Vital continues to provide income security & rental growth

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





20 February 2025
Vital continues to provide strong income security and rental growth
Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital
Healthcare Property Trust (Vital), has today released its interim results for the 6 months ended 31
December 2024 (HY25).
HY25 highlights include:
▪ Net property income increased by 4.0% on a like-for-like, same property and constant currency
basis, reflecting rent reviews under existing leases plus the leasing activity referred to below.
▪ Over 47,000 square metres of space leased, extended or renewed during HY25, representing
18% of Vital’s total property portfolio by net lettable area (21% by income). Leasing helped
maintain occupancy at ~98% over HY25, extend Vital’s already long WALE to 19.1 years (versus
18.3 years at 30 June 2024) and contribute to the net property income growth noted above.
▪ NZ$47.9m of non-core assets were sold. Proceeds have been recycled into Vital’s development
pipeline as we continue to improve the portfolio across a range of metrics.
▪ Two developments, Wakefield Hospital (stage 2A) development in Wellington officially opened
and Maitland Private Hospital in Newcastle achieved practical completion, reducing the
capital required in future periods to NZ$77.5m for committed developments which are expected
to be substantially complete by September 2025. Over CY24, practical completion was
achieved at six developments which had a total spend of ~NZ$277m.
▪ For the second year in a row, Vital was acknowledged as a Sector Leader (the highest possible
achievement) for ESG by GRESB for listed healthcare entities globally across performance,
management and developments.
Fund Manager, Aaron Hockly said:
“Vital remains the leading investable healthcare property investment platform in Australasia with a
high-quality portfolio of geographically diversified healthcare assets and a growing net property
income stream.
The strength of Vital’s portfolio was demonstrated through 18% of the portfolio (by area) being
leased, extended or renewed during HY25.
Our well capitalised healthcare operator tenants continue to experience growing demand for their
services evidenced by an improving rent:EBITDAR ratio for Vital’s hospital tenants (78% of revenue)
which reduced from 60% to 53% over CY24, with Australian tenants reducing from 67% to 56% and
New Zealand tenants reducing from 46% to 45%.
In addition, we have deliberately sought to diversify our tenant base and no tenant represents
more than 19% of Vital’s rent.”

MARKET RELEASE

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



H25 results at a glance



1
On a like-for-like, same property and constant currency basis
DLT Proposal
As announced on 4 February 2025, the Manager has decided not to proceed with the Dual Listed
Trust (DLT) proposal at this time following feedback received since consultation commenced on 20
November 2024.
The DLT proposal involves restructuring Vital into separate New Zealand and Australian trusts with
independently-traded primary listings on the NZX and the ASX, while continuing to operate as a
single economic entity.
Feedback on the proposal was positive, particularly in relation to the Manager’s objectives to
provide earnings accretion, a broader investor base and governance enhancements to make
Vital a more attractive investment vehicle and improve its access to, and cost of capital.
Stakeholders also supported retaining Vital’s PIE status, NZX listing, strategy, portfolio and
development pipeline. Stakeholders also expressed appreciation of the consultation process itself
and the way it was undertaken.
While Unit Holders generally support the end state of the DLT, concerns were raised around
transitional matters, including the ASX units issued as part of this proposal, given current market
conditions.
Unit Holders were also concerned about the impact of the DLT proposal on Vital’s NZX-listed entity’s
scale, liquidity and index weighting.
The Board is grateful for the positive engagement we have had with Unit Holders and will continue
to consider ways of improving Vital’s structure including ways to create a more attractive and
efficient investment vehicle, including potentially a DLT structure, over the course of 2025. During
this time, we will continue to consult with Unit Holders on ways to achieve these objectives
1
.



1
There remains no guarantee that the DLT or any alternative proposal will be put to Unit Holders or
be implemented.

HY25 HY24 Change
Property portfolio NZ$3.2b NZ$3.2b -
WALE (years at 31 December) 19.1 19.2 (0.1)
AFFO (6 months) NZ$33.5m NZ$37.0m (9.5%)
AFFO per unit (cpu, 6 months)
4.96 5.54 (10.5%)
Annualised distributions (cpu) 9.75 9.75 -
Net property income growth
1
4.0% 3.7% N/A
Rent collection >99% >99% N/A
NTA per unit (cpu) 2.58 2.70 (4.4%)
Balance sheet gearing (at 31
December)
40.7% 39.1% N/A
Weighted average cost of debt 4.97% 4.93% N/A
Weighted average debt maturity 3.5 years 3.8 years N/A
Remaining committed dev. spend
NZ$77.5m NZ$134m (NZ$56.5m)
AFFO impacted by portfolio
enhancing non-core asset sales,
higher tax expense on
Australian operations and timing
delay on New Zealand tax
deductions

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



Capital recycling progressing
NZ$47.9m of non-core assets were sold during HY25. A further ~NZ$225m is in due diligence for sale
or being actively considered for potential sale. As with previous sales, net proceeds will continue to
help retain appropriate balance sheet gearing.
Development pipeline reduced
Shortly after the end of the HY25, practical completion was achieved at Wakefield,
2
reducing
Vital’s committed development pipeline to NZ$241.3m, with NZ$77.5m left to complete across four
developments (able to be fully funded from existing debt headroom).
While significant embedded value remains in Vital’s potential development pipeline, we will
continue to be disciplined around committing to future developments.

Outlook and guidance
Whilst Vital’s unit price and AFFO per unit are below where we would like them to be primarily due
to on-going interest rate headwinds, Vital’s strategy of owning high-quality, precinct-orientated
assets diversified by tenant and geography continues to provide a high-level of income security to
Unit Holders particularly compared with peers.
FY25 distribution guidance of 9.75 cpu (payable quarterly) remains unchanged. Vital’s distribution
reinvestment plan or DRP remains active with 5% of units and 25% of Unit Holders participating.
However, the 1% discount was removed from February 2024.
Conference call and webcast
A conference call and webcast are scheduled for 11:00am (NZDT) on Thursday, 20 February 2025.
Participants are encouraged to pre-register for the event to avoid delays.
Participants can register for the conference call by navigating to:
https://s1.c-conf.com/diamondpass/10043435-lhk2z4.html
Please note that registered participants will receive a personal pin on registration allowing direct
entry to the call.
Presentation slides and audio can be viewed by copying the following URL into your internet
browser:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=fQPIdJ8G
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 in the day at: www.vhpt.co.nz
– ENDS –




2
There is an additional tenant-funded stage involving demolition of the original main building and
replacement of this with carparking and landscaping.

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



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 (~78%* of portfolio value) and ambulatory
care facilities (~22%* 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 31 December 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 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 .

---

Ormiston Hospital (Stage 1), Auckland
Interim
Report
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2024
PROVIDING INCOME SECURITY
FOR OUR UNIT HOLDERS

~NZ$3.2bn
9. 75 cpu19.1 years
PROPERTY
PORTFOLIO
FY25 DISTRIBUTION
GUIDANCE
WEIGHTED AVERAGE LEASE
EXPIRY (WALE)
CONTENTS
Defensive Australasian healthcare
property portfolio 4
Delivering for Unit Holders over time 8
Manager’s report 10
Sustainability 16
Our Board 18
Our Executive Team 20
Financial Statements 22
Directory 53

Prime Minister and local MP, RT Hon. Christopher Luxon officially
opened the Ormiston Hospital Expansion in October 2024
During HY25, Vital celebrated 25 years
of being listed on the NZX. Click here for
a video commemorating this milestone.

Defensive Australasian healthcare
property portfolio
as at 31 December 2024
~NZ$2.2bn
~NZ$1.0bn
20
‡
PROPERTIES (AUS)
14
‡
PROPERTIES (NZ)
Geographic diversity
(by portfolio value)
AUSTRALIA
—
NEW ZEALAND
—
WESTERN
AUSTRALIA
NORTHERN
TERRITORY
SOUTH
AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
4%
9%
22%
12 %
27%
4%
22%
4
|
VITAL HEALTHCARE PROPERTY TRUST

Vital is the only specialist healthcare landlord on the NZX.
Acute Hospitals 58%
Ambulatory Care 22%
Specialty Hospitals (mental health & rehabilitation) 20%
Evolution Healthcare 14%
Southern Cross 4%
Epworth Healthcare 14%
Healthe Care Surgical 17%
Burnside 3%
GenesisCare 2%
Mercy Ascot 3%
Boulcott Hospital 2%
I-MED Radiology Network 1%
Other 21%
Aurora Healthcare 19%
Tenant
Diversification
(% of Portfolio Rent)
O
T
H
E
R

2
2
%
Sub-sector
Diversity
(% of Value)
1
Inclusive of landlord options
‡
Income Producing Property (excludes strategic assets)
†
Figures may not sum due to rounding
19.1 years
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
1
9.2 years
AVERAGE
BUILDING AGE*
97.7%
PORTFOLIO
OCCUPANCY
~NZ$3.2bn
34
‡†
PROPERTIES
(AUS & NZ)
NZ$146m
NET ANNUAL PROPERTY
INCOME (CY24)
5.46%
WEIGHTED AVERAGE
CAP RATE (IPP)
‡
( A U S
5.35%, NZ 5.67%)
* measured through the latter of date of
construction or last significant development
A
C
U
T
E

H
O
S
P
I
T
A
L

5
8
%
S
P
E
C
I
A
L
T
Y

H
O
S
P
I
T
A
L
S

2
0
%
H
O
S
P
I
T
A
L

7
8
%
A
M
B
U
L
A
T
O
R
Y

C
A
R
E

2
2
%
INTERIM REPORT 2025
|
5

Investing in healthcare property
across Australia and New Zealand
1
Vital’s hospital tenants only who provide ~78% of Vital’s revenue
2
Average building age = the later of the date of construction or the last significant capital
works, typically calculated as impacting >50% of floor area
Consistently growing net property income
reflecting tenant quality and improving
industry dynamics
Improving rent: EBITDAR for Vital’s tenants
(lowered from 60% to 53% over the last
12 months
1
) reflecting tenant quality and
improved industry dynamics
Diversified tenant base with no tenant
accounting for more than 19% of income
INCOME STABILITY
Ageing demographics and growing
populations
Rising life expectancy
Increased offerings due to
technological advances
Increasing demand from the public
sector due to capacity and / or
fiscal constraints
GROWING DEMAND
Focused on healthcare precincts across
Australia and New Zealand
Divestments and developments have
helped improve portfolio including
increasing the WALE to 19.1 years
97.7% occupancy
Average building age
2
: 9.2 years
HIGH QUALITY
PORTFOLIO
NZ$77.5m remaining spend on existing
developments to be substantially complete
by September 2025
Embedded opportunities in Vital’s potential
development pipeline exist but will only be
pursued if value accretive
Vital has an unmatched development team
in healthcare property across Australia
and New Zealand with ~NZ$277m of
developments completed over CY24
DEVELOPMENT
UPSIDE
96% of leases increase annually by CPI or a fixed %
Strong underlying NPI growth enhanced by developments
AFFO growth per unit below medium term target due to on-going interest rate head winds
EARNINGS GROWTH
6
|
VITAL HEALTHCARE PROPERTY TRUST

Wakefield Hospital, Wellington
In September 2024, the PCNZ conference was
held in Wellington. We took the opportunity
to showcase Wakefield Hospital, Wellington’s
latest state-of-the-art private hospital and
specialist facility.
New Zealand
Property Council
(PCNZ) Conference
INTERIM REPORT 2025
|
7

1
Average building age = the later of the date of construction or the last significant capital works
2
Committed and potential development pipeline
growth
(HY15-HY25)
TOTAL PROPERTY VALUE
413 %
2024
2021
2 014
Younger buildings
reduce maintenance
capex requirements
AVERAGE BUILDING AGE
1
Data not available
10.7 years
9.2 years
2021
2024
2 014
Market leading
WALE
WALE
2021
2024
2 014
17.8 years
19.1 years
15.2 years
NET PROPERTY INCOME (HALF YEAR)
148%
HY22
HY25
H Y 15
increase
(HY15-HY25)
NZ$58m
NZ$74m
NZ$30m
~NZ$0.63bn
(AUS: 76%, NZ: 24%)
~NZ$3bn
(AUS: 73%, NZ: 27%)
~NZ$3.23bn
(AUS: 68%, NZ: 32%)
All as at 31 December of the year shown unless otherwise indicated.
Delivering for Unit
Holders over time
Short (1 year), medium (3 years) and longer
(10 years) term enhancements
Minister of Health the Hon. Simeon Brown officially opened stage 2
of the redevelopment of Wakefield Hospital in February 2025
8
|
VITAL HEALTHCARE PROPERTY TRUST

Diversity of assets
reduces risk and
enhances earnings
SECTOR SPLIT
Hospital 87%,
Ambulatory Care 13%
Hospital 82%,
Ambulatory Care 13%,
Aged Care 5%
Hospital 78%,
Ambulatory Care 22%,
Aged Care N/A
2021
2024
2 014
Enhance earnings and
valuation growth and
support portfolio quality
DEVELOPMENT PIPELINE
2
2021
2024
2 014
~NZ$1.4bn
~NZ$2.3bn
~NZ$70.0m
Concentration risk
reduced
LARGEST SINGLE TENANT EXPOSURE
2021
2024
2 014
20%
19 %
44%
Healthcare now
considered a core real
estate investment
WEIGHTED AVERAGE CAP RATE
2021
2024
2 014
4.67%
5.46%
8.75%
NZ$225m of assets in due
diligence or being actively
considered for sale with further
asset sales being considered to
reduce balance sheet gearing
INTERIM REPORT 2025
|
9

