Updated HY26 Interim Report

VITAL HEALTHCARE PROPERTY TRUST
vhpt. co.nz
Page 1 of 2











19 February 2026


Updated HY26 Interim Report

Vital Healthcare Property Trust (Vital) advises that a typographical error has been identified in Note 4 of the financial statements
for the period ended 31 December 2025. The total disclosed in Note 4 (c) did not correctly sum the underlying line items.

The correction is presentational only and does not affect reported profit, total equity, net assets, cash flows, or any primary
financial statement balances.

– ENDS –
ENQUIRIES
Chris Adams
Chief Executive Officer,
Vital Healthcare Properties Management Limited
Tel +61 408 665 332, Email chris.adams@vhpt.co.nz

Michael Groth
Chief Financial Officer,
Vital Healthcare Properties Management Limited
Tel +61 409 936 104, Email michael.groth@vhpt.co.nz

About Vital (NZX code VHP):
Vital Healthcare Property Trust is an NZX-listed fund that invests in high-quality healthcare properties in New Zealand
and Australia including private hospitals (~80%* of portfolio value) and ambulatory care facilities (~20%* of portfolio
value).

Vital is the leading specialist listed landlord of healthcare property in Australasia. For more information, please visit our
website: www.vhpt.co.nz

* All figures are as at 31 December 2025, NZD/AUD exchange rate of 0.8627.



NZX RELEASE

---

Wakefield Hospital, Wellington
Interim
Report
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2025
Positioned for the future

Contents
Defensive Australasian Healthcare
Property Portfolio 4
Leadership Report 8
Sustainability 14
Directors and Northwest
Representative Directors 16
Executive Team 17
Financial Statements 18
Directory 51
All amounts are in NZD unless otherwise shown

OCCUPIED
99.0%
Wakefield Hospital, Wellington
9. 75 cpu
FY26 DISTRIBUTION
GUIDANCE
PROPERTY PORTFOLIO
19. 0 years
WEIGHTED AVERAGE LEASE
EXPIRY (WALE)
~$3.4bn

Defensive Australasian
Healthcare Property
Portfolio
as at 31 December 2025
Geographic diversity
(by portfolio value)
~$2.3bn
19 INCOME PRODUCING
PROPERTIES
‡
(AUS)
AUSTRALIA
—
~$1.1bn
14 INCOME PRODUCING
PROPERTIES
‡
(NZ)
NEW ZEALAND
—
WESTERN
AUSTRALIA
NORTHERN
TERRITORY
SOUTH
AUSTRALIA
NEW SOUTH
WALES
TASMANIA
VICTORIA
QUEENSLAND
4%
9%
23%
12 %
30%
2%
20%
4
|
VITAL HEALTHCARE PROPERTY TRUST

Vital is the only specialist healthcare landlord on the NZX
Acute Hospitals 61.1%
Ambulatory Care 19.8%
Specialty Hospitals (mental health & rehabilitation) 19.1%
Epworth HealthCare 14.1%
Allevia 4.8%
Evolution Healthcare 14.6%
Healthe Care 17.0%
Southern Cross 4.0%
Boulcott Hospital 2.5%
B u r n s i d e 3.1%
GenesisCare 2.4%
Avive 1.1%
Other 19.3%
Aurora Healthcare 17.1%
1
Inclusive of landlord options
‡
Income Producing Property (excludes strategic assets)
†
Figures may not sum due to rounding
Tenant
Diversification
(% of Portfolio Rent)
O
T
H
E
R

1
9
.
8
%
Sub-sector
Diversity
(% of Value)
A
C
U
T
E

H
O
S
P
I
T
A
L

6
1
.
1
%
S
P
E
C
I
A
L
T
Y

H
O
S
P
I
T
A
L
S

1
9
.
1
%
H
O
S
P
I
T
A
L

8
0
.
2
%
A
M
B
U
L
A
T
O
R
Y

C
A
R
E

1
9
.
8
%
~$3.4bn
33
‡†
PROPERTIES
(NZ AND AUS)
$152.3m
NET ANNUAL PROPERTY
INCOME (CY25)
5.49%
WEIGHTED AVERAGE CAP RATE
(IPP)
‡
(AUS 5.42%, NZ 5.62%)
8.5 years
AVERAGE BUILDING AGE*
19.0 years
WEIGHTED AVERAGE
LEASE EXPIRY (WALE)
1
* measured through the later date of construction
or last significant development
99.0%
PORTFOLIO
OCCUPANCY
INTERIM REPORT 2026
|
5

