed
from its Australian subsidiaries (applying either the Fair Dividend Rate ("FDR") method or the attributable FIF method), at a rate of 28%. Its
Australian subsidiaries are subject to Australian witholding tax on assessable income at a rate of 10% for interest income or 15% for 'fund
payment' amounts as they are Australian Managed Investment Trusts (MIT), for which a New Zealand tax credit is generally available.
Deferred Tax balances
Interest rate
swaps
$000s
Revaluation
of investment
properties
$000s
Borrowings
$000s
Other
$000s
Total
$000s
At 1 July 2022(5,726)(172,889)(86)385(178,316)
Charge to profit and loss for the year(1,634)(116)(48)(194)(1,991)
Change in exchange rate-2,815(40)52,780
At 30 June 2023(7,359)(170,190)(174)197(177,527)
At 1 July 2023(7,359)(170,190)(174)197(177,527)
Charge to profit and loss for the year7,07112,718(49)(102)19,638
Change in exchange rate(4)(911)-41(874)
At 30 June 2024(292)(158,383)(223)136(158,762)

80|VITAL HEALTHCARE PROPERTY TRUST
Imputation credits
2024
$000s
2023
$000s
Imputation (deficit)/credits at end of year(4,306)(4,441)
Recognition and measurement

Income tax comprises current and deferred tax. It is recognised in the consolidated profit or loss unless it relates to items recognised in other
comprehensive income, in which case the current or deferred tax is recognised in other comprehensive income.
Current tax
Current tax is the expected tax payable on the taxable income for the financial year, determined using tax rates enacted or substantively
enacted at the reporting date in the countries where the Group operates, and any adjustments to tax payable in respect of previous
financial years. Management periodically evaluates positions taken in tax returns where the applicable tax regulation is subject to
interpretation and establishes appropriate provisions on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is provided using the balance sheet liability method, recognising temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and their amounts for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary
differences and carried forward tax losses, to the extent that it is probable that taxable profit will be available to utilise them.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to utilise them.
Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to the forecast circumstances and the
period(s) when the asset or liability giving rise to them are realised or settled, based on the tax rates and laws enacted or substantively
enacted at balance date.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to set off, they relate to the same taxation authority,
and the Group intends to settle its obligations on a net basis.
Unrecognised deferred tax assets
Deferred tax assets totalling $0.7m (2023: $Nil) relating to Australian denied debt deductions have not been recognised. These tax losses
can be carried forward 15 years and utilised in future periods subject to specific conditions.
Uncertain tax positions
During the year the Group determined revised tax depreciation claims in relation to the financial years ended 30 June 2021 to 2024 in
relation to New Zealand property acquired ($1.8m) and/or for which construction has been completed ($1.7m). This tax depreciation
and therefore current tax benefit has not been recorded as the required tax return amendments / positions are subject to the Commissioner
of Inland Revenue’s discretion or determination, which has currently been assessed as not probable.
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'

ANNUAL REPORT 2024|81
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.
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
2024
$000s
2023
$000s
Carrying value of investment property at the beginning of the year3,288,3563,339,169
Acquisition of properties13,183153,662
Capitalised costs212,949173,235
Capitalised interest costs26,48018,330
Net capitalised incentives7,1599,183
Disposal of properties(161,317)(61,564)
Classified as held for sale(26,284)(92,364)
Foreign exchange translation difference12,174(42,743)
Revaluation gain/(loss) on investment property(165,244)(208,553)
Right of use asset recognised6,233-
Carrying value of investment property at the end of the year3,213,6893,288,356
The Group owns the freehold title to all properties except the car parks at the rear of Ascot Hospital and Ascot Central ("Ascot") and
the GenesisCare Integrated Cancer and Health Centre ("GenesisCare") which are the subject of ground leases ("right-of-use" asset).
These ground leases have a weighted average term remaining of 14.8 and 54.7 years respectively (2023: 15.8 and nil years). As at
reporting date the fair value of the right-of-use assets are $8.1m and $6.4m respectively (2023: $8.1m and $nil). The ground lease at the
GenesisCare property has two 15 year options to extend the term commencing 28 February 2079 and 28 February 2094.
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 year the Group:
•settled the acquisition of a 7,461 sqm parcel of land in Flatbush, Auckland, NZ for NZ$13.0m (plus transaction costs) for future
development. Settlement occured on 28 July 2023.
•was issued the ground lease associated with the GenesisCare Integrated Cancer and Health Centre on 28 February 2024, following
construction practical completion being achieved.
(6.c)
Disposal of Property
During the year 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

82|VITAL HEALTHCARE PROPERTY TRUST
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 17).
•divested a residential property at 9 Abbotsford Street, West Leederville, WA Australia for A$1.8m (excluding transaction costs) on
15 January 2024.
•divested development land at 48-52 Newton Road, Hobart, Tasmania for A$9.9m (excluding transaction costs) on 14 June 2024,
comprising A$7.0m from the sale of the development land and A$2.9m for the reimbursement of 50% of the Group’s holding costs
incurred / loss on sale from the projects fund through partner.
•divested the Bolton Clarke portfolio of Aged Care properties for A$57.5m (excluding transaction costs) on 27 June 2024
a.Baycrest Aged Care Facility at 99 Doolong Road, Pialba, QLD Australia
b.Darlington Aged Care Facility at 126 Leisure Drive, Banora Point, NSW Australia.
c.Tantula Rise 96 Tantula Road West, Alexandra Headland, QLD Australia.
•divested Napier Health Centre at 76 Wellesley Road, Napier NZ for NZ$17.0m (excluding transaction costs) on 28 June 2024.
(6.d)
Leasing Arrangements
Investment properties are leased to tenants predominately under long term operating leases. Rent is receivable from tenants monthly.
Minimum lease payments to be received under non-cancellable operating leases not recognised in the consolidated financial statements as
receivable are as follows:
2024
$000s
2023
$000s
Not later than one year148,990157,843
Later than one year and not later than five years568,910575,751
Later than five years1,474,2021,440,949
2,192,1022,174,543

ANNUAL REPORT 2024|83
(6.e) Contractual arrangements
The Group is a party to contracts to purchase and construct property, provide incentives and amortising fitout loans to tenants which are not
recognised in the financial statements, unless otherwise noted, for the following amounts:
2024
$000s
2023
$000s
Capital expenditure commitments140,422282,209
Property acquisition commitments-66,094
Tenant fitout loan commitments-21,924
The Group has committed to providing:
•up to A$2.0m for air conditioning replacement works at Sportsmed Hospital, Clinic and Consulting suites (incorporated into the
valuation of this property).
•capital expenditure and property acquisition committments relating to development projects' cost to complete.
•reimbursement of 50% of a tenants costs (up to A$0.6m) should the agreement for lease be terminated by the Group any time before
commencement of the developments construction.
(6.f)
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:

84|VITAL HEALTHCARE PROPERTY TRUST
Latest independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Jun-24
$M
Jun-23
%
Jun-24
%
Jun-23
%
Jun-24
%
Jun-23
Years
Jun-24
Years
Jun-23
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-24205.4217.64.94.5100.0100.021.722.7
Maitland Private HospitalEast Maitland, New South Wales
Hospital (Acute/Mental
Health/Rehab)Healthe CareJun-24146.5128.05.55.3100.0100.018.114.2
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2391.494.06.05.8100.0100.017.818.8
The Hills ClinicKellyville, New South WalesHosptial (Mental Health)AuroraDec-2355.359.85.04.5100.0100.023.024.0
Macarthur Health Precinct Stage 1
- GenesisCareCampbelltown, New South WalesHosptial (Ambulatory Care)GenesisCareJun-2450.7-4.9-100.0-14.7-
Toronto Private HospitalToronto, New South WalesHospital (Mental Health/Rehab)AuroraJun-2444.947.96.55.8100.0100.018.119.1
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2442.945.44.94.5100.0100.021.722.7
Hirondelle Private Hospital
1
Chatswood, New South WalesHospital (Mental Health)iMH (Aurora/Medibank)Jun-24-30.8-5.0-100.0-18.9
Fairfield Aged Care
2
Fairfield, New South WalesAged CareHall & Priorn.a.-19.1-7.5-100.0-12.7
Darlington Aged Care
3
Banora Point, New South WalesAged CareBolton Clarken.a.-18.8-6.3-100.0-13.3
Clover Lea Aged Care
2
Burwood Heights, New South WalesAged CareHall & Priorn.a.-13.8-7.8-100.0-12.7
Grafton Aged Care
2
South Grafton, New South WalesAged CareHall & Priorn.a.-11.6-8.0-100.0-13.8
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-24428.2446.04.64.397.296.223.524.9
South Eastern Private HospitalNoble Park, VictoriaHospital (Mental Health/Rehab)AuroraDec-2386.7104.25.54.4100.0100.016.717.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health)Epworth FoundationJun-2483.290.85.04.4100.0100.020.021.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2437.237.05.85.597.897.84.12.3
Avive Clinic - Mornington Peninsula
4
Mount Eliza, VictoriaHospital (Mental Health)AviveDec-2331.2-5.3-100.0-24.3-
Epworth RehabilitationBrighton, VictoriaHospital (Rehab)Epworth FoundationDec-2316.430.5n.a.5.5100.0100.00.10.6
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2412.612.86.36.075.725.54.65.3
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-23164.3171.94.84.4100.0100.021.222.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2474.579.45.04.5100.0100.011.212.2
Tantula Rise Aged Care
3
Alexandra Headland, QueenslandAged CareBolton Clarken.a.-25.8-6.3-100.0-13.0
Baycrest Aged Care
3
Hervey Bay, QueenslandAged CareBolton Clarken.a.-20.7-6.3-100.0-13.0
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2362.467.75.04.5100.0100.010.111.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2361.967.75.04.5100.0100.017.618.6
Hamersley Aged Care
2
Subiaco, Western AustraliaAged CareHall & Priorn.a.-13.3-7.8-100.0-12.7
Rockingham Aged Care
2
Rockingham, Western AustraliaAged CareHall & Priorn.a.-7.3-7.8-100.0-12.7
South Australia
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2494.897.45.34.9100.099.86.04.1
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundatonJun-2489.083.26.15.8100.0100.022.312.6
Playford Health - Retail & Carpark, and MOBElizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2488.223.95.35.873.673.96.88.5
Total Australia1,967.82,066.15.24.899.198.718.117.8
1Classified as investment property held for sale at 30th June 2024
2This property was divested in Dec23
3This property was divested in Jun24
4This property was previously disclosed as "Under Development"

ANNUAL REPORT 2024|85
Latest independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Jun-24
$M
Jun-23
%
Jun-24
%
Jun-23
%
Jun-24
%
Jun-23
Years
Jun-24
Years
Jun-23
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-24205.4217.64.94.5100.0100.021.722.7
Maitland Private HospitalEast Maitland, New South Wales
Hospital (Acute/Mental
Health/Rehab)Healthe CareJun-24146.5128.05.55.3100.0100.018.114.2
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2391.494.06.05.8100.0100.017.818.8
The Hills ClinicKellyville, New South WalesHosptial (Mental Health)AuroraDec-2355.359.85.04.5100.0100.023.024.0
Macarthur Health Precinct Stage 1
- GenesisCareCampbelltown, New South WalesHosptial (Ambulatory Care)GenesisCareJun-2450.7-4.9-100.0-14.7-
Toronto Private HospitalToronto, New South WalesHospital (Mental Health/Rehab)AuroraJun-2444.947.96.55.8100.0100.018.119.1
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2442.945.44.94.5100.0100.021.722.7
Hirondelle Private Hospital
1
Chatswood, New South WalesHospital (Mental Health)iMH (Aurora/Medibank)Jun-24-30.8-5.0-100.0-18.9
Fairfield Aged Care
2
Fairfield, New South WalesAged CareHall & Priorn.a.-19.1-7.5-100.0-12.7
Darlington Aged Care
3
Banora Point, New South WalesAged CareBolton Clarken.a.-18.8-6.3-100.0-13.3
Clover Lea Aged Care
2
Burwood Heights, New South WalesAged CareHall & Priorn.a.-13.8-7.8-100.0-12.7
Grafton Aged Care
2
South Grafton, New South WalesAged CareHall & Priorn.a.-11.6-8.0-100.0-13.8
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-24428.2446.04.64.397.296.223.524.9
South Eastern Private HospitalNoble Park, VictoriaHospital (Mental Health/Rehab)AuroraDec-2386.7104.25.54.4100.0100.016.717.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health)Epworth FoundationJun-2483.290.85.04.4100.0100.020.021.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2437.237.05.85.597.897.84.12.3
Avive Clinic - Mornington Peninsula
4
Mount Eliza, VictoriaHospital (Mental Health)AviveDec-2331.2-5.3-100.0-24.3-
Epworth RehabilitationBrighton, VictoriaHospital (Rehab)Epworth FoundationDec-2316.430.5n.a.5.5100.0100.00.10.6
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2412.612.86.36.075.725.54.65.3
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-23164.3171.94.84.4100.0100.021.222.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2474.579.45.04.5100.0100.011.212.2
Tantula Rise Aged Care
3
Alexandra Headland, QueenslandAged CareBolton Clarken.a.-25.8-6.3-100.0-13.0
Baycrest Aged Care
3
Hervey Bay, QueenslandAged CareBolton Clarken.a.-20.7-6.3-100.0-13.0
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2362.467.75.04.5100.0100.010.111.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2361.967.75.04.5100.0100.017.618.6
Hamersley Aged Care
2
Subiaco, Western AustraliaAged CareHall & Priorn.a.-13.3-7.8-100.0-12.7
Rockingham Aged Care
2
Rockingham, Western AustraliaAged CareHall & Priorn.a.-7.3-7.8-100.0-12.7
South Australia
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2494.897.45.34.9100.099.86.04.1
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundatonJun-2489.083.26.15.8100.0100.022.312.6
Playford Health - Retail & Carpark, and MOBElizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2488.223.95.35.873.673.96.88.5
Total Australia1,967.82,066.15.24.899.198.718.117.8
1Classified as investment property held for sale at 30th June 2024
2This property was divested in Dec23
3This property was divested in Jun24
4This property was previously disclosed as "Under Development"