Tēnā koutou,
Northwest Healthcare Properties
Management Limited, the Manager of
Vital Healthcare Property Trust (Vital),
is pleased to report Vital’s results for
the six months ended 31 December
2024 (HY25 or the Half Year).
• Over 47,000 square metres of space leased,
extended or renewed during HY25 representing 18%
of Vital’s total property portfolio by net lettable area
and 21% by income. This leasing helped to further
extend Vital’s long weighted average lease expiry
(WALE) to 19.1 years at 31 December 2024 (versus
18.3 years at 30 June 2024).
• NZ$47.9 million of non-core assets were
sold. Proceeds have been recycled into Vital’s
development pipeline as we continue to improve the
portfolio across a range of metrics.
• Wakefield Hospital (stage 2A) development
in Wellington officially opened and Maitland
Private Hospital in Newcastle achieved Practical
Manager’s report
Vital remains the leading healthcare
property investment platform in
Australasia.
Vital has a high-quality portfolio of geographically
diversified healthcare assets and a growing net
property income stream, primarily due to its well
capitalised healthcare operator tenants who continue
to experience strong demand for their services.
This demand has led to increased revenue for Vital’s
hospital tenants evidenced by improved rental affordability.
1

Vital’s hospital tenants earn profits of around two times
the rent payable to Vital providing a significant buffer in
case of unforeseen expenses or changes in earnings.
Our recent returns have not been in line with our targets.
There are two main reasons for this: (1) higher interest rates
have caused declines in property values and AFFO per
unit; and (2) during HY25, Vital fell out of a two global
share market indices leading to a fall in Vital’s unit price.
During the Half Year we continued to focus on improving
the portfolio through divestments and developments and
undertook a significant consultation with Unit Holders and
other stakeholders around a Dual Listed Trust Structure (DLT).
Earlier this year, we announced that we are not proceeding
with the DLT at this time due to feedback around transitional
risks from the DLT and current market conditions. However,
Unit Holders generally liked the end state of the DLT so we
will continue to consult with Unit Holders. More details on the
DLT are provided below.
Whilst we believe the DLT provides potential future upside
for Unit Holders, it is by no means our sole focus. Other key
achievements over the Half Year include:
1
Vital’s hospital portfolio (~78% of income) rent:EBITDAR ratio improved from 60% for the 12 months to 30 September 2023 to 53% for the 12 months to 30 September 2024
10
|
VITAL HEALTHCARE PROPERTY TRUST

Ormiston Hospital (Stage 1), Auckland
4.0%
GRESB ACKNOWLEDGED VITAL AS SECTOR
LEADER FOR ESG FOR LISTED HEALTHCARE
GLOBALLY FOR THE SECOND YEAR IN A ROW
GROWTH IN NET PROPERTY INCOME SINCE
HY23 (LIKE-FOR-LIKE, SAME PROPERTY AND
CONSTANT CURRENCY)
At 31 December 2024, Vital had four
committed developments underway
with NZ$77.5m left to spend. Vital
also has significant embedded value
in its potential development pipeline.
Additional developments will only be
committed where they add value for
Unit Holders.
Completion, reducing the capital required in
future periods. The developments are 100%
occupied.
• For the second year in a row, Vital was
acknowledged as a Sector Leader (the highest
possible achievement) for ESG by GRESB
for listed healthcare entities globally across
performance, management and developments.
• Distributions were maintained at 4.875 cpu
from the prior corresponding period. Vital’s
distribution reinvestment plan or DRP remains
active but the 1% discount was removed from
February 2024.
LISTED HEALTHCARE
(BOTH GLOBALLY
& IN OCEANIA) IN
DEVELOPMENTS
PLACE
1
ST
PLACE
1
ST
PERFORMANCE
SCORE WITHIN
LISTED HEALTHCARE
(GLOBALLY)
PLACE
2
ND
INTERIM REPORT 2025
|
11

Avive Clinic, VIC
Sustainability / ESG
Our commitment to sustainability remains strong as we
continue to invest significant resources to drive improvements
across a broad range of ESG (Environmental, Social, and
Governance) indicators.
As noted above, Vital was acknowledged for the second
year in a row, as a Sector Leader by GRESB for listed
healthcare entities globally across performance, management
and developments. Please refer to the Sustainability section of
this report for more details on our progress toward achieving
our broader ESG initiatives.
DLT Proposal
On 20 November 2024, we announced commencement
of Unit Holder consultation regarding a DLT proposal which
would involve restructuring Vital into separate New Zealand
and Australian trusts with independently traded primary
listings on the NZX and the ASX, while continuing to operate
as a single economic entity.
Since the announcement, extensive consultation has occurred
with Vital’s largest institutional Unit Holders, retail investor
representatives including the New Zealand Shareholders’
Association and several wealth managers as well as with
Vital’s Supervisor.
Feedback was positive, particularly in relation to the
Manager’s objectives to provide earnings accretion, a
broader investor base and governance enhancements
to make Vital a more attractive investment vehicle and
improve its access to, and cost of, capital. Stakeholders also
supported retaining Vital’s PIE status, NZX listing, strategy,
portfolio and development pipeline. They also expressed
appreciation of the consultation process itself and the way it
was undertaken.
Although Unit Holders generally support the end state of
the DLT, concerns were raised around transitional matters,
including the ASX units issued as part of this proposal, given
current market conditions. Unit Holders were also concerned
about the impact of the DLT proposal on Vital’s NZX-listed
entity’s scale, liquidity and index weighting.
As a result of the feedback received and current market
conditions, we have decided not to proceed with the DLT
proposal at this time. Feedback from stakeholders indicates
that the transitional risk for the DLT cannot be adequately
addressed in the current market.
We are grateful for the positive engagement with Unit
Holders and will continue to consider ways of improving
Vital’s structure. Stakeholder feedback has been valuable and
will help us continue to improve Vital for our Unit Holders.
We will continue to consider ways to create a more attractive
and efficient investment vehicle, including potentially a DLT
structure, over the course of 2025. During this time we will
continue to consult with Unit Holders on ways to achieve
these objectives. There remains no guarantee that the DLT
or any alternative proposal will be put to Unit Holders or
be implemented.
Improving Vital’s structure, including facilitating international
capital investment into Vital to drive improved Unit Holder
returns, remains a strategic priority. We also continue to
consider that additional capital sources are required to help
unlock the significant embedded value for Unit Holders from
Vital’s development pipeline across the in-demand New
Zealand and Australian healthcare sectors.
Whilst important, the DLT is only a small part of the Board’s
focus on enhancing returns for Unit Holders as you can see
from the balance of this report.
12
|
VITAL HEALTHCARE PROPERTY TRUST

31 Dec 202431 Dec 2023Change
NTA per unit (NZ$)2.582 . 70(4.4%)
Investment portfolio value (NZ$m)3,230.53,218.1(0.4%)
Investment properties (No.)3438(10.5%)
Avg. property value (NZ$m)85.274 . 913.8%
Avg. building age (years)9.29.7(5.2%)
WALE (years)19 .119 . 2(0.5%)
Occupancy (%)9 7. 798.2(0.5%)
AFFO - 6 months (NZ$m)33.53 7. 0(9.5%)
AFFO - 6 months (cpu)4.965.54(10.5%)
AFFO impacted by portfolio enhancing asset sales, higher tax expense on
Australian operations and timing delay on New Zealand tax deductions
AFFO and distributions
AFFO (a proxy for cash profit for Unit
Holders) decreased from the prior
corresponding period (NZ$37.0 million
to NZ$33.5 million) primarily due to
portfolio enhancing asset sales and
increased finance costs. Pleasingly, as
noted above, underlying income rose
by 4.0% (on a same property, constant
currency basis).
AFFO per unit declined by 10.5% in
cents per unit (5.54cpu to 4.96cpu).
This decline in AFFO per unit is primarily
due to debt costs rising faster than net
property income and is expected to be
reversed in future periods.
Distributions remained constant
at 4.875cpu equating to 9.75cpu
annualised and 2.4375cpu per quarter.
We remain focused on delivering 2-3%
growth in AFFO and distributions per
unit per annum over the medium term.
Net tangible assets
Net tangible assets fell ~4% per
unit from NZ$2.69 at 30 June
2024 compared to NZ$2.58 at 31
December 2024. This fall was primarily
attributable to unrealised property
revaluations.
Net property income
Net property income increased for
the Half Year from NZ$72.4 million
for the prior corresponding period.
This increase was driven by strong
income growth, offset by asset sales.
Underlying net property income rose
by 4.0% (measured by like-for-like
net property income on a constant
currency basis) reflecting Vital’s
majority CPI-linked lease structure plus
an increase in occupancy.
~86% of Vital’s income is linked to CPI
(albeit with varied caps as detailed in
the Investor Presentation we released
today). Under Vital’s leases, rent for
future periods is determined by CPI
from previous periods so Vital’s future
income is expected to be supported
by current and previous periods of
heightened inflation.
Capital management
At 31 December 2024, balance sheet
gearing was 40.7%, all-in weighted
cost of debt was 5.19% (includes
the cost of hedging and line fees on
undrawn facilities), weighted average
debt duration was ~3 years, the
weighted average hedging term was
3.1 years and Vital had debt headroom
in its existing facilities of ~NZ$135
million (more than enough to cover
the NZ$77.5 million for committed
developments).
Portfolio overview
Vital owns a high-quality ~NZ$3.2
billion portfolio of 34 healthcare
investment properties, diversified across
all mainland Australian States and New
Zealand. The portfolio comprises 24
private hospitals (representing 78% of
the portfolio value) and 10 ambulatory
care facilities (22%). At 19.1 years,
Vital’s WALE remains the longest of
any NZX or ASX listed REIT providing
a high level of income security for Unit
Holders.
Leasing
Over 47,000 square metres of new or
extended leasing was undertaken across
Vital ‘s portfolio (representing ~18% of
Vital’s net lettable area and 21% of Vital’s
income) during the Half Year.
“Rent:EBITDAR, a key measure of rental affordability,
has improved from 60% to 53% reflecting the
growing income of Vital’s tenants”
Leasing helped maintain occupancy
at ~98% (materially consistent with 30
June 2024), extend Vital’s already long
WALE to 19.1 years (18.3 years at 30
June 2024) and contribute to the net
property income growth noted above.
Rent reviews undertaken during the
Half Year averaged 3.1%. This is the
average of new rental rates which will
flow into additional income in future
periods whereas the 4.0% like-for-like
growth reflects a combination of rental
increases from previous periods plus
some contribution from rental increases
which occurred in HY25.
Acquisitions
and divestments
NZ$47.9 million of non-core asset
sales were undertaken over HY25 with
the proceeds reinvested into Vital’s
development pipeline. ~NZ$225
million is in due diligence for sale or
being actively considered for potential
sale. We are also actively considering
other asset sales to reduce balance
sheet gearing.
No acquisitions were undertaken
during HY25.
INTERIM REPORT 2025
|
13

Developments and
other capital works
Developments remain a key component of Vital’s
strategy to continue to deliver earnings and capital
growth and improve the quality of the portfolio. In
particular, we are aiming to increase Vital’s exposure
to sustainable properties in core and emerging
healthcare precincts including in our home market,
New Zealand, where we see significant opportunities
to support private and public healthcare operators.
As at 31 December 2024, Vital had a committed
development pipeline of NZ$241.3 million across
four projects of which NZ$77.5 million was left
to complete.
During the Half Year ~NZ$73.2 million was spent on
developments, ~NZ$0.9 million spent on value-add
capital works and ~NZ$0.6 million on maintenance
and tenant incentives.
Significant development milestones during the Half
Year were as follows:
1. NZ$38.1 million Ormiston Hospital (Stage 1)
expansion in Auckland was officially opened
in October 2024 by the Prime Minister with
the Ministers of Health and Innovation also
in attendance.
2. NZ$91.5 million Wakefield Hospital (Stage
2A) redevelopment in Wellington commenced
operations in January 2025 and was officially
opened by the Minister of Health on 13
February 2025.
3. AU$16 million Maitland Private Hospital mental
health and oncology expansion reached
practical completion in September 2024.
Vital also has a significant pipeline of potential
development opportunities. These opportunities
are being actively considered on land already
owned but are not yet committed or approved.
We will continue to be highly selective about
which opportunities to pursue and when to pursue
them having regard to both Vital’s total returns
and balance sheet capacity.
Playford Health Hub (Stage 2), SA
14
|
VITAL HEALTHCARE PROPERTY TRUST14
|

Outlook
Vital remains in a strong position and whilst our returns
have been below our target, primarily due to interest rate
headwinds, we remain optimistic about the medium term
trajectory for Vital noting:
Graham Stuart
Independent Chair
20 February 2025
Northwest Healthcare Properties Management Limited,
the Manager of Vital Healthcare Property Trust
Aaron Hockly
Fund Manager
Nā māua noa, nā
Tē tōia, tē haumatia, kia
rite, kia mau.
Nothing can be achieved
without a plan, workforce and
a way of doing things.
Be prepared to take action.
The earnings stability and growth of our
well-capitalised tenants.
Vital’s high-quality and diversified
portfolio.
On behalf of your Board and Management,
thank you for your ongoing support.
The engagement we had with Unit
Holders and other stakeholders through
our consultation on the DLT.
Most of all, the ongoing support from
Unit Holders despite a volatile, and at
times unfavourable, equity market.
INTERIM REPORT 2025
|
15

