Vital announces FY25 Third Quarter Update

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 1 of 2

MARKET RELEASE
8 May 2025

FY25 Third Quarter Update
Northwest Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property
Trust (Vital), has today released Vital’s FY25 Third Quarter Update.
Highlights for the quarter
• Distributions of 2.4375cpu for Q3 (9.75 cpu annually)
• 2% Distribution reinvestment plan issue price discount introduced
• Market leading WALE of ~19 years maintained
• Diversified tenant base with no single tenant representing more than 19% of rent (no Healthscope exposure)
• No debt expiring until March 2027 following a debt term extension completed in April 2025
• NZ$11.5m Wakefield Hospital capacity expansion initiated at an accretive yield on cost of ~7.0%
FY25 Third Quarter Distribution
Vital is pleased to reconfirm FY25 distribution guidance of 9.75 cents per unit (cpu) and announce a third quarter
distribution of 2.4375 cpu. Imputation credits of 0.6316 cpu are attached to this distribution. The record date is
5 June 2025 and payment will be made on 19 June 2025.
Vital's Distribution Reinvestment Plan (DRP) will remain available for investors, providing an option to reinvest
distributions for additional Vital units, without paying brokerage, commissions or other transaction costs. DRP
units will be priced in accordance with the DRP terms and conditions, less a 2% discount. Correctly completed
DRP elections to elect to participate or change an existing participation instruction are required to be received
by Vital’s Registrar by 5.00pm 6 June 2025.
Proceeds raised under the DRP will be applied to funding incremental capital works with key hospital operating
partners such as the NZ$11.5m project at Wakefield Hospital that was announced today (refer below for further
details).
Development Update
Vital currently has NZ$64.5m left to spend on its committed development pipeline of NZ$252.2m. This pipeline
includes the NZ$11.5m expansion works at Wakefield Hospital. The Wakefield Hospital project is an incremental
brownfield development expected to deliver investors compelling value add outcomes at one of Vital’s top
performing properties. This continues Vital’s long standing partnership with Evolution Healthcare in the
transformation of this property since its acquisition in 2017.
Refer to the attached FY25 Third Quarter update and the separate FY25 Third Quarter Distribution
announcement for further details.
– ENDS –

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

ENQUIRIES
Chris Adams
Co-Head, ANZ, Northwest Healthcare Properties Management Limited
Tel +61 408 665 332, Email chris.adams@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), ambulatory care facilities (~18%* of
portfolio value) and life science facilities (4%).
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 March 2025

---

The Distribution Reinvestment Plan (DRP) is active
providing Unit Holders with a low cost way of
increasing their holding in Vital. Vital uses DRP
proceeds to fund developments and other capital
works thereby improving the portfolio.
Q3 DISTRIBUTION
Q3 CASH
DISTRIBUTION
2.4375cpu
ANNUAL
DISTRIBUTION
9.75 cpu
IMPUTATION
CREDITS
0.6316 cpu
DRP active with
a 2% discount
reintroduced
Note a 2% discount has been reinstated
Payment date 20 June 2024
Ex date 5 June 2024
FY25 Third
Quarter
Update
1 JANUARY 2025 - 31 MARCH 2025
Dear Unit Holders
This quarterly update provides an overview of
Vital’s performance for the three months ended
31 March 2025 as well as year-to-date (YTD)
performance. A summary of the financial and
other results are presented on the subsequent
pages of this report.
Market update
Unit Holders will likely be aware of global
share market turmoil particularly over recent
weeks as well as on-going issues with the
Australian private healthcare sector centred
around Healthscope. Despite this volatility,
Vital’s relative income security derived from its
long weighted average lease expiry to high
quality tenants remains.
Our strategy of reducing single tenant
exposure, focusing Vital’s investment into core
healthcare precincts and continually upgrading
the portfolio has put Vital in the best possible
position to weather these external events.
Importantly, Vital has collected over 99% of rent
YTD and has no exposure to Healthscope.
Wakefield expansion
Today, Vital approved a NZ$11.5m expansion
project at Wakefield Hospital. This project
expands the capacity of Wakefield Hospital
by developing an additional 34-bed ward in
the level 5 shell space. This project will deliver
investors a compelling value add outcome at
one of Vital’s top performing properties and
continues Vital’s long standing partnership with
Evolution Healthcare in the transformation of this
property since its acquisition in 2017.
Leadership change
As Unit Holders may be aware, after 5.5 years
leading Vital, I am stepping down as Fund
Manager on 9 May 2025. As a result, this will
be my last formal communication with you. I
have appreciated meeting and engaging with
so many of you across the length and breadth
of New Zealand and beyond.
During this period, I am most proud of:
·
Our significantly improved relationships
with Unit Holders;
·
The growth in Vital’s property portfolio
particularly in New Zealand;
·
Vital’s asset recycling programme, divesting
out of older, smaller and less strategically
aligned assets and reinvesting into the next
generation of healthcare assets; and
·
Our achievements in sustainability.
Importantly, I remain a Unit Holder in Vital
and therefore remain invested in the ongoing
success of the Trust.
I’m also pleased to be handing over to Chris
Adams (details over page). Chris has a long
standing relationship with Vital and has been
part of the Vital leadership team since 2017.
This leaves Vital in good hands.
Market leading WALE of ~19 years
>99% rent collected YTD
Diversified tenant base with no single
tenant representing more than 19% of rent
No exposure to Heathscope
No debt expiring until March 2027
1
In February 2025, Stage 2 of the complete redevelopment of Wakefield Hospital was officially opened by
Health Minister Simeon Brown. This redevelopment has taken over five years of construction in addition to
several years of planning and preparatory works. Valued at over $183m and with a remaining lease term in
excess of 30 years, this is one of Vital’s marquee assets and its redevelopment will provide material benefit
for patients, staff and the community.
1
Incorporating refinance completed in April 2025
Wakefield Hospital official opening
Aaron Hockly
Fund Manager
8 May 2025
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTDTHIRD QUARTER UPDATE FY25 | 1