86|VITAL HEALTHCARE PROPERTY TRUST
Latest independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Jun-24
$M
Jun-23
%
Jun-24
%
Jun-23
%
Jun-24
%
Jun-23
Years
Jun-24
Years
Jun-23
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-24183.3154.45.55.3100.0100.023.424.4
Ascot Hospital & ClinicsGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-23125.0127.05.45.398.497.714.215.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Norfolk Southern Cross LimitedDec-23109.4104.45.45.4100.0100.026.527.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2386.392.45.55.5100.0100.025.426.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2483.462.35.45.5100.0100.014.90.9
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Norfolk Southern Cross LimitedJun-2469.576.15.65.394.194.97.18.1
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2466.065.75.55.4100.0100.025.426.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2359.446.05.95.6100.0100.014.015.0
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareSyft Technologies LimitedJun-2439.441.85.85.571.171.18.89.6
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2438.539.06.05.896.997.25.56.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2334.034.65.55.1100.0100.011.812.7
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2431.725.65.55.5100.0100.017.918.9
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2323.623.56.36.0100.0100.022.023.0
Napier Health Centre
1
Napier, Hawkes BayAmbulatory CareHawke's Bay District Health Boardn.a.-16.1-6.3-100.0-10.5
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedJun-248.48.111.710.391.590.411.913.0
Total New Zealand957.7917.05.65.597.097.018.618.4
Properties held for development288.2305.2
Investment properties - non current3,213.73,288.3
Investment properties held for sale26.392.45.55.5100.099.817.912.2
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,240.03,380.75.35.098.098.918.317.8
1This property was divested in Jun24

ANNUAL REPORT 2024|87
Latest independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Jun-24
$M
Jun-23
%
Jun-24
%
Jun-23
%
Jun-24
%
Jun-23
Years
Jun-24
Years
Jun-23
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-24183.3154.45.55.3100.0100.023.424.4
Ascot Hospital & ClinicsGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-23125.0127.05.45.398.497.714.215.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Norfolk Southern Cross LimitedDec-23109.4104.45.45.4100.0100.026.527.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2386.392.45.55.5100.0100.025.426.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2483.462.35.45.5100.0100.014.90.9
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Norfolk Southern Cross LimitedJun-2469.576.15.65.394.194.97.18.1
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2466.065.75.55.4100.0100.025.426.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2359.446.05.95.6100.0100.014.015.0
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareSyft Technologies LimitedJun-2439.441.85.85.571.171.18.89.6
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2438.539.06.05.896.997.25.56.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2334.034.65.55.1100.0100.011.812.7
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2431.725.65.55.5100.0100.017.918.9
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2323.623.56.36.0100.0100.022.023.0
Napier Health Centre
1
Napier, Hawkes BayAmbulatory CareHawke's Bay District Health Boardn.a.-16.1-6.3-100.0-10.5
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedJun-248.48.111.710.391.590.411.913.0
Total New Zealand957.7917.05.65.597.097.018.618.4
Properties held for development288.2305.2
Investment properties - non current3,213.73,288.3
Investment properties held for sale26.392.45.55.5100.099.817.912.2
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,240.03,380.75.35.098.098.918.317.8
1This property was divested in Jun24

88|VITAL HEALTHCARE PROPERTY TRUST
(6.g) Recognition and Measurement
Recognition and measurement
Investment Property
Investment properties are initially measured at cost, including any related transaction costs. Expenditure is capitalised to a property's
carrying value only when its cost can be measured reliably and it is probable that future economic benefits will flow to the Group. All other
repairs and maintenance expenditure is charged to the statement of comprehensive income.
Subsequent to initial recognition, investment properties, including investment properties held for sale, are measured at fair value (inclusive
of adjustments for straight line rental revenue recognition, unamortised lease incentives and costs, and capital expenditure obligations) with
any gains or losses arising on re-measurement recognised in
profit or loss.
Lessee arrangements and Right-of-Use assets
On inception of a lease arrangement (where the Group is a lessee), the lease liability is initially measured as the aggregate of fixed lease
payments due (net of incentives receivable), expected residual value guarantees and the exercise price of purchase options (if reasonably
certain to be exercised) and expected lease termination payments, discounted using the interest rate implicit in the lease, or if this cannot be
determined, the Group's incremental cost of borrowing.
Subsequent to initial recognition, lease payments are allocated between finance costs (which is expensed to the consolidated statement
of comprehensive income over the term of the lease using the effective interest rate method) and a reduction of the initial lease liability
recognised. Refer to Note
12 for the lease liabilities recognised by the Group.
Right-of-Use assets are initially measured at cost, comprising the aggregate of the initial measurement of the lease liability (net of
incentives received), lease payments made before commencement date, initial direct costs and restoration costs and are classified as
Investment Property.
Subsequent to initial recognition right-of-use assets are measured at fair value.
Development of investment property
Investment property that is being developed is measured at cost until either its fair value becomes reliably measurable or the development
reaches practical completion. Borrowing costs are capitalised from when activities to prepare the property for development commence, until
the property is ready for use.
Rental income
Rental income from investment properties is comprised of lease components (including base rent, recovery of property taxes and insurance)
and non-lease components (including property outgoing recoveries). Rental income is recognised at the fair value of consideration
receivable (excluding GST).
Rental income relating to lease components is recognised on a straight-line basis over the term of the lease for the period where the rental
income is fixed and determinable. For leases where the rental income is determined based on unknown future variables such as inflation,
market reviews or other factors, rental income is recognised on an accruals basis in accordance with the terms of the lease.
Rental income from property outgoing recoveries is recognised as the costs are incurred, which is typically when the services are provided.
Rental income not received at reporting date is reflected in the consolidated statement of financial position as a receivable or, if paid in
advance, as income in advance.
Lease incentives, commissions and other costs
Lease incentives provided to tenants, such as fit-outs or rent free periods, and leasing commissions and other costs incurred when entering
into a lease are recognised as a reduction of net property income on a straight-line basis over the non-cancellable term of the lease.

ANNUAL REPORT 2024|89
Derecognition
An investment property is derecognised upon disposal or when no future economic benefits are expected from use. The gain or loss arising
on derecognition of the property is measured as the difference between the net proceeds from disposal and the carrying amount at disposal
date and is recognised in the consolidated statement of comprehensive income in the period in which the property is derecognised.
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 30 June 2024 was determined through independent professional valuers for approximately 66%
of the portfolio 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 30 June 2024 included: Ernst & Young, Colliers International, Jones Lang LaSalle Australia,
Savills, Urbis, Valued Care, and Absolute Value. The properties which have been independently valued at 30 June 2024 are disclosed
above in Note 6.f.
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).
Climate change
The Group continues to assess the impact of climate change on its business and its real estate assets. While valuers have made no explicit
adjustments to the fair value of investment property in respect of climate change matters, it is anticipated that climate change may have a
greater influence on valuations in the future as investment markets place a greater emphasis on climate change and a property's / tenants
environmental resilience and credentials.
Fair Value Hierarchy
Investment properties are classified as Level 3 under the fair value valuation hierarchy.
Significant
estimates and judgements
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.

90|VITAL HEALTHCARE PROPERTY TRUST
7. Other Expenses
2024
$000s
2023
$000s
Other Expenses
Auditor's remuneration:
Audit and review of financial statements214209
Climate-related reporting gap analysis-52
AGM scrutineering33
Manager's fees18,08418,546
Manager's incentive fee6,60014,986
Trustee fees569576
Other operating expenses4,5333,588
Total other expenses30,00337,960
During the year ended 30 June 2023 Deloitte provided independent climate-related reporting gap analysis services as the Group prepares
to comply with its reporting Climate-related Disclosure reporting obligations.

ANNUAL REPORT 2024|91
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.
8. Units on Issue
2024
$000s
2023
$000s
Balance at the beginning of the year1,180,9221,150,881
Issue of units under Distribution Reinvestment Plan9,20314,188
Issue of units to satisfy Manager's incentive fee14,95115,949
Issue costs of units(99)(96)
Balance at the end of the year1,204,9771,180,922
2024
000s
2023
0003
Reconciliation of number of units
Balance at the beginning of the year661,014649,155
Issue of units under the Distribution Reinvestment Plan4,4925,980
Units issued to satisfy Manager's incentive fee6,4175,879
Balance at the end of the year671,923661,014
Distributions for the financial year were 9.75 cents per unit (2023: 9.75 cents per unit) including the final quarter distribution of 2.4375 cents
per unit (2023: 2.4375 cents per unit) declared subsequent to the reporting date. Refer Note 21.
There have been no equity raise activities outside of the units issued under the distribution reinvesment plan, and the payment of the
manager's incentive fee in units.
Recognition and measurement
Issued capital
Issued and paid up units are recognised at the fair value of the consideration received by the Group, net of directly incurred transaction
costs. Fully paid ordinary units carry one vote per unit and the right to distributions.
Distributions are recognised as a liability in the Group’s financial statements in the period in which the distribution is declared.

92|VITAL HEALTHCARE PROPERTY TRUST
Share based payments (Managers incentive fee)
Subject to the Trust Deed, the Manager is entitled to an incentive fee that is settled in newly issued units (i.e. a share based payment). As
such, the incentive fee expense is recognised in the share based payment reserve as the services are provided until such a time as it is settled
via the issuance of new units, at which point the amount is reclassifed to units on issue.
On 22 August 2023, 6,417,684 units were issued against the 2023 Manager’s incentive fee of $14.9 million (2023: 5,878,511 were issued
against the 2022 Manager’s incentive fee of $15.9 million).
Capital risk management

The Manager's objective when managing the capital of the Group is to ensure compliance with the capital requirements under the Trust
Deed (i.e. total borrowings do not exceed 50% of the gross value of the Trust Fund), borrowings arrangements (refer note
11.a)and that
the Group will be able to continue as a going concern while maximising the return to investors through the optimisation of the Group's
cost of capital. The Manager maintains or adjusts the capital of the Group through various methods including by adjusting the quantum of
distributions paid, raising or repaying debt, issuing or buying back units, or buying or selling assets.
As at reporting date, the Group's total borrowings to the Gross Value of the Group (as defined in the Trust Deed) was 39.1%
(2023: 36.3%).
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of the Manager. There have
been no material changes in the Group’s overall capital risk management strategy during the year.
9.
Earnings per Unit
20242023
Profit/(loss) attributable to Unit Holders of the Trust ($000s)(107,611)(152,401)
Weighted average number of units on issue (000's of units)668,753656,236
Basic and diluted earnings per unit (cents)(16.09)(23.22)
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 year.
10.
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 and amortisation of borrowing and leasing costs and 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 operating profit 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 AFFO presented by
the Group's peers.
A reconciliation of statutory operating profit to AFFO and AFFO per unit is outlined as follows:

ANNUAL REPORT 2024|93
2024
$000s
2023
$000s
Adjusted funds from operations
Operating profit before tax and other gains and losses73,92469,494
Add/(deduct):
Current tax expense(19,046)(14,787)
Incentive fee6,60014,986
Current tax on translation of foreign currency funding transactions(48)(107)
Current tax on interest rate swap restructure and property disposals6,536-
Amortisation of borrowing costs2,0091,716
Amortisation of leasing costs & tenant inducements3,4232,850
IFRS 16 Operating lease accounting(157)(170)
Funds from operations (FFO)73,24173,982
Add/(deduct):
Actual capex from continuing operations(342)(647)
Adjusted funds from operations (AFFO)72,89973,335
AFFO (cpu)10.9011.18
Distribution per unit (cpu)9.7509.750
AFFO payout ratio89%87%
Units on issue (weighted average, 000s)668,753656,236
11. Borrowings
2024
$000s
2023
$000s
AUD denominated loans1,145,7531,203,293
NZD denominated loans146,90042,000
Borrowing costs(5,176)(6,137)
Total borrowings1,287,4771,239,156
Current liability--
Non current liability1,287,4771,239,156
Total borrowings1,287,4771,239,156
2024
$000s
2023
$000s
Total borrowings at the beginning of the year1,239,1561,012,952
Drawdowns during the year316,327428,810
Repayments during the year(277,227)(182,925)
Additional facility refinancing fee(1,084)(2,070)
Facility refinancing fee amortised during the year2,0091,716
Foreign exchange movement8,296(19,327)
Total borrowings at the end of the year1,287,4771,239,156

94|VITAL HEALTHCARE PROPERTY TRUST
Recognition and measurement

Borrowings are initially measured at fair value, net of transaction costs. Subsequent to initial recognition, borrowings are measured at
amortised cost using the effective interest rate method. Gains and losses on derecognition are recognised in the consolidated statement of
comprehensive income in the period in which they arise. The carrying values of these balances are approximately equivalent to their fair
values because the loans have floating rates of interest that generally reset every 90 days.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the facility for at least 12
months after the reporting date.
(11.a) Summary of Borrowing Arrangements
The Group has a club financing arrangement governed by a common terms deed and bi-lateral facility agreements. Currently there are
eight financiers (2023: 8 financiers) that provide facilities to the Group. The facilities' expiry profile and undrawn limits are as follows:
Jun-24Jun-23
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Common Terms Deed - AUD
Facility A1100.042.2Oct-28100.0-Oct-28
Facility A250.0-Mar-2750.0-Mar-26
Facility A475.075.0Mar-2975.020.0Mar-29
Facility A575.05.0Mar-2775.05.0Mar-25
Facility B150.02.1Mar-2750.0-Mar-25
Facility C162.5-Mar-2762.5-Mar-26
Facility C262.5-Mar-2762.5-Mar-27
Facility C3125.0-Mar-29125.0-Mar-27
Facility D1125.0-Mar-27125.0-Mar-27
Facility D275.0-Mar-2775.0-Mar-25
Facility D325.0-Mar-2625.0-Mar-26
Facility K170.1-Mar-2870.1-Mar-28
Facility K221.0-Mar-2921.0-Oct-26
Facility K313.0-Mar-2813.0-Mar-28
Facility L75.0-Sep-2875.0-Sep-28
Facility M119.0-Mar-2919.0-Oct-26
Facility M212.0-Mar-2812.0-Mar-28
Facility N125.01.7Mar-28125.078.9Mar-28
Facility O50.0-Mar-2850.0-Mar-28
Total AUD Facility1,210.1126.01,210.1103.9
Common Terms Deed - NZD
NZ$m LimitNZ$m UndrawnExpiryNZ$m LimitNZ$m UndrawnExpiry
Facility A50.0-Mar-2750.08.0Mar-26
Facility B75.019.6Mar-2875.075.0Mar-28
Total NZD Facility125.019.6125.083.0
In addition to the above, the Group has available a A$5.0m (2023: A$5.0m) bank guarantee facility of which A$0.7m (2023: A$0.3m)
has been utilised at the reporting date.
The facilities provided are secured and cross collateralised over the Group's mortgaged 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 (being defined terms in the common terms deed) are as follows:

ANNUAL REPORT 2024|95
Covenant
2024
Actual
2023
Actual
Banking Covenants
Loan to value ratio< 55%40.4%36.5%
Interest cover> 2.00x3.073.07
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%0.9%2.3%
(11.b) Finance Expense
2024
$000s
2023
$000s
Expenses
Interest expense69,73156,546
Borrowing costs capitalised(26,480)(18,331)
Total finance expenses43,25138,215
The effective interest rate on borrowings, incorporating interest rate swaps, as at the reporting date was 4.97% per annum (2023: 4.93%).
Recognition and measurement

Interest expense is recognised in the consolidated statement of comprehensive income using the effective interest rate method except where
it is incurred in relation to a qualifying asset, where it is capitalised during the period of time that is required to hold, complete and/or
prepare the asset for its intended use.
The effective interest rate method calculates the amount to be recognised over the relevant period at the rate that exactly discounts estimated
future cash payments through the expected life of the financial instrument or a shorter period where appropriate, to the net carrying amount
on initial recognition.
12.
Lease Liabilities

The Group holds a ground lease over the car parks at the rear of Ascot Hospital and Ascot Central and the GenesisCare Integrated Cancer
Centre that has a weighted average term remaining of 14.8 and 54.7 years respectively (2023: 15.8 and nil years).
13.
Derivative Financial Instruments
(13.a) Interest Rate Swaps
The Group has exposure to debt facilities that are subject to floating interest rates. The Group uses derivative financial instruments, on a
portfolio basis, to manage its exposure to interest rates such as interest rate swaps (to lock-in fixed interest rates), interest rate swaptions
(interest rate swaps for a fixed period of time, which are extendable at the counterparties election for a fixed period of time at the same
interest rate) and/or interest rate caps (to limit exposure to rising interest rates). At the reporting date, 77.0% of borrowings were fixed using
derivate financial instruments (2023: 69.7%). Refer Note14.c for further information on the Group's exposure to interest rate risk.
All derivative financial instrument providers receive the benefit of pari-passu security and cross collateralisation rights over the Group’s
mortgaged investment properties (via first registered real property mortgages) and other assets (via a first ranking general 'all assets'
security agreement).
Generally, interest rate contracts settle on a quarterly basis coinciding with the dates on which the interest is payable on the underlying debt.
The floating rate incurred on the debt is based on New Zealand BKBM or Australian BBSW. The difference between the fixed and floating

96|VITAL HEALTHCARE PROPERTY TRUST
interest rate is generally settled on a net basis by the relevant counterparty. The interest rate contracts have not been identified as hedging
instruments and any movements in their fair value are recognised immediately in the consolidated statement of comprehensive income.
2024
$000s
2023
$000s
Current assets
Interest rate derivative assets149276
Non-current assets
Interest rate derivative assets17,70426,041
Non-current liabilities
Interest rate derivative liabilities(1,850)-
Total16,00326,317
During the period the Group recognised a fair value loss of $10.5m (2023: $5.9m gain) on interest rate contracts. The Group's interest rate
swaps outstanding at the reporting date are as follows:
2024
$000s
2023
$000s
Notional value of interest rate swaps - AUD863,630797,630
Notional value of interest rate swaps - NZD45,655-
Average fixed interest rate A$3.52%3.02%
Average fixed interest rate NZ$4.63%-
Floating rates based on AUD BBSW4.39%4.21%
Floating rates based on NZD BKBM5.68%-
Interest rate derivatives mature over the next four years and have fixed interest rates ranging from 2.50% to 4.63% (2023: from 2.41%
to 3.91%).
Recognition and measurement

Interest rate 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 independent 3rd party valuations, 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 profit or loss in
the consolidated statement of comprehensive income as hedge accounting has not been applied.
(13.b)
Forward Exchange Contracts
The Group has exposure to foreign currency risk arising from owning investment property in Australia. Derivative financial instruments, such
as forward exchange contracts, may be used to reduce the exposure to foreign exchange risk by locking in the conversion of Australian
dollar denominated income (transaction hedging) or net assets (translation hedging) to New Zealand dollars. Refer Note14.c for further
details on the Group's exposure to foreign exchange risk.
Transaction hedging arrangements generally settle on a quarterly basis while translation hedging arrangements settle on a periodic basis
depending on the term of the contract. At reporting date forward exchange contracts have not been designated as hedging instruments and
any movements in the fair value are recognised immediately in profit or loss in the consolidated statement of comprehensive income.

ANNUAL REPORT 2024|97
2024
$000s
2023
$000s
Current assets
Foreign exchange derivative assets34238
Non-current assets
Foreign exchange derivative assets166
Current liabilities
Foreign exchange derivative liabilities(94)(8)
Non-current liabilities
Foreign exchange derivative liabilities(6)-
Total(50)236
During the period the Group recognised a fair value lossof $0.28m (2023: $0.65m gain) on forward exchange contracts. The Group's
forward exchange contracts outstanding at the reporting date are as follows:
2024
$000s
2023
$000s
Nominal value of foreign exchange contracts - AUD22,75013,850
Average foreign exchange rate0.91100.8992
Recognition and measurement

Foreign exchange 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 profit or loss in the consolidated
statement of comprehensive income.
(13.c)
Fair value hierarchy
The Group has determined that interest rate swaps and foreign exchange contract derivatives are valued using Level 2 inputs (observable
prices of similar instruments). There have been no reclassifications between levels in the current year (2023: nil).
14.
Financial and Risk Management

The Group’s activities expose it primarily to credit risk, market risk (interest rate risk and foreign exchange risk) and liquidity risk. The Group’s
overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on
the Group’s financial performance. The Group uses financial derivatives to manage market risks. The use of financial derivatives is governed
by the Group’s policies approved by the Board of the Manager, which provide written principles that are consistent with the Group’s risk
management strategy and appetite. The Group does not use derivative financial instruments for speculative purposes.
(14.a)
Financial Instruments
The Group has the following financial instruments:
•cash and cash equivalents;
•receivables (including loans);
•payables;
•borrowings; and
•derivative financial instruments.

98|VITAL HEALTHCARE PROPERTY TRUST
Transactions in these instruments expose the Group to a variety of financial risks including market risk (which includes interest rate risk, foreign
exchange risk and other price risks), credit risk and liquidity risks.
Categories of financial instruments

The Group’s financial instruments are classified as:
Financial assets
at amortised
cost
$000s
Financial
liabilities at
amortised cost
$000s
Financial
assets at fair
value through
profit or loss
$000s
Financial
liabilities at fair
value through
profit or loss
$000s
30 June 202442,995(1,329,752)17,903(1,950)
30 June 202316,668(1,284,580)26,561(8)
Cash, cash equivalents, trade and other receivables (including fitout loans), trade and other payables
and borrowings

The carrying values of these financial instruments approximate their fair values because of their short terms to maturity, frequency of interest
rate reset dates and/or pricing based on counterparty credit ratings.
(14.b)
Credit Risk
The Group is subject to credit risk (the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group) predominately through its trade and other receivables (including fit-out loans), derivatives and cash exposures. The maximum
exposure to credit risk at a reporting date is the carrying value of each financial asset as disclosed in the applicable note to the
financial statements.
Credit risk is managed by:
•ensuring that at the time of entering into a contractual arrangement or acquiring a property, counterparties or tenants are of appropriate
credit worthiness, provide appropriate security or other collateral and/or do not show a history of default;
•seeking to optimise tenant diversity by actively managing the property portfolio composition and leasing arrangements; and
•only entering into derivative financial instruments and placing cash and deposits with high credit quality financial institutions.
The Group applies an expected credit losses (ECL's) model (simplified approach) that uses historical experience, external indicators and
forward looking information to calculate the expected lifetime credit loss for financial assets carried at amortised cost.
The expected lifetime credit loss of trade receivables is assessed on a collective basis (grouped based on days past due), reflecting shared
credit characteristics, and is determined based on the forecast shortfalls in contractual cash flows considering the potential for default at any
point during the life of the financial instrument. Details of the expected credit loss recognised in relation to trade receivables is disclosed
in Note17.a.
(14.c)
Market Risk
The Group is subject to market risk (the risk that borrowings or derivatives are repriced to different interest rate margins on refinance or
renewal arising from changes in the debt markets), interest rate risk (the risk of a change in interest rates may impact the Group’s profitability,
cashflows and/or financial position) and foreign exchange risk (the risk of a change in foreign exchange rates on translation of foreign
currency denominated assets, liabilities, revenue and expenses) predominantly through its investment property, borrowings, derivatives and
cash exposures.
The interest rates applicable to each category of financial instrument are disclosed in the relevant note to the financial statements.

ANNUAL REPORT 2024|99
Interest rate risk

Loans have floating rates of interest that are generally reset every 90 days. The risk is managed by the Group by maintaining an appropriate
mix between fixed and floating rates by the use of interest rate swaps. The following table indicates the effective interest rates and the
earliest period in which financial instruments reprice.
Weighted
effective
interest rate
%
Less than
1 year
$000s
1-2 years
$000s
2-3 years
$000s
3+ years
$000s
Total
$000s
30 June 2023
Cash and cash equivalents
(floating rates)
4.21%10,885---10,885
Borrowings (floating rates)5.09%(377,643)---(377,643)
Borrowings (fixed rates)
1
3.91%(32,634)(124,007)(515,207)(195,801)(867,649)
(399,392)(124,007)(515,207)(195,801)(1,234,407)
30 June 2024
Cash and cash equivalents
(floating rates)
4.54%18,934---18,934
Borrowings (floating rates)5.47%(296,831)---(296,831)
Borrowings (fixed rates)
1
4.22%(10,952)(573,464)(306,648)(104,759)(995,823)
(288,849)(573,464)(306,648)(104,759)(1,273,720)
1Fixed rate balances are presented with the effect of hedging derivatives.
Interest rate sensitivity
The Group’s sensitivity to interest rate risk can be expressed in two ways:
Fair value sensitivity
A change in interest rates impacts the fair value of the Group’s fixed rate financial instruments. Fair value changes impact profit or loss or
equity only where the instruments are carried at fair value. Accordingly, the fair value sensitivity to a 100 bps movement in interest rates
(based on the financial instruments held at reporting date) is:
Impact on
profit/(loss)
2024
$000s
Impact on
Unit Holders'
funds
2024
$000s
Impact on
profit/(loss)
2023
$000s
Impact on
Unit Holders'
funds
2023
$000s
If interest rates had been 100 bps higher:18,01318,01317,89517,895
If interest rates had been 100 bps lower:(19,807)(19,807)(18,420)(18,420)
Instruments included in the fair value sensitivity are the Group's interest rate swaps.
Cash flow sensitivity analysis
A change in interest rates impacts interest income and expense on the Group’s interest bearing floating rate financial instruments.
Accordingly, the one-year cash flow sensitivity to a 100 bps movement in interest rates (based on the financial instruments held at reporting
date) is:

100|VITAL HEALTHCARE PROPERTY TRUST
Impact on
profit/(loss)
2024
$000s
Impact on
unit holders'
funds
2024
$000s
Impact on
profit/(loss)
2023
$000s
Impact on
unit holders'
funds
2023
$000s
If interest rates had been 100 bps higher:(2,968)(2,968)(4,755)(4,755)
If interest rates had been 100 bps lower:2,9682,9684,7554,755
Instruments included in the cash flow sensitivity are the Group's interest rate swaps, and its borrowings.
Foreign exchange risk

The following table presents the foreign currency risk that the Group is exposed to arising from Australian dollar (AUD) denominated assets
and liabilities:
2024
$000s
2023
$000s
Non-financial instrument assets and liabilities denominated in Australian dollars
Investment properties2,213,7622,338,978
Other assets28,8481,944
Deferred tax(148,160)(160,140)
Total non-financial instrument assets and liabilities2,094,4502,180,782
Non-derivative financial instruments
Cash and cash equivalents12,7645,641
Trade and other receivables12,8053,939
Trade and other payables(22,430)(30,197)
Borrowings(1,107,630)(1,199,391)
Lease liabilities(6,381)(3,902)
Total exposure from non-derivative financial instruments(1,110,872)(1,223,910)
Derivative financial instruments
Foreign exchange derivatives(50)236
Interest rate swaps16,00326,317
Total exposure from derivative instruments15,95326,553
Net exposure to currency risk999,531983,425
Foreign currency sensitivity
A change in the New Zealand dollar (NZD) / AUD exchange rate impacts profit after tax and equity on the conversion of AUD
denominated assets, liabilities, revenue and expenses. A 10% change in the exchange rate (2023:10%), based on year end exposures, has
the following effect:

ANNUAL REPORT 2024|101
2024
$000s
2023
$000s
If the New Zealand Dollar versus the Australian Dollar was 10% higher for the year:
Profit and loss2,742218
Other comprehensive income(91,783)(99,839)
Unit Holders' funds(89,041)(99,621)
If the New Zealand Dollar versus the Australian Dollar was 10% lower for the year:
Profit and loss(3,352)(267)
Other comprehensive income112,179122,026
Unit Holders' funds108,827121,758
(14.d) Liquidity Risk
The Group is subject to liquidity risk (the risk that the Group will not be able to meet its contractual or other operating obligations).
Liquidity risk is managed by continuously monitoring forecast and actual cash flows, maintaining appropriate head room under debt
facilities and matching the maturity profiles of financial assets and liabilities. To help reduce liquidity risks the Group:
•has readily accessible unutilised credit facilities and other funding arrangements;
•seeks a debt maturity profile that limits the total debt maturing in any one 12-month period; and
•seeks to maintain sufficient loan covenant headroom to ensure that the Group can withstand downward movements in investment
property valuations, a reduction in revenue and/or an increase in interest rates without breaching loan facility covenants.
Liquidity risk exposure
The following table details the Group’s exposure to liquidity risk based on the contractual undiscounted cash flows relating to financial
liabilities, foreign exchange contracts and interest rate derivatives:
Carrying
value
$000s
Contractual
cash flows
$000s
Less than 1
year
$000s
1-2 years
$000s
2-3 years
$000s
3+ years
$000s
30 June 2023
Non-derivative financial instruments
Borrowings (excluding borrowing costs)(1,245,293)(1,391,477)(55,250)(261,925)(186,347)(887,955)
Trade and other payables(41,522)(41,522)(41,522)---
Lease liability - ground lease(3,902)(3,902)(178)(185)(193)(3,346)
(1,290,717)(1,436,901)(96,949)(262,111)(186,540)(891,301)
Derivative financial instruments
Interest rate swaps26,31728,35413,25811,9462,867282
Foreign exchange derivatives236236236---
26,55328,59013,49411,9462,867282
30 June 2024
Non-derivative financial instruments
Borrowings (excluding borrowing costs)(1,292,653)(1,295,831)(259,487)(226,706)(372,821)(436,817)
Trade and other payables(32,171)(32,171)(32,171)---
Lease liability - ground lease(10,105)(9,389)(123)29(143)(9,151)
(1,334,929)(1,337,390)(291,780)(226,677)(372,964)(445,969)
Derivative financial instruments
Interest rate swaps16,00319,15112,5205,0351,406190
Foreign exchange derivatives(50)(50)(50)---
15,95319,10112,4705,0351,406190

102|VITAL HEALTHCARE PROPERTY TRUST
(14.e) Hedge Accounting
The Group is exposed to foreign exchange risk on its net investment in its AUD functional currency subsidiaries and seeks to hedge this risk
using AUD-denominated borrowings and foreign exchange derivatives (net investment hedges).
Recognition and measurement

For a financial instrument to be classified and accounted for as an effective hedge there must be:
•an economic relationship between the hedged item and the financial instrument;
•the effect of credit risk does not dominate the value changes that result from that economic relationship; and
•the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the
financial instrument that the Group actually uses to hedge that quantity of hedged item.
The Group documents its hedging relationships at their inception in accordance with the requirements of NZ IFRS 9 and the Board
approved risk management strategy.
Hedge effectiveness is determined by the Group at the inception of the hedge relationship, and through semi-annual prospective
effectiveness assessments, to ensure that an economic relationship exists between the hedged item and the financial instrument. That portion
of the foreign exchange differences arising on the financial instruments determined to be an effective hedge is recognised directly in other
comprehensive income. Any ineffective portion is recognised in profit or loss.
On disposal of the foreign operation, the cumulative value of such gains or losses recognised in other comprehensive income is reclassified
to the profit and loss in the statement of comprehensive income.
Note no foreign exchange derivatives currently held are designated as hedging instruments (2023: nil).
15.
Commitments and Contingencies

Other than the contractual obligations disclosed in Note 6.e and Note15.a, there are no other commitments and contingencies in effect at
the reporting date (2023: nil).
(15.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 Group for listing on the NZX is $75,000.

ANNUAL REPORT 2024|103
Efficiency of Operations
This section presents the Group's working capital position and the efficiency in which it converts operating profits into cash available for Unit
Holders or reinvestment back into the operations of the Group.
16. Statement of Cash Flows Reconciliation from Operating Activities
2024
$000s
2023
$000s
Cash and cash equivalents
Australian financial institutions12,7645,641
New Zealand financial institutions6,1705,244
Cash at bank18,93410,885
Reconciliation of profit after income tax to net cash flows from operating activities
Profit after tax for the year(107,611)(152,401)
Adjustments for non-cash items
Change in fair value of investment properties165,244208,553
Fair value (gain)/loss on derivative financial instruments10,824(6,523)
Unrealised foreign exchange (gain)/loss270(611)
Realised foreign exchange (gain)/loss-1
Deferred taxation(19,638)1,991
Income in advance127-
Manager's incentive fee6,60014,986
Other2,2241,992
Operating cash flow before changes in working capital58,04067,988
Change in trade and other payables(1,136)(146)
Change in taxation payable(1,174)3,324
Change in trade and other receivables13(1,280)
Items classified as investing activities5,7023,697
Net cash from operating activities61,44573,583
Excluded from investing and financing activities are distributions paid during the year of $9.2m (2023: $14.2m) that have been reinvested
under the Distribution Reinvestment Plan (DRP).
Recognition and measurement

Cash and cash equivalents comprise cash at bank and call deposits, net of outstanding bank overdrafts.
The statement of cash flows is prepared on a GST exclusive basis. The GST component of cash flows arising from investing and financing,
which is recoverable from, or payable to, the taxation authority, is classified as part of operating cash flows.

104|VITAL HEALTHCARE PROPERTY TRUST
17. Trade and Other Receivables
2024
$000s
2023
$000s
Trade receivables5,6151,517
Loss allowance(552)(388)
5,0631,129
Other receivables4,0753,135
Tenant fitout loans9431,519
Total trade and other receivables10,0815,783
(17.a) Ageing of receivables Past Due
2024
$000s
2023
$000s
0-30 days past due4,735897
31-60 days past due307401
61-90 days past due177219
beyond 90 days past due396-
5,6151,517
2024
$000s
2023
$000s
Movement in the loss allowance
Balance at the beginning of the year388291
(Decrease)/increase in allowance recognised in profit or loss16497
Balance at the end of the year552388
During the year the Group recognised bad debt write offs of $18 thousand (2023: nil) in the statement of comprehensive income.
The Group holds $0.2m security or other collateral (2023: $2.5m) in respect of rent receivables past due. The Group does not have
significant credit risk exposure to any single counterparty or counterparties having similar characteristics in respect of rent receivables
past due (2023: nil). There are no significant financial assets that have had renegotiated terms that would otherwise have been past due
(2023: nil).
Recognition and measurement
Rent receivables
Rent receivables are recorded initially at fair value (including GST) and subsequently at amortised cost in accordance with NZ IFRS 9
Financial Instruments (“NZ IFRS 9”).
Loan receivables
Loan receivables are initially measured at fair value and subsequent at amortised cost using the effective interest rate method.
Impairment of financial assets, rent and loan receivables
Loss allowances for rent receivables and other financial assets (other than those measured at fair value through profit and loss) are
measured using the simplified approach based on a lifetime expected loss allowance. Refer Note14.b for further details.

ANNUAL REPORT 2024|105
18. Other Assets
2024
$000s
2023
$000s
Current
Deposits paid on property acquisitions-1,300
GST refundable1971,315
Other3,6913,148
Total Current3,8885,763
Non-Current
Tenant fitout loans and other receivables13,980-
Total Non-current13,980-
The Group has provided unsecured amortising fitout loans to two tenants totaling $6.7m and $3.3m. These loans amortise over 10 and 15
years from inception and are currently subject to interest at 8.00% and 6.45% respectively.
19.
Trade and Other Payables
2024
$000s
2023
$000s
Current liabilities
Interest accrued on borrowings3,9524,997
Other creditors and accruals28,21936,525
Total trade and other payables32,17141,522
Recognition and measurement

Trade and other payables are recognised initially at fair value (inclusive of GST) and subsequently measured at amortised cost using the
effective interest method. The average credit term on purchases is generally 30 days and they are non-interest bearing. The Group has
management policies in place to ensure that all amounts are paid within the applicable credit terms.

106|VITAL HEALTHCARE PROPERTY TRUST
Other Notes
20. Investment in Subsidiaries

The Trust has control over the following subsidiaries.
Holding
Name of subsidiaryPrincipal activity
Place
of incorporation
and operation20242023
Vital Healthcare Australian Property TrustProperty investmentAustralia100%100%
Vital Healthcare Investment TrustProperty investmentAustralia100%100%
Vital Healthcare Property LimitedProperty investmentNew Zealand100%100%
Colma Services LimitedHolding companyNew Zealand100%100%
All subsidiaries have the same reporting date as the Trust.
21.
Subsequent Events

On 8 August 2024 a final cash distribution of 2.4375 cents per unit was announced by the Trust. The Record Date for the final distribution
is 5 September 2024 and is payable to Unit Holders on 19 September 2024. Imputation credits of nil cents per unit will be attached to
the distribution.
22.
Related Party Transactions
The Manager
Vital is managed by Northwest Healthcare Properties Management Limited (the "Manager"), a wholly owned subsidiary of NWI
Healthcare Properties LP (NWI LP).
The ultimate parent of NWI LP is Toronto listed Northwest Healthcare Properties Real Estate Investment Trust (NWH REIT) that, as at
reporting date, holds a 28.4% (2023: 28.0%) interest in Vital. NWH 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 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. 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.
Current fee arrangements
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.

ANNUAL REPORT 2024|107
Incentive Fee
The Incentive Fee is determined as 10% of the average annual increase in Vital’s Net Tangible Assets (NTA) (being a defined term in 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 (being a defined
term in the Trust Deed), 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
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%
for each full year (pro rata for part years) for terms greater than three years (to a maximum of 20%), subject to a minimum fee of $2,500.
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 property in the consolidated statement of financial position.
Additional Costs
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.

108|VITAL HEALTHCARE PROPERTY TRUST
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.
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.

ANNUAL REPORT 2024|109
Transactions with related parties

Amounts charged by the Manager and related parties and owing are as follows:
30 June 2024
$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 fee18,084-18,084-18,546-18,546-
Incentive Fee
1
6,600-6,6006,60014,986-14,98614,951
Activity Fees:
Leasing/licensing
2
2472,5442,79123816533049597
Property management
3
2,299-2,2993201,978-1,978264
Facilities management
3
--------
Project management
4
-5555--4646-
AFSL fee1,341-1,341-1,397-1,397-
28,5712,59931,1707,15837,07237637,44815,312
Additional Costs:
Acquisitions
5
-(180)(180)274-(571)(571)1,900
Disposals
6
789-789485733-733722
Development management
7
-3,7453,7451,543-6,7676,7672,700
7893,5654,3542,3027336,1966,9295,322
Other Amounts:
Reimbursement of third
party expenses:
Other expenses120-120-189-189-
Amounts paid to directors:
8
Graham Stuart65-65-180-180-
Angela Bull100-100-58-58-
Michael Stanford76-76-----
361-361-427-427-
29,7216,16435,8859,46038,2326,57244,80420,634
1Manager's incentive fee outstanding at 30 June 2024 of $6.6m (Jun 23: $15.0m) is payable to NorthWest Healthcare Properties Management Limited
2Amounts outstanding at 30 June 2024 are: NorthWest Healthcare Properties Management Limited $0.2m (Jun 23:$0.2m); NorthWest Healthcare Australian Property Limited $0.1m (Jun
23: $0.1m)
3Property Management and Facilities Management fees, exclusive of recoveries from tenants, incurred by the Trust totalled $2.3m and nil respectively for the 30 June 2024 year (Jun 23:
$2.0m and nil respectively).
Amounts outstanding at 30 June 2024 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 30 June 2024 are: NorthWest Healthcare Properties Management Limited $0.1m (Jun 23: Nil) NorthWest Healthcare Australian Property Limited Nil (Jun 23: Nil)
5Amounts outstanding at 30 June 2024 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 30 June 2024 are: NorthWest Healthcare Properties Management Limited $0.2m (Jun 23: Nil); NorthWest Healthcare Australian Property Limited $0.3m (Jun
23: Nil)
7Amounts outstanding at 30 June 2024 are: NorthWest Healthcare Properties Management Limited $0.9m (Jun 23: $1.4m); NorthWest Healthcare Australian Property Limited $0.7m (Jun
23: $1.3m)
8Directors' fees for Graham Stuart are currently paid by the Manager

110|VITAL HEALTHCARE PROPERTY TRUST
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 purchased 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 paid, 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.
Other than the above there have been no transactions that occurred during the reporting period or remain outstanding at the reporting date
with other related parties.

Independent Auditor’s Report
To the Unitholders of Vital Healthcare Property Trust
Opinion We have audited the consolidated financial statements of Vital Healthcare Property Trust and its
subsidiaries (the ‘Group’), which comprise the consolidated statement of financial position as at 30
June 2024, and the consolidated statement of comprehensive income, statement of changes in
equity and statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 70 to 110, present
fairly, in all material respects, the consolidated financial position of the Group as at 30 June 2024,
and its consolidated financial performance and cash flows for the year then ended in accordance
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External
Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting
Standards Board.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards), and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
Our firm carries out other assignments for the Group as independent AGM vote scutineer. These
services have not impaired our independence as auditor of the Group. The firm has no other
relationships with, or interests in, the Group.
Audit materiality

We consider materiality primarily in terms of the magnitude of misstatement in the financial
statements of the Group that in our judgement would make it probable that the economic decisions
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’
materiality). In addition, we also assess whether other matters that come to our attention during
the audit would in our judgement change or influence the decisions of such a person (the
‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in
evaluating the results of our work.
We determined materiality for the Group financial statements as a whole to be $3.47 million.
Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance
in our audit of the consolidated financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter How our audit addressed the key audit matter
Valuation of Investment Properties
The Group’s investment properties (including those held for sale)
consist of health sector properties totalling $3,240 million as at 30
June 2024. Revaluation losses on the Group’s investment
properties for the year ended 30 June 2024 of $165 million were
recognised in profit or loss. Information about the Group’s
property portfolio and valuation are set out in Note 6.

