Vital's 2025 Annual Meeting

Annual
Meeting
Endoscopy Auckland, Auckland
6 NOVEMBER 2025

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Questions
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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2024
Meeting agenda
▸Introduction to the Meeting from the Independent
Chair of the Manager
▸Address by the Independent Chair of the Manager
▸Address by the Fund Manager
▸Adoption of Annual Financial Statements
▸Questions
▸Re-election of Angela Bull
▸General Business
▸Closing Remarks
▸Refreshments
Graham Stuart
Independent Chair
Chris Adams
Fund Manager
All amounts are in NZD unless otherwise shown
All numbers shown as at at 30 September 2025 are unaudited unless stated otherwise
Presented by:
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Mike Brady
1
—
Non-Independent
Director
Board of the Manager
VITAL’S MANAGER HAS AN INDEPENDENT CHAIR AND A MAJORITY OF INDEPENDENT DIRECTORS
Graham Stuart
—
Independent Chair and Member of
the Audit Committee
Angela Bull
—
Independent Director and Member
of the Audit Committee
Dr. Michael Stanford
—
Independent Director and
Chair of the Audit Committee
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Zachary Vaughan
1
—
Non-Independent
Director
Ormiston Hospital Stage 1 Expansion, Auckland
5
1
Attending Virtually

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
In Attendance
IN PERSON OR VIRTUALLY
Chris Adams
Fund Manager
Vanessa Flax
Vice President, Regional General Counsel and Company Secretary
Michael Groth
Chief Financial Officer
Richard Roos
1

Co-Head A/NZ Region
Paul Cassidy
Trustees Executors Limited (Vital's Supervisor)
Raveen Kaur
Trustees Executors Limited (Vital's Supervisor)
Bryce Henderson
Deloitte (Vital's auditor)
Hayden Davison
Deloitte (Vital's auditor)
Toby Sharpe
Bell Gully (Manager's legal advisor)
SUPERVISOR, AUDIT AND LEGAL
MANAGEMENT TEAM
1
attending virtually

Address by the
Independent
Chair of the
Manager
Graham Stuart
Independent Chair

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Address by the Independent Chair of the Manager
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Epworth Eastern, Box Hill
▸Fund Performance and Market Context
▸Strategy and Board Decisions
▸Capital Management and Development
▸Long-Term Strategy and Sustainability
▸Board and Management Changes
▸Sector Outlook

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Overview of Vital as at 30 September 2025
VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX
▸Fourth largest NZX listed property group;
▸Externally managed by a subsidiary of
Toronto-listed, global healthcare real
estate owner and manager, Northwest
Healthcare Properties REIT (TSX ticker:
NWH);
▸Defensive cashflow supported by 99%
occupancy
1
and WALE of 19.1 years;
▸Rental growth income that tracks inflation
with 82.5% of lease income indexed
toCPI in some way.
WALE
3
19.1 years
Vital Healthcare Property Trust (Vital) is:
22%
9%
4%
3%
20%
12%
29%
33
2
properties (AUS & NZ)
~$3.3bn
14
2
properties (NZ)
~$1.1bn
19
2
properties (AUS)
~$2.2bn
1
As at 30 September including signed Head of Agreement.
2
Excludes strategic assets.
3
Inclusive of landlord exercisable options.

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Governance Highlights
BEST PRACTICE CORPORATE GOVERNANCE
▸2025 Annual Report includes voluntary disclosure
against NZX CorporateGovernance Code – all
applicable and relevant principles met
Boulcott Hospital, Wellington
▸Updated Modern Slavery Statement lodged in
Australia and review and updating of various
governance policies to reflect changes in law
▸Extensive programme of investor roadshows,
engagement and presentations maintained

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Comparative Return
VITAL MAINTAINS LONG- TERM OUTPERFORMANCE VS BENCHMARK ON A TOTAL RETURN
1
BASIS
Source: Forsyth Barr
1
Total returns measured by change in unit price plus post-tax distributions to
30 September 2025
2
S&P/NZX All Real Estate Index and S&P/NZX 50 Index data from 31
December 2004, being the inception date of the NZX All Real Estate Index
TOTAL RETURN TO 30 SEPTEMBER 20251YR5YR10YR
SINCE
INCEPTION
2
VHP25.8%-1.7%6.9%10.1%
S&P/NZX All Real Estate Index14.9%0.8%6.2%7.2%
Vital’s performance vs NZX REIT10.8%(2.5%)0.7%2.9%
▸Vital has delivered above
benchmark returns over the
short and longer term.
▸Returns are representative of
the highly defensive and long
dated cashflows of the trust.