Endoscopy Auckland, Auckland
NZ Health Design
Council Conference
In September 2025, Vital’s Director, NZ Kirsty
Bowyer presented at the NZ Health Design
Council conference in Wellington to discuss how
the private sector is responding to the pressures
and opportunities in NZ’s health system and
why greater collaboration between public
and private sectors will be key to sustainable,
innovative growth.
6
|
VITAL HEALTHCARE PROPERTY TRUST

Investing in healthcare property
across New Zealand and Australia
INCOME SECURITY
X
Consistently growing net property income reflecting structured leases, tenant quality
and sector fundamentals
X
Tenants now at Vital’s benchmark 50% rent to EBITDAR
X
Diversified tenant base with no tenant accounting for more than 17.1% of income
GROWING DEMAND
X
Demographics – ageing and growing population
X
Growth in healthcare spend
X
Constrained public healthcare sector
X
Growth in privately insured persons
HIGH QUALITY PORTFOLIO
X
Focused on healthcare precincts across New Zealand and Australia
X
Divestments and development have improved portfolio quality
X
99.0% occupancy
X
Portfolio WALE – 19.0 years
DEVELOPMENT UPSIDE
X
Shovel ready strategy has positioned portfolio for future opportunity
X
Activation of key project at Coomera, with Macarthur project also progressing
well for potential commencement in CY26
X
Unmatched team in healthcare property development across New Zealand
and Australia
EARNINGS GROWTH
X
Like-for-like NPI growth of 4.0%
X
Internalised management – efficient, aligned and scalable platform
X
Targeting sustainable AFFO and Distribution per unit growth over time
INTERIM REPORT 2026
|
7

GenesisCare Integrated Cancer and Health Centre, Sydney
Ka pū te ruha, ka hao te rangatahi
As the old net wanes, another is remade
This proverb signifies that while methods or people change (the old
passes), the purpose or tradition continues through a new generation.
The Half Year marked a significant milestone
for Vital with the internalisation of management
settling on 31 December 2025. Accordingly, the
half year result represents our last set of numbers
under Northwest Management.
Leadership Report
8
|
VITAL HEALTHCARE PROPERTY TRUST

Tēnā koutou,
Vital Healthcare Property Trust (Vital), is pleased to report Vital’s results for the six
months ended 31 December 2025 (HY26 or the Half Year).
Vital is strongly positioned for the future given the quality of
the portfolio and industry leading metrics, complemented by
a sector leading team of health property specialists across
New Zealand and Australia. Full alignment now exists with
Unit Holders under the internalised structure which has been
long sought by the investment community.
The Vital business will continue to focus on its key strengths
being health sector expertise, a partnership approach and
development to continue to enhance and renew the portfolio.
Boulcott Hospital, Wellington
X
Pro-forma AFFO and value accretive
1
X
Retention of full service Trans-Tasman property
platform
X
Full value of Vital’s growth opportunity retained
whilst removing acquisition, development and
incentive fee leakage
X
More efficient and scalable management platform
HY26 highlights include:
X
Internalisation of management, announced on 10
November 2025, completed on 31 December 2025
following a successful capital raising.
X
AFFO per unit increased to 5.64 cents versus the prior
corresponding period, up 13.7%.
X
Distributions steady at 4.875 cents per unit and FY26
distribution guidance of 9.75 cents per unit (payable
quarterly) unchanged.
X
Net property income increased by 4.7% or 4.0% on a
constant currency, same property basis, reflecting rent
reviews under existing leases plus leasing activity.
X
23,500 square metres of new or extended leasing
completed across the portfolio. Occupancy now
stands at 99.0% with a weighted average lease term
of 19.0 years.
X
Three developments reached practical completion in the
period being the Boulcott Hospital expansion, Wakefield
Stage 2a and Endoscopy Auckland. Subsequently RDX
on the Gold Coast reached practical completion on 3
February 2026.
X
Approval to commence development of Coomera Stage
1 in Queensland.
X
$97.9m of asset sales completed, with the proceeds to
be reinvested into Vital’s development pipeline.
X
GRESB acknowledged Vital as sector leader for ESG
for listed healthcare globally for the third year in a row.
X
Enhances embedded value when Vital’s
development book is activated
X
Employment remuneration directly tied to Vital’s
performance and objectives
X
Opportunity to leverage growth opportunities and
new fee income including via capital partnerships
over time
Internalisation
On 31 December 2025 Vital completed the internalisation of management for an
expected net cost of $177 million. This transaction positions the business for the future
via a structure that is fully aligned with Unit Holders and provides the following benefits:
1
Inclusive of the potential Coomera Stage 1 and Macarthur Stage 2 developments on a pro-forma fully leased basis assuming
these projects are activated and completed, equity raise proceeds of $235m and a net after tax cost to Vital of $177m.
INTERIM REPORT 2026
|
9