We have evaluated the appropriateness of the valuation of
investment property by performing the following:
• Reviewing the external valuers’ valuation reports and the
valuation reports prepared by the Manager.
 We evaluated the key metrics, including
capitalisation rate, market rent and contract
rent on a property and portfolio basis for year
on year movements and assessed whether, in

Investment properties are carried at fair value. Where significant
development is in progress at a property, this is carried at cost,
until either its fair value becomes reliably measurable or the
development reaches practical completion.
The valuation of investment property is highly dependent on
forecasts and estimates including a number of unobservable inputs
to take into account property-specific attributes.
Independent registered valuers determined the fair value of
approximately 66 percent of the investment properties at 30 June
2024, and the Manager determined the fair value of the remaining
properties.
The valuation methods used for assessing the fair value include a
combination of direct comparison, discounted cash flow,
capitalisation of contract and market income approaches.
The external valuers and the Manager, amongst other matters,
take into consideration occupancy rates, weighted average lease
term to expiry (‘WALE’) and capitalisation rates.
The valuation of investment properties is a key audit matter due to
the subjective judgements and assumptions in the valuation
models.
our judgement, the movements represented
outliers to investigate.
 We held discussions, on a sample basis, with
the valuers and separately, with
representatives of the Manager and challenged
assumptions, including the possible outliers
identified.
 We agreed property specific information on a
sample basis supplied to the external valuer
and used in the Manager’s valuations, including
occupancy data, current rentals, and lease
terms, to the underlying records held by the
Group.
 We involved our valuation specialists to
consider and challenge, on a sample basis, the
reasonableness of the assumptions and
valuation methodology applied, including
comparing assumptions to market data where
available.
• Evaluating the objectivity, independence and expertise of the
external valuers.
• Evaluating the expertise of the Manager.
• With respect to significant property developments:
 Where the Group has determined the development has
reached practical completion, obtaining evidence
supporting the Group’s estimates of the expected
future rental cash flows that will apply upon completion
and the costs to complete the development;
 Where property developments are carried at cost,
testing the cost incurred to date on a sample basis.

Other information

The Board of Directors of the Manager is responsible on behalf of the Group for the other
information. The other information comprises the information in the Annual Report that
accompanies the consolidated financial statements and the audit report, and the Climate Statement,
which is expected to be made available to us after the date of the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent
with the consolidated financial statements or our knowledge obtained in the audit or otherwise
appears to be materially misstated. If so, we are required to report that fact. We have nothing to
report in this regard.
When we read the Climate Statement, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Board of Directors of the Manager and consider
further appropriate actions.
Board of Directors’ responsibilities
for the consolidated financial
statements
The Board of Directors of the Manager is responsible on behalf of the Group for the preparation and
fair presentation of the consolidated financial statements in accordance with NZ IFRS and IFRS, and
for such internal control as the directors determine is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the consolidated financial statements, the Board of Directors of the Manager is
responsible on behalf of the Group for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.

Auditor’s responsibilities for the
audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
A further description of our responsibilities for the audit of the consolidated financial statements is
located on the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1
This description forms part of our auditor’s report.
Restriction on use

This report is made solely to the Group’s unitholders, as a body. Our audit has been undertaken so
that we might state to the Group’s unitholders those matters we are required to state to them in an
auditor’s 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 Group’s unitholders as a body, for our audit work,
for this report, or for the opinions we have formed.

Auckland, New Zealand
8 August 2024

114|VITAL HEALTHCARE PROPERTY TRUST
Unit Holder statistics
Analysis of unit holders as at 30 June 2024
Holding Range
Number of
Unit HoldersTotal units% of total units issued
1 - 49924443,9000.01
500 - 9998862,8710.01
1,000 - 1,999236338,6150.05
2,000 - 4,9997962,732,4840.41
5,000 - 9,9999536,784,9451.01
10,000 - 49,9991,83840,696,1686.06
50,000 - 99,99926117,544,0712.61
100,000 - 499,99913523,323,2113.47
500,000 - 999,999138,643,5381.29
1,000,000 Over26571,753,57085.09
Rounding-0.01
Total4,590671,923,373100
Substantial unit holders as at 30 June 2024
Unit HoldersDate of noticeNumber of units% of total units issued
1
FORSYTH BARR INVESTMENT MANAGEMENT LIMITED24-Jul-2454,264,8648.08
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE
INVESTMENT TRUST25-Aug-23191,708,03628.72
ACCIDENT COMPENSATION CORPORATION23-Aug-2232,534,8795.01
ANZ NEW ZEALAND INVESTMENTS LTD21-Mar-2226,304,8415.06
1On date notice filed

ANNUAL REPORT 2024|115
Twenty largest unit holders as at 30 June 2024
Unit holdersTotal% of units
NZGT SECURITY TRUSTEE LIMITED191,481,80428.50
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>62,191,9589.26
CUSTODIAL SERVICES LIMITED <A/C 4>49,009,0347.29
HSBC NOMINEES (NEW ZEALAND) LIMITED - NZCSD <HKBN90>38,999,0705.80
ACCIDENT COMPENSATION CORPORATION - NZCSD <ACCI40>36,710,6515.46
BNP PARIBAS NOMINEES (NZ) LIMITED - NZCSD <BPSS40>23,368,9093.48
ANZ WHOLESALE TRANS-TASMAN PROPERTY SECURITIES FUND - NZCSD <PNTT90>20,177,0363.00
JPMORGAN CHASE BANK NA NZ BRANCH-SEGREGATED CLIENTS ACCT - NZCSD <CHAM24>18,720,2282.79
CITIBANK NOMINEES (NEW ZEALAND) LIMITED - NZCSD <CNOM90>17,844,5722.66
HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET -NZCSD <HKBN45>17,523,7242.61
TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT - NZCSD <TEAC40>16,534,3692.46
NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH ACCOUNT>16,066,7382.39
FNZ CUSTODIANS LIMITED10,474,6681.56
JBWERE (NZ) NOMINEES LIMITED <NZ RESIDENT A/C>10,466,6501.56
INVESTMENT CUSTODIAL SERVICES LIMITED <A/C C>6,642,7370.99
ADMINIS CUSTODIAL NOMINEES LIMITED5,911,7240.88
FORSYTH BARR CUSTODIANS LIMITED <ACCOUNT 1 E>5,524,9930.82
SIMPLICITY NOMINEES LIMITED - NZCSD4,883,2330.73
ANZ WHOLESALE PROPERTY SECURITIES - NZCSD <PNLR90>4,831,9620.72
MFL MUTUAL FUND LIMITED - NZCSD <MFLA90>4,589,2320.68
Top 20 holders of Units561,953,29283.63
Total Remaining Holders Balance109,970,08116.37

Vital’s structure
About Vital
Vital Healthcare Property Trust (Vital, the Trust) is an NZX-
listed investment fund (NZX:VHP) that invests in high-
quality healthcare properties in New Zealand and
Australia. The Trust is externally managed by Northwest
Healthcare Properties Management Limited.
Vital's portfolio of 36 properties is valued at
~$3.2 billion with 69% (by value) located in Australia
and the balance in New Zealand. The portfolio
has over 121 tenants and over 2,880 beds.
Vital’s tenants include hospital operators and healthcare
providers who deliver a wide range of services
across the full spectrum of health services.
Further information is available at vhpt.co.nz
About the Manager
Northwest Healthcare Properties Management Limited
(NWHPM, the Manager) is an external manager that
provides management services to Vital and its Unit Holders.
The Manager’s primary responsibilities include the day-to-
day administration of Vital, portfolio management, sourcing
new opportunities and conducting due diligence on potential
acquisitions. The Manager is also responsible for providing
specialist property management, project management,
development management and leasing services to the Trust.
The Manager’s Board of five comprises three
independent directors and two Northwest
appointees. Refer to page 56 for more details.
Vital’s leadership team is led by Aaron Hockly (Fund
Manager), and draws on the skills and experience of over
50 real estate professionals across New Zealand and
Australia with offices in Auckland, Melbourne, Sydney
and the Gold Coast. Refer to page 58 for more details.
OUR STRUCTURE – A UNIT TRUST
Vital Unit Holders
New Zealand’s largest specialist and
only listed owner of healthcare real estate
~$12.4b7
assets under
management
number of countries
Northwest
operates in
Vital’s Manager and largest Unit Holder
Management of Vital in accordance with the Trust Deed
Majority NZ based institutions and retail investors
~$3.2b portfolio healthcare
real estate in Australia and New Zealand
~28%
~72%
>300
healthcare
real estate
professionals
Vital benefits from being managed by a global
healthcare property owner and manger.
11 6
|
VITAL HEALTHCARE PROPERTY TRUST

Vital is the only
NZX listed specialist
landlord of healthcare
property and the fourth
largest NZX listed
property vehicle.
In Australia and New
Zealand, Northwest has
a 50+ team of healthcare
property professionals.
Northwest
The Manager is a subsidiary of Toronto Stock
Exchange-listed Northwest Healthcare Properties
REIT (Northwest REIT). Northwest REIT operates
across seven countries in four continents.
Northwest REIT has ~$12.4 billion of
assets under management globally and
over 300 real estate professionals.
Epworth Eastern, VIC
ANNUAL REPORT 2024
|
11 7

RDX, QLD
(Artist’s Impression)
Healthy properties
deliver healthy returns
11 8
|
VITAL HEALTHCARE PROPERTY TRUST

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 (appointed 9 August
2023)
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
and Company Secretary
AUDITOR
Deloitte Limited
Deloitte Centre
1 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
Deloitte Centre
Level 14, 1 Queen 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 9, Spark Central
42-52 Willis Street
Wellington 6011
PO Box 4197
Auckland 1140
Telephone: +64 9 308 7100
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
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.
Directory
ANNUAL REPORT 2024
|
11 9

DISCLAIMER:
This document has been prepared by Northwest Healthcare Properties Manage-
ment Limited (the Manager) as manager of the Vital Healthcare Property Trust (the
Trust). This document provides general information only and is not intended as invest-
ment, legal, tax, financial product or financial advice or recommendation to any per-
son 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.

---

8 AUGUST 2024
FY24 Annual Results
Presentation
Continuing to enhance our resilience

All amounts are in NZD unless otherwise shown
Contents
Presenters
Aaron Hockly
SENIOR VICE PRESIDENT
& FUND MANAGER
Richard Roos
CO-HEAD, ANZ REGION
Michael Groth
CHIEF FINANCIAL OFFICER
Chris Adams
CO-HEAD, ANZ REGION
Investing in healthcare property
across Australia and New Zealand 3
FY24 Highlights 6
Financial Results & Capital Management 10
Property & Sector Update 16
Development Update 22
Future Focus 30
Appendices 32
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
2

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
Inclusive of landlord options
3
On a same property, constant currency basis
VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX
Successful divestment of non-core assets at a 7.5% discount to
prior book value
Remaining committed developments are fully funded following
recent asset sales
Capital partnering progressing, although expected to be
delayed until 2025
STRATEGY BEING DEPLOYED
~NZ$2.2b
22* PROPERTIES;
5.2% WACR
~ NZ$1.0b
14* PROPERTIES;
5.6% WACR
Landlord to leading healthcare operators
98% occupancy
Average building age
1
: 9.5 years
HIGH QUALITY PORTFOLIO
NZ$138.2m remaining spend on existing developments
Embedded value in land held for potential developments
Unmatched development team in healthcare property
DEVELOPMENT UPSIDE
Strong underlying NPI growth over FY24
Targeting 2–3% AFFO and DPU growth over the medium term
Strong tenant demand and fundamentals remain
MEDIUM TERM GROWTH
~NZ$3.2b
36* PROPERTIES;
5.3% WACR
3.7%
LIKE-FOR-LIKE, NET
PROPERTY INCOME
GROWTH
3
18.3 years
WALE
2
AustraliaNew Zealand
NZ 9.75cpu
DISTRIBUTION ACHIEVED IN FY24 AND
GUIDANCE MAINTAINED FOR FY25
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
3

Why healthcare real estate?
Vital focuses on the cure parts of the healthcare
real estate spectrum; a defensive asset class that
provides attractive risk adjusted returns, driven
by an aging and growing population.
Shift to
ambulatory care

Increasing number
of procedures being
performed outside
of hospitals
Sustained
population
migration
Shift of population creating
outsized need for medical
facilities in local markets
Growing need
for health and life
sciences space
Life and health science
growing rapidly, driven
by increased funding and
emerging technologies
Growing demand
for healthcare

Aging population and
growth (including chronic
disease and latent demand
arising from COVID-19)
supported by recent and
proposed government
policy / funding
Transition towards
healthcare
precincts
Demand for precincts
that combine educational
and clinical facilities with
other amenities
Increased
M&A activity

Consolidation and PE
ownership increasing
number of sophisticated
players at scale
Macarthur Health Precinct, NSW
(Artist's impression)
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
4

Unmatched
portfolio quality
Majority
independent
board &
experienced
management
team
Strong
balance sheet
7.3% gross yield
1
Sector tailwinds
underpinned by
robust consumer
demand
Unit Price trading
at a 29% discount
to NTA of NZ$2.69
per unit
Embedded value
in strategic land
for shovel ready
developments
Why invest in Vital?
312
4
657
Macarthur Health Precinct (Stage 1), NSW
1 Based on 7 August closing price of $1.915 per unit assuming NZ domiciled investor with a 30% tax rate. Cash yield before tax benefit is ~5.1%.
<40% gearing; 77%
hedging; no significant debt
expiring until Q4 FY27;
fully funded committed
development pipeline
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
5

FY24 Highlights
Buranda Health Hub, QLD
(Artist's impression)

FY24 Highlights
1
Includes ~$220.5m of developments and ~$3.7m of value add capex
2
On a same property, constant currency basis
NZ$251m
asset sales over FY24
at a 7.5% discount to
book value
year WALE versus 18.1
years in FY20 despite
5 years passing
18 . 3
developments
completed for a total
cost of ~NZ$197m
5
3.7%
increase in
like-for-like net
property income
2
NZ$225m
of development and
capital expenditure works
undertaken in FY24
1

NON-CORE ASSET SALES AND DEVELOPMENTS HAVE
HELPED IMPROVE THE RESILIENCE OF THE PORTFOLIO
1s t
place for listed
healthcare globally
in ESG
Avive Clinic, VIC
NZ$138m
remaining to be spent on 6
committed developments (fully
funded from existing debt capacity)
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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7