Key events over FY25 – Q1 FY26 to date
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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Q2 2025
▸Macarthur Health Precinct
Stage1(GenesisCare Integrated Cancer
and Health Centre) achieved Excellence
in Sustainability – Commercial Category
at the Master Builder’s Association NSW
2024 Awards
▸Prime Minister Rt Hon. Christopher Luxon
opened the Ormiston Hospital Stage 1
Expansion
▸Inaugural Climate Related Disclosure
was released
▸Grace Hospital Oropi Day Unit (Stage
4 of 5) reached practical completion
▸Vital marked 25 years of being listed
on the NZX
▸A$16.0m Maitland Private Hospital
expansion reached practical
completion
Q1 2025
Grace Hospital including Oropi Day Unit, Tauranga
Maitland Private Hospital, Maitland
Prime Minister Rt Hon. Christopher
Luxon opened the Ormiston Hospital
Stage 1 Expansion

▸Health Minister Simeon Brown officially opened Boulcott Hospital expansion and practical
completion achieved
▸Wakefield Hospital Stage 2a practical completion achieved (operational from January 2025)
▸Endoscopy Auckland (22 Kipling Avenue) Kaumātua blessing held and practical
completion achieved
▸Vital was awarded Global Sector Leader - Listed Healthcare by GRESB for developments for
3 years running
▸Asset sales including Toronto Private Hospital in NSW and a 50% interest in Kawarau Park,
Queenstown providing additional funds of ~$100m for debt repayment
Key events over FY25 - Q1 FY26 to date (continued)
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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Q4 2025
Q1 2026 to date
Opening of Boulcott Expansion with Minister of Health
▸$1.1b debt refinancing – Vital extended debt
maturity to 3.83 years with improved terms and
no maturities until March 2027
▸Ormiston Hospital Stage 1 Expansion achieved
Gold in the Health category at the New Zealand
Commercial Project Awards
▸Playford Health Hub Stage 2 awarded 6 Star
Green Star Design & As Built v1.3 certified rating
▸Ormiston Hospital Stage 1 Expansion achieved
an Excellence award in Civic, Health and Arts
Category at the PCNZ Awards
Award-winning Ormiston
Hospital Stage 1 Expansion
Health Minister Simeon Brown officially
opened Wakefield Hospital Stage 2
Q3 2025
▸GenesisCare Integrated Cancer and Health Centre
awarded 6 Star Green Star Design & As Built v1.3
certified rating
▸Health Minister Simeon Brown officially opened
Wakefield Hospital Stage 2 redevelopment
▸South Australia’s Minister for Health and Wellbeing,
Hon. Chris Picton MP officially opened Playford
Health Hub Stage 2

Address by the
Fund Manager
Chris Adams
Fund Manager

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Q1 Portfolio Highlights
VITAL HAS A HIGH-QUALITY, HIGH ACUITY PORTFOLIO WHICH IS BEING
ENHANCED BY NON- CORE ASSET SALES AND CAPITAL WORKS
~$458m
non-core asset sales
completed or contracted
since March 2023
Completion of developments and
leasing activity have increased WALE
from 18.5 years at 30 June 2025 to
19 . 1 years at 30 September 2025
5.0% growth
in Net Property Income
versus pcp
1
~99%
2
occupancy
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Second place GRESB
3

Development Score within listed
healthcare globally (Out of 6),
with Northwest coming first place
First place GRESB
3

Performance Score within
listed healthcare globally
(Out of 20)
2
1
Prior comparative period constant currency basis.
2
Inclusive of new leasing and heads of agreements secured.
3
The Global Real Estate Sustainability Benchmark (GRESB) is an international and independent standards organisation which reviews over 2,200 entities in 80 markets representing
over US$7.0 trillion in investments.
Ormiston Hospital Stage 1 Expansion, Auckland
CIVIC, HEALTH AND ARTS
PROPERTY AWARD
ORMISTON HOSPITAL -
STAGE 1 EXPANSION
2025 NEW ZEALAND
COMMERCIAL PROJECT
AWARDS - GOLD
ORMISTON HOSPITAL –
STAGE 1 EXPANSION