“We are proud to partner with BioOra,
New Zealand’s first CAR T-cell manufacturing
company, currently manufacturing for a
Phase II clinical trial and advancing toward
large-scale commercial production. BioOra
will commence fitout for manufacture
in Vital’s 68 St Asaph St, Christchurch
facility from February 2026
with operations forecast
to commence in early 2027.”
- Kirsty Bowyer, Director NZ
Net property income
Net property income increased to $77.8 million for the Half
Year, up from $74.3 million for the prior corresponding period.
Underlying net property income rose by 4.0% (on a constant
currency, same property basis) reflecting Vital’s FY26 rent
review profile of ~63% of portfolio income linked to CPI and
~26% linked to periodic market reviews. This strong growth is
further supported by the leasing success achieved for the Half
Year which increased portfolio occupancy to 99.0%.
Portfolio Key Statistics31 Dec 202531 Dec 2024
NTA per unit ($)2.342.58
AFFO – 6 months ($m)39.933.5
AFFO – 6 months (cpu)5.644 .96
Gross Assets ($m)3,463.03,265.6
No. of Investment Properties3334
Avg. Property value ($m)65.858.7
WALE (years)
1
19.019.1
Building age
2
(years)8.69.2
Portfolio Occupancy (NLA)9 9.0%9 7. 7 %
AFFO and distributions
AFFO per unit increased to 5.64 cents versus the prior
corresponding period, up 13.7%. Contributing to this result
has been the strong growth in net property income, up
4.7% (4.0% on a constant currency, same property basis),
a favourable Australian dollar exchange rate and the tax
benefits arising from Vital’s internalisation. These factors
have been partially offset by a higher net interest expense
and the additional units issued to fund the internalisation
of management.
Distributions have been maintained at 4.875cpu for the half
(9.75cpu annualised) and remain sustainable at this level with
a prudent AFFO payout ratio of 86.4%.
We remain focused on growing AFFO and Distribution per
unit over the medium term.
Net tangible assets
Net tangible assets fell ~6% per unit to $2.34 at 31 December
2025 compared to $2.47 at 30 June 2025. This reduction
was primarily attributable to the internalisation payment and
associated capital raising.
Capital management
At 31 December 2025, balance sheet gearing was 39.7%,
all-in weighted cost of debt was 5.01% (includes the cost of
hedging and line fees on undrawn facilities), weighted average
debt duration was 3.3 years, the weighted average hedging
term was 2.6 years and Vital had debt headroom in its existing
facilities of $154.2 million. During the Half Year, Vital transacted
on ~$374.6 million in new and restructured hedging providing
additional interest rate protection in later years.
Portfolio overview
Vital owns a high-quality ~$3.4 billion portfolio of 33 healthcare
investment properties, diversified across New Zealand and all
mainland Australian States. The portfolio comprises 25 private
hospitals (representing 80% of the portfolio value) and eight
ambulatory care facilities (20%). At 19.0 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 23,500 square metres of new or extended leasing
was undertaken across Vital‘s portfolio (representing ~10%
of Vital’s net lettable area and ~11% of Vital’s income) during
the Half Year.
Leasing success improved occupancy to 99.0% (98.6% at
30 June 2025) and extended Vital’s market leading WALE to
19.0 years (18.5 years at 30 June 2025) supporting the net
property income growth noted above.
Acquisitions and divestments
$97.9 million of asset sales were undertaken over HY26 with
the proceeds reinvested into Vital’s development pipeline.
No acquisitions were undertaken during HY26.
68 St Asaph Street, Christchurch (Artist’s Impression)
10
|
VITAL HEALTHCARE PROPERTY TRUST

Rent/EBITDAR, a key measure of
rental affordability, has improved
from 53% to 50% reflecting the
operational strength of Vital’s tenants
1
Endoscopy Auckland (Kipling Ave), achieved a 5 Star Green Star Design rating
under the NZGBC Green Star Design and As Built v1.0 tool, becoming the first
private hospital in New Zealand to reach this level of excellence.
Endoscopy Auckland, Auckland
4.0%
Growth in net property income
since HY25 (like-for-like, same
property and constant currency)
1
Rent/EBITDAR movement reflective of the 12 months to 30 September 2025
INTERIM REPORT 2026
|
11