Strategic initiatives
Portfolio enhanced through recycling capital from asset sales into developments
NZ$310m
OF ASSET SALES SINCE
MARCH 2023 INCLUDING
NZ$251.3M IN FY24
~ NZ$18 0 m
OF NON-CORE ASSETS IN
DUE DILIGENCE FOR SALE
7. 5 %
WEIGHTED AVERAGE
DISCOUNT TO BOOK VALUE
Non-core asset sales
Asset sale process largely complete (including ~NZ$180m
in due diligence)
Proceeds initially repay debt but ultimately will fund value
adding development pipeline
Remaining committed developments are fully funded from
existing debt headroom
Recycling capital from asset sales into developments
enhance the resilience and medium term returns of the
portfolio including through metrics listed below
Improved metrics from asset sales include:
WALE increased by 0.5 years
Average building age reduced to 9.5 years
Average property value increased by ~NZ$9m
Exposure to green assets increased by 4.2%
Capital partnering remains a
medium term strategic objective.
Timing to be delayed (likely until
2025) to allow for Australian
market conditions and interest rate
outlook to improve.
Epworth Eastern, VIC
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
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8

Macarthur Health Precinct (Stage 1), Sydney
Targeting 6 Star Green Star
(expected to be received in CY24)
1st Health precinct registered with
Green Star Communities tool
100% electric building
Playford Health Hub (Stage 2), Adelaide
Targeting 6 Star Green Star
(expected to be received in CY24)
100% electric building
We undertook and submitted to Green Council
a Embodied Carbon and Life Cycle Assessment
Two developments targeting 6 Star Green Star completed in FY24
Sustainability
17 %
BETTER ENERGY
PERFORMANCE
13%
BETTER WATER
PERFORMANCE
45%
LOWER EMBODIED
EMISSIONS
10 0%
ENERGY FROM
RENE WABLE SOURCES
34%
BETTER ENERGY
PERFORMANCE
25%
BETTER WATER
PERFORMANCE
32%
LOWER EMBODIED
EMISSIONS
10 0%
ENERGY FROM
RENE WABLE SOURCES
GRESB SECTOR
LEADER 2023
A RATING
UP FROM BBB IN 2022
ARA SILVER
AWARD
Vital achieved sector leader status (first place) for listed
healthcare globally in both standing assets and developments
by GRESB. In addition, Vital was ranked third place overall
for listed entities in the Oceania region.
GRESB is an international and independent standards
organisation which reviews over 2,000 entities in 75
countries representing over US$7 trillion in investments.
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
9

Financial Results &
Capital Management
Avive Clinic, VIC

Financial performance
INCREASE IN CASH EARNINGS FROM NPI OFFSET BY NON-CASH / UNREALISED PROPERTY REVALUATIONS
ACTUAL
FY24
ACTUAL
FY23
(%)
CHANGE
Net property income14 4 , 533 14 5, 224 (0.5%)
Corporate expenses(5,798)(4,659)
24.4%
Management fees(24,684)(33,532)
(26.4%)
Realised transaction gains / (losses)479 231
1 0 7. 4 %
Net finance expenses(40,606)( 3 7, 7 7 0 )
7. 5 %
Operating profit before tax and other income73,924 69, 494
6.4%
Property revaluations and other losses(182,127)( 2 0 5 ,11 7 )
(11 . 2 % )
Profit (loss) before income tax(108, 203)(135,623)
(20.2%)
Adjusted funds from operations (AFFO)72,899 73,335
(0.6%)
Adjusted funds from operations (cpu)10.90 11.18
(2.5%)
Distributions per unit (cpu)9. 75 9. 75 -
All values shown as NZ$000
Average NZD/AUD exchange rate in the period0.92490 .9152
Like-for-like growth of 3.7%
Reduction due to asset sales
Increased primarily due to Australian
foreign ownership surcharges
Unrealised loss primarily due
to higher interest rates affecting
Australian property values
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
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11

145.2
5.9
5.0(10.0)
(0.5)
(1.0)
144.5
100
105
110
115
120
125
130
135
140
145
150
155
160
FY23Development
income
Rent Reviews
& Leasing Activity
Disposals
(1)
Amortisations
& Other
(2)
Foreign
Exchange
FY24
Net property income
NO MATERIAL CHANGE IN NET PROPERTY INCOME DUE TO NON-CORE ASSET SALES
NET PROPERTY INCOME BRIDGE
(NZ$M)
1
Disposals of non-core assets; Mons Road NSW, Southport Private QLD, Eden Rehab QLD, Hall & Prior Portfolio AU, and Apollo Health & Wellness Centre NZ
2
Amortisation, Non-recurring R&M & abatements
~82% of Vital's leases (by income) are indexed to CPI in some way
Over the last 5+ years:
99.99% rent collection
Negligible rent relief, bad or doubtful debts
FY24 property income
growth of 3.7% (like-for-like,
constant currency basis)
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
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12

Balance sheet
1
Including property held for sale
2
Calculated in accordance with Vitals' Trust Deed
REMAINS WELL POSITIONED
30 J U N E
2024
30 J U N E
2023
(%)
CHANGE
Investment properties
1
3,239,973 3,380,720 ( 4.2%)
Other assets64,786 48,9 92
32.2%
Bank debt1,292,653 1,245,293
3.8%
Other liabilities20 6,979 2 2 7, 0 3 6
(8.8%)
Debt to gross assets
2
3 9.1 %36.3% 7.7%
Unitholder funds1,805,126 1,957,383
( 7. 8 % )
Units on issue (000s)671,9236 61, 014
1. 7%
Net tangible assets ($/unit)2.69 2.96
(9.1%)
All values shown as NZ$000s
Period end NZD/AUD exchange rate0 .91310 .9193
Decline primarily attributable to
(non-cash, unrealised) property
revaluations
Decrease due to asset sales
and property revaluations
Target maintaining at 40% or lower
through the cycle
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
|
13

Prudent gearing maintained
SEEKING TO MAINTAIN BALANCE SHEET GEARING BELOW 40%
No significant debt
expiring until Q4 FY27
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 – 30 JUNE 2024 (A$)
0
100
200
300
400
500
600
Dec-24Dec-29Jun-25Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29
VALUE ($M)
BANK FACILITIES30 JUNE 202430 JUNE 2023
Debt to gross assets (Trust Deed)
1
39.1%36.3%
Bank loan to value ratio – actual
2
40.4%36.5%
Bank loan to value ratio – covenant55.0%55.0%
Weighted average duration to expiry3.5 yrs3.8 yrs
Undrawn facility limit (A$)$14 4 m$18 0 m
Measures to maintain balance
sheet gearing below 40% include:
NZ$180m of additional asset
sales in due diligence
potential capital partnering
limiting new committed
developments
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
|
14

Interest rate hedging profile
INTEREST RATE COSTS SUBSTANTIALLY HEDGED FOR ~2 YEARS TO HELP MANAGE RISK
HEDGING PROFILE (A$M)
NOTE: Fixed rates exclude line fees and margin
RATES30 JUN
2024
30 JUN
2023
Weighted average cost of debt
1
5.15%4 .93%
Weighted average fixed rate
1
3.22%3.02%
Weighted average fixed rate duration2.2 yrs2.4 yrs
% of drawn debt fixed77%70%
Interest rate hedging remains a priority
with focus on extending duration.
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
-
200
400
600
800
1,000
1,200
Jun-24Dec-24Jun-25Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29Dec-29
IR SwapsSwaptions
2
WA Swap%
1
Drawn debt only (excludes line fees on undrawn facility)
2
Exercisable at the election of bank counterparty (A$200m at weighted average fixed rate of 3.75%)
VITAL HEALTHCARE PROPERTY TRUST
|
ANNUAL RESULTS 2024
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15

Property &
Sector Update
Epworth Eastern Hospital, VIC

Macarthur Health Precinct, NSW
Australian private healthcare landscape
WHILE THERE ARE SOME SHORT TERM HEAD WINDS, PRIVATE HEALTHCARE
PLAYS AN ESSENTIAL ROLE IN THE DELIVERY OF HEALTHCARE IN AUSTRALIA
45% of Australia’s population have private
health insurance coverage with hospital cover
Hospital Insurance coverage
Population with cover (LHS)Share of population (RHS)
Source: APRA
36%
38%
40%
42%
44%
46%
48%
10,200,000
10,400,000
10,600,000
10,800,000
11,000,000
11,200,000
11,400,000
11,600,000
11,800,000
12,000,000
12,200,000
2 0132 0152 0172 01920212023
Hospital Insurance %Population with PHI Cover
The pressure on the system is mounting,
with future demand outpacing supply
Public hospital waitlists have surged to unprecedented
levels, indicating a system under strain. This overflow tends
to naturally shift towards the more efficient private sector.
30
32
34
36
38
40
42
44
46
48
50
20092 0102 0 112 0122 0132 0142 0152 0162 0172 0182 0192020202120222023
Average waiting time (days)
Source: AIHW
Governments are adding capacity to the system,
but investment lags population growth & demand.
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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17

New Zealand hospital landscape
As a result of aged infrastructure, there is
an increasing reliance on the private sector
to serve public patients
Publicly Funded Planned Surgeries in Private Hospitals
Source: Te Whatu Ora
0
5,000
10,000
15,000
20,000
25,000
0%
2%
4%
6%
8%
14 %
12 %
10 %
2014/15
2015/16
2016/172017/182018/19
2019/20
2020/212021/22
2022/23
Total Discharges from Private Hospitals
% of All Publically Funded Planned Surgeries
Private Health Insurance is becoming increasingly
popular with 37% of Kiwis reported having health
insurance in 2023, up 5% from 32% in 2022.
The NZ Public Hospital System requires
significant capital expenditure to
correct for decades of under-investment
The projected investment to replace and renew assets and
meet population demand continues to grow. The estimated
average annual requirement for new hospital buildings is
almost equivalent to a new c.NZ$1.4b, 400-bed hospital
every year from 2033 to 2052.
The share of public-funded inpatient surgeries performed in
the private sector has doubled since 2015 (from 6% to 12%).
Source: NZIER, The Treasury (2021)
PRIVATE HOSPITALS ARE BECOMING AN INCREASINGLY IMPORTANT ASSET FOR HEALTHCARE DELIVERY
IN NEW ZEALAND FOR BOTH PUBLIC AND PRIVATELY FUNDED PATIENTS
Figure 3 Public Hospital Infrastructure
Expenditure as a Percentage of GDP
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
Capital investment as % of GDP
Historical versus projected
1990
19 9 2
19 94
19 9 6
19 9 8
20002002
2004
20062008
2 010
2 012
2 014
2 0162 018
20202022
2024
2026
2028
2030
2032
2034
20362038
20402042204420462048
2050
2052
Historical investmentProjected investment requirement (smoothed)
Hutt Valley Health Hub, NZ
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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18

Portfolio continues to be strengthened
Enhanced focus on core metro and precinct locations
Concentration of relationships with operators at their core hospitals
Maximise investment in the highest performing assets with significant opportunities for growth
CONTINUING TO BUILD A RESILIENT PORTFOLIO THROUGH THE SALE OF NON-CORE ASSETS
Non-core asset sales
NZ$59m
FY23
++
NZ$251m
FY24
NZ$18 0 m
In due diligence
NZ$490m
Since March 2023
=
1.9 years
BUILDING AGE
0.9 years
WALE
99.99%
RENT COLLECTION
Avive Clinic, VIC
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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19

QLD
WA
NT
SA
NSW
TAS
VIC
4%
9%
23%
11 %
22%
28%
3%
Portfolio overview
AUSTRALASIA'S HIGHEST QUALITY INVESTABLE HEALTHCARE PORTFOLIO
NZ$3.2B PORTFOLIO DIVERSIFIED
ACROSS AUSTRALIA & NZ
(BY VALUE)
DIVERSIFIED TENANT AND INCOME BASE
% OF RENT
CPI aligned leases support income growth
occupancy
98%
NPI growth (like-for-like,
same property, constant
currency basis)
3.7%
WACR
(5.2% Aus; 5.6% NZ)
5.3%
of rental increases
linked to CPI
82%
hospitals
80%
ambulatory care
20%
Evolution Healthcare 14%
Burnside 3%
Epworth Healthcare 16%
Healthe Care Surgical 16%
Southern Cross 3%
GenesisCare 2%
Mercy Ascot 3%
I-Med Radiology Network 1%
Health NZ / Te Whatu Ora 1%
Other 21%
Aurora Healthcare 20%
QLD
VITAL HEALTHCARE PROPERTY TRUST
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0.0%
2.5%
5.0%
7.5%
FY34FY25FY26FY27FY28FY29FY30FY31FY32FY33
Total expiry
Largest single rent expiring10 Year Average
Lease expiry profile
LOW RISK EXPIRY PROFILE SUPPORTS SUSTAINABLE, PREDICTABLE AND DEFENSIVE CASH FLOWS
10-year average annual lease
expiry of only 1.68% (as % of
total portfolio income)
~1/3rd of this potential
expiry is in the process of
being sold and the balance
have advanced renewal
discussions underway
Epworth Foundation -
Brighton - asset in the
process of being divested
1
2
2
1
Vital's market leading WALE retained at 18.3 years up from 18.1 years
in FY20 despite 5 years passing reflecting asset management initiatives,
the strength of Vital's portfolio and tenant demand
VITAL HEALTHCARE PROPERTY TRUST
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21

Development
Update
Playford Health Hub, SA

Maitland Private Hospital, NSW
Completion of $197m of developments in FY24 (materially on time
and on budget)
Developments comprise high quality facilities and are part of ongoing
portfolio renewal, supporting operator partners and future earnings growth
~NZ$500m of projects completed in the last 5 years enhancing
the quality of Vital's portfolio
NZ$264m of developments in progress with NZ$138m left to be spent
Embedded value in the development opportunities held for future activation
Development Update

Macarthur Health Precinct
(Stage 1), Sydney
COMPLETED DEVELOPMENTS
A$57.4m integrated cancer centre completed
in February 2024
Targeting 6 Star Green Star
100% leased to GenesisCare for 15 years plus
(4x 10 year options)
Located in Campbelltown in south west Sydney,
one of Australia's fastest growing cities
Stage 1 of a multi-staged development expected
to include hospital, ambulatory care, research and
additional ancillary health facilities
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24