Climate Related Disclosure
Vital’s first Climate Related Disclosure was released
in October 2024. The disclosure provides three
plausible but challenging potential future scenarios
across short, medium and long-term horizons based
on relevant industry scenarios. These plausible
scenarios are not presented as expectations of
what will happen but what could happen to assist
Vital’s stakeholders to better understand Vital’s
strategy and investments. Significant work was
also undertaken to understand our greenhouse
gas emissions profile and Vital has received
limited assurance over its full GHG Inventory,
including Scope 3 emissions. Vital’s Climate
Related Disclosure can be found on our website.
Sustainability
Green Star
Vital’s remains dedicated to our commitment to
target a minimum of 5 Star Green Star ratings
for all new developments, with significant
progress demonstrated through the rating and
certifications of the projects below, reflecting our
leadership in sustainable healthcare real estate.
GenesisCare Integrated Cancer and Health
Centre (Campbelltown, NSW) has achieved
a 6 Star Design & As Built v1.3 certified rating
from the Green Building Council of Australia.
This is the first development in Vital’s portfolio to
achieve a 6 Star Green Star certification and
confirms our commitment to taking a leading
position on sustainability. The development also
won the award for “Excellence in Sustainability
– Commercial Category” at the Master Builder’s
Association (MBA) NSW 2024 Awards.
RDX (Gold Coast, QLD) has achieved a Green Star
Design Review rating and is expected to receive a 6
Star Green Star (Design & As Built v1.3 - AU) rating.
6 Star Green Star As Built certification underway for
Playford Health Hub Stage 2 (Elizabeth Vale, SA).
GRESB
Vital was again acknowledged
as a Sector Leader in October
2024, for developments in listed
healthcare globally.
2024
sector leader 2024
REAL ESTATE
LISTED HEALTHCARE (BOTH
GLOBALLY & IN OCEANIA)
IN DEVELOPMENTS
PLACE
1
ST
PLACE
1
ST
PERFORMANCE
SCORE WITHIN LISTED
HEALTHCARE (GLOBALLY)
PLACE
2
ND
GLOBAL SECTOR LEADER
IN DEVELOPMENT
BENCHMARK
5 STAR
DEVELOPMENT
RATING
CDP
Vital submitted to CDP again in 2024, achieving
a score of B. This marks an improvement from
the B- score received in the previous year
and reflects Vital’s continued focus on climate
risk management, emissions reductions and
transparency in environmental reporting.
CDP (formerly known as the Carbon Disclosure
Project) is an international non-profit organisation
that provides a platform for companies and
cities to disclose their environmental impact,
focusing on issues including climate change.
As Vital is a Climate Reporting Entity, much
of the information captured within the CDP
submission is publicly available within Vital’s
Climate Related Disclosure. This means Vital will
not submit to CDP in future with efforts instead
focused on alignment with regulatory priorities.
2024 CDP CLIMATE
CHANGE SCORE
SCORE
B
16
|
VITAL HEALTHCARE PROPERTY TRUST16
|
VITAL HEALTHCARE PROPERTY TRUST

Modern Slavery
Since our last statement, we have advanced our
commitment to addressing modern slavery through
deeper engagement across all areas of our
business—from supply chain partnerships to internal
governance. We have enhanced our risk identification
and mitigation processes, strengthened supplier
relationships and increased collaboration with industry
peers to deepen our understanding of the challenges
and drive continued progress. Northwest (including
Vital) released its fourth Modern Slavery statement
in December 2024 and is committed to increasing
our reach by 50% for ongoing assessment of the
potential modern slavery risks in our operations.
GenesisCare Comprehensive Cancer & Health Centre, NSW
Tenant Survey
In November 2024, Vital conducted a comprehensive
third-party global tenant survey to gather valuable
feedback and insights from our tenants. This initiative is
part of our ongoing commitment to maintaining strong
tenant relationships and fostering engagement across
our portfolio. The results of the survey will be shared with
tenants and tailored action plans will be developed to
address key areas of focus. These actions will ensure
we continue to meet tenant needs, enhance satisfaction
and support the long-term success of our partnerships.
INTERIM REPORT 2025
|
17

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 a 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,
Independent Chair of EROAD Limited
and an Independent Director and Chair
of the Audit Committee at Tower 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.
Mike Brady
DIRECTOR
(57, Toronto)
Mike was appointed global President of
Northwest Healthcare Properties REIT
(TSX: NWH.UN) in 2023 after serving
as global Executive Vice President,
General Counsel and Board Secretary
since joining the REIT in 2006. He has
extensive experience in real estate
investments and finance, transaction
management, global leadership,
governance and legal matters.
Mike has played a significant commercial
and legal role in the strategic direction and
growth of the REIT, most recently leading
the team to complete a €2 billion pan-
European joint venture fund, a $435 million
UK hospital portfolio, and a $2 billion joint
venture fund and acquisition of a $1.25
billion hospital portfolio in Australia.
Prior to joining the corporate real estate
world, Mike was a corporate law partner
at two Toronto-based law firms, where he
developed his real estate practice. He has
a Bachelor of Arts (Economics) and a joint
LL.B./Masters of Business Administration
from Dalhousie University, Halifax.
Angela Bull
INDEPENDENT DIRECTOR AND MEMBER OF
THE AUDIT COMMITTEE
(49, Auckland)
Angela Bull is an independent director
of Channel Infrastructure Ltd (NZX: CHI),
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 and realestate.co.nz.
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.
The Board comprises five highly qualified directors
based in Auckland, Toronto, Sydney and Melbourne,
three of whom are independent. Their executive
experience includes healthcare, property and finance.
Our
Board
18
|
VITAL HEALTHCARE PROPERTY TRUST

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 A$1 billion greenfield and
brownfield developments. Michael’s other
Managing Director roles included the ASX
listed Australian Hospital Care and two
public hospital networks in Victoria. Michael
holds an MBA from Macquarie University
and Bachelor of Medicine and Bachelor of
Surgery from UNSW. He is a Fellow of the
Australian Institute of Company Directors.
In 2018 Michael was awarded a Member
of the Order of Australia for significant
service to the health sector through
executive roles, to tertiary education and
the WA community, in 2010 he received
the WA Citizen of the Year Award –
Industry and Commerce category.
Craig Mitchell
DIRECTOR AND MEMBER
OF THE AUDIT COMMITTEE
(57, Sydney)
Craig joined Northwest in 2018 as CEO
for Australia and New Zealand, was a
member of the global management team
and assumed a global leadership role
with funds and operations when he was
named President in 2020. The Northwest
Board appointed him CEO in 2023.
A professional manager with an inclusive
leadership style, Craig has more than 20
years of experience specialising in the
property industry. His previous roles include
Executive Director and Chief Operating
Officer of Dexus, an ASX top 50 listed REIT.
Craig has a Master of Business
Administration (Executive) from the
Australian Graduate School of
Management, a Bachelor of Commerce
and a Fellow of CPA Australia. He has also
completed the Advanced Management
Program at Harvard University, Boston.
Craig has announced his retirement
from Northwest by 30 June 2025,
however, he will continue on the Board
of Vital as a Northwest appointee.
Ormiston Hospital (Stage 1), Auckland
INTERIM REPORT 2025
|
19

Aaron Hockly
SENIOR VICE PRESIDENT - NEW ZEALAND
& FUND MANAGER - VITAL (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.
He is also currently a director of Eke Panuku Auckland (Auckland
Council’s urban regeneration and property management agency)
as well as a member of the Auckland Urban Design Panel.
Chris Adams
CO-HEAD A/NZ REGION
(55, 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.
Northwest has over 290 employees globally,
including more than 50 real estate professionals in
New Zealand and Australia. The Vital Executive Team
is made up of property professionals with extensive
experience in New Zealand, Australia and beyond.
Our
Executive
Team
Ormiston Hospital (Stage 1), Auckland
20
|
VITAL HEALTHCARE PROPERTY TRUST

Vanessa Flax
VICE PRESIDENT, REGIONAL GENERAL COUNSEL AND COMPANY
SECRETARY (54, Melbourne)
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.
Michael Groth
CHIEF FINANCIAL OFFICER
(51, 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.
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.
Richard Roos
CO-HEAD A/NZ REGION
(60, 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.
INTERIM REPORT 2025
|
21

Financial
Statements
Playford Health Hub (Stage 2), SA
22
|
VITAL HEALTHCARE PROPERTY TRUST

INTERIM REPORT 2025|23
Contents
Consolidated Statement of Comprehensive Income24
Consolidated Statement of Financial Position25
Consolidated Statement of Changes in Equity26
Consolidated Statement of Cash Flows27
Notes to the Consolidated Financial Statements28
ABOUT THIS REPORT28
1. Reporting Entity28
2. Basis of Preparation28
3. Material Accounting Policy Information29
PERFORMANCE30
4. Segment Information30
5. Taxation32
6. Investment Properties33
CAPITAL STRUCTURE, FINANCING AND RISK MANAGEMENT39
7. Units on Issue39
8. Earnings per Unit39
9. Distributable Income40
10. Borrowings41
11. Derivatives43
12. Commitments and Contingencies45
13. Trade and Other Receivables45
OTHER NOTES46
14. Subsequent Events46
15. Related Party Transactions46

24|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of
Comprehensive Income
For the six months ended 31 December 2024
Note
6 months
Dec-24
$000s
6 months
Dec-23
$000s
Gross property income from rentals77,13975,157
Gross property income from expense recoveries10,5528,727
Property expenses(13,383)(11,485)
Net property income474,30872,399
Other expenses(11,851)(14,844)
Strategic transaction expenses(2,862)-
Finance income863903
Finance expense(23,983)(20,978)
Operating profit36,47537,480
Other gains/(losses)
Revaluation (loss)/gain on investment property6(65,361)(141,526)
Net (loss)/gain on disposal of investment property(1,876)(2,599)
Fair value (loss)/gain on foreign exchange derivatives124(18)
Fair value (loss)/gain on interest rate derivatives(11,682)(17,315)
Realised (loss)/gain on foreign exchange-9
Unrealised (loss)/gain on foreign exchange(528)257
(79,323)(161,192)
(Loss)/Profit before income tax(42,848)(123,712)
Taxation benefit/(expense)53,55810,586
(Loss)/Profit for the year attributable to Unit Holders of the Trust(39,290)(113,126)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve8,669(10,293)
Total other comprehensive (loss)/income after tax8,669(10,293)
Total comprehensive (loss)/income after tax(30,621)(123,419)
Earnings per unit
Basic and diluted earnings per unit (cents)8(5.82)(16.97)
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2025|25
Consolidated Statement of
Financial Position
As at 31 December 2024
Note
Dec-24
$000s
Jun-24
$000s
Non-current assets
Investment properties63,230,5463,213,689
Derivative financial instruments114,64417,720
Other non-current assets13,77513,980
Total non-current assets3,248,9653,245,389
Current assets
Investment properties held for sale6-26,284
Cash and cash equivalents7,07318,934
Trade and other receivables133,05210,081
Other current assets1,8983,888
Derivative financial instruments114,630183
Total current assets16,65359,370
Total assets3,265,6183,304,759
Unit Holders' funds
Units on issue71,213,4151,204,977
Reserves23,03520,966
Retained earnings506,915579,183
Total Unit Holders' funds1,743,3651,805,126
Non-current liabilities
Borrowings101,323,5231,287,477
Lease liability - ground lease9,9789,982
Derivative financial instruments114,7231,856
Deferred tax146,532158,762
Total non-current liabilities1,484,7561,458,077
Current liabilities
Trade and other payables30,77732,171
Income in advance1,3311,653
Derivative financial instruments115694
Lease liability - ground lease128123
Taxation payable5,2057,515
Total current liabilities37,49741,556
Total liabilities1,522,2531,499,633
Total Unit Holders' funds and liabilities3,265,6183,304,759
For and on behalf of the Manager, Northwest Healthcare Properties Management Limited.
G Stuart, Independent Chair
20 February 2025
M Stanford, Independent Director &
Chair of the Audit Committee
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

26|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of Changes in Equity
For the six months ended 31 December 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 Six months ended
31 December 2023
Balance at the start of the period1,180,922753,220(55,122)63,41114,9511,957,382
Changes in Unit Holders' funds21,241---(14,951)6,290
Manager's incentive fee----3,3003,300
Profit/(Loss) for the period-(113,126)---(113,126)
Distributions to Unit Holders-(33,135)---(33,135)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--(10,293)--(10,293)
Balance at the end of the six months1,202,163606,959(65,415)63,4113,3001,810,418
For the six months ended
31 December 2024
Balance at the start of the period1,204,977579,183(49,045)63,4116,6001,805,126
Changes in Unit Holders' funds8,438---(6,600)1,838
Profit/(Loss) for the period-(39,290)---(39,290)
Distributions to Unit Holders-(32,978)---(32,978)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--8,669--8,669
Balance at the end of the six months1,213,415506,915(40,376)63,411-1,743,365
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2025|27
Consolidated Statement of Cash Flows
For the six months ended 31 December 2024
Note
6 months
Dec-24
$000s
6 months
Dec-23
$000s
Cash flows from operating activities
Property income77,73774,823
Recovery of property expenses10,9596,990
Interest received673903
Property expenses(9,023)(14,161)
Management and trustee fees(9,822)(10,138)
Interest paid(23,042)(20,412)
Tax paid(11,984)(9,177)
Other trust expenses(1,749)(1,911)
Net cash provided by/(used in) operating activities33,74926,917
Cash flows from investing activities
Receipts from foreign exchange derivatives(100)6,671
Payments for foreign exchange derivatives-(6,695)
Capital additions on investment properties(88,972)(147,192)
Purchase of properties-(10,676)
Deposits and acquisiton costs paid – Investment Property(78)(71)
Proceeds from disposal of properties48,607155,350
Fitout loans to tenants2,797(9,841)
Strategic transaction expenses(1,271)-
Net cash provided by/(used in) investing activities(39,017)(12,454)
Cash flows from financing activities
Debt drawdown77,379182,351
Repayment of debt(52,658)(167,416)
Loan issue costs(174)7
Costs associated with new equity raised(48)(63)
Distributions paid to Unit Holders(31,092)(26,780)
Net cash from/(used in) financing activities(6,593)(11,901)
Net increase/(decrease) in cash and cash equivalents(11,861)2,562
Cash and cash equivalents at the beginning of the period18,93410,885
Cash and cash equivalents at the end of the six months7,07313,447
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