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 in Queensland,
New South Wales and our home market, New Zealand, where
we continue to see significant opportunities to support private and public
healthcare operators.
Vital has a committed development pipeline of $257.9 million across four
projects of which $63.7 million is left to complete.
During the Half Year ~ $30.6 million was spent on developments and a
further ~$3.0 million was spent on value add capital works that improve
asset resilience and strengthen operator relations.
Significant development milestones during the Half Year and material
achievements post balance date include:
RDX, Gold Coast
Practical completion of three developments
during HY26 and RDX post balance date:
Boulcott Hospital, Lower Hutt
Completion of the $24.8 million theatre, recovery and support services
expansion provides increased clinical capacity at this strategically
positioned asset within a significant health campus. The expansion was
officially opened by the Hon Simeon Brown, Minister of Health with the
Hon Chris Bishop, Minister of Transport also in attendance.
Endoscopy Auckland (22-24 Kipling Ave), Epsom
The new purpose-built $32.2 million Endoscopy Auckland facility delivers
specialist healthcare services. This 5 Star Green Star designed asset has
four operating theatres and 16-beds and offers enhanced environmental
quality and reduced embodied carbon emissions.
Wakefield Hospital, Wellington
Completion of the $91.5 million Stage 2a state-of-the-art acute services
building significantly increases hospital capacity, flexibility and resilience.
The early operational commencement of the $11.5 million Level 5 ward
reflects strong healthcare demand, further embedding Wakefield Hospital
as the leading private healthcare facility in the Wellington region.
RDX, Gold Coast
RDX is a premium 6 Star Green Star designed asset offering health,
research and specialist consulting accommodation in a major health
precinct. Practical Completion of this A$134.2 million facility (excluding
land) was achieved in early February 2026 and a ~A$3.7 million NOI
guarantee is in place for 12 months post-practical completion. Leasing
engagement is positive although committed leasing is not yet at the
guarantee level and an 18-month ramp up is anticipated.
Activation of Coomera Stage 1, Queensland within the Coomera Health
Precinct. Commencement of this A$46.6 million medical office building
development in February 2026 was driven by anticipated tenant demand
and first mover advantage in this growth precinct.
Vital has a significant pipeline of future development opportunities
embedded in the portfolio and these will be activated on a selective basis,
including the ~A$95.3 million Macarthur Stage 2 opportunity currently
under evaluation.
12
|
VITAL HEALTHCARE PROPERTY TRUST12
|

Coomera Health Precinct, Stage 1, Queensland
Graham Stuart
Independent Chair
19 February 2026
Vital Healthcare Property Trust
Nā māua noa, nā
Chris Adams
CEO
Outlook
The quality of the Vital portfolio and the newly internalised structure mean
Vital is well positioned for the future. Whilst a number of uncertainties exist
in the broader macro environment including the geopolitical situation and
increases in interest rates, we are positive on the business evidenced by:
Supportive dynamics for the health sector including
demographics and demand tailwinds
Vital’s high quality and diversified portfolio
Aligned structure with Unit Holders via
internalisation
Embedded value in the Vital portfolio to be
unlocked over time
INTERIM REPORT 2026
|
13

Sustainability
Sustainability is integral to how we
create long-term value. Our sustainability
approach seeks to strengthen asset
performance, manage risk and ensure
our portfolio remains fit for the future.
Wakefield Hospital, Wellington
GRESB acknowledged vital as a sector leader for ESG
for listed healthcare globally for the third year in a row.
14
|
VITAL HEALTHCARE PROPERTY TRUST

Tenant relationships were further strengthened through a range of
portfolio-wide initiatives, including a tenant connection event at
68 St Asaph Street and a honey harvesting workshop at the Ascot
Precinct, supporting stronger engagement across our assets.
Tenant relationships strengthened
Tenant honey harvesting workshop at Ascot Precinct
During the period, Vital achieved ISS Prime status, via the Corporate E&S Quality
Score. The alphanumeric score increased from C- to C, reflecting alignment with
ISS STOXX’s rigorous sustainability performance standards for the sector. This
performance compares favourably within a global peer group where the highest
rating currently achieved by industry leaders is B.
Investor Score improvement (ISS)
NZ first for Green Star
The purpose-built four-theatre, 16-bed endoscopy facility sets a new
benchmark for healthcare delivery with key features including:
X
Enhanced indoor environmental quality through a 50% increase in fresh
air provision;
X
Reduced embodied carbon with 30% Portland cement replacement;
X
Achieved over 90% diversion of construction waste from landfill;
X
Prioritised occupant wellbeing through products with reduced chemical
fumes, including healthy mattresses;
X
Improved resource efficiency via water-efficient sanitary fixtures; and
X
Supported low-carbon transport choices with active transport facilities.
Endoscopy Auckland (Kipling Ave)
became the first private hospital
in New Zealand to achieve a
5 Star Green Star Design rating
under the NZGBC Green Star
Design and As Built v1.0 tool,
representing excellence.
Liz Ingram, Vital’s Sustainability Manager, with
Becky Ogilvie from Evolution, celebrating Endoscopy
Auckland’s 5 Star Green Star Design certification.
INTERIM REPORT 2026
|
15