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
This ~$24.8m, major hospital refurbishment and expansion
reached practical completion on 30 July 2025 and was officially
opened by the Hon Simeon Brown, Minister of Health on
4 August 2025. The facility is 100% leased to Boulcott Hospital.
Development Highlights
NEW OR EXPANDED ASSETS
*All costs exclude land.
Boulcott Hospital Expansion, Wellington
This ~$141.4m multi-stage hospital redevelopment is materially
complete and is now the largest private hospital in Wellington,
100% leased to Evolution Healthcare. Vital's cost cap was
reached in June 2024, with all remaining costs to be funded by
the tenant.
Wakefield Hospital, Wellington
This ~$32.2m endoscopy facility, targeting 5 Star Green Star,
reached practical completion on 19 September 2025. The
facility is 100% leased to Endoscopy Auckland Limited (EAL), a
joint venture between Evolution Healthcare and Allevia Health.
Endoscopy Auckland, Auckland
16
Wakefield Hospital, Wellington

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Development Highlights (continued)
*All costs exclude land.
$19 . 6m
REMAINING COMMITTED
DEVELOPMENT SPEND
DEVELOPMENT PROJECTS UNDER CONSTRUCTION
This ~$134.2m development, targeting 6
Star Green Star is forecast to be completed
in early 2026. RDX is a ~14,850sqm, 9-
storey life science facility within the Lumina
precinct and offers a mix of clinical,
research, laboratory and specialist
consulting space.
RDX, Gold Coast
Fitout works to the Level 5 ward are under
way and will increase the hospital total bed
capacity to 81-beds. This ~$11.5m
expansion is a reflection of the significant
healthcare demands at Wakefield Hospital
and will enable future growth at the facility.
Beds will be commissioned in two phases, in
late 2025 and mid 2026.
Wakefield Hospital
Level 5 Expansion, Wellington
This ~$36.7m, multi-stage hospital
redevelopment and expansion is forecast for
completion in mid 2026 and is 100%
leased to a joint venture between Evolution
Healthcare and Southern Cross.
Grace Hospital, Tauranga

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
No debt expiring until
March 2027
3.6 years weighted
average debt expiry
$88.4m debt headroom
42.1% balance sheet
gearing
1
83.4% debt hedged for a
weighted average of 2.8 years
▸5.0% growth in net property income
on a same property and constant
currency basis compared to the prior
corresponding period.
▸Cash from operations measured by
AFFO of 2.82cpu was achieved for
the quarter, driven by increased
property income, lower tax expense
and maintenance spend timing
differences.
▸Distributions for Q1 are 2.4375cpu,
consistent with guidance, on a payout
ratio of 86.4%. The distribution
reinvestment plan, with a 2.0%
discount remains active.
Q1 Financial Highlights
BALANCE SHEET REMAINS STRONG
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
18
AFFO
Wakefield Hospital, Wellington
2.82cpu
1
41.5% proforma for the settlement of a 50% interest in Kawarau Park, Queenstown
NTA
$2.56

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
ESG Highlights
DRIVING PROGRESS AND PERFORMANCE ACROSS SUSTAINABILITY
▸Builds on the strong foundations set in year one.
▸Introduces our transition plan outlining the path
to lower emissions and greater resilience.
▸Achieved reasonable assurance over Scope 1
and 2 emissions and limited assurance across
all Scope 3 categories.
▸Commenced detailed climate scenario risk
assessments across all developments and
existing assets.
▸Demonstrates growing maturity, transparency
and accountability in our climate reporting.
2nd Climate Related Disclosure
released in October 2025
1
Excludes strategic assets.
2
Inclusive of landlord exercisable options.
Vital's FY25 CRD can be found here.
Vital retains GRESB Global Sector
Leader status
Awarded Global Sector Leader for Listed
Healthcare in both Standing Investments
and Developments, demonstrating industry
leadership.
▸Ranked 2nd in peer group and 1st
globally among listed healthcare for
Standing Investments (87/100)
▸Ranked 2nd globally for Developments
(97/100)
Reflects continued commitment,
improvement and leadership in sustainable
healthcare real estate.
Playford Health Hub, Adelaide

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Sustainable Buildings
Vital is committed to delivering high-performing, sustainable healthcare assets by achieving Green Star certifications
Genesis Care Integrated Cancer Centre
Playford Health Hub Stage 2
RDX - 6 Star Green Star Design rating achieved
Targeting our first 5 Star Green Star Development in NZ