28|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
About this Report
1. Reporting Entity
Vital Healthcare Property Trust (“VHP” or the “Trust”) is a unit trust established under the Unit Trusts Act 1960 by a Trust Deed dated
11 February 1994 (as subsequently amended and replaced), domiciled in New Zealand. The Trust is managed by Northwest Healthcare
Properties Management Limited (the “Manager”), with its registered office at HSBC Tower, Level 17, 188 Quay Street, Auckland.
The condensed consolidated interim financial statements of VHP for the six months ended 31 December 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 condensed consolidated interim financial statements were approved by the Board of Directors of the Manager on
20 February 2025.
The condensed consolidated interim financial statements for the six months ended 31 December 2024 (including comparative balances)
have been reviewed by the auditor. The 30 June 2024 comparatives were subject to independent audit.
2.
 Basis of Preparation
(a) Statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS 34 Interim Financial Reporting, and do not include notes of the type normally
included in an Annual Report. Therefore this report should be read in conjunction with the Group's most recent Annual Report. The
accounting policies and methods of computation have been consistently applied, when compared to those used in the 2024 Annual
Report. The 2024 Annual Report complies with New Zealand equivalents to the IFRS Accounting Standards (NZ IFRS) and other applicable
Financial Reporting Standards issued and effective at the time of preparing those statements.
(b)
 Basis of consolidation
The Group’s financial statements incorporate the financial statements of the Trust and entities controlled by the Trust (its subsidiaries). Control
is achieved where the Trust has power over the investees; is exposed, or has rights to variable returns from its involvement with the investees;
and has the ability to use its power to affect its returns. The results of subsidiaries are included in the consolidated financial statements
from the date of acquisition to the date of disposal. All significant intra-group transactions, balances, cashflows, income and expenses are
eliminated on consolidation.
(c)
 Basis of measurement
The Group uses the historical cost basis except for derivative financial instruments and investment properties which are measured at fair
value. Historical cost is based on the fair value of the consideration given or received in exchange for assets or liabilities. Fair value is
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date, regardless of whether that price is directly observable or estimated using another valuation technique.
(d)
 Functional and presentation currency
These financial statements are presented in New Zealand Dollars ($), which is the Trust's functional and presentation currency. All
information has been rounded to the nearest thousand dollars ($000), unless stated otherwise.
(e)
 Fair value heirachy
The valuation technique inputs used to determine the value of an asset or liability are classified into Levels 1 to 3 based on the degree to
which the fair value inputs are observable. A description of levels of fair value hierarchy are as follows:

INTERIM REPORT 2025|29
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).
(f) The notes to the consolidated financial statements
The following notes include information required to understand these financial statements that is relevant and material to the operations,
financial position and performance of the Group. The notes have been collated into sections to help users find and understand inter-related
information. Information is considered relevant and material if, for example:
•the amount 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.
Where necessary, certain comparative information has been updated to conform with the current year’s presentation.
3.
 Material Accounting Policy Information
Critical accounting estimates and judgements
In the application of NZ IFRS, the Board and management are required to make judgements, estimates and assumptions about carrying
values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on
experience and other factors that are believed to be reasonable under the circumstances, however actual results may differ from these
estimates and assumptions.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised and in any future periods affected.
The critical judgements, estimates and assumptions made in the current period are contained in the following notes:
NoteDescription
Note 5Current and deferred taxation
Note 6Valuation of investment properties
Note 15Related party transactions

30|VITAL HEALTHCARE PROPERTY TRUST
Performance
This section shows the results and performance of the Group and its reporting segments and includes detailed information in respect to its
revenues, expenses and profitability. It also provides information on the investment properties that underpin the Group's performance.
4. Segment Information
The Group's principal activity is the investment in, and management of, high quality real estate in good locations primarily used by
healthcare operators or used for healthcare, life sciences and related purposes. Segment profit represents the profit earned by each
segment including allocation of identifiable administration costs, finance costs, revaluation gains/(losses) on investment properties and
gains/(losses) on disposal of investment properties. This is the measure reported to the Board, who are the chief operating decision makers
for the purposes of resource allocation and assessment of segment performance. The Group operates in both Australia and New Zealand.
The following is an analysis of the Group’s results by reportable segment.
Australia
$000s
New Zealand
$000s
Total
$000s
Segment profit/(loss) for the six months ended 31 Dec 2024:
Gross property income from rentals50,86126,27877,139
Gross property income from expense recoveries4,2396,31310,552
Property expenses(6,482)(6,901)(13,383)
Net property income48,61825,69074,308
Other expenses(7,558)(4,293)(11,851)
Strategic transaction expenses-(2,862)(2,862)
Net finance expense(19,970)(3,150)(23,120)
Operating profit21,09015,38536,475
Fair value (losses) on interest rate derivatives(9,404)(2,278)(11,682)
Revaluation losses on investment properties(69,946)4,585(65,361)
Net losses on disposal of investment property(1,858)(18)(1,876)
Other foreign exchange gains/(losses)45(449)(404)
Total segment profit/(loss) before income tax(60,073)17,225(42,848)
Taxation (expense) / benefit3,558
Profit/(loss) for the six months(39,290)
Segment profit/(loss) for the six months 31 December 2023:
Gross property income from rentals50,79224,36575,157
Gross property income from expense recoveries3,5335,1948,727
Property expenses(5,453)(6,032)(11,485)
Net property income48,87223,52772,399
Other expenses(10,635)(4,209)(14,844)
Net finance income/(expense)(18,678)(1,397)(20,075)
Operating profit19,55917,92137,480
Fair value (losses) on interest rate derivatives(13,551)(3,764)(17,315)
Revaluation losses on investment properties(114,570)(26,956)(141,526)
Net gain/(loss) on disposal of investment property(2,626)27(2,599)
Other foreign exchange gains/(losses)(85)333248
Total segment profit/(loss) before income tax(111,273)(12,439)(123,712)
Taxation (expense) / benefit10,586
Profit/(loss) for the six months(113,126)

INTERIM REPORT 2025|31
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 $50.0m of gross property income (31 December 2023: three Australian tenants and
one New Zealand tenant that contributed $49.6m).
There were no inter-segment sales during the six months (31 December 2023: nil).
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 31 December 2024:
Investment properties2,203,8951,026,6513,230,546
Other non-current assets12,8185,60118,419
Current assets11,5785,07516,653
Consolidated assets2,228,2911,037,3273,265,618
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 liabilities at 31 December 2024:
Borrowings1,102,664220,8591,323,523
Other liabilities172,14426,586198,730
Consolidated liabilities1,274,808247,4451,522,253
Segment liabilities at 30 June 2024:
Borrowings1,107,629179,8481,287,477
Other liabilities178,63233,524212,156
Consolidated liabilities1,286,261213,3721,499,633
All assets and liabilities have been allocated to reportable segments.
Net finance expense and borrowings are allocated against the segment of the borrower. In accordance with the Group’s finance facilities
comprising a common terms deed and bi-lateral facility agreements (refer note 10.a), financing arrangements are cross collateralised
across the Group’s investment properties and other assets and are managed on an aggregate basis.

32|VITAL HEALTHCARE PROPERTY TRUST
5. Taxation
Income tax recognised in the consolidated statement of comprehensive income
6 months
Dec-24
$000s
6 months
Dec-23
$000s
Profit/(loss) before tax for the period(42,848)(123,712)
Taxation (charge)/credit - 28% on profit before income tax11,99734,639
Effect of different tax rates in foreign jurisdictions(9,568)(14,479)
Tax exempt income/(loss)3,316(3,414)
Foreign tax credits2,741568
Tax charges on overseas investments(4,886)(6,601)
Over/(under) provided in prior periods88-
Other adjustments(130)(127)
Taxation benefit/(expense)3,55810,586
The taxation (charge)/credit is made up as follows:
Current taxation(9,920)(12,532)
Deferred taxation13,47823,118
Taxation benefit/(expense)3,55810,586
Significant estimates and judgements
Significant estimates and judgements made in the determination of deferred tax include:
•Deferred tax on depreciation: Deferred tax is provided for in respect of New Zealand properties for the depreciation expected to be
recovered on the sale of investment property.
•Deferred tax on changes in fair value of investment properties: Deferred tax for Australian properties is provided on the capital gain that
is expected to be assessable on the land and building component from the sale of investment properties at fair value. The tax rate used
when measuring the deferrred tax position for Australian properties is either 15% (FDR method which applies the Australian 'fund payment'
withholding tax rate) or 28% (Attributed FIF method which applies the New Zealand tax rate) based on the Group's actual FIF income
attribution method election and/or its intention to 'opt-in' to the FDR method.
•Deferred tax on fixtures and fittings: It is assumed that all fixtures and fittings will be sold at their tax book value.
•Deferred tax positions are based on an estimated split between land and buildings as determined by registered valuers.
Unrecognised deferred tax assets
Deferred tax assets totalling $0.3m (2024: $0.7m) 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 2024 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.

INTERIM REPORT 2025|33
6. Investment Properties
Investment properties comprise real estate predominately leased, or targeted to be leased, to health, life sciences and related sector
tenants that is held for either deriving rental income, for capital appreciation or both. The following information excludes Investment Property
reclassified to Investment Properties held for sale.
(6.a) Reconciliation of Carrying Amounts
Dec-24
$000s
Jun-24
$000s
Carrying value of investment property at the beginning of the six months3,213,6893,288,356
Acquisition of properties-13,183
Capitalised costs72,409212,949
Capitalised interest costs12,54926,480
Net capitalised incentives(1,014)7,159
Disposal of properties(21,152)(161,317)
Classified as held for sale-(26,284)
Foreign exchange translation difference19,42612,174
Revaluation gain/(loss) on investment property(65,361)(165,244)
Right of use asset recognised-6,233
Carrying value of investment property at the end of the six months3,230,5463,213,689
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 14.3 years and 54.2 years respectively (30 June 2024: 14.8 and 54.7 years).
As at reporting date the fair value of this right-of-use asset totals $8.5m and $6.5m respectively (30 June 2024: $8.1m and $6.4m). The
ground lease at the GenesisCare property has two 15 year options permitting VHP to extend the term commencing 28 February 2079 and
28 February 2094.
(6.b)
 Acquisition of Property
During the period the Group did not acquire any property.
(6.c)
 Disposal of Property
During the period the Group:
•divested Hirondelle Private Hospital in Chatswood, NSW Australia for A$24m (excluding transaction costs) on 23 October 2024.
•divested Epworth Rehabilitation and the land at 10-14 Alverna Grove in Brighton, VIC Australia for A$19.3m (excluding transaction
costs) on 3 December 2024.
(6.d)
 Individual Valuations and Carrying Amounts
The details of the New Zealand and Australian investment property portfolio, including its location, sub sector, fair value, market
capitalisation rate, occupancy and weighted average lease expiry term are as follows:

34|VITAL HEALTHCARE PROPERTY TRUST
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-24
$M
Jun-24
%
Dec-24
%
Jun-24
%
Dec-24
%
Jun-24
Years
Dec-24
Years
Jun-24
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-24204.2205.45.04.9100.0100.026.221.7
Maitland Private HospitalEast Maitland, New South Wales
Hospital (Acute/Mental
Health/Rehab)Healthe CareJun-24157.7146.55.55.5100.0100.022.518.1
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2492.891.46.06.0100.0100.022.317.8
Kellyville Private HospitalKellyville, New South WalesHosptial (Mental Health)AuroraDec-2454.155.35.45.0100.0100.022.523.0
GenesisCare Integrated Cancer & Health CentreCampbelltown, New South WalesHosptial (Ambulatory Care)GenesisCareJun-2449.650.75.14.9100.0100.014.214.7
Toronto Private HospitalToronto, New South Wales
Hospital (Mental
Health/Rehab)AuroraJun-2442.344.97.06.5100.0100.018.018.5
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2442.342.95.04.9100.0100.026.221.7
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-24420.0428.24.94.697.997.223.323.5
South Eastern Private HospitalNoble Park, Victoria
Hospital (Mental
Health/Rehab)AuroraDec-2488.686.75.55.5100.0100.016.216.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health)Epworth FoundationJun-2480.183.25.35.0100.0100.019.520.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2439.237.25.95.897.897.84.64.1
Avive Clinic - Mornington PeninsulaMount Eliza, VictoriaHospital (Mental Health)AviveDec-2432.331.25.35.3100.0100.023.824.3
Epworth Rehabilitation
1
Brighton, VictoriaHospital (Rehab)Epworth Foundationn.a.-16.4-n.a.-100.0-0.1
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2412.712.66.46.375.775.74.14.6
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-24150.3164.35.34.8100.0100.020.721.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2465.274.55.55.0100.0100.010.711.2
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2459.162.45.35.0100.0100.019.610.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2458.961.95.35.0100.0100.017.117.6
South Australia
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2494.594.85.45.3100.0100.06.56.0
Playford Health Hub
2
Elizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2490.188.25.35.368.273.610.16.8
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundatonJun-2479.089.07.06.1100.0100.021.722.3
Total Australia1,913.01,967.85.45.297.699.119.618.1
1This property was divested in Dec24
2Dec-24 occupancy and WALE figures are inclusive of Stage 2 - Medical Office Building (MOB), which has reached Practical Completion. This addition increased the overall lettable area of the asset, reducing overall occupancy. Overall asset WALE has increased due to new leasing completed across Stage 2 - MOB areas.

INTERIM REPORT 2025|35
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-24
$M
Jun-24
%
Dec-24
%
Jun-24
%
Dec-24
%
Jun-24
Years
Dec-24
Years
Jun-24
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-24204.2205.45.04.9100.0100.026.221.7
Maitland Private HospitalEast Maitland, New South Wales
Hospital (Acute/Mental
Health/Rehab)Healthe CareJun-24157.7146.55.55.5100.0100.022.518.1
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2492.891.46.06.0100.0100.022.317.8
Kellyville Private HospitalKellyville, New South WalesHosptial (Mental Health)AuroraDec-2454.155.35.45.0100.0100.022.523.0
GenesisCare Integrated Cancer & Health CentreCampbelltown, New South WalesHosptial (Ambulatory Care)GenesisCareJun-2449.650.75.14.9100.0100.014.214.7
Toronto Private HospitalToronto, New South Wales
Hospital (Mental
Health/Rehab)AuroraJun-2442.344.97.06.5100.0100.018.018.5
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2442.342.95.04.9100.0100.026.221.7
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-24420.0428.24.94.697.997.223.323.5
South Eastern Private HospitalNoble Park, Victoria
Hospital (Mental
Health/Rehab)AuroraDec-2488.686.75.55.5100.0100.016.216.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health)Epworth FoundationJun-2480.183.25.35.0100.0100.019.520.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2439.237.25.95.897.897.84.64.1
Avive Clinic - Mornington PeninsulaMount Eliza, VictoriaHospital (Mental Health)AviveDec-2432.331.25.35.3100.0100.023.824.3
Epworth Rehabilitation
1
Brighton, VictoriaHospital (Rehab)Epworth Foundationn.a.-16.4-n.a.-100.0-0.1
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2412.712.66.46.375.775.74.14.6
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-24150.3164.35.34.8100.0100.020.721.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2465.274.55.55.0100.0100.010.711.2
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2459.162.45.35.0100.0100.019.610.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2458.961.95.35.0100.0100.017.117.6
South Australia
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2494.594.85.45.3100.0100.06.56.0
Playford Health Hub
2
Elizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2490.188.25.35.368.273.610.16.8
Sportsmed Hospital, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundatonJun-2479.089.07.06.1100.0100.021.722.3
Total Australia1,913.01,967.85.45.297.699.119.618.1
1This property was divested in Dec24
2Dec-24 occupancy and WALE figures are inclusive of Stage 2 - Medical Office Building (MOB), which has reached Practical Completion. This addition increased the overall lettable area of the asset, reducing overall occupancy. Overall asset WALE has increased due to new leasing completed across Stage 2 - MOB areas.