The Board comprises five highly qualified
directors based in Auckland, Toronto, and
Melbourne. Their executive experience includes
healthcare, property, legal services and finance.
Directors and
Northwest
Representative
Directors
For more details, please refer to Vital’s website.
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.
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.
Mike Brady
NORTHWEST REPRESENTATIVE DIRECTOR
(58, Toronto)
Angela Bull is an independent director of Property for
Industry (NZX:PFI), Channel Infrastructure (NZX:CHI), Fulton
Hogan, Foodstuffs South Island and Foodstuff NZ Ltd. She
is also on the Trust Board of St. Cuthbert’s College and an
independent director of Bayleys Corporation Board (NZ).
Angela holds a Bachelor of Laws and a Bachelor of Arts
(Political Science) and practised property and environmental
law prior to her executive career.
Angela Bull
INDEPENDENT DIRECTOR AND CHAIR OF
THE PEOPLE AND CULTURE COMMITTEE
(50, 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 Dairy Goat Co-operative
(N.Z.) Limited.
Graham is a Fellow of Chartered Accountants Australia
and 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.
Graham Stuart
INDEPENDENT CHAIR AND MEMBER
OF THE AUDIT COMMITTEE
(68, Auckland)
Dr Michael Stanford AM
INDEPENDENT DIRECTOR AND CHAIR
OF THE AUDIT COMMITTEE
(66, 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.
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.
Zachary Vaughan
NORTHWEST REPRESENTATIVE DIRECTOR
AND MEMBER OF THE AUDIT COMMITTEE
AND PEOPLE AND CULTURE COMMITTEE
(48, Toronto)
Zachary Vaughan was appointed Chief Executive Officer
of Northwest Healthcare Properties REIT in July 2025. He
brings over 20 years of experience in real estate investment
and asset management, with a strong track record of
leadership across global markets.
Zachary holds an Honours Bachelor of Economics from
Western University. He is now based in Toronto, where he
leads Northwest’s global healthcare real estate platform
spanning North America, Brazil, Europe, and Australasia.
16
|
VITAL HEALTHCARE PROPERTY TRUST

Executive Team
The Vital Executive Team is made up of property professionals with
extensive experience in New Zealand, Australia and beyond.
Chris Adams is CEO of NZX-listed Vital Healthcare
Property Trust and has been part of its leadership team
since 2017 and was most recently Co-Head ANZ of
Northwest In Australia and New Zealand.
Chris 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 Healthcare 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.
Chris Adams
CHIEF EXECUTIVE OFFICER
(56, Melbourne)
Michael Groth has over 18 years’ experience as a senior
finance executive in the listed and unlisted property funds
and funds management industry.
Most recently Michael was CFO for Northwest In Australia
and New Zealand.
Prior to joining Northwest in 2019, Michael was 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.
Michael Groth
CHIEF FINANCIAL OFFICER
(52, Melbourne)
Vanessa Flax joined the team in 2019 as Regional
General Counsel for Northwest in Australia and New
Zealand, 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.
Vanessa Flax
GENERAL COUNSEL
(55, Melbourne)
INTERIM REPORT 2026
|
17

Boulcott Hospital, Wellington
Financial
Statements
18
|
VITAL HEALTHCARE PROPERTY TRUST

INTERIM REPORT 2026|19
Contents
Consolidated Statement of Comprehensive Income20
Consolidated Statement of Financial Position21
Consolidated Statement of Changes in Equity22
Consolidated Statement of Cash Flows23
Notes to the Consolidated Financial Statements24
ABOUT THIS REPORT24
1. Reporting Entity24
2. Basis of Preparation24
3. Material Accounting Policy Information25
4. Internalisation transaction26
PERFORMANCE28
5. Segment Information28
6. Taxation30
7. Investment Properties31
CAPITAL STRUCTURE, FINANCING AND RISK MANAGEMENT37
8. Units on Issue37
9. Earnings per Unit37
10. Distributable Income38
11. Borrowings39
12. Derivatives41
13. Commitments and Contingencies43
14. Trade and Other Receivables43
OTHER NOTES44
15. Subsequent Events44
16. Related Party Transactions44