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Outlook & Guidance
A FOCUS ON FUNDAMENTALS TO DRIVE OPERATIONAL PERFORMANCE AND UNIT HOLDER VALUE
An attractive risk-adjusted income return, opportunities to leverage
embedded portfolio value and underlying demand for health services
offer long-term Unit Holder value.
▸9.75 cpu distribution
guidance
▸Continued enhancement
and optimisation of
portfolio
▸Disciplined capital
deployment aligned with
long-term value creation
▸Sector tailwinds
▸Development upside
from shovel ready
projects and brownfield
expansions
▸AFFO and distribution
growth
▸Core of everything
we do
▸Seeking to maintain
sector leadership
▸Positive long-term
commercial and
community outcome
focus
SUSTAINABILITY
MEDIUM TERM
FY26 FOCUS
Vital is a 'best in class'
investment platform.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Wakefield Hospital, Wellington

Playford Health Hub, Adelaide
Annual Financial
Statements
Graham Stuart
Independent Chair

Re-election of
Angela Bull
Angela Bull
Independent Director

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VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2025
Voting
RESOLUTION 1 – THAT ANGELA BULL BE APPOINTED AS AN INDEPENDENT DIRECTOR OF NORTHWEST HEALTHCARE PROPERTIES
MANAGEMENT LIMITED, THE MANAGER OF VITAL HEALTHCARE PROPERTY TRUST
Vote TypeUnits Voted% of Units Voted% of Total Units
For
439,105,88395.9564.50
Against
212 , 2 2 50.050.03
Discretionary
18,325,6674.002.69
Abstain
26,334N/A0.00

Ormiston Hospital Stage 1 Expansion, Auckland
General
Business

Boulcott Hospital, Wellington
Closing
Remarks
Thank you for attending
today’s Annual Meeting

Disclaimer
This presentation has been prepared by Northwest Healthcare Properties Management Limited (the "Manager") as manager of the Vital Healthcare Property Trust (the "Trust"). The details in this presentation provide general information only. It is not intended as
investment, legal, tax 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.
This presentation 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.
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 presentation or any information supplied in connection with it. The Manager and the Trust are under no obligation to update this presentation or the information contained in it
after it has been released. Past performance is no indication of future performance.
6 November 2025

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VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 1 of 10

PO Box 6945, Victoria Street West, Auckland 1142

The following are the addresses of the Independent Chair and the Manager for the Vital
Healthcare Property Trust Annual Meeting held as a hybrid of a physical meeting at the
Tūhono Room, Ground Floor Lobby, HSBC Tower, 188 Quay Street, Auckland CBD and a
virtual meeting through the Computershare Meeting Platform https://meetnow.global/nz on
Wednesday, 6 November 2025 commencing at 12.00pm.
___________________________________
Slide 1 – Cover slide
GRAHAM:
Tena kotou, tena kotou, tena kotou katoa.
Welcome to the 2025 Annual Meeting of Vital Healthcare Property Trust.
My name is Graham Stuart, and I am the Independent Chair of Vital Healthcare Property
Trust, appointed by Vital’s Supervisor.
___________________________________
Slide 2 – Questions
During the meeting I will invite questions in relation to two formal addresses, Vital’s FY25
accounts, the proposed re-election of Angela Bull as an Independent Director, and Angela
will speak briefly to her nomination and then we will open the meeting for general business.
If you are a Unit Holder or proxy holder attending in person and wish to ask a question,
please wait until the relevant time and raise your hand. Please wait until you have been
provided a microphone to ensure those attending virtually can hear your question.
If you are a Unit Holder or proxy holder and are attending virtually you can submit a written
question during the live meeting. Please select the Q&A tab on the right half of your screen
anytime. Type your question into the field and press send. Your question will be immediately
submitted.
If you require any assistance, you can type your query into the Q&A tab and Computershare
will assist you via the chat function. Alternatively, you can call Computershare on 0800-650-
034.
Whilst you can submit questions from now on, I will not address them until the relevant time
in the meeting. Your questions may be moderated or, if we receive multiple questions on
one topic, amalgamated.
If we run out of time to answer any questions, we will answer them in due course via email
or posting responses on our website.
Voting today will be conducted by way of a poll. Voting will shortly be opened online.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 2 of 10

