Vital announces FY25 First Quarter Results

Dear Unit Holders,
This quarterly update provides an overview of activities and
achievements over the 3 months ended 30 September 2024.
Opening of Ormiston Expansion by the Prime Minister
In October 2024, New Zealand’s Prime Minister, Christopher
Luxon, officially opened the NZ$38m expansion of Ormiston
Hospital in Auckland. Health Minister Shane Reti and Minister
for Science, Innovation and Technology Judith Collins also
attended.
Ormiston Hospital is operated by a subsidiary of Southern
Cross Healthcare. With 5 operating theatres and 40 private
in-patient rooms, it is the largest private hospital in the former
Counties Manukau District Health Board area in southern
Auckland, a rapidly growing catchment area with over
500,000 residents. The 4,500 square metre expansion
doubled the size of this hospital providing additional capacity
for the >250 hospital surgeons and staff as well as specialist
space for cancer treatment.
Vital owns land adjoining the expanded hospital and
planning is already underway for further expansions.
25 years on the NZX
During the quarter, Vital celebrated 25 years of being listed
on the NZX. The NZX has provided Vital with significant
benefits over this quarter century generating attractive risk
adjusted returns for our Unit Holders whilst creating and/or
renewing the health infrastructure that New Zealanders and
Australian’s need and access every day.
Highlights over the last 25 years include:
1. Compound return of 8.8% per annum outperforming the
S&P/NZX50 Index by 0.9%
2
per annum and the S&P/
NZX All Real Estate Index by 2.5%
3
per annum.
2. Asset base has increased from ~NZ$200m at IPO
to NZ$3.2b at 30 September 2024 including an
expansion into Australia.
In October 2024, GRESB again announced Vital as
a Global Sector Leader (the highest possible award)
for ESG across development for listed healthcare
globally (among other achievements)
FY25 First
Quarter
Update
1 JULY 2024 - 30 SEPTEMBER 2024
Aaron Hockly
Fund Manager
6 November 2024
GRESB RESULTS
LISTED HEALTHCARE (BOTH
GLOBALLY & IN OCEANIA)
IN DEVELOPMENTS
PLACE
1
ST
PLACE
1
ST
5 STAR
DEVELOPMENT
RATING
3. >NZ$1.8b of acquisitions.
4. >NZ$600m of developments completed.
5. >NZ$500m of divestments.
We have recorded 25 years of providing high-quality
healthcare facilities for our operating partners and
their patients as well as growing investment returns for
Vital’s investors. With growing demand for healthcare
services across New Zealand and Australia as a result
of growing and ageing populations, technological
advances and better collaboration between public
and private healthcare systems, we remain optimistic
for Vital’s next 25 years.
Unique offering: only
NZX-listed healthcare
property landlord
Sector leading WALE
Attractive risk adjusted return
Healthcare sector exposure;
highly defensive
Experienced Board and
management team
Organic income growth
from annual lease reviews
Development upside
GLOBAL SECTOR LEADER
IN HEALTHCARE IN
DEVELOPMENTS BENCHMARK
Note: Global REIT Index used as there is no domestic index available over this time period. Returns do not account for
any currency effects.
All values in this report are in NZ dollars unless stated otherwise.
1
Source: NZX. Assumes reinvestment of distributions.
2
Calculated since inception of the index on 31 December 2004
3
Calculated since inception of the index on 3 January 2001
VHPS&P Global REIT index
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
Sep-99Sep-00Sep-01Sep-02Sep-03Sep-04Sep-05Sep-06Sep-07Sep-08Sep-09Sep-10Sep-11Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24
Total return (rebased to $1,000)
PERFORMANCE
SCORE WITHIN LISTED
HEALTHCARE (GLOBALLY)
PLACE
2
ND
$1,000 invested at Vital’s listing in September 1999 would
have been worth $7,869 on 30 September 2024.
1
Prime Minister Christopher Luxon opens Ormiston Hospital with Chris Adams (Northwest’s Co-Head of ANZ), Aaron
Hockly, Chris White (CEO of Southern Cross Healthcare) and Jeff Barkwill (Chair Ormiston Hospital) in the background.