36|VITAL HEALTHCARE PROPERTY TRUST
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-24
$M
Jun-24
%
Dec-24
%
Jun-24
%
Dec-24
%
Jun-24
Years
Dec-24
Years
Jun-24
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-24183.5183.35.55.5100.0100.022.923.4
Ascot HospitalGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-24123.0125.05.55.498.498.414.114.2
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Evolution Southern Cross LimitedDec-24111.0109.45.65.4100.0100.026.026.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2494.586.35.85.5100.0100.024.925.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2485.883.45.45.493.9100.015.814.9
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Southern Cross CLT LimitedJun-2471.069.55.85.6100.094.16.57.1
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2467.566.05.55.5100.0100.024.925.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2462.959.45.95.9100.0100.013.514.0
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareHealth New Zealand - CanterburyJun-2439.639.45.85.882.271.18.08.8
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2438.838.56.06.096.996.95.15.5
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2438.231.75.55.5100.0100.017.417.9
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2434.034.05.55.5100.0100.011.511.8
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2424.623.66.16.3100.0100.021.522.0
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-248.58.411.511.791.591.511.511.9
Total New Zealand982.9957.75.75.697.897.018.118.6
Properties held for development334.6288.2
Investment properties - non current3,230.53,213.7
Investment properties held for sale-26.3-5.5100.0100.0-17.9
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,230.53,240.05.55.397.798.019.118.3

INTERIM REPORT 2025|37
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-24
$M
Jun-24
%
Dec-24
%
Jun-24
%
Dec-24
%
Jun-24
Years
Dec-24
Years
Jun-24
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-24183.5183.35.55.5100.0100.022.923.4
Ascot HospitalGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-24123.0125.05.55.498.498.414.114.2
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Evolution Southern Cross LimitedDec-24111.0109.45.65.4100.0100.026.026.5
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2494.586.35.85.5100.0100.024.925.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2485.883.45.45.493.9100.015.814.9
Kawarau ParkLake Hayes, QueenstownHospital (Acute)Southern Cross CLT LimitedJun-2471.069.55.85.6100.094.16.57.1
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2467.566.05.55.5100.0100.024.925.4
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2462.959.45.95.9100.0100.013.514.0
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareHealth New Zealand - CanterburyJun-2439.639.45.85.882.271.18.08.8
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2438.838.56.06.096.996.95.15.5
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2438.231.75.55.5100.0100.017.417.9
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2434.034.05.55.5100.0100.011.511.8
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2424.623.66.16.3100.0100.021.522.0
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-248.58.411.511.791.591.511.511.9
Total New Zealand982.9957.75.75.697.897.018.118.6
Properties held for development334.6288.2
Investment properties - non current3,230.53,213.7
Investment properties held for sale-26.3-5.5100.0100.0-17.9
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,230.53,240.05.55.397.798.019.118.3

38|VITAL HEALTHCARE PROPERTY TRUST
(6.e) Contractual Arrangements
The Group was party to contracts to construct property which are not recognised in the financial statements for the following amounts:
Dec-24
$000s
Jun-24
$000s
Capital expenditure commitments79,721140,422
•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 commitments relating to development projects' cost to complete.
–
reimbursement of 50% of the costs incurred (up to A$0.6m) by a tenant should the agreement for lease be terminated any time before
commencement of construction if the Board approval is not obtained for the development.
(6.f)
 Recognition and Measurement
Recognition and measurement
Valuation process
The purpose of the valuation process is to ensure that investment properties are held at fair value. In accordance with the Group's valuation
policy, external valuations are performed by independent professionally qualified valuers who hold a recognised and relevant professional
qualification and have specialised expertise in the type of investment property being valued. The valuation policy requires that a valuer
may not value the same property for more than two consecutive valuations. All valuations are reviewed by the Manager and approved by
the Board.
The fair value of investment property as at 31 December 2024 was determined through independent professional valuers for approximately
38% of the portfolio (30 June 2024: 66%) and the remainder was determined by the Manager. The Manager's valuations were informed
by market data and valuation advice provided by independent valuers, comparable transactional evidence and current period leasing
activities. The valuers of properties which have been independently valued at 31 December 2024 included: Ernst & Young, Colliers
International, Jones Lang LaSalle Australia, Cushman & Wakefield, Valued Care, Savills, Urbis and CBRE. The properties which have been
independently valued at 31 December 2024 are disclosed above in note 6.d.
The methods used for assessing the fair value of investment property are the Direct Comparison, Discounted Cash Flow (using a risk adjusted
discount rate), Capitalisation of Contract and Market Income approaches and are unchanged from the prior year. The principal factors
that influence a valuation include the market capitalisation / discount rates, occupancy, market rent assessments and the weighted average
lease term to expiry (WALE).
Fair Value Hierarchy
Investment properties are classified as Level 3 under the fair value valuation hierarchy.
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.

INTERIM REPORT 2025|39
Capital Structure, Financing and Risk Management
This section outlines how the Group manages its capital structure and related financing activities and presents the resultant returns delivered
to Unit Holders via distributions and earnings per unit.
7. Units on Issue
Dec-24
$000s
Jun-24
$000s
Balance at the beginning of the period1,204,9771,180,922
Issue of units under Distribution Reinvestment Plan1,8869,203
Issue of units to satisfy Manager's incentive fee6,60014,951
Issue costs of units(48)(99)
Balance at the end of the six months1,213,4151,204,977
Dec-24
000s
Jun-24
000s
Reconciliation of number of units
Balance at the beginning of the year671,923661,014
Issue of units under the Distribution Reinvestment Plan9924,492
Units issued to satisfy Manager's incentive fee3,6466,417
Balance at the end of the six months676,561671,923
Distributions related to the six month period to 31 December 2024 were 4.875 cents per unit (2024: 4.875 cents per unit), including the
second quarter distribution of 2.4375 cents per unit declared subsequent to the reporting date (2024: 2.4375 cents per unit). Refer Note14
for details.
On 21 August 2024, 3,645,936 units were issued against the 30 June 2024 Manager’s incentive fee of $6.6 million (2024: 6,417,684
were issued against the 2023 Manager’s incentive fee of $14.9 million).
8.
 Earnings per Unit
Dec-24Dec-23
Profit/(loss) attributable to Unit Holders of the Trust ($000s)(39,290)(113,126)
Weighted average number of units on issue (000's of units)674,850666,533
Basic and diluted earnings per unit (cents)(5.82)(16.97)
Recognition and measurement
Basic and diluted earnings per unit is calculated by dividing the profit attributable to Unit Holders of the Trust by the weighted average
number of ordinary units on issue during the reporting period.

40|VITAL HEALTHCARE PROPERTY TRUST
9. Distributable Income
Statutory profit attributable to Unit Holders is determined in accordance with NZ GAAP and includes a number of non-cash items including
fair value movements, straight-line lease accounting adjustments, amortisation of borrowing costs, leasing costs and tenant incentives.
The Manager uses Adjusted Funds from Operations (AFFO) and AFFO per unit as the Group's key performance metric, representative of
the Group's underlying performance, and as a guide to informing the Group's distribution policy. AFFO adjusts statutory profit attributable
to Unit Holders for certain items that are non-cash, unrealised, capital in nature or are one-off or non-recurring (i.e. outside the Group's
ordinary operations or not reflective of its underlying performance). As AFFO is a non GAAP measure it may not be directly comparable
with other entities.
A reconciliation of statutory profit attributable to Unit Holders to AFFO and AFFO per unit is outlined as follows:
6 months
Dec-24
$000s
6 months
Dec-23
$000s
Adjusted funds from operations
Operating profit before tax and other gains and losses36,47537,480
Add/(deduct):
Current tax expense(9,920)(12,532)
Incentive fee-3,300
Strategic transaction expenses2,862-
Current tax on translation of foreign currency funding transactions1303
Current tax on interest rate swap restructure and property disposals1,2356,338
Amortisation of borrowing costs1,100990
Amortisation of leasing costs & tenant inducements1,8511,662
IFRS 16 Operating lease accounting(57)(88)
Funds from operations (FFO)33,67637,153
Add/(deduct):
Actual capex from continuing operations(228)(200)
Adjusted funds from operations (AFFO)33,44836,953
AFFO (cpu)4.965.54
Distribution per unit (cpu)4.8754.875
AFFO payout ratio98%88%
Units on issue (weighted average, 000s)674,850666,533

INTERIM REPORT 2025|41
10. Borrowings
Dec-24
$000s
Jun-24
$000s
AUD denominated loans1,160,8331,145,753
NZD denominated loans166,900146,900
Borrowing costs(4,210)(5,176)
Total borrowings1,323,5231,287,477
Non current liability1,323,5231,287,477
Total borrowings1,323,5231,287,477
Dec-24
$000s
Jun-24
$000s
Total borrowings at the beginning of the year1,287,4771,239,156
Drawdowns during the year77,379316,327
Repayments during the year(52,658)(277,227)
Additional facility refinancing fee(174)(1,084)
Facility refinancing fee amortised during the year1,1002,009
Foreign exchange movement10,3998,296
Total borrowings at the end of the six monhts1,323,5231,287,477

42|VITAL HEALTHCARE PROPERTY TRUST
(10.a) Summary of Borrowing Arrangements
The Group has structured its borrowings as a club financing arrangement governed by a common terms deed and bi-lateral facility
agreements. Currently there are eight financiers (2023: eight financiers) that provide facilities to the Group. The facilities' expiry profile and
undrawn facility limits are as follows:
Dec-24Jun-24
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Common Terms Deed - AUD
Facility A1100.034.5Oct-28100.042.2Oct-28
Facility A250.0-Mar-2750.0-Mar-27
Facility A475.075.0Mar-2975.075.0Mar-29
Facility C162.5-Mar-2762.5-Mar-27
Facility C262.5-Mar-2762.5-Mar-27
Facility C3125.0-Mar-29125.0-Mar-29
Facility D1125.0-Mar-27125.0-Mar-27
Facility D275.0-Mar-2775.0-Mar-27
Facility D325.0-Mar-2625.0-Mar-26
Facility K170.1-Mar-2870.1-Mar-28
Facility K221.0-Mar-2921.0-Mar-29
Facility K313.0-Mar-2813.0-Mar-28
Facility L75.0-Sep-2875.0-Sep-28
Facility M119.0-Mar-2919.0-Mar-29
Facility M212.0-Mar-2812.0-Mar-28
Facility O50.0-Mar-2850.0-Mar-28
Total AUD Facility960.1109.5960.1117.2
Common Terms Deed - NZD
NZ$m LimitNZ$m UndrawnExpiryNZ$m LimitNZ$m UndrawnExpiry
Facility A50.0-Mar-2750.0-Mar-27
Facility B75.01.5Mar-2875.019.6Mar-28
Total NZD Facility125.01.5125.019.6
Common Terms Deed -
Multicurrency (A$/NZ$)
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Facility A575.03.4Mar-2775.05.0Mar-27
Facility B150.00.7Mar-2750.02.1Mar-27
Facility N125.06.7Mar-28125.01.7Mar-28
Total Multicurrency Facility250.010.8250.08.8
In addition to the above, the Group has available a A$5.0m (30 June 2024: A$5.0m) bank guarantee facility of which A$0.7m (30 June
2024: A$0.7m) 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:

INTERIM REPORT 2025|43
Covenant
Dec-24
Actual
Jun-24
Actual
Banking Covenants
Loan to value ratio< 55%41.7%40.4%
Interest cover> 2.00x2.983.07
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%0.9%
(10.b) Finance Expense
The effective weighted average interest rate on the borrowings, incorporating interest rate swaps and line fees on undrawn facility limits, as
at the reporting date was 5.19% per annum (December 2023: 5.24%).
11.
 Derivatives
(11.a) Interest Rate Swaps
Dec-24
$000s
Jun-24
$000s
Current assets
Interest rate derivative assets4,531149
Non-current assets
Interest rate derivative assets4,61217,704
Non-current liabilities
Interest rate derivative liabilities(4,723)(1,850)
Total4,41916,003
During the period the Group recognised an unrealised fair value loss of $11.7m (31 December 2023: $17.3m loss) on interest rate
contracts. The Group's interest rate swaps effective at the reporting date are as follows:
Dec-24
$000s
Jun-24
$000s
Notional value of interest rate swaps - AUD863,630863,630
Notional value of interest rate swaps - NZD50,00050,000
Average fixed interest rate A$3.17%3.17%
Average fixed interest rate NZ$4.37%4.63%
Floating rates based on AUD BBSY4.47%4.39%
Floating rates based on NZD BKBM4.36%5.68%
Interest rate derivatives mature over the next five years and have fixed interest rates ranging from 2.50% to 4.37% (30 June 2024: from
2.50% to 4.63%).
At balance date VHP had six A$ forward start swaps with a total notional value of A$300m with fixed rates ranging from 3.48% to 3.60%,
and two NZ$ forward start swaps with a total notional value of NZ$100m with fixed rates of 3.15% and 3.83%. The start dates on these
swaps range from 5 March to 5 September 2025 and tenors ranging between two and four years.
VHP also had three callable swaptions (at the counterparty's option) with a notional value of A$200m with fixed rates ranging from 3.54%
to 3.92% and callable dates ranging from 5 March 2026 to 5 June 2027 and tenors ranging between two and three years.