Computershare will collect voting forms from those attending in person and will collate
results from both voting methods.
Results of the poll will be released to the NZX later today.
___________________________________
Slide 3 – Voting
The Notice of Annual Meeting has been circulated to all Unit Holders. It sets the scope of
what we are scheduled to discuss today and includes the details of the one resolution we
are due to consider. I am pleased to confirm that there is a quorum present, and I declare
the 2025 Annual Meeting of Unit Holders of Vital Healthcare Property Trust open.
If you are eligible to vote at this meeting, you are now able to cast your vote under the vote
tab. To vote, simply select your voting direction from the options shown on screen. Your
vote has been cast when the green tick appears.
To change your vote, simply select ‘Change Your Vote’. You can change your vote until I
declare voting closed.
I will give you an indication before I move to close voting.
___________________________________
Slide 4 – Meeting Agenda
The order for the meeting is as follows:
First, the two formal presentations:
 my address as Independent Chair; and
 followed by Chris Adams who leads Vital’s executive team
I will then table the Annual Financial Statements and invite questions on any matter
regarding the Trust or the presentations other than Angela Bull’s re-election.
We then move to the formal business being the proposed resolution that Angela Bull be re-
elected as an Independent Director of Northwest Healthcare Properties Management Ltd,
Vital’s Manager and then I will invite any questions on her proposed re-election.
While voting occurs, a short video will be played providing an overview of some of the assets
in Vital’s portfolio, which includes recently completed developments and RDX, under
construction.
After voting is complete, we have an opportunity for general business and I will invite you to
ask any other relevant questions you may have.
We will then conclude the meeting.
Copies of the minutes of last year’s Annual Meeting are available on Vital’s website
vhpt.co.nz.
___________________________________
Slide 5 – Board of the Manager
The full Board of the Manager is in attendance today with all of my Board colleagues
attending in person except for Mike Brady and Zachary Vaughan who are attending virtually
from Canada. Zachary Vaughn and Mike Brady are not present in person because they are
currently in Toronto preparing market announcements for the Northwest REIT.
___________________________________

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 3 of 10

Slide 6 – In Attendance
I would also like to welcome:
 Northwest’s executive team including Fund Manager Chris Adams, Regional CFO
Michael Groth and Vital’s General Counsel and Company Secretary Vanessa Flax;
 Paul Cassidy and Raveen Kaur from the Supervisor of the Trust;
 Bryce Henderson and Hayden Davison from the auditors of the Trust; and
 Toby Sharpe from the legal adviser to the Manager.
___________________________________
Slide 7 – Address by the Independent Chair of the Manager
Fellow Unit Holders, I am pleased to report that the operating performance of our fund
remains at satisfactory levels despite the challenging economic environment.
___________________________________
Slide 8 – Address by the Independent Chair of the Manager (continued)
Fund Performance and Market Context
The operating performance of the fund has been satisfactory, with sufficient earnings to
maintain the dividend payout of 9.75 cents per unit for our investors.
After two years of monetary tightening, interest rates eased significantly, with the OCR
declining from 5.5% at the start of the year to 2.5% currently. The downward trend in property
valuations slowed, lagging behind the interest rate movement; Net Tangible Assets per unit
moved from $2.69 to $2.47 by financial year end. Pleasingly, Vital’s unit price firmed from
$1.80 to nearly $2.00 through the last financial year, and this positive momentum has
continued.
Strategy and Board Decisions
Your Board and management are committed to enhancing the value of your Vital units. In
November 2024, we undertook in-depth consultation on a dual listing proposal.
While such a listing could have increased earnings and dividends by 10–15% along with
potential strategic benefits, concerns were raised by investors about ASX market demand,
the smaller size of the fund on the NZX, liquidity, and index inclusions.
The Board ultimately decided not to proceed with the dual listing at this time but we will
continue to evaluate opportunities to strengthen unit holder value in parallel and without
detracting from our primary focus on managing the fund’s performance.
The Board is mindful that Vital is now the only listed property entity in New Zealand that is
externally managed. The independent directors have received feedback from unit holders
over the years encouraging us to raise the prospect of internalising the management of Vital,
and some of you may recall that it is a regular topic at Annual Meetings.
Consistently with our desire to enhance unit holder value, we have engaged with Northwest
over the years, although we haven’t been able to reach any agreement on commercial
terms.
The independent directors consider that there is potential for real benefit for unit holders
through internalised management, however there is no certainty that we will be able to
ultimately come to a commercial agreement.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 4 of 10