The Ormiston Hospital Expansion project
Finalist in the Warren & Mahoney Civic, Health and Arts
Property Award at the 2025 Property Industry Awards
Development
achievements
Sustainability
focus
Vital leadership
Macarthur Health Precinct Stage 1
awarded a 6 Star Green Star As Built certification
From 9 May 2025, Chris Adams, Co-Head of Northwest Healthcare for the Australian
and New Zealand region, will assume Aaron Hockly’s previous Fund Manager
responsibilities. Chris brings over 25 years of experience in the healthcare property sector,
including as a founding executive of Generation Healthcare REIT, which was acquired by
Northwest in 2017. Chris had previously played a key role in establishing Vital’s presence
in Australia in 1999 after holding various roles within the group in New Zealand.
Full biographies of Chris and other directors and executives available at:
https://www.vitalhealthcareproperty.co.nz/board-management/
During the quarter, Vital continued to support
one of its key charitable partners, Keystone
Trust. Keystone provides young people held
back by inequality with access to education
in the property or construction sector.
Key activities during Q3 included providing:
1. a financial scholarship with additional mentoring
and other support to a property and commerce
student at the University of Auckland (photo below);
2. 22 Keystone Trust students with the opportunity to
visit an operating hospital and tour a new hospital
development to aid in their learning of property and
development; and
3. an intern opportunity for a Keystone scholar to work
in Vital’s Auckland office for ~2 months.
Finance update
~NZ$110m of additional hedging entered into in Q3 increasing total
debt hedged to ~77%.
Post quarter end Vital refinanced ~NZ$165m in debt facilities.
Highlights of these debt facility changes include:
Vital has reintroduced a 2% discount to its DRP. Proceeds from the DRP are
used to fund capital works for operating partners such as the NZ$11.5m of
fit-out works at Wakefield Hospital recently agreed to.
Average debt duration
extended to 2.9 (+0.2) years
(31 March 2025 proforma)
Facilities converted to multi-
currency (A$ and NZ$)
providing enhanced flexibility
Vital has no debt maturing
until March 2027
*

All figures calculated by value as at 31 March 2025.
32%
NEW ZEALAND
68%
AUSTRALIA
GEOGRAPHIC DIVERSITY
~19 years
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
~NZ$3.2bn
PORTFOLIO VALUE
77.5%
SUB-SECTOR EXPOSURE
PRIVATE HOSPITALS
18.5%
SUB-SECTOR EXPOSURE
AMBULATORY CARE
4%
SUB-SECTOR EXPOSURE
LIFE SCIENCE
Portfolio
overview*
2.6%$2.51
INCREASE IN NET PROPERTY
INCOME OVER Q3
N TA
PER UNIT
Macarthur Health Precinct, NSW
Unless otherwise noted, photos on pages 2 and 3 are from the official openings of Wakefield Hospital in Wellington and the Macarthur Health Precinct in Sydney
Ormiston Hospital, Auckland
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTDVITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTDTHIRD QUARTER UPDATE FY25 | 2THIRD QUARTER UPDATE FY25 | 3