20|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of
Comprehensive Income
For the six months ended 31 December 2025
Note
6 months
Dec-25
$000s
6 months
Dec-24
$000s
Gross property income from rentals81,99077,139
Gross property income from expense recoveries11,97110,552
Property expenses(16,147)(13,383)
Net property income577,81474,308
Other expenses(11,400)(11,851)
Strategic and internalisation expenses4(213,939)(2,862)
Finance income1,000863
Finance expense(25,547)(23,983)
Operating (loss)/profit(172,072)36,475
Other gains/(losses)
Revaluation (loss)/gain on investment property740,563(65,361)
Net (loss)/gain on disposal of investment property(1,219)(1,876)
Fair value (loss)/gain on foreign exchange derivatives(1,552)124
Fair value (loss)/gain on interest rate derivatives23,717(11,682)
Realised (loss)/gain on foreign exchange220-
Unrealised (loss)/gain on foreign exchange(6,168)(528)
55,561(79,323)
(Loss)/Profit before income tax(116,511)(42,848)
Taxation benefit/(expense)642,5093,558
(Loss)/Profit for the period attributable to Unit Holders of the Trust(74,002)(39,290)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss:
Movement in foreign currency translation reserve68,8108,669
Total other comprehensive (loss)/income after tax68,8108,669
Total comprehensive (loss)/income after tax(5,192)(30,621)
Earnings per unit
Basic and diluted earnings per unit (cents)9(10.45)(5.82)
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2026|21
Consolidated Statement of
Financial Position
As at 31 December 2025
Note
Dec-25
$000s
Jun-25
$000s
Non-current assets
Investment properties73,354,5243,170,566
Derivative financial instruments1213,558294
Contract Asset45,000-
Other non-current assets7,8528,097
Deferred tax47,223-
Total non-current assets3,428,1573,178,957
Current assets
Investment properties held for sale7-41,294
Cash and cash equivalents25,41515,642
Trade and other receivables145,0513,318
Other current assets2,2687,422
Derivative financial instruments122,1391,459
Total current assets34,87369,135
Total assets3,463,0303,248,092
Unit Holders' funds
Units on issue81,451,7951,217,684
Reserves68,785(25)
Retained earnings354,603461,856
Total Unit Holders' funds1,875,1831,679,515
Non-current liabilities
Borrowings111,369,4781,363,639
Lease liability - ground lease12,8299,268
Derivative financial instruments124,7749,066
Deferred tax153,331144,591
Total non-current liabilities1,540,4121,526,564
Current liabilities
Trade and other payables34,72229,553
Income in advance7,4641,788
Derivative financial instruments121,1394,870
Lease liability - ground lease692620
Taxation payable3,4185,182
Total current liabilities47,43542,013
Total liabilities1,587,8471,568,577
Total Unit Holders' funds and liabilities3,463,0303,248,092
For and on behalf of the Manager, Vital Healthcare Properties Management Limited.
G Stuart,
Independent Chair
19 February 2026
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.

22|VITAL HEALTHCARE PROPERTY TRUST
Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025
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 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
Manager's incentive fee------
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
For the six months ended
31 December 2025
Balance at the start of the period1,217,684461,856(63,436)63,411-1,679,515
Changes in Unit Holders' funds (note 8)234,111----234,111
Profit/(Loss) for the period-(74,002)---(74,002)
Distributions to Unit Holders-(33,251)---(33,251)
Other comprehensive income for
the period
Movement in foreign currency
translation reserve--68,810--68,810
Balance at the end of the six months1,451,795354,6035,37463,411-1,875,183
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