Avive Clinic,
Mornington Peninsula
COMPLETED DEVELOPMENTS
Vital partnered with Avive to convert this
former aged care facility into a modern
60-bed private mental health hospital
Completed in December 2023 for a total
project cost of $A28.5m
100% leased to Avive with initial lease
term 25 years plus (3 x 15 year options)
Re-purposing an existing facility saved
~1,400 tonnes of CO
2
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Playford Health Hub
(Stage 2), Adelaide
COMPLETED DEVELOPMENTS
~A$43.4m excl land development completed in May 2024,
now 67% leased
~6,400sqm net lettable area specialist medical centre providing day oncology,
radiotherapy, radiology, pathology and other related healthcare services
through key tenants including Calvary and GenesisCare
The building is targeting and is on track to be awarded 6 Star Green Star
rating (as built).
ESG features include 100% renewable energy, water efficiency 25% above
standard practice and 32% lower embedded carbon than a standard building
Stage 1 comprised a multi-storey car park 50% leased to SA Health and retail
facilities completed in 2021
Planning underway for Stage 3 being a private hospital in conjunction
with South Australia's largest hospital operator Calvary Health Care
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Ormiston Hospital
(Stage 1), Auckland
COMPLETED DEVELOPMENTS
~NZ$38.1m excl land expansion completed
in June 2024, now 86% leased
A ~3,600sqm net lettable area development,
doubling the size of the existing facility
Expansion of the existing Hospital to provide
3 endoscopy procedure rooms, 15 beds, and
consulting suites with shell space for 2 theatres
and a further 9 beds
Hospital lease extended by 20 years to entity
majority owned by Southern Cross Healthcare
Planning for further expansion on adjacent land
is underway
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Wakefield Hospital,
Wellington
VITAL'S INVESTMENT COMPLETE
(STAGE 2 APPROACHING PRACTICAL COMPLETION)
Staged redevelopment of Wellington's largest private hospital
Stage 1 completed in 2021
Stage 2 main works nearing completion
Base isolators and building services movement joints designed
to exceed the latest seismic standards
State-of-the-art theatres and catheterisation laboratories
("cath labs")
Vital's contribution, capped at NZ$141m total all in cost,
was reached in June 2024 (includes funding for previous stage)
Hospital operations including surgery continued throughout
this major transformation
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Potential developments to
be “shovel ready” pending
supportive conditions
Cautious on
committing to new
developments
Embedded value in potential developments
Pipeline is attractive
to capital partners
- enables efficient
funding
Strategically focused
on precincts and
growing ambulatory
care exposure
Opportunity to
provide attractive
future returns
~NZ$200m
Current holding value
(mainly land)
NZ$1.9b
potential development
pipeline
Buranda Health Hub, QLD
(Artist's Impression)
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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29

Tūngia te uruuru kia tupu whakaritorito
te tupu o te harakeke.
Clear the undergrowth so that the new
shoots of the flax will grow.
Whakataukī
Māori proverb
Future Focus
Wakefield Hospital, Wellington

Outlook & guidance
CONTINUED DELIVERY AND FOCUS ON ADDING VALUE AND A RETURN TO EARNINGS GROWTH
Sector tailwinds
Development upside from
shovel ready projects
AFFO and distribution growth
Medium term
Core of everything we do
Seeking to maintain
sector leadership
Sustainability
Vital is a 'best in class'
investment platform.
9.75 cpu distribution
guidance
Continued enhancement
of portfolio
Ongoing capital
management enhancements
FY25 focus
Buranda Health Hub, QLD
(Artist's Impression)
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
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31

Appendices
Royston Hospital, New Zealand

Appendices
Board & Management
Avive Clinic, VIC

Experienced Management Team
Alex Belcastro
SENIOR VICE PRESIDENT - DEVELOPMENTS AND PRECINCTS
Chris Adams
CO-HEAD, A/NZ REGION
Alex Belcastro, formerly the Chief Business Development Officer at Ramsay Health Care managing
a multi-billion-dollar hospital asset portfolio, joined our team in 2021.
Alex leads precinct transactions, leasing and developments. She also provides strategic leadership
to the development and leasing divisions and heads our Strategy and Research function.
With over 18 years of specialised experience in social infrastructure, she has facilitated large-scale
transactions and developments across public and private sectors.
Her diverse background spans advisory, operational, and ownership roles, adding valuable real estate
expertise to our platform.
Holding a Master of Construction Management and a Bachelor of Planning and Design from the University
of Melbourne, Alex has also honed her skills through executive education at Harvard Business School.
Chris Adams jointly leads the Northwest business in Australia and
New Zealand.
He has extensive experience in the property industry in Australia,
New Zealand and the United Kingdom, including over 25 years’
direct experience in health property.
Chris was one of the founding Executives at ASX-listed Generation
Healthcare REIT which was acquired by Northwest in 2017. Prior to
that he established Vital Healthcare Property Trust’s presence in Australia
in 1999 following various roles with the group in New Zealand.
Chris holds a Bachelor of Property from the University of Auckland.
Aaron Hockly
SENIOR VICE PRESIDENT - NEW ZEALAND & VITAL FUND MANAGER
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 Bachelor of Arts and Bachelor
of Laws 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. He is also a member of the Auckland Urban Design
Panel and the Health Sector Climate Scenarios Leadership Group.
Macarthur Health Precinct (Stage 1), NSW
VITAL HEALTHCARE PROPERTY TRUST
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Experienced Management Team
Richard Roos
CO-HEAD, A/NZ REGION
Richard Roos jointly leads the Northwest business in Australia and New Zealand.
He has over 25 years’ experience in commercial real estate financing, acquisitions
and property management, of which the last 17 years have been in healthcare real
estate in senior roles for Northwest in Canada and Australia.
Richard is responsible for asset management, transactions, people and culture,
and ESG. He is also focused on building and expanding strong relationships with
Northwest’s operator partners.
Michael Groth
CHIEF FINANCIAL OFFICER
Michael Groth has over 18 years’ experience as a senior finance executive in the
listed and unlisted property funds and funds management industry. Prior to joining the
team in 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 in the listed and unlisted property and funds management industry.
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.
Vanessa Flax
VICE PRESIDENT, REGIONAL GENERAL COUNSEL
AND COMPANY SECRETARY
Vanessa Flax joined the team in 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 Bachelor of Arts and Bachelor of Laws from the University of
Witwatersrand, South Africa.
Wakefield Hospital, Wellington
VITAL HEALTHCARE PROPERTY TRUST
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Majority Independent Board
Graham Stuart
INDEPENDENT CHAIR AND MEMBER
OF THE AUDIT COMMITTEE
Graham Stuart is an experienced corporate
director with an established track record
of performance in governance and in
prior executive roles. He is currently an
Independent Director and Chair of the Audit
Committee at Tower Limited, Director of
Ravensdown Limited and Director of Dairy
Goat Co-operative (N.Z.) 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
and Independent Chair of EROAD Limited.
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.
Angela Bull
INDEPENDENT DIRECTOR AND
MEMBER OF THE AUDIT COMMITTEE
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.
Mike Brady
DIRECTOR
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.
VITAL HEALTHCARE PROPERTY TRUST
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Majority Independent Board
Macarthur Health Precinct (Stage 1), NSW
Craig Mitchell
DIRECTOR AND MEMBER OF THE
AUDIT COMMITTEE
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.
Dr Michael Stanford AM
INDEPENDENT DIRECTOR AND CHAIR
OF THE AUDIT COMMITTEE
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.
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Appendices
Additional financial information
Macarthur Health Precinct (Stage 1), NSW
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38

Adjusted funds from operations (AFFO)
CONSERVATIVE PAYOUT RATIO RETAINED
FY2024FY2023(%) CHANGE
Operating profit before tax and other income 73,924 69,494
6.4%
Add/(deduct):
Current tax expense(19,0 4 6) (14 , 787 )
28.8%
Incentive fee 6,600 14,986
(56.0%)
Realised and unrealised fx on borrowings (net of tax)(48) (107 )
(55.3%)
Amortisation of borrowing costs 2,009 1, 716
1 7. 1 %
Amortisation of leasing costs & tenant inducements 3,423 2,850
20 .1%
Current tax expense on interest rate swap restructure and asset disposals 6,536 -
-
IFRS 16 operating lease accounting(157 ) (170 )
( 7. 6 % )
Funds from operations (FFO) 73,241 73,981
(1.0%)
Add/(deduct): -
Actual repairs and maintenance from continuing operations(342) (647)
( 4 7. 1 % )
Adjusted funds from operations (AFFO) 72,899 73,335
(0.6%)
AFFO (cpu)10.90c11.18 c
(2.5%)
Distribution per unit (cpu)9. 75c9. 75c -
AFFO payout ratio89%87%
All values shown in NZ$000's
Units on issue (weighted average, 000s)6 68, 753656,236
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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39

Net tangible assets (NTA)
NTA PER UNIT BRIDGE (FY24)
NTA DECLINE PER UNIT PRIMARILY DUE TO UNREALISED PROPERTY REVALUATION LOSSES
$2.96
$2.69
($0.23)
$0.01
($0.02)
($0.03)
$2.40
$2.50
$2.60
$2.70
$2.80
$2.90
$3.00
$3.10
FY23Property
revaluations
Currency
translation
Retained
earnings
New units
issued
FY24
NZ$165m or 7.8%
reduction from June 2023
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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40

Movement in investment property
STRONG CPI LINKED HEALTHCARE PORTFOLIO OFFSETS CAP RATE SOFTENING
TOTAL PORTFOLIO VALUE BRIDGE (FY24)
KEY FY24 RESULTS
(NZ$M)
Vital has been selling non-core
assets to recycle capital into new
developments to improve the
portfolio and medium term returns
for Unit Holders
1
$20m of acquisitions for strategic / development sites and tenant incentives. All values shown in NZ$, pre costs
2
Includes development expenditure and capitalised interest costs
3
Book value
4
Period end NZD/AUD exchange rate moved from 0.9131 at 30 June 2024 to 0.9193 at 30 June 2023
5
Disposals during FY24 including assets held for sale at 30 June 2023
3,381
$2,431m
20
246(165)
(254)
12 3,240
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
30-Jun-23Acquisitions (1)Capital
additions (2)
Property
revaluations
Disposals (3)Foreign
exchange (4)
30-Jun-24
$950m
$2,240m
$1,000m
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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Comparative returns
VITAL MAINTAINS LONG-TERM OUTPERFORMANCE VS BENCHMARK ON A TOTAL RETURN
1
BASIS
TOTAL RETURN
1
TO 30 JUNE 20241YR5YR (P.A.)10YR (P.A.)SINCE 2004 (P.A.)
2
Vital(19. 4%)(2.6%)7. 1 %9.2%
S&P/NZX All Real Estate Index(8.3%)(2.8%)5.7%6.5%
S&P/NZX 50 Index(1. 7 %)2.2%8.6%7. 1 %
Vital’s performance vs NZX REIT(11 .1 % )0.2%1. 4%2.7%
Vital’s performance vs NZX50( 1 7. 7 % )(4.8%)(1. 5%)2.1%
0
100
200
300
400
500
600
700
800
900
1,000
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
VitalS&P/NZX All Real Estate Index
Long-term out-performance
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 2024
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
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ANNUAL RESULTS 2024
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42

Appendices
Additional property information
Avive Clinic, VIC
VITAL HEALTHCARE PROPERTY TRUST
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43

WESTERN
AUSTRALIA
NORTHERN

TERRITORY
SOUTH

AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
2
3
7
2
8
Investment properties
~NZ$3.2B PORTFOLIO OF HEALTHCARE REAL ESTATE COMPRISING 36 INVESTMENT
PROPERTIES AND 2,800+ BEDS
AS AT 30 JUNE 2024
South Australia (3)
Playford Health Hub – Retail & Carpark
Sportsmed Hospital, Clinic, Consulting & Office
Tennyson Centre
Victoria (7)
120 Thames Street
Avive Clinic, Mornington Peninsula
Ekera Medical Centre
Epworth Camberwell
Epworth Eastern Hospital
Epworth Rehabilitation Hospital
South Eastern Private 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 (1)
Royston Hospital
Queenstown (1)
Kawarau Park
Health Hub
2
12
Click on one of the underlined properties
to see a fly-through of that property
Western Australia (2)
Abbotsford Private Hospital
Marian Centre
Auckland (5)
Ascot Carpark (Right of Use)
Ascot Central
Ascot Hospital & Clinics
Endoscopy Auckland
Ormiston Hospital
Queensland (2)
Belmont Private Hospital
Palm Beach Currumbin Clinic
New South Wales (8)
Hirondelle Private Hospital
Hurstville Private Hospital
Lingard Day Centre
Lingard Private Hospital
Macarthur Health Precinct Stage 1
– GenesisCare Integrated Cancer
& Health Centre
Maitland Private Hospital
The Hills Clinic
Toronto Private Hospital
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PRIVATE HOSPITALS
17 hospitals (acute and specialty
– mental health, rehabilitation)
5 hospital operators
79% of AUS portfolio value;
89% of AUS rent
WALE: 19.3 years
5 assets, multiple tenants
21% of AUS portfolio value;
11% of AUS rent
WALE: 8.6 years
AMBULATORY CARE
~NZ$2.2b Australian portfolio overview
PRECINCT FOCUSED PORTFOLIO WITH A DIVERSE TENANT BASE
SUBSECTOR DIVERSITY (BY VALUE)
46%
33%
21%
H
O
S
P
I
T
A
L

7
9
%
O
T
H
E
R

2
1
%
AMBULATORY
CARE
SPECIALTY
HOSPITAL
ACUTE
HOSPITAL
18 .1 years
WALE
1
1
Inclusive of landlord options
VITAL HEALTHCARE PROPERTY TRUST
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45

H
O
S
P
I
T
A
L

8
2
%
O
T
H
E
R

1
8
%
~NZ$1.0b New Zealand portfolio overview
STRONG GROWTH IN NZ PORTFOLIO OVER LAST 5 YEARS
REFLECTING POSITIVE CONDITIONS FOR PRIVATE OPERATORS
PRIVATE HOSPITALS
9 hospitals (all acute)
6 hospital operators
82% of NZ portfolio value;
85% of NZ rent
WALE: 20.0 years
5 assets, multiple tenants
18% of NZ portfolio value;
15% of NZ rent
WALE: 10.3 years
AMBULATORY CARE
18 . 6 years
WALE
1
SUBSECTOR DIVERSITY (BY VALUE)
AMBULATORY
CARE
ACUTE
HOSPITAL
1
Inclusive of landlord options
VITAL HEALTHCARE PROPERTY TRUST
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ANNUAL RESULTS 2024
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46