Vital Healthcare Property Trust, Managed by Northwest Healthcare Properties Management Ltd
For the period
3 months to
31 Mar 25
$000s
3 months to
31 Mar 24
$000s
Variance
$000s
Change
%
Gross property income42,97139,341
Property expenses(8,326)(5,889)
Like-for-like net property income34,64533,4531,19 33.6%
Net property income from acquisitions/disposals162,238
Net property income from developments2,322383
Straight-line rent / amortisation of incentives(664)(663)
Non-recurring items-684
Foreign exchange699-
Net property income37, 01936,0969232.6%
YEAR-TO-DATE UPDATE
Year-to-date
Financial Performance
(unaudited)
Q3 UPDATE
Like-for-like
Financial Performance
(unaudited)
1
Financial Position (unaudited)
As at
31 Mar 25
$000s
31 Dec 24
$000s
Variance
$000s
Change
%
Assets
Investment properties3,167,2693,230,546
(19,148)(0.6%)
Investment properties - held for sale44,129-
Other assets37,23335, 072
Liabilities
Borrowings1,360,7101,323,5233 7,18 72.8%
Other liabilities189,281198,726
Debt to gross assets41.9 %40.5%1.4%
Total Unit Holders’ funds 1,698,6401,743,366(44,726)(2.6%)
Units on issue (000s)677,083676,561
Net tangible assets ($/unit)2.512.58(0.06)(2.7%)
Period end NZD/AUD exchange rate0.90870.9049
Important note: The information in this investor update is general information only and does not contain all information necessary to make an investment decision. The financial information
in this investor update has not been audited. No representation or warranty, express or implied, is made to the accuracy, adequacy or reliability of information in this update, including the
financial information. This investor update contains forward looking statements which are inherently susceptible to uncertainty. Vital’s actual results may vary materially from those expressed
or implied in this investor update. The Manager is under no obligation to provide any update to information included in this update, including as a result of the audit process.
1
On a ‘constant currency’ basis. Figures may not sum due to rounding.
For the period
9 months to
31 Mar 25
$000s
9 months to
31 Mar 24
$000s
Variance
$000s
Change
%
Gross property income133,546 125,873
Property expenses(22,220) (17,379)
Net property income111 , 3 2 6 108,494 2,8322.6%
Corporate expenses(3,854) (3,717)
Management fees (base & incentive)(13,292) (18,567)
Strategic transaction expenses(2,862)-
Net finance expenses(34,062) (30,111)
Operating profit 57,256 56,099 1 ,15 72.1%

Non-operating gains/(losses)
Fair value gain/(loss) on investment property(107,419) (140,818)
Net gain/(loss) on disposal of investment property(1,928) (2,897)
Fair value gain/(loss) on derivatives(16,668) (17,224)
Realised & unrealised gain/(loss) on foreign exchange(248) (239)
Profit/(Loss) before income tax(69,007) (105,079)36,07234.3%
Current and deferred taxation4,746 5,726
Profit/(Loss) for the period attributable to Unit Holders of the Trust(64,261) (99,353)35,092(35.3%)
Funds from Operations (FFO)53,228 55,364 (2,137)(3.9%)
Adjusted Funds from Operations (AFFO)52,529 55,035 (2,507)(4.6%)
AFFO per unit7. 7 8 8.24 (0.45)(5.6%)
Weighted average units on issue (000s)675,433 667,879 7,5541.1 %
Average NZD/AUD exchange rate0.9077 0.9272
Official opening of Playford Health Hub (stage 2) in Adelaide
Chris Adams officially opened Specialist Medical
Centre at the Playford Health Hub, SA in February 2025
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTDVITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTDTHIRD QUARTER UPDATE FY25 | 4THIRD QUARTER UPDATE FY25 | 5

DevelopmentDescription of Works
Development
Cost
1
Cost to
Complete
Forecast
Net Return
Forecast
Completion
date
Australia
GCHKP - RDX (QLD)9 level research and development centre
of excellence and 3 level 181 bay basement
car parking.
13 3 . 62 4 .15.6%
2
Mid-25
Total Australian Developments A$m133.624 .15.6%
Total Australian Developments NZ$m147.026.55.6%

New Zealand
Grace Stage 1 (NZ TRG)Fitout of 2 theatres, Endoscopy & 10 beds.36.714.85.5%Mid-26
Endoscopy Auckland
(NZ AKL)
New Endoscopy clinic.32.28.05.4%Mid-25
Boulcott (NZ LH)2 theatres, PACU expansion & conversion.24.83.75.9%Mid-25
Wakefield Level 5 Expansion
Works (NZ WGN)
34 bed ward expansion of Level 5 shell space.11 . 511 . 57.0%Late-25
Total New Zealand Developments NZ$m105.238.05.7%
Total Developments in NZ$m
3
252.264.55.6%
1
Excluding Land
2
Fully leased initial yield
3
A$ converted at 31 March 2025 spot rate 0.9087
~NZ$64.5m remaining to be spent on Committed Developments
vhpt.co.nz
Wakefield Hospital, Wellington
VITAL HEALTHCARE PROPERTY TRUST, MANAGED BY NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LTD