44|VITAL HEALTHCARE PROPERTY TRUST
Recognition and measurement
Derivatives are categorised as financial instruments at fair value through profit or loss and are initially recognised and subsequently
measured at fair value derived from counterparty bank valuations. Counterparty bank valuations are tested for reasonableness by
discounting the estimated future cashflows and using market interest rates for a substitute instrument at the measurement date. The resulting
gain or loss is recognised immediately in the consolidated statement of comprehensive income as hedge accounting has not been applied.
(11.b) Forward Exchange Contracts
Dec-24
$000s
Jun-24
$000s
Current assets
Foreign exchange derivative assets9934
Non-current assets
Foreign exchange derivative assets3216
Current liabilities
Foreign exchange derivative liabilities(56)(94)
Non-current liabilities
Foreign exchange derivative liabilities-(6)
Total75(50)
During the period the Group recognised an unrealised fair value gain of $0.12m (31 December 2023: $0.02m loss) on forward exchange
contracts. The Group's forward exchange contracts outstanding at the reporting date are as follows:
Dec-24
$000s
Jun-24
$000s
Notional value of foreign exchange contracts - AUD21,60122,750
Average foreign exchange rate0.90580.9110
Recognition and measurement
Derivatives are categorised as financial instruments at fair value through profit or loss and are initially recognised and subsequently
measured at fair value derived from counterparty bank valuations. Counterparty bank valuations are tested for reasonableness by using a
valuation model based on the applicable forward price curves derived from observable forward prices. As hedge accounting has not been
applied any resulting gain or loss is recognised immediately in the consolidated statement of comprehensive income.
(11.c)
 Fair value hierarchy
The Group has determined that interest rate swaps and foreign exchange contract derivatives are Level 2 fair value measurement
instruments, that are measured using observable prices of similar instruments. There have been no reclassifications between levels in the
current period (2023: nil).

INTERIM REPORT 2025|45
12. Commitments and Contingencies
Other than the contractual obligations disclosed in Note 6.e and Note12.a, there are no other commitments and contingencies in effect at
the reporting date (2024: nil).
(12.a) NZX Bank Bond
As a condition of listing on the New Zealand Stock Exchange (NZX), NZX requires all issuers to provide a bank bond to NZX under
NZX/DX Listing Rule 1.23.2. The bank bond required by the Trust for listing on the NZX is $75,000.
(12.b) Other Contingent Liabilities
The Australian Federal Government has legislated to clarify uncertainty associated with State property taxes and double tax treaty
agreements. The legislation applies retrospectively from
1 January 2018. There remains uncertainty in respect to how each state government
will apply this legislation and accordingly there may be an impact on the Group's position in respect to absentee owner surcharges.
13.
 Trade and Other Receivables
Dec-24
$000s
Jun-24
$000s
Trade receivables8545,615
Loss allowance(389)(552)
4655,063
Other receivables1,6384,075
Tenant fitout loans949943
Total trade and other receivables3,05210,081

46|VITAL HEALTHCARE PROPERTY TRUST
Other Notes
14. Subsequent Events
•On 20 February 2025 a cash distribution of 2.4375 cents per unit was announced by the Trust. The Record Date for the final distribution
is 6 March 2025, and payment is scheduled to be made to Unit Holders on 20 March 2025. Imputation credits of 0.4958 cents per
unit will be attached to the distribution.
15. Related Party Transactions
Vital is managed by Northwest Healthcare Properties Management Limited (the "Manager"), a wholly owned subsidiary of NWI
Healthcare Properties LP (NWIHLP).
The ultimate parent of NWIHLP is Toronto listed Northwest Healthcare Properties Real Estate Investment Trust (NW REIT) that, as at reporting
date, holds a 28.3% (2024: 28.6%) interest in Vital. NW REIT and its controlled entities (including the Manager) are considered related
parties to Vital and its controlled entities by virtue of common ownership and/or directorships.
Other related parties by virtue of common ownership and/or ownership and/or directorship to the Manager of Vital include Australian
Properties Limited and Northwest Healthcare Australian Property Limited.
Remuneration of the Manager
Vital pays fees to the Manager in accordance with the Trust Deed, with capitalised terms being defined terms in the Trust Deed. The
aggregate of Base Fees, Incentive Fees and Activity Fees is capped at 1.75% per annum of Vital's Gross Asset Value (GAV) as at the end of
a financial year.
Fee arrangements
In accordance with the Trust Deed, the fee arrangements are as follows:
Base Fee
The Base Fee structure is as follows:
•65 bps per annum up to $1bn of GAV:
•55 bps per annum from $1bn to $2bn of GAV;
•45 bps per annum from $2bn to $3bn of GAV; and
•40 bps per annum over $3bn of GAV.
Incentive Fee
The Incentive Fee is determined as 10% of the average annual increase in Vital’s Net Tangible Assets (NTA) (as defined by the Trust Deed)
over the respective Financial Year and the two preceding Financial Years, with payment being made by way of subscribing for new units.
The incentive fee calculations are also subject to a ‘three year High Watermark Net Tangible Asset” requirement, such that for the purpose
of determining the increase in NTA for a Financial Year, the annual NTA increase for that Financial Year will reduce to zero if the actual NTA
does not exceed the High Watermark Net Tangible Asset requirement.
Activity Fees
The Activity Fee structure is as follows:
a. Leases or licences
Vital pays the Manager leasing or licence fees where the Manager has negotiated leases or licences. The fees are charged at 11% of the
aggregate annual rental for terms less than 3 years, 12% of the aggregate annual rental for terms of 3 years, and 12% plus an additional 1%
pro-rata for each year or part thereof for terms greater than three years (to a maximum of 20%), subject to a minimum fee of $2,500.
Lease or licence renewals are charged at 50% of a new lease or licence fee.

INTERIM REPORT 2025|47
Leasing or licence fees are capitalised to the respective investment or property in the consolidated statement of financial position and
amortised over the term of the lease.
b. Property management
Vital pays the Manager property management fees where the Manager acts as the property manager. These fees are charged at 1%
- 2% of gross income depending on the number of tenants at the property and may be recovered from tenants if permitted under
lease agreements.
Property management fees, net of recoveries from tenants, are expensed through the consolidated statement of comprehensive income in the
year in which they arise.
c. Facilities management
Vital pays the Manager a facilities management fee where the Manager acts as a property facilities manager based on the market rate
(referenced to a reputable and high-quality third party service provider) for similar services at similar properties. This fee may be recovered
from tenants if permitted under lease agreements.
Facilities management fees are expensed, net of recoveries from tenants, through the consolidated statement of comprehensive income in the
year in which they arise.
d. Project management
Vital pays project management fees to the Manager for managing capital expenditure projects where the purpose of the project is to
upgrade, repair or otherwise extend the life of the property, including via the replacement or repair of major plant and equipment, structural
items and building envelope.
Project management fees for projects with a budget of between $0.2m and $2.5m are 2% of the committed spend where the Manager is
the project lead and 1% of committed spend where the Manager has an oversight role, increasing to 4% and 2% respectively for projects
with a budget greater than $2.5m.
Project management fees are capitalised to the respective investment or property in the consolidated statement of financial position.
Additional Costs
The Additional Costs structure is as follows:
a. Acquisitions
Vital pays fees to the Manager for managing the due diligence, financing, legal aspects and settlement of the purchase of an investment or
property instead of, or alongside, a third party agent. These fees are charged at 1.5% of the capitalised cost of the relevant investment or
property, being the contracted price payable, excluding any deductions netted off the settlement price (such as rates), together with other
related capitalised acquisition costs.
Acquisition fees are capitalised to the respective investment or property in the consolidated statement of financial position.
b. Disposals
Vital pays fees to the Manager for managing the due diligence, legal aspects and settlement of the sale of an investment or property
instead of, or alongside, a third party agent. These fees are charged at 1% of the contracted sale price of the relevant investment or property
actually received, provided that, if a third party agent has been engaged to provide services for the disposal, then the fee payable to the
Manager will be net of the third party agent’s costs and commissions.
Disposal fees are expensed through the consolidated statement of comprehensive income in the year in which they arise.
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.

48|VITAL HEALTHCARE PROPERTY TRUST
Development management fees are capitalised to the respective property in the consolidated statement of financial position.
Other amounts
In accordance with the Trust Deed, the Manager is permitted to engage related parties to provide services to the Trust. The provision of these
services is subject to compliance with the restrictions on related party transactions in the Financial Markets Conduct Act 2013.

INTERIM REPORT 2025|49
Transactions with related parties
Amounts charged by the Manager and related parties and owing are as follows:
31 Dec 2024
$000s
31 Dec 2023
$000s
30 June 2024
$000s
Statement of
Comprehensive
Income
Statement
of Financial
PositionTotal
Amounts
Owing/
(Receivable)
Statement of
Comprehensive
Income
Statement
of
Financial
PositionTotal
Amounts
Owing/
(Receivable)
Base fee8,888-8,888-9,164-9,164-
Incentive Fee
1
----3,300-3,3006,600
Activity Fees:
Leasing/licensing
2
482,2292,27756712,2402,311238
Property
management
3
1,209-1,2095091,158-1,158320
Facilities
management
3
--------
Project management
4
--------
AFSL fee651-651-688-688-
10,7962,22913,02556514,3812,24016,6217,158
Additional Costs:
Acquisitions
5
---277-(180)(180)274
Disposals
6
86-86-308-308485
Development
management
7
-7217211,745-2,1372,1371,543
867218072,0223081,9572,2652,302
Other Amounts:
Reimbursement of
third party expenses:
Other expenses183-183-105-105-
Amounts paid
to directors:
8
Graham Stuart42-42-75-75-
Angela Bull36-36-50-50-
Michael Stanford60-60-10-10-
321-321-240-240-
11,2032,95014,1532,58714,9294,19719,1269,460
1Manager's incentive fee accrued at 31 December 2024 of nil (Jun 24: $6.6m) is payable to NorthWest Healthcare Properties Management Limited
2Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited $0.02m (Jun 24:$0.2m); NorthWest Healthcare Australian Property Limited
$0.04m (Jun 24: $0.1m)
3Property Management and Facilities Management fees, exclusive of recoveries from tenants, incurred by the Trust totaled $1.2m and nil respectively for the 31 December 2024 year (Jun
24: $2.3m and nil respectively).
Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited $0.2m (Jun 24: $0.1m); NorthWest Healthcare Australian Property Limited
$0.3m (Jun 24:$0.2m)
4Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited Nil (Jun 24: $0.1m) NorthWest Healthcare Australian Property Limited Nil (Jun
24: Nil)
5Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited Nil (Jun 24: Nil); NorthWest Healthcare Australian Property Limited $0.3m (Jun
24: $0.3m)
6Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited Nil (Jun 24: $0.2m); NorthWest Healthcare Australian Property Limited Nil (Jun
24: $0.3m)
7Amounts outstanding at 31 December 2024 are: NorthWest Healthcare Properties Management Limited $0.9m (Jun 24: $0.9m); NorthWest Healthcare Australian Property Limited
$0.8m (Jun 24: $0.7m)
8Directors' fees for Angela Bull are currently paid by the Manager from 7 November 2024. Graham Stuart was paid by the Manager until 7 November 2024.

50|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 Review Report to the Unitholders of Vital Healthcare Property Trust

Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Vital Healthcare
Property Trust (‘the Trust’) and its subsidiaries (‘the Group ’) on pages 24 to 50 which comprise the consolidated statement of financial
position as at 31 December 2024, and the consolidated statement of comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the six months ended on that date, and notes to the interim financial statements,
including material accounting policy information.

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Trust do
not present fairly, in all material respects, the financial position of the Group as at 31 December 2024 and its financial performance and
cash flows for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.

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

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

Other than in our capacity as auditor, we perform other assurance services in relation to the Group’s quarterly reporting pack to the
Group’s Parent. We also carry out other assignments for the Group as independent AGM vote scrutineer. These services have not
impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.

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

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

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



Andrew Boivin
Partner
for Deloitte Limited
Auckland, New Zealand
20 February 2025

INTERIM REPORT 2025|51

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

Conclusion
We have reviewed the condensed consolidated interim financial statements (‘interim financial statements’) of Vital Healthcare
Property Trust (‘the Trust’) and its subsidiaries (‘the Group ’) on pages 24 to 50 which comprise the consolidated statement of financial
position as at 31 December 2024, and the consolidated statement of comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the six months ended on that date, and notes to the interim financial statements,
including material accounting policy information.

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements of the Trust do
not present fairly, in all material respects, the financial position of the Group as at 31 December 2024 and its financial performance and
cash flows for the six months ended on that date in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.

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

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

Other than in our capacity as auditor, we perform other assurance services in relation to the Group’s quarterly reporting pack to the
Group’s Parent. We also carry out other assignments for the Group as independent AGM vote scrutineer. These services have not
impaired our independence as auditor of the Group. The firm has no other relationship with, or interest in, the Group.

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

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

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



Andrew Boivin
Partner
for Deloitte Limited
Auckland, New Zealand
20 February 2025

52|VITAL HEALTHCARE PROPERTY TRUST

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

BOARD AND OFFICERS
OF THE MANAGER
Graham Stuart – Independent Chair
Mike Brady - Director
Angela Bull – Independent Director
Craig Mitchell – Director
Dr Michael Stanford – Independent Director
Aaron Hockly – Fund Manager
Michael Groth – Chief Financial Officer
Vanessa Flax – Regional General Counsel
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.
INTERIM REPORT 2025|53

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.