INTERIM REPORT 2026|23
Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
Note
6 months
Dec-25
$000s
6 months
Dec-24
$000s
Cash flows from operating activities
Property income87,88377,737
Recovery of property expenses10,96610,959
Interest received551673
Property expenses(17,837)(9,023)
Management and trustee fees(9,811)(9,822)
Interest paid(25,031)(23,042)
Tax paid(6,943)(11,984)
Other trust expenses(1,278)(1,749)
Net cash provided by/(used in) operating activities38,50033,749
Cash flows from investing activities
Receipts from foreign exchange derivatives2,170-
Payments for foreign exchange derivatives(1,972)(100)
Capital additions on investment properties(46,640)(88,972)
Deposits and acquisition costs paid – Investment Property-(78)
Proceeds from disposal of properties102,63448,607
Fitout loans to tenants3,6032,797
Payment received to acquire subsidiaries6,417-
Management Internalisation(210,861)-
Contract Asset Acquired(5,000)-
Strategic transaction expenses-(1,271)
Net cash provided by/(used in) investing activities(149,649)(39,017)
Cash flows from financing activities
Debt drawdown280,95677,379
Repayment of debt(360,746)(52,658)
Issue of units235,008-
Loan issue costs(732)(174)
Costs associated with new equity raised(4,864)(48)
Distributions paid to Unit Holders(29,284)(31,092)
Net cash from/(used in) financing activities120,338(6,593)
Net increase/(decrease) in cash and cash equivalents9,189(11,861)
Effect of exchange rate changes on cash and cash equivalents584-
Cash and cash equivalents at the beginning of the period15,64218,934
Cash and cash equivalents at the end of the six months25,4157,073
The notes on pages 28 to 50 form part of and are to be read in conjunction with these financial statements.

24|VITAL HEALTHCARE PROPERTY TRUST
Notes to the Consolidated Financial Statements
About this Report
1. Reporting Entity
Vital Healthcare Property Trust (“VHP”, "Vital" 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 was managed by Northwest Healthcare
Properties Management Limited (the “Manager”) until 31 December 2025 when it relinquished its role and responsibilities. From this date
Vital Healthcare Properties Management Limited ("VHPML") has been appointed as the manager of the Trust. VHPML is a wholly owned
subsidiary of Vital and its registered office is at HSBC Tower, Level 17, 188 Quay Street, Auckland.
The condensed consolidated interim financial statements of Vital for the six months ended 31 December 2025 comprise Vital and its
subsidiaries (together referred to as the “Group”). Vital 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 19 February 2026.
The condensed consolidated interim financial statements for the six months ended 31 December 2025 (including comparative balances)
have been reviewed by the auditor. The 30 June 2025 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 2025 Annual
Report. The 2025 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.

INTERIM REPORT 2026|25
(e) Fair value hierarchy
The valuation technique inputs used to determine the value of an asset or liability are classified into Levels 1 to 3 based on the degree to
which the fair value inputs are observable. A description of levels of fair value hierarchy are as follows:
Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities.
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
(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 the
recognition and carrying values of assets and liabilities. The estimates and associated assumptions used to determine the carrying values of
assets and liabilities 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 4Internalisation transaction
Note 6Current and deferred taxation
Note 7Valuation of investment properties
Note 16Related party transactions

26|VITAL HEALTHCARE PROPERTY TRUST
4. Internalisation transaction
On 10 November 2025 the Group entered various agreements ("Internalisation Transactions") with Northwest to:
•Relinquish Northwest’s management rights by retiring as manager of Vital;
•Provide certain development consulting services for up to 6 years in connection with Northwest’s Galaxy fund;
•Acquire, for net asset value, Northwest entities established to facilitate Vital’s on-going internalised management (holders of the required
regulatory licences, employees and operating contracts); and
•Provide and receive certain transitional services for a period of up to 2 years (subject to two six-month extension options).
The Internalisation Transactions were financed by a $190.0m placement at an issue price of $1.95 per unit and a $45.0m unit purchase
plan at an issue price of $1.9124 per unit.
On 31 December 2025 the internalisation of management and associated transactions completed.
(4.a)
 Management rights relinquishment
The relinquishment of the management arrangements terminates a pre-existing arrangement between Vital and Northwest, cancelling future
fee obligations. 
Of the $214m total consideration paid by Vital to Northwest, $209m (subject to an adjustment, capped at $5.0m, if the IRD determines
through the private binding ruling (submitted and currently under review) that it is not fully tax deductible), plus transaction costs, has been
expensed to the statement of comprehensive income with the balance allocated to the acquisition of a Contract Asset (refer below). The
details associated with the management rights relinquishment transaction are set out as follows:
2026
$000s
Management rights relinquishment breakdown
Management rights relinquishment expense209,000
Transaction costs incurred4,516
Total Internalisation costs213,516
Deferred tax expense/(benefit)(59,784)
Net impact to profit/(loss) for the six months153,732
(4.b) Contract Asset - Development consulting services
Northwest has contracted the Group to provide development management services (to the extent mutually agreed) to Northwest’s Galaxy
portfolio for a term of up to 6 years, guaranteeing a minimum fee (including margin) of A$5.1m for these services. The consideration paid to
secure the contract has been determined to be $5.0m.
Judgement was involved in determining that this arrangement is a Contract Asset.
Recognition and measurement
Contract Assets are recorded initially at fair value and subsequently at their initial value less accumulated amortisation that is recognised
over the term of the contact as service revenue is recognised.