Rent reviews undertaken in FY24
HIGH PERCENTAGE OF TOTAL RENT IS REVIEWED ANNUALLY WITH STRUCTURED
1
REVIEW MECHANISMS
1
Includes fixed percentage and CPI reviews
Rent reviews have been
completed for 157 leases
in FY24
Structured reviews
represent 98%
1
of leases
by income
Significant uplift via market
and CPI rent reviews
FY24

#
Jun-23 Rent p.a.
(NZD)
Jun-24 Rent p.a.
(NZD)
Increase
(NZD)
Annualised Growth
(Stable currency)
AustraliaAUS838 7, 2 2 9 , 4 8 691,344,2284,114,7424.7%
New ZealandNZ7446,992,36649, 4 48, 5102, 4 5 6 ,14 45.2%
Total157134 ,221,852140,792,7376,570,8854.9%

#
Jun-23 Rent p.a.
(NZD)
Jun-24 Rent p.a.
(NZD)
Increase
(NZD)
Annualised Growth
(Stable currency)
CPICPI10311 9 , 2 61 ,1 4112 5, 0 26 , 4105,765,2704.8%
FixedFixed4012, 513 , 4 5 013,19 0 , 398676 ,94 85.4%
MarketMarket131,254,8901,335, 58280,6926.4%
TurnoverTurnover11,19 2, 3721,240,3464 7, 9 7 54.0%
Total157134 ,221,852140,792,7376,570,8854.9%
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Rent Review BreakdownCPI Linked Reviews
Turnover
(0.8%)
No Review
(4.0%)
Fixed <3%
(3.5%)
Fixed 3%+
(9.3%)
Market Review
(0.9%)
CPI
(58.6%)
CPI enhanced
(19.2%)
CPI with
rollover 3.7%
(81.6%)
Other Reviews
CPI Linked Reviews
(18.4%)
Rent review profile
BREAKDOWN OF
PORTFOLIO CPI REVIEWS
TYPE%
CPI - Un-Capped 23.1%
CPI - 2% Cap0 .1%
CPI - 2.5% Cap1. 5%
CPI - 3% Cap4 .1%
CPI - 3.5% Cap1. 7%
CPI - 4% Cap42.9%
CPI x 1.5 - 2.5% Cap6.0%
CPI x 1.5 - 3% Cap16 .9 %
CPI x 1.75 - 4% Cap3.5%
Greater of CPI and 1%0.2%
~4% of Vital's leases (by
income) have provisions
that carry forward any rent
increase lost due to a cap
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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%
PERCENTAGE OF INCOME
1.25%
1.61%
1.70%
1.77%
1.68%
20202021202220232024
0%
20%
40%
60%
80%
100%
120%
PERCENTAGE OF INCOME
94.0%
95.0%
92.3%
94.2%
96.0%
20202021202220232024
15
16
17
18
19
20
18.1
18.7
17.6
17.8
18.3
20202021202220232024
90%
92%
94%
96%
98%
100%
20202021202220232024
99.4%
99.1%
98.7%
98.8%
98.0%
1
Reflects the average % of total portfolio income that expires over the next 10 years
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Appendices
Additional development information
Ascot Central, Auckland
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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. 258.375. 35.6%Mid-25Construction works progressing well with facade installation to
commence from mid-24 and the structure expected to be complete
by late-24.
Maitland (NSW)Expansion including 24 additional mental health
beds, 5 additional day oncology chairs, 4 additional
surgical beds, 6 new consulting suites & 34 additional
car spaces
16.0 - 14.51.56.0%Mid-24Stage 1 mental health and elevated car park works complete and
Stage 2 oncology and consulting rooms fit-out underway.
Coomera Stage 1 EW (QLD)Earthworks, stormwater works & infrastructure lead ins6.0 - 4.71.3TBCMid-24Stormwater works 90% complete and landscaping works underway,
for infrastructure go live in August 2024.
Total Australian Developments A$155.67. 27 7. 678.05.6%
Total Australian Developments NZ$170.47. 984.985.45.6%
New Zealand
Grace Stage 1 (NZ TRG)Fitout of 2 theatres, endoscopy & 10 beds36.7 - 14.821 . 95.5%Mid-26Same day admissions unit, OT8/9 & on grade car park works
complete. Oropi Day Unit works forecast completion in August 2024,
ahead of program. Western Wing IPU extension works commenced
in May 2024 are on program.
Endoscopy Auckland (NZ AKL)New endoscopy clinic32.2 - 13 . 219 . 05.4%Mid-25Main works commenced early-24 and construction currently
ahead of program.
Boulcott (NZ LH)2 theatres, PACU expansion & conversion24.8 - 13 . 011 . 95.9%Mid-25Development approaching the mid point of construction works and
progressing on program.
Total New Zealand Developments NZ$93.70.040.952.85.6%
Total Developments in NZ$
2
264.17. 9125.8138.25.6%
New Zealand (Other Developments)
Wakefield Stage 2 (NZ WGN)
3
Staged demolition and redevelopment of entire
hospital
91. 5 - 91. 50.05.6%Late-24
4
Construction continues with finishes trades underway. Vital's contribution
cap reached in mid-24. Project costs were rentalised as incurred.
Total New Zealand Developments NZ$91. 50.091. 50.05.6%
1
Excluding Land
2
A$ converted at 30 June 2024 spot rate 0.9131
3
Wakefield Stage 2 has been excluded from the committed developments table due to the contribution cost cap being reached. Project costs were rentalised as incurred
4
Demolition works to be completed by late-25
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QLD
NSW
VIC
SA
Land holding
Current income producing assets
Sydney
LINGARD DAY CENTRE
MACARTHUR HEALTH PRECINCT STAGE 1
PLAYFORD HEALTH HUB
LINGARD PRIVATE HOSPITAL
Brisbane
Gold Coast
BURANDA HEALTH HUB
LOGAN PRIVATE HOSPITAL
STAGE 2 & 3 DEVELOPMENT
COOMERA HEALTH CAMPUS
RDX
Adelaide
EPWORTH EASTERN PRIVATE HOSPITAL
SOUTH EASTERN PRIVATE HOSPITAL
Melbourne
Current and potential Australian
development pipeline in key
healthcare precincts with
growing populations
Brisbane
Gold Coast
Newcastle
Sydney
Melbourne
EPWORTH EASTERN HEALTH PRECINCT
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Land holding
Current income producing assets
Auckland
Tauranga
Christchurch
BOULCOTT HOSPITAL EXPANSION
WAKEFIELD HOSPITAL
CHRISTCHURCH HOSPITAL PRECINCT
Current and potential New Zealand development pipeline
in key healthcare precincts with growing populations
Wellington
GRACE HOSPITAL
PARK ROAD, GRAFTON
ASCOT HEALTH PRECINCT
80 ASCOT, ASCOT HEALTH PRECINCT
ENDOSCOPY AUCKLAND
ORMISTON HOSPITAL
EXPANSION STAGE 2
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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.
EBITDAR
Earnings Before Interest, Tax, Depreciation, Amortisation, Rent.
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.
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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.
8 August 2024
VITAL HEALTHCARE PROPERTY TRUST
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Playford Health Hub (Stage 2), SA
(Artist's impression)
www.vhpt.co.nz
Thank you

---

Continuing to enhance our resilience
Annual Report
Summary 2024
FY24 DISTRIBUTIONS & FY25 GUIDANCE
9.75 cpu
DIVESTMENTS
~$251m
$2.69
NTA PER UNIT
Despite a challenging environment, Vital recorded
AFFO (cash earnings) of 10.9 cpu enabling payment
of 9.75 cpu in distributions, consistent with guidance,
on a prudent 89.4% payout ratio. The Manager
also continued to progress several strategic initiatives
including the sale of $251.3m non-core assets, key
ESG initiatives, capital partnering, increasing hedging
and maintenance of balance sheet gearing below 40%.
These efforts have enhanced and will continue to
enhance the resilience of Vital’s portfolio to support
future returns for Unit Holders.
FY25 distribution guidance of 9.75 cpu (payable
quarterly) has been provided consistent with
FY24 distributions.
As part of its sustainability efforts, hard copy Annual 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 FY24. As with previous results, the full Annual 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 Annual Report can request one by calling +64 9 488 8777, emailing enquiry@computershare.co.nz or mailing a request
to: Computershare Investor Services Limited, Private Bag 92119, Auckland 1142.
All values in this report are in NZ dollars unless stated otherwise.
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | ANNUAL REPORT SUMMARY 2024 | 1

Financial results
Cash from operations measured by AFFO decreased by
0.5% reflecting asset divestments to improve Vital’s portfolio
leading to a 2.5% reduction in AFFO per unit.
Importantly, Vital was able to achieve distribution guidance
of 9.75cpu on a prudent 89% payout ratio.
$145m
NET PROPERTY INCOME
LIKE-FOR-LIKE, SAME PROPERTY INCREASE
IN EARNINGS (CONSTANT CURRENCY)
3.7%
BALANCE SHEET GEARING
3 9.1 %
Sustainability
Vital continues to prioritise sustainability throughout
its operations in line with Northwest’s global
sustainability strategy and framework.
PLACE GLOBALLY IN GRESB
FOR LISTED HEALTHCARE
IN REAL ESTATE
1st
DEVELOPMENTS
REGISTERED
TARGETING AT LEAST
5 STAR GREEN STAR
9
FY25 DISTRIBUTION
GUIDANCE
DISTRIBUTION 10-YEAR CAGR
FY14 - FY24
9.75cpu2.1%
Outlook
We are cognisant of the recent falls in Vital’s Unit price reflecting
wider property sector declines on the back of a higher interest
rate environment as well as Vital falling out of two key offshore
share indices. “Passive investment”, where investors are agnostic
to the underlying fundamentals of entities and invest solely based
on size, has become a significant feature of the NZX (and other
sharemarkets) resulting in share price movements which appear
hard to equate with underlying businesses.
The disconnect between NZX pricing and operations is
pronounced in Vital’s case with >99.99% of rent having been
ADDITIONAL NON-CORE ASSET
SALES IN DUE DILIGENCE TO END
SALES PROGRAMME
~$180m
Development update
Portfolio
overview
During FY24 five developments reached practical completion
totalling $197m, reducing the remaining committed development
spend to $138m which is able to be fully funded from existing
debt capacity.
Vital enhanced its already high-quality $3.2
billion property portfolio through the sale of
non-core assets and reinvesting the proceeds
into new developments.
31% of Vital’s assets (by value) are in New
Zealand with the other 69% being in Australia.
PORTFOLIO ($2.2B AUSTRALIA
& $1.0B NEW ZEALAND)
$3.2 billion
OCCUPANCY
98%
DEVELOPMENT LAND BEING
PREPARED FOR FUTURE DEVELOPMENT
~$200m
SPENT ON CAPITAL WORKS IN
FY24 INCLUDING DEVELOPMENTS
$225m
COMMITTED DEVELOPMENT SPEND REMAINING
(FULLY FUNDED FROM EXISTING DEBT HEAD ROOM)
$138m
WALE
18.3 year
collected over the last five years, an improving underlying portfolio
due to developments and divestments, high income security
afforded by a long weighted average lease expiry (WALE) to high-
quality tenants and a distribution stream which has been growing
over the last five years and stable over the last two.
As noted previously, the Board and management remain confident
around Vital’s strategy for delivering medium-long term returns for
our Unit Holders. This confidence has been strengthened through
the sale of non-core assets at modest discounts to book values.
Wakefield Hospital, Wellington
Ormiston Hospital, Auckland
Lingard Day Surgery, NSW
TENANT DIVERSIFICATION
% OF RENT
HOSPITALSAMBULATORY CARE
20%80%
Evolution Healthcare 14%
Burnside 3%
Epworth Healthcare 16%
Healthe Care Surgical 16%
Southern Cross 3%
GenesisCare 2%
Mercy Ascot 3%
I-Med Radiology Network 1%
Health NZ / Te Whatu Ora 1%
Other 21%
Aurora Healthcare 20%
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | ANNUAL REPORT SUMMARY 2024 | 3VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD | ANNUAL REPORT SUMMARY 2024 | 2

People
Majority independent
board; directors located in
Auckland (x2), Melbourne,
Sydney & Toronto
Graham Stuart
Independent Chair
and Member of the
Audit Committee
Craig Mitchell
Director and Member
of the Audit Committee
Angela Bull
Independent Director
and Member of the
Audit Committee
Dr Michael
Stanford AM
Independent Director
and Chair of the Audit
Committee
Mike Brady
Director
Executives across New
Zealand and Australia
Aaron Hockly
SVP - New Zealand and
Vital Fund Manager
Vanessa Flax
Vice President, Regional
General Counsel and
Company Secretary
Chris Adams
Co-Head,
A/NZ Region
Michael Groth
Chief Financial Officer
Alex Belcastro
SVP - Developments
and Precincts
Richard Roos
Co-Head,
A/NZ Region
vhpt.co.nz
Bios available at www.vitalhealthcareproperty.co.nz/board-management/
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 Annual Report which is available on www.nzx.com/companies/VHP and https://www.vitalhealthcareproperty.co.nz/announcements/ and is not intended to replace the Annual 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.

---

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 Period12 months to 30 June 2024
Previous Reporting Period12 months to 30 June 2023
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$144,533(0.5%)
Total revenue$144,533(0.5%)
Net profit/(loss) from continuing
operations($107,611)
29.4%
Total net profit/(loss)($107,611)29.4%
Interim/Final Dividend
Amount per Quoted Equity Security$0.02437500
Imputed amount per Quoted Equity
Security
$0.00000000
Record Date5 September 2024
Distribution Payment Date19 September 2024
Current periodPrior comparable period
Net tangible assets per Quoted
Equity Security
$2.69$2.96
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer announcement
Authority for this announcement
Name of person authorised to make
this announcement
Michael Groth
Contact person for this
announcementMichael Groth
Contact phone number+61 409 936 104
Contact email address
Michael.Groth@nwhreit.com
Date of release through MAP08 August 2024
The Annual Report accompany this announcement
RESULTS ANNOUNCEMENT

Full year results announcement date and webcast details Managed Investment Scheme 2024 Annual Report

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.