---

Ormiston Hospital (Stage 1), Auckland
HY25
interim results
presentation
20 FEBRUARY 2025
Providing income security
for our Unit Holders

All amounts are in NZD unless otherwise shown
Aaron Hockly
SENIOR VICE PRESIDENT AND FUND MANAGER
ContentsPresenters
Richard Roos
CO-HEAD ANZ REGION
Michael Groth
CHIEF FINANCIAL OFFICER
Chris Adams
CO-HEAD ANZ REGION
Defensive Australasian
healthcare property portfolio 3
HY25 highlights 4
Financial results and capital
management 8
Portfolio 14
Health sector overview 17
Developments 20
Future focus 24
Appendices 26
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
2

WA
NT
SA
NSW
TAS
VIC
QLD
4%
9%
22%
12 %
22%
27%
4%
Defensive Australasian healthcare
property portfolio
*Excludes strategic land held for development
1
Average building age = the later of the date of construction or last significant capital works
2
Weighted Average Lease Expiry (WALE) - Inclusive of landlord options
3
Vital’s hospital tenants only who provide ~78% of Vital’s revenue
VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX
Consistently growing net property
income reflecting tenant quality and
improving industry dynamics
Improving rent: EBITDAR for Vital's
tenants (lowered from 60% to 53% over
the last 12 months
3
) reflecting tenant
quality and improved industry dynamics
Diversified tenant base with no tenant
accounting for more than 19% of
income
INCOME STABILITY
AUS ~NZ$2.2bn
20* PROPERTIES
NZ ~NZ$1.0bn
14* PROPERTIES
Ageing demographics and growing
populations
Rising life expectancy
Increased offerings due to
technological advances
Increasing demand from the public
sector due to capacity and / or fiscal
constraints
GROWING
DEMAND
HIGH QUALITY
PORTFOLIO
NZ$77.5m remaining spend on existing
developments to be substantially
complete by September 2025
Embedded opportunities in Vital's
potential development pipeline exist but
will only be pursued if value accretive
Vital has an unmatched development
team in healthcare property across
Australia and New Zealand with
~NZ$277m of developments
completed over CY24
DEVELOPMENT
UPSIDE
96% of leases increase annually by CPI or a fixed %
Strong underlying net property income (NPI) growth enhanced by
developments
AFFO growth per unit below medium term target due to on-going interest rate
headwinds
EARNINGS GROWTH
WALE
2
19.1 year
~NZ$3.2bn
34* PROPERTIES (AUS & NZ)
Focused on healthcare precincts
across Australia and New Zealand
Divestments and developments have
helped improve portfolio including
increasing the WALE to 19.1 years
97.7% occupancy
Average building age
1
: 9.2 years
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
3

HY25 highlights
Prime Minister and local MP, RT Hon. Christopher Luxon officially
opened the Ormiston Hospital Expansion in October 2024

Ormiston Hospital (Stage 1), Auckland
HY25 highlights
1
Compared with the prior corresponding period on a same property, constant currency basis
2
Includes ~$73.2m of developments and ~$0.9m of value add capex
4.0%NZ$47.9m
NZ
$74.2m
LIKE-FOR-LIKE NET
PROPERTY INCOME
GROWTH
1
OF VITAL'S NET LETTABLE
AREA LEASED OR RENEWED
NON-CORE ASSET
SALES OVER HY25
18%
4 developments
UNDERWAY WITH NZ$77.5M
SPEND REMAINING (FULLY
FUNDED FROM EXISTING
DEBT CAPACITY)
OF DEVELOPMENT AND
CAPITAL EXPENDITURE
WORKS UNDERTAKEN
2
NON-CORE ASSET SALES AND DEVELOPMENTS HAVE HELPED
IMPROVE THE RESILIENCE OF THE PORTFOLIO
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
5

Sustainability
GRESBClimate Related
Disclosure
Vital submitted to CDP again
in 2024, achieving a score of
B. This marks an improvement
from the B- score received in the
previous year and reflects Vital’s
continued focus on climate
risk management, emissions
reductions and transparency
in environmental reporting.
CDP
GenesisCare Integrated Cancer
Centre (Campbelltown, NSW) has
achieved a 6 Star Design & As Built
v1.3 certified rating from the Green
Building Council of Australia.
First property in the Vital portfolio to achieve
the certification and confirms our commitment
to taking a leading position on sustainability.
Master Builders Association award recognising
project’s achievement in sustainability.
6 Star Green Star As Built certification
underway for Playford Health Hub
Stage 2 (Elizabeth Vale, SA).
First 6 Star Green Star
Certified Development
Vital was again acknowledged
as a Sector Leader in October
2024, for developments in listed
healthcare both globally.
LISTED HEALTHCARE
(BOTH GLOBALLY
AND IN OCEANIA) IN
DEVELOPMENTS
PLACE
1
ST
PLACE
1
ST
PERFORMANCE
SCORE WITHIN
LISTED HEALTHCARE
(GLOBALLY)
2024 CDP CLIMATE
CHANGE SCORE
PLACE
2
ND
GLOBAL SECTOR LEADER
IN DEVELOPMENT
BENCHMARK
5 STAR
DEVELOPMENT
RATING
B Score
To assist Vital’s stakeholders to
better understand Vital’s strategy
and investments, Vital’s first
Climate Related Disclosure was
released in October 2024.
The disclosure provides:
Three plausible but challenging
potential futures across short, medium
and long-term horizons based on
relevant industry scenarios.
Details on Vital’s governance
framework, business model
and sustainability strategy, risk
management and emissions profile.
2024
sector leader 2024
REAL ESTATE
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
6

Avive Clinic, VIC
Dual Listed Trust (DLT) update
What have we heard?
Consultation on a proposal to
restructure Vital into separate New
Zealand and Australia trusts with
independently traded primary listings
on the NZX and ASX commenced
in late November 2024.
Consultation undertaken with Vital’s
largest institutional Unit Holders, retail
investor representatives including
NZSA and several wealth managers.
What have we done?
Not proceeding with DLT
proposal at this time.
Will continue to consider ways
to create a more attractive and
efficient investment vehicle,
including potentially a DLT structure,
over the course of 2025.
Any future proposal, including the
DLT, would only be undertaken with
significant Unit Holder support.
What happens next?
DLT was expected to be earnings
accretive at an entity level. Further,
improving Vital’s structure, including
facilitating international capital
investment into Vital to drive
improved Unit Holder returns,
remains a strategic priority.
Additional capital sources are also
required to help unlock the significant
embedded value for Unit Holders
from Vital’s development pipeline
across the in-demand New Zealand
and Australian healthcare sectors.
Why are we doing this?
Positive feedback particularly for
the objectives of providing earnings
accretion, a broader investor base
and governance enhancements.
Stakeholders also supported retaining
Vital’s PIE status, NZX listing, strategy,
portfolio and development pipeline.
Although Unit Holders generally support
the end state of the DLT, concerns were
raised around transitional matters,
including the ASX units issued as part
of this proposal, given current market
conditions. The Manager also heard
concerns from Unit Holders regarding
the impact of the DLT proposal on
Vital’s NZX-listed entity’s scale,
liquidity and index weighting.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
7

Financial results and
capital management
Minister of Health the Hon. Simeon Brown officially opened stage 2
of the redevelopment of Wakefield Hospital in February 2025

Financial performance
SOLID ABSOLUTE NET PROPERTY INCOME GROWTH DESPITE PORTFOLIO ENHANCING NON-CORE ASSET SALES
Like-for-like rental growth strong at 4.0%. Lower absolute
rental growth reflective of portfolio enhancing divestments
Includes $2.9m relating to the DLT and other strategic
related initiatives
AFFO impacted by the above factors and higher tax
expense on Australian operations and timing delay
on New Zealand tax deductions
ACTUAL
HY2025
ACTUAL
HY2024
(%)
CHANGE
Net property income74,308 72,399 2.6%
Corporate expenses(5,846)(2,664)
(119.4%)
Management fees(8,888)(12,464)
28.7%
Realised transaction gains / (losses) on FX derivatives21 284
(92.6%)
Net finance expenses(23,120)(20,075)
(15.2%)
Operating profit before tax and other income36,47537,480
(2.7%)
Property revaluations and other income(79,323)( 161 ,19 2 )
50.8%
Profit before income tax(42,848)(123,712)
65.4%
Adjusted funds from operations (AFFO)33,448 36,953
(9.5%)
Adjusted funds from operations (cpu)4.96 5.54
(10.6%)
Distributions per unit (cpu)4.88 4.88 -
All values shown as $m
Average NZD/AUD exchange rate in the period0.90920 . 9 2 51
Net finance expenses up reflecting completion of
developments and interest rate headwinds
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
9

72.4
5 .1
3.0
(6.5)
(0.5)
0.8
74.3
10
20
30
50
40
60
80
90
70
HY24Development
Income
1
Rent Reviews &
Leasing Activity
Disposals
2
Amortisations
& Other
3
Foreign
exchange
HY25
Net property income
4.0% NPI LIKE-FOR-LIKE GROWTH DUE TO LEASING, DEVELOPMENTS AND RENT REVIEWS
NET PROPERTY INCOME BRIDGE
($M)
Income from completed
developments – Both projects
rentalised as incurred and those
that earn income from practical
completion
Disposals – Strategic disposal of
non-core assets in HY25 totaling
NZ$47.9m
Rent Reviews & Leasing Activity –
Market and other reviews up 3.6% or
$2.4m versus HY24 with the remainder
due to improvements in portfolio
occupancy
1
Incremental development income contributed from GenesisCare Cancer Centre, Playford Health Hub Stage 2, Avive Clinic, Ormiston, Wakefield, Abbotsford, Grace Hospital
2
Disposals of non-core assets: H&P portfolio, Bolton Clarke, Epworth Brighton, Napier Health Centre and Southport Private.
3
Amortisation, non-recurring Repairs and Maintenance (R&M) and abatements
86% of Vital's leases (by income) are indexed to CPI in some way
HY25 property income growth of +4.0%
(like-for-like, constant currency basis)
Headline growth impacted by non-core assets sales
which have improved Vital's overall property portfolio
+2.6% growth (incl FX) / +1.5% (excl. FX)
Income from completed
developments &
rentalised spend
on CAPEX
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
10

Balance sheet
SOLID BALANCE SHEET MAINTAINED
1
Calculated in accordance with Vital's Trust Deed
31 DEC 2430 JUN 24(%)CHANGE
Investment properties3,230,546 3,239,973 (0.3%)
Other assets35, 07264,786
(45.9%)
Bank debt1,327,733 1,292,653
2.7%
Other liabilities194,520206,979
(6.0%)
Debt to gross assets
1
40.7%39.1%4.1%
Unitholder funds1,743,3661,805,126
(3.4%)
Units on issue (000s)676,561 6 71, 9 2 3
0.7%
Net tangible assets ($/unit)2.58 2.69
(4.1%)
All values shown as $000s
Period end NZD/AUD exchange rate0.90490 . 9131
Stable due to portfolio enhancing non-core asset sales
and property revaluations, offset by development spend
and FX movement
Proceeds from asset sales applied to debt reduction to
offset valuation declines; further non-core asset sales are
being considered
Decline primarily due to non-cash, unrealised property
revaluations
Derivative mark to market movements driving this decrease in
value, as well as deploying cash on hand to pay down debt
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
11

TO BE UPDATED
Leverage supported by cashflows
VITAL'S DEBT IS SUPPORTED BY INCOME WHICH IS TRANSPARENT,
LONG DATED AND DEFENSIVE
Leverage remains appropriate given the
transparency, quality and duration of the
cashflows from Vital's property portfolio.
Significant headroom available versus
banking covenants and remaining committed
development spending.
Nearing the end of committed developments.
1
Trust Deed debt ratio is based on total borrowings to gross asset value of the Trust
2
Bank LVR is based on total indebtedness to secured property value as determined by external valuers
DEBT EXPIRY PROFILE – 31 DECEMBER 2024 (A$)
0
100
200
300
400
500
600
Dec-25Jun-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29
VALUE ($M)
BANK FACILITIES31 DEC 202430 JUN 2024
Debt to gross assets (Trust Deed)
1
40.7%39.1%
Bank loan to value ratio – actual
2
41. 7 %40.4%
Bank loan to value ratio – covenant55.0%55.0%
Weighted average duration to expiry3 yrs3.5 yrs
Undrawn facility limitA$122m
(NZ$135m)
A$144m
(NZ$155m)
Whilst leverage is not considered excessive
in the context of Vital's portfolio, it is near the
upper end of our target range. Focus remains
on optimising Vital's balance sheet via:
capital partnering; and
non-core asset sales
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
12

Interest rate hedging profile
INTEREST RATE COSTS SUBSTANTIALLY HEDGED FOR OVER 2 YEARS TO HELP MANAGE RISK
1
includes line fees on undrawn facilities
2
excludes the exercise of swaptions (at the election of the financiers)
HEDGING MATURITY PROFILE (A$)
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
Dec-24Jun-25Dec-25Jun-26Dec-26Jun-27Dec-27Jun-28Dec-28Jun-29Dec-29Jun-30
IRSSwaptionWAFR
31 DEC 202430 JUN 2024
Weighted average cost of debt
1
5 .19 %5.24%
Weighted average fixed rate
(excl line fee and margin)
3.23%3.22%
Weighted average fixed rate duration
2
3.1 yrs2.2 yrs
% of drawn debt fixed76 %77%
Hedging activity totalling A$385m
completed in HY25. Key components:
3.61% weighted average fixed rate
average duration of 3 years
0.9 year increase to weighted
average duration of the hedge
book versus 30 June 24
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
13

Portfolio
Maitland Private Hospital, NSW

WA
NT
SA
NSW
TAS
VIC
QLD
4%
9%
22%
12 %
22%
27%
4%
Portfolio overview
AUSTRALASIA'S HIGHEST QUALITY INVESTABLE HEALTHCARE PORTFOLIO
GEOGRAPHIC DIVERSIFICATION
(BY VALUE)
MAJOR TENANTS % OF
PORTFOLIO INCOME
CPI aligned leases support income growth
occupancy
97.7%
4.0% growth for same properties on a like-for-like and constant
currency basis; 2.6% growth in net property income after
allowing for portfolio improving disposals
Evolution Healthcare 14%
Burnside 3%
Epworth Healthcare 14%
Healthe Care Surgical 17%
Southern Cross 4%
GenesisCare 2%
Mercy Ascot 3%
Boulcott Hospital 2%
I-MED Radiology Network 1%
Other 21%
Aurora Healthcare 19%
Vital's tenants include some of the largest healthcare
operators across Australia and New Zealand
96% of leases have fixed or CPI
rent reviews
~86.0% of Vital's leases (by
income) is linked to CPI of which
61.0% has a cap with a weighted
average of 3.58%
Rent review profile helped support
4.0% like-for-like net property
income
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
15