Capital Management and Development
Vital’s disciplined capital management and development approach has enabled the Trust to
navigate a turbulent economic environment while preserving balance sheet strength and
portfolio quality.
 In FY25, two major development projects were successfully operationalised: the
$16.0 million expansion of Maitland Private Hospital (NSW) and Stage 2 of the $141.4
million Wakefield Hospital redevelopment in New Zealand, totalling $108.8 million.
These projects were delivered on time and within budget, enhancing capacity and
tenant offerings.
 The overall development pipeline remained active, with six completions over the past
year representing $277 million of capital spend.
 Leasing outcomes continue to underpin portfolio performance, with over 51,000
square metres leased, extended or renewed during FY25—representing 22% of
income and 20% of lettable area. This resulted in occupancy lifting to 98.6% and
weighted average lease expiry (WALE) extending to 18.5 years, maintaining high
tenant stability.
 Asset recycling initiatives delivered $49.7 million in gross proceeds from non-core
divestments, including the sales of Hirondelle Private Hospital, Epworth
Rehabilitation, and a residential property in Sydney. These were achieved at an
average 7.0% discount to book value, and proceeds have been reinvested in core
developments.
 On the financing front, Vital refinanced $1.1 billion of debt facilities in the final quarter,
securing extended maturities with improved pricing. The next debt maturity is not until
March 2027, providing funding certainty. Gearing ended the year at 42.1%,
comfortably within our banking covenant limits.
 Net property income increased 3.7% on a like-for-like basis, and around 83% of rental
income is CPI-linked, supporting sustainable income growth. Adjusted Funds From
Operations (AFFO) were $70.4 million, generating a payout ratio of 93.6%, consistent
with prior years.
These proactive measures in capital deployment, asset curation, and financing have
enhanced property quality, strengthened operational resilience, and supported the fund’s
sustainable dividend profile.
Long-Term Strategy and Sustainability
Vital remains a long-term investor, steadily focused on high-quality healthcare properties in
attractive locations with stable tenant relationships. While the past 24 months brought
economic shifts that required tactical adjustments, our strategic direction is unchanged:
investing through market cycles for superior returns.
Our recently announced GRESB ESG status and recent climate-related disclosure reinforce
our commitment to sustainability.
Board and Management Changes
This year, Aaron Hockley resigned after five and a half years as Fund Manager; the Board
expresses gratitude for his professionalism and contribution to the fund.
The Board were fortunate in being able to appoint Chris Adams, to replace Aaron as Vital
Fund Manager, Chris brings over 25 years of sector experience including significant prior
experience with Vital and has taken on these responsibilities ensuring continuity of
operations.

VITAL HEALTHCARE PROPERTY TRUST vhpt.co.nz
Managed by Northwest Healthcare
Properties Management Limited
Page 5 of 10

In addition, Craig Mitchell retired as CEO of Northwest Healthcare Property REIT and
Director in August, with Zachary Vaughn stepping in as Northwest’s new CEO and Board
Director.
The Board thanks Craig for his significant contributions and welcomes Zachary to Vital.
Sector Outlook
Vital is well positioned for FY26 as the healthcare property market begins to emerge from
recent sector headwinds: interest rates have moderated; operator performance is strong—
particularly in New Zealand—and property valuations have stabilised. In Australia it appears
that the Healthscope receivership is drawing to a conclusion. This environment supports
tenant demand, income security, and embedded value creation for Unit Holders.
___________________________________
Slide 10 – Governance Highlights
In addition to our financial focus, we have continued to enhance our governance in response
to stakeholder feedback and market conditions.
The activities I have highlighted represent only a small part of our efforts over the past year.
Conclusion
Thank you for your continued support and trust as investors in Vital Healthcare Property
Trust. The Board and management remain confident and are working hard to ensure that
our focused strategy and resilient portfolio will deliver superior long-term returns, benefiting
from the positive fundamentals of the healthcare industry.
It is now my pleasure to introduce our Fund Manager, Chris Adams, who will provide further
detail.
__________________________________
Slide 14 – Address by the Fund Manager
1

CHRIS:
Thank you Graham and Tena koutou and good afternoon.

My name is Chris Adams and I am the Fund Manager for Vital.
I have a long history with the Vital business having started my career in healthcare
property with Vital in New Zealand in 1995 and am very proud to lead this business at this
time.
___________________________________
Slide 15 – Q1 Portfolio Highlights
Whilst Graham has largely reflected on the FY25 year my intention is to focus on the first
quarter of FY26 and beyond.