Vital recognised as Global Sector
Leader in Developments
Further non-core asset sales
Vital has been named Global Sector Leader in
the Development Benchmark for 2024 by GRESB
in two categories, Global Healthcare and Global
Listed Healthcare.
Other key achievements include:
Standing Investments Peer Group Rankings
• Overall Score: 4 stars, 82/100 (average was 76/100)
• Second Place GRESB score & Performance Score within
Healthcare Listed globally (out of 18 peers)
Developments Peer Group Rankings
• Overall Score: 5 stars, 99/100 (average was 86/100)
• First Place Development score within Healthcare Listed
global (out of 7 peers)
• First Place Developments score within Oceania Listed
(out of 12 peers)
GRESB is a leading global framework that assesses the ESG
performance of real estate and infrastructure portfolios. In
2024, GRESB saw over 2,200 entities participate across 80
markets representing over US$7 trillion in investments.
79%
SUB-SECTOR EXPOSURE
21 %
SUB-SECTOR EXPOSURE
31 %
AUSTRALIANEW ZEALAND
GEOGRAPHIC DIVERSITYPRIVATE HOSPITALSAMBULATORY CARE
Portfolio Overview
19.4 years
3
~$3.2bn
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
PORTFOLIO
VALUE
69%
3
Inclusive of landlord options
Since Vital released its Annual Results in August, A$43.3m
(~NZ$47.4m) of non-core assets have been sold being:
1. Hirondelle Private Hospital for A$24m; and
2. Brighton Private Hospital for A$19.3m.
In addition, a further ~NZ$80m is in due diligence which,
if it proceeds, would more than achieve the previously
announced target of at least NZ$100m of sales during
FY25 to fund Vital’s development pipeline. In addition, Vital
has ~NZ$110m of assets which are considered non-core
which may be sold if conditions are supportive to bring to
an end this sale programme.
Development
Financial
During the quarter, the Maitland Private Hospital
mental health, oncology and parking expansion
reached practical completion. Vital now has 4
committed developments with a total development
cost of ~NZ$239m excluding land of which
~NZ$106m is remaining to be spent, and able to
be funded from existing debt capacity.
NZ$197m of development work completed
in FY24 across four sites
Vital recorded 3.5% growth in Operating Profit
compared to the prior corresponding period.
There was a modest decline in property
values albeit at a slower pace than previously,
leading to a small decline in Vital’s NTA.
Vital’s asset recycling programme kept
balance sheet gearing largely unchanged.
During the quarter ~A$300m of forward start
swaps have been added to the hedge book
(as shown in the chart below).
NZ$2.60
NZ$106m
NET TANGIBLE ASSETS OR NTA PER UNIT
REMAINING COMMITTED DEVELOPMENT SPEND;
FULLY FUNDED
Avive Clinic, VIC
Ormiston Hospital, Auckland
Ormiston Hospital, Auckland
0
200
400
600
800
1,000
1,200
Updated hedging profile (A$m)
0.00%
0.75%
1.50%
2.25%
3.00%
3.75%
4.50%
Jun-24
Dec-24
Jun-25
Dec-25
Jun-26
Dec-26
Jun-27
Dec-27
Jun-28
Dec-28
Jun-29
Dec-29
IRSSwaption
1
WAFR
2
1
Exercisable at the election of the bank counterparty (A$200m
at a weighted average fixed rate of 3.75%)
2
Weighted averaged swap interest rate (excludes line fee and margin)
Significant increase from
18.3 years at 30 June
2024 primarily due to
lease extensions.
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY25 | 3Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY25 | 2

Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management Ltd
Vital recorded absolute and like-for-like
income growth for the quarter compared
to the prior corresponding period
For the period
3 months to
30 Sep 24
$000s
3 months to
30 Sep 23
$000s
Variance
$000s
Change
%
Gross property income 44,033 41,738
Property expenses (6,857) (5,229)
Net property income 37,176 36,509 667 1.8%
Corporate expenses (1,417) (1,229)
Strategic transaction expenses (592) -
Management fees (base & incentive) (4,473) (6,267)
Net finance expenses (11,479) (10,455)
Operating profit 19, 215 18,558 657 3.5%

Non-operating gains/(losses)
Fair value gain/(loss) on investment property (36,575) (39,267)
Net gain/(loss) on disposal of investment property (827) (1,431)
Fair value gain/(loss) on derivatives (16,085) (2,872)
Realised & unrealised gain/(loss) on foreign exchange (47) 847
Profit/(Loss) before income tax (34,319) (24,165) (10,154)42.0%
Current and deferred taxation 4,308 56
Profit/(Loss) for the period attributable to unitholders of the Trust (30,011) (24,109) (5,902)24.5%
Funds from Operations (FFO) 17, 511 17,661 (149) (0.8%)
Adjusted Funds from Operations (AFFO) 17, 310 17,534 (224) (1.3%)
AFFO per unit 2.57 2.64 (0.06)(2.7%)
Weighted average units on issue (000s) 673,529 663,8779,6521.5%
Average NZD/AUD exchange rate 0.9123 0.9235
For the period
3 months to
30 Sep 24
$000s
3 months to
30 Sep 23
$000s
Variance
$000s
Change
%
Gross property income 41,015 38,076
Property expenses (6,489) (4,618)
Like-for-like net property income34,52633,458 1,068 3.2%
Net property income from acquisitions/disposals 22 3,225
Net property income from developments 2,985 186
Straight-line rent (649) (583)
Non-recurring items - 223
Foreign exchange 292 -
Net property income37,17636,509 667 1.8%
YEAR-TO-DATE UPDATE
Year-to-date Financial Performance
(unaudited)
Q1 UPDATE
Like-for-like Financial Performance
(unaudited)
1
Financial Position (unaudited)
As at
30 Sep 24
$000s
30 Jun 24
$000s
Variance
$000s
Change
%
Assets
Investment properties 3,183,304 3,213,689 (30,385)(0.9%)
Investment properties - held for sale 47,163 26,284
Other assets 43,111 64,786
Liabilities
Borrowings 1,320,439 1,292,653 27,786 2.1%
Other liabilities 198,718 206,980
Debt to gross assets40.3%39.1%1.2%
Total unitholders' funds 1,754,421 1,805,126 (50,705)(2.8%)
Units on issue (000s) 676,069 6 71, 9 2 3
Net tangible assets ($/unit)2.602.69(0.09)(3.3%)
Period end NZD/AUD exchange rate0 . 91810 . 9131
Important note: The information in this investor update is general information only and does not contain all information necessary to make an investment decision. The financial information
in this investor update has not been audited. No representation or warranty, express or implied, is made to the accuracy, adequacy or reliability of information in this update, including the
financial information. This investor update contains forward looking statements which are inherently susceptible to uncertainty. Vital’s actual results may vary materially from those expressed
or implied in this investor update. The Manager is under no obligation to provide any update to information included in this update, including as a result of the audit process.
1
On a ‘constant currency’ basis. Due to rounding, numbers may not add precisely to totals.
Excluding one-off
items, like-for-like
growth was >4%
Macarthur Health Precinct, NSW (Artist’s Impression)
Unrealised
mark-to-market
loss reflecting a
lower interest
rate environment
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdVital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management LtdFirst Quarter Update FY25 | 4First Quarter Update FY25 | 5

Celebrating 25 years
of listing on the NZX
Annual Report
2024
Continuing to enhance our resilience
Annual Report
2022
HEALTHY PROPERTIES
DELIVER HEALTHY RETURNS
Kawarau Park Health Precinct,
Queenstown
Annual Report
2023
REVITALISING OUR HEALTHY PORTFOLIO
To commemorate Vital’s 25 years of listing,
the NZX has prepared this video.
Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management Ltd