Ormiston Hospital (Stage 1), Auckland
Asset management
continues to
achieve results
During HY25, over 47,000 square metres was
leased, extended or renewed through active asset
management. This represents 21% of Vital's total
income and 18% of portfolio area.
The leasing success further improved Vital's market
leading weighted average lease expiry (WALE)
to 19.1 years at 31 December 2024, compared to
18.3 years at 30 June 2024.
Completion of early lease renewals has improved
Vital's expiry profile with no material potential lease
expiries scheduled for the next 18 months.
Successful leasing of existing and newly developed
space reflective of Vital's high quality portfolio
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
16

Health sector
overview
Ormiston Hospital (Stage 1), Auckland

Market dynamics
AUSTRALASIA'S HIGHEST QUALITY INVESTABLE HEALTHCARE PORTFOLIO
Demand for healthcare services continues to increase,
driven by an ageing and growing population with high
levels of Private Health Insurance coverage
The private sector is fundamental to the delivery
of healthcare services across both countries
Well located, high-quality healthcare facilities
with quality operators continue to perform well
Market context
TailwindsHeadwinds
Australia and New Zealand are projected
to have some of the steepest growth
in population and seniors amongst
advanced economies; 6.8m in Aus, 1.3m
in NZ net population increase by 2040
Labour supply constraints and
industrial action (in Australia)
threaten to drive increases in labour
costs, placing pressure on margins
Strong demand fundamentalsLabour pressures
Growth in private hospital admissionsIncreased costs
Public sector struggles to meet demandCase mix changes
Private admissions are increasing,
up 4% from FY23 to FY24 in
Australia, and New Zealand market
continuing to increase volumes partly
due to public sector constraints
Persistent health cost inflation
not fully offset by revenue
indexation from insurers
Funding pressures and productivity
challenges are impacting public
health services, with substantial unmet
need in Australia and New Zealand
Cost and margin pressure has
placed greater emphasis on case
mix management to improve
operating performance
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
18

TO BE DESIGNED
SECTOR IS IMPLEMENTING COST REDUCTION MEASURES, ADVOCATING FOR INCREASED FUNDING AND PRIORITISING EFFICIENCY. RISING
BARRIERS TO ENTRY ARE RESTRICTING NEW COMPETITION
Market contextWhat this means for Vital
Push to drive revenue growth and improve cost base efficiency
Cost base inflation, increasingly driven by labour constraints, will compel operators to pursue new revenue
streams and push for increased revenue from funders
High-quality, well-located
assets will continue to perform
NZ operators continue to
trade strongly
Vital’s Australian operators
continue to record improved
financial performance
Continued focus on efficiency, case mix management and technology investment
Operational efficiency and technology-driven investments are at the forefront of efforts to enhance
performance. High-quality, well-located hospitals like those owned by Vital are expected to continue
outperforming the market
Market dynamics (cont'd)
Replacement costs well in
excess of Vital's portfolio value
and other barriers to entry
protect existing investments
New developments challenged; imperative to maximise utilisation of existing
assets
High asset replacement costs and challenges for new developments is limiting new supply and creating higher
barriers to entry, driving operators to improve efficiency and increase capacity in existing facilities
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
19

Developments
Playford Health Hub (Stage 2), SA

Playford Health Hub (Stage 2), SA
Several large developments
close to completion
reducing capital required
in future periods.
Vital has undertaken
NZ$730m
1
of developments
over the last 5 years.
Completed developments
have improved average
building age by ~13
years and WALE by ~6
years during this time
whilst delivering strong
underlying returns.
Development strategy
Continue to develop through
the cycle to enhance
Vital’s portfolio, support
operating partners and
provide future earnings
growth for Unit Holders.
Focus on precincts and
sustainable buildings.
Brownfield developments in
particular have supported
Unit Holder total returns and
kept Vital's assets modern
and fit for purpose.
Vital has several shovel ready
projects across Australia
and New Zealand that can
commence once market
conditions are supportive.
Disciplined around committing
to new developments.
Working on new ways of
funding these developments
including capital partnering.
Current focusAchievementsStrategy
1
$730m represents the total development spend for Vital over the 5 year period
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
21

NZ$73.8m
expected to be spent
over the next 12 months
(funded through existing
debt capacity)
5.58%
weighted average
development yield
NZ$77.5m
remaining
to be spent
Committed development pipeline
NZ$241.3m
committed
developments
RDX, Queensland
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
22

Developments completed during HY25
Wakefield Hospital Stage 2
Asset TypeHospital (Acute)
Total CostNZ$91.5m (tenant has invested over $30m in this asset including part of
this stage and will fully fund the final, minor stage of development)
Net Project Yield5.7% (versus in-use yield of 5.5%)
Completion DateFebruary 2025
1
DescriptionSecond stage of hospital rebuild delivering 7 OT's, 2 cardiac cath labs, 10
ICU/ HDU beds, 37 inpatient beds and additional expansion capacity.
Asset ValueNZ$183.5m
Maitland Private Hospital
Asset TypeHospital (Acute)
Total CostA$16.0m
Net Project Yield~6.0% (versus in-use yield of 5.5%)
Completion DateSeptember 2024
DescriptionThis 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 while Stage 2 works achieved
Practical Completion in September 2024.
Asset ValueA$142.7m
1
excluded from Half Year results
Practical Completion achieved at
NZ$277m of developments over CY24
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
23

Future focus
Tē tōia, tē haumatia, kia rite, kia mau.
Nothing can be achieved without a plan, workforce and
a way of doing things. Be prepared to take action.
Avive Clinic, VIC

Ormiston Hospital (Stage 1), Auckland
CONTINUED DELIVERY AND FOCUS ON ADDING VALUE AND EARNINGS GROWTH
FY25 distribution
guidance of 9.75cpu
Guidance
Maintenance of appropriate balance sheet
including a reduction in gearing through non-core
asset sales and / or capital partnering
Further successful leasing particularly of
developments

Ensuring investors understand the high-quality,
low risk nature of Vital's portfolio and earnings
particularly compared to Australian peers
Committed development pipeline winding down
Potential development pipeline retained
DLT suspended with engagement continuing
Maintaining sector leadership in ESG
Return to AFFO per unit growth as interest rate
headwinds ease
Strategic focus
Unit Holders benefit from low risk portfolio: high income
security, high occupancy, long WALE, high quality
properties and tenants, diversified earnings by tenant
and geography
Growing demand for healthcare assets
Ongoing sector leadership in ESG acknowledged
by GRESB
Sector tailwinds and Vital's
unique offering
Outlook and guidance
Vital is a 'best in class' investment platform.
The Board and management will seek to capitalise
on Vital's unique position, high-quality portfolio for
the benefit of Unit Holders through on-going active
capital and asset management as well as
ESG leadership.
As well as focusing on AFFO per unit growth (over
the medium term), we are seeking to continually
improve Vital's portfolio and add value for
Unit Holders.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
25

Appendices
Ormiston Hospital (Stage 1), Auckland

Committed developments – Australia and 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
GCHKP - RDX (QLD)9 level Research and development centre of excellence
& 3 level 181 bay basement car parking.
13 3 . 67. 295.638.05.6%Mid-25Construction works continuing, structure complete, façade installed
to Level 5, services rough in commenced to Level 7 and core partition
framing well advanced up to Level 5.
Total Australian Developments A$133.67. 295.638.05.6%
Total Australian Developments NZ$14 7. 67. 9105.642.05.6%
New Zealand
3
Grace Stage 1 (NZ TRG)Fitout of 2 theatres, Endoscopy & 10 beds36.7 - 19 . 617.15.5%Mid-26Same day admissions unit, OT8/9, on-grade car parking and Oropi
Day Unit works complete. Final stage being the West Wing Inpatient
Unit extension progressing well with the structure substantially complete
and framing underway.
Endoscopy Auckland (NZ AKL)New Endoscopy clinic32.2 - 19 . 912.35.4%Mid-25Development has passed the mid-point of construction with wall
framing and services rough in substantially complete. External cladding
installation has commenced.
Boulcott (NZ LH)2 theatres, PACU expansion & conversion24.8 - 18.66.25.9%Mid-25Development has passed the mid-point of construction with works
progressing well. Services rough in completed in Operating Theatres 4
and 5. Loan store and sterile store reburbishment has commenced.
Total New Zealand Developments NZ$93.7-58.135.55.6%
Total Developments in NZ$
2
241.37. 9163.87 7. 55.6%
1
Excluding Land
2
A$ converted at 31 December 2024 spot rate 0.9049
3
Wakefield Stage 2 is expected to achieve Practical Completion post balance date in February 2025
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
27

Adjusted funds from operations (AFFO)
CONSERVATIVE PAYOUT RATIO RETAINED
HY2025HY2024(%) CHANGE
Operating profit before tax and other income36,475 37,480
(2.7%)
Add/(deduct):
Current tax expense(9,920) (12,532)
(20.8%)
Strategic transaction expenses (including DLT proposal) 2,862
-
n.a
Incentive fee - 3,300 n.a
Realised and unrealised fx on borrowings (net of tax) 13 0 3
n.a
Amortisation of borrowing costs 1,10 0 990
11 . 1 %
Amortisation of leasing costs and tenant inducements 1, 8 51 1,662
11.4%
Current tax expense on asset disposals / interest rate swap restructure 1, 235 6,338
(80.5%)
IFRS 16 operating lease accounting(57) (88)
35.2%
Funds from operations (FFO) 33,676 3 7,15 3
9.4%
Add/(deduct):
Actual repairs and maintenance from continuing operations(228) (200)
(13.8%)
Adjusted funds from operations (AFFO) 33,448 36,953
(9.5%)
AFFO (cpu)4.96c5.54c
(10.6%)
Distribution per unit (cpu)4.88c4.88c -
AFFO payout ratio98%88%
All values shown in NZ$000's
Units on issue (weighted average, 000s)674,850666,533
AFFO impacted by
portfolio enhancing
non-core asset sales,
higher tax expense on
Australian operations
and timing delay on
New Zealand tax
deductions.
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
28

Net Tangible Assets
NTA PER UNIT BRIDGE (HY25)
REVALUATION LOSS HAS LED TO SMALL NTA DECLINE PER UNIT
($0.08)
$0.01
($0.02)
($0.01)
($0.01)
$2.58
$2.40
$2.50
$2.60
$2.70
$2.80
$2.69
Interest rate swapsProperty revaluationsCurrency translationRetained earningsNew units issuedHY25FY24
Fall mainly due to (unrealised)
property revaluations
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
29

Movement in investment property
STRONG CPI LINKED HEALTHCARE PORTFOLIO OFFSETS CAP RATE SOFTENING
TOTAL PORTFOLIO VALUE BRIDGE (1H HY25)
(NZ$ MILLIONS)
1
Includes development expenditure
and capitalised interest costs
2
Book value
3
Disposals during HY25 including assets
held for sale at 30 June 2024
4
Period end NZD/AUD exchange rate
moved from 0.9131 at 30 June 2024
to 0.9049 at 31 December 2024
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
3,240
(66)
(48)
+20
3,218
31-Dec-24Capital
additions
1
Property
revaluations
Disposals
2,3
Foreign
exchange
4
30-Jun-24
+85
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
30

1
Total returns measured by change in unit price plus post-tax distributions to 31 December 2024
Comparative returns
VITAL MAINTAINS LONG-TERM OUTPERFORMANCE VS BENCHMARK ON A TOTAL RETURN
1
BASIS
TOTAL RETURN
1
TO 31 DECEMBER 20241YR5YR10 Y RINCEPTION
Vital(13.0%)-4.8%5.7%9.2%
S&P/NZX All Real Estate Index(3.0%)-3.1%5.0%6.7%
S&P/NZX 50 Index11.4%2.7%8.9%7.5%
Over/(under) performance vs NZX REIT(10.0%)(1.6%)0.6%2.5%
Over/(under) performance vs NZX50(24.4%)(7.4%)(3.3%)1. 7%
Recent under performance (~12 months) versus Vital’s
benchmark mainly reflective of:
Vital falling out of two global share market indices: and
Previous concerns around Vital’s Manager’s parent, Northwest REIT.
These concerns have been allayed through Northwest REIT achieving
an investment-grade credit rating earlier this month reflecting its
strengthened balance sheet.
Source: Forsyth Barr
VHP VS S&P NZX REAL ESTATE INDEX
0
100
200
300
400
500
600
700
800
900
1000
Dec-04Dec-05Dec-06Dec-07Dec-08Dec-09Dec-10Dec-11Dec-12Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24
VitalS&P/NZX All Real Estate IndexS&P/NZX 50 Index
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
31

PRIVATE HOSPITALS
15 hospitals (acute and specialty –
mental health, rehabilitation)
5 hospital operators
76% of AUS portfolio value;
87% of AUS rent
WALE: 21.1 years
5 assets, multiple tenants
24% of AUS portfolio value;
13% of AUS rent
WALE: 10 years
AMBULATORY CARE
~NZ$2.2bn Australian portfolio overview
GEOGRAPHICALLY DISPERSED AUSTRALIAN PORTFOLIO IMPROVING AS WIDER INDUSTRY IMPROVES
SUBSECTOR DIVERSITY (BY VALUE)
47%
29%
24%
H
O
S
P
I
T
A
L

7
6
%
O
T
H
E
R

2
4
%
MEDICAL OFFICE
BUILDINGS
SPECIALTY
HOSPITAL
ACUTE
HOSPITAL
19.6 years
WALE
1
1
Inclusive of landlord options
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
32

~NZ$1.0bn New Zealand portfolio overview
KEY NEW ZEALAND MARKET CONTINUES TO PERFORM STRONGLY
PRIVATE HOSPITALS
9 hospitals (all acute)
6 hospital operators
82% of NZ portfolio value;
84% of NZ rent
WALE: 19.5 years
5 assets, multiple tenants
18% of NZ portfolio value;
15% of NZ rent
WALE: 10 years
AMBULATORY CARE
18.1 years
WALE
SUBSECTOR DIVERSITY (BY VALUE)
82%
18 %
MEDICAL OFFICE
BUILDINGS
ACUTE
HOSPITAL
H
O
S
P
I
T
A
L

8
2
%
O
T
H
E
R

1
8
%
VITAL HEALTHCARE PROPERTY TRUST
|
INTERIM RESULTS HY25
|
33