As noted at the full year update we have had a strong focus on driving the operational
performance of the business. This focus is apparent in the results as highlighted on the
slide:
• Improved occupancy at 99% including committed leases at end September 2025;


1
Slides 9, 11, 12 and 13 for background information

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Managed by Northwest Healthcare
Properties Management Limited
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o This upturn in occupancy reflects the take up of recently completed high
quality space established via the development programme;
o Active lease enquiry continues on the balance of the portfolio and we expect
further leasing as we approach the end of the calendar year
• A Weighted Average Lease Expiry of WALE of 19.1 years, the longest of all REITS
listed on the NZX or ASX, demonstrating the duration of cashflows
• Continued improvement in operating metrics for hospital operators
• Strong growth of 5.0% in net property income for the first quarter of FY26 versus
the corresponding period in FY25
• Over $450 million of asset sales since 2023 – in part to manage leverage to prudent
levels but also a process of portfolio improvement whereby we have sold off assets
that we viewed as bottom quartile in terms of asset quality or operating performance
and reinvested the proceeds into delivering Vital’s high quality developments
• Most recently we have concluded the sale of Toronto Private Hospital in the Hunter
Valley for $38.25m as noted by Graham and a 50% sale of the Kawarau Park,
Queenstown, due to settle later this month. The sale of an interest in Kawarau Park
reflects an off market approach from Mackersy Property, a well regarded
Queenstown based property group, to partner on the asset and play to our
respective strengths in commercial and health property to add further value to this
precinct asset
• Again as noted by Graham this operational performance focus has been done with
a commitment to ESG with recognition for the business by GRESB which I will
come to later.
________________________________
Slide 16 – Development Highlights
On the next slide we recognise the near $200 million of development completions in
Quarter 1 2026:
• The Wakefield project is well known to unit holders with the staged rebuild of the
entire hospital being in construction for over 5 years. We are extremely proud of
the completed facility in conjunction with our long-term partner Evolution Healthcare
and the quality of the hospital is clearly evident by way of the strong acceptance by
Doctors and broader community driving strong demand for services;
• The ~$25m expansion and renewal project at Boulcott Hospital in Lower Hutt is also
now complete following a complex build in a live environment, strengthening the
quality and operating capacity of this hospital, one of few in New Zealand directly
collocated with a major public hospital; and
• Auckland Endoscopy; a major expansion of this high turnover endoscopy and day
surgery facility in conjunction with Evolution and Allevia; two of New Zealand’s
leading healthcare providers

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Managed by Northwest Healthcare
Properties Management Limited
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Slide 17 – Development Highlights (continued)
The next slide outlines the balance of the current Vital development programme with the
$201.3m of projects nearing completion with only $19.6m of spend remaining;
• Practical completion of RDX is pending in the New Year. I visited site only last
week and note this nearly 15,000 square metre facility is of the highest quality.
Whilst the construction component is near complete the focus is now on leasing of
the asset which is subject to a 12 month net operating income guarantee for 57% of
budgeted net income. We confirm our expectation that this facility will lease up over
a period of 18 months post practical completion in line with normal course leasing of
life science assets;
• The multi staged development and expansion of Grace hospital continues on plan
in conjunction with operating partners Evolution Healthcare and Southern Cross for
a mid 2026 completion; and
• The further expansion works at Wakefield, driven by strong demand for services
post opening of Stage 2 in January, moves towards completion late this year.
___________________________________
Slide 18 – Q1 Financial Highlights
In terms of financial highlights for the quarter:
• Strong growth of 5.0% in net property income over the corresponding period in
FY25;
• AFFO was 2.82cpu representing an 86.4% payout ratio, driven by increased
property income but also influenced by timing factors including a lower tax expense
and the timing of maintenance spend
• Distributions at 2.4375 cents per unit consistent with guidance and expectations for
the full year of 9.75 cents.
• Importantly the fund has no debt expiring until March 2027 and a weighted average
debt expiry of 3.6 years following a major refinancing late in May 2025 as noted by
Graham
• Balance sheet gearing sits 42.1% reducing to 41.5% post the settlement of the
Queenstown 50% interest
• Net Tangible Assets also now sit at $2.56 as at 30 September driven by:
o Favourable FX movements with the NZD depreciating against the Aussie
dollar since 30 June;
o Minor upside in valuations from rent reviews;
o As noted by Graham we anticipate yields have now stablished across New
Zealand and Australia and future valuations will be driven by rental growth
within the portfolio; and
o We also anticipate that high quality assets will also benefit in future from a
scarcity factor as limited new supply has entered markets in recent years.
___________________________________

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Managed by Northwest Healthcare
Properties Management Limited
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Slide 19 – ESG Highlights
In terms of ESG highlights
• We acknowledge our recently released 2
nd
Climate Related Disclosure, with this
process being very much about building foundations for the future with ESG as a
core part of strategy including the identification and management of risk;
• Our commitment to ESG has been recognised by GRESB with Global Leader
Sector Status against our peer group in both standing investments and
development.
___________________________________
Slide 20 – Sustainable Buildings
• This is evidenced on the next slide whereby:
o Genesis Care Integrated Cancer Centre in Sydney and Playford Health Hub
Stage 2 in Adelaide have both received 6 star green star certification;
o RDX on the Gold Coast has a 6 star green star design rating with certification
to be progressed post completion; and
o We are targeting our first green star project in New Zealand with Auckland
Endoscopy well advanced in the design review process
___________________________________
Slide 21 – Outlook & Guidance
And finally turning to our: Outlook and Guidance

• Confirming our dividend guidance of 9.75 cents for the full year, against an
improving AFFO payout ratio, which provides flexibility to consider options to
increase distributions in the future
• Continuation of our focus on portfolio optimisation with the portfolio showing sector
leading occupancy and lease duration metrics
• Against a backdrop of emerging sector tailwinds, unlocking the embedded value in
the portfolio by activating shovel ready developments over time
• This being done with a focus on ESG and a resolute focus on driving unit holder
returns and distribution growth over time.

I will now hand back to Graham for the next part of the meeting.

Thank you.
___________________________________
Slide 22 - Annual Financial Statements
GRAHAM:
Thank you, Chris. The Annual Report and Financial Statements for the year ended 30 June
2025 have been circulated to all Unit Holders and are now formally tabled at the meeting.

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Managed by Northwest Healthcare
Properties Management Limited
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If there are any questions relating to the Trust or the presentations now is the opportunity to
raise them. Only Unit Holders or proxy holders are permitted to ask questions.
You may ask questions through the Computershare platform if attending virtually or raise
your hand if in the room and wait for a microphone to be given to you.
Those wanting to ask a question online, please do so as early as possible to ensure it is
received and answered.
In consideration for other Unit Holders, we ask that any questions that relate to your personal
situation or unitholding be dealt with outside of the meeting with management via email or
phone. Repeated questions or questions that have already been answered may not be put
to the meeting again.
[Pause for questions]
Thank you for your questions and comments.
___________________________________
Slide 23 – Re-election of Angela Bull
GRAHAM:
I would now like to move to the formal business of the Meeting, the proposed re-election of
Angela Bull. I invite Angela to the floor to address you.
The vote will be conducted by poll comprising the proxies lodged in advance of the meeting
and votes lodged through the forms for those in the room and via the Computershare
platform for those attending virtually.
Angela’s nomination has the unanimous support of the Board.
___________________________________
Slide 24 – Voting
GRAHAM:
The details of the proxies received on this election are on the screen. If I am appointed as
proxy to vote and not directed on how to vote, I will vote in favour of this resolution.
If you are attending virtually, please cast your vote by clicking “for”, “against” or “abstain”
through the Computershare platform. Your vote has been cast when the green tick appears.
To change your vote, simply select ‘Change Your Vote’. You can change your vote until I
declare voting closed, and a reminder will be given 10 seconds on screen before I close
voting. Once voting has closed, you will not be able to amend your vote.
If you are attending in person, please pass your completed form to a Computershare
representative.
While voting occurs, a short video will be played providing an overview of some of the assets
in Vital’s portfolio, which includes recently completed developments and RDX, under
construction.
Voting has now closed. The results of these votes will be released to the NZX later today.
___________________________________
Slide 25 – General Business
GRAHAM:
I will now open the meeting for any general business.

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Managed by Northwest Healthcare
Properties Management Limited
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Slide 26 – Closing Remarks
There being no further business, I declare the meeting over.
Thank you for attending the meeting today.
[End of meeting]