INTERIM REPORT 2026|27
(4.c) Acquisition of subsidiaries (Business Combination)
Vital was paid to acquire the entities associated with it's on-going internalised management for their net asset deficiency value of $3.2m
as a business combination. Judgement was involved in determining whether some or all of these acquisitions met the definition of a
business combination.
The following table summarises the provisional fair value of identifiable assets acquired and liabilities assumed:
2026
$000s
Assets
Cash3,193
Trade & Other receivables412
Fixtures, Fittings and Equipment339
Deferred tax1,116
Right of Use Asset2,730
Total Assets7,790
Liabilities
Payables(323)
Employee Liabilities(7,961)
Lease Liabilities(2,730)
Total Liabilities(11,014)
Net Assets deficiency assumed(3,224)
Consideration received/receivable3,224
Goodwill / (Bargain purchase gain)-
Cash flows on acquisition
Cash consideration received/receivable3,224
Cash acquired3,193
Net cash from investing activities6,417
Recognition and measurement
Acquisitions of businesses are accounted for using the acquisition method.
The consideration received is measured at its fair value. The net assets/liabilities acquired is measured as the sum of the fair values
of identifiable assets and liabilities acquired or assumed by the Group on the acquisition date, except that deferred tax balances and
employee benefit arrangements are recognised and measured in accordance with their relevant accounting standards.
Acquisition related costs are expensed to the statement of comprehensive income as incurred.
If the fair value of consideration exchanged exceeds the sum of the fair values of identifiable assets and liabilities acquired, goodwill is
recognised. If the sum of the fair values of identifiable assets and liabilities acquired exceeds the fair value of consideration exchanged, the
excess is recognised immediately in the statement of comprehensive income as a bargain purchase gain.
(4.d)
 Transitional Services
Northwest and the Group agreed to provide or procure transitional services for agreed fees to each other for a period of up to 2 years
(subject to two six-month extensions exercisable by the recipient of the service). Northwest will provide Information Technology and Human
Resources support to Vital and Vital will provide Australian Financial Service Licence compliance and treasury services to Northwest.  

28|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.
5. 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 December 2025:
Gross property income from rentals53,02328,96781,990
Gross property income from expense recoveries3,8968,07511,971
Property expenses(6,957)(9,190)(16,147)
Net property income49,96227,85277,814
Other expenses(7,335)(4,065)(11,400)
Strategic and internalisation expenses-(213,939)(213,939)
Net finance expense(19,813)(4,734)(24,547)
Operating profit/(loss)22,814(194,886)(172,072)
Fair value gains/(losses) on interest rate derivatives20,7712,94623,717
Revaluation gains/(losses) on investment properties18,90221,66140,563
Net gains/(losses) on disposal of investment property(527)(692)(1,219)
Other foreign exchange gains/(losses)(608)(6,892)(7,500)
Total segment profit/(loss) before income tax61,352(177,863)(116,511)
Taxation (expense)/benefit42,509
Profit/(loss) for the six months(74,002)
Segment profit/(loss) for the six months ended 31 December 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 income/(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 gain/(loss) 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)

INTERIM REPORT 2026|29
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 $52.5m of gross property income (31 December 2024: three Australian tenants and
one New Zealand tenant that contributed $50.0m).
There were no inter-segment sales during the six months (31 December 2024: nil).
Australia
$000s
New Zealand
$000s
Total
$000s
Segment assets at 31 December 2025:
Investment properties2,282,7561,071,7683,354,524
Other non-current assets16,02657,60773,633
Current assets16,96517,90834,873
Consolidated assets2,315,7471,147,2833,463,030
Segment assets at 30 June 2025:
Investment properties2,106,3601,064,2063,170,566
Other non-current assets3,1985,1938,391
Current assets59,2879,84869,135
Consolidated assets2,168,8451,079,2473,248,092
Segment liabilities at 31 December 2025:
Borrowings1,102,192267,2861,369,478
Other liabilities198,52219,847218,369
Consolidated liabilities1,300,714287,1331,587,847
Segment liabilities at 30 June 2025:
Borrowings1,095,540268,0991,363,639
Other liabilities172,28832,650204,938
Consolidated liabilities1,267,828300,7491,568,577
All assets and liabilities have been allocated to reportable segments.
Net finance expense and borrowings are allocated against the segment of the borrower. In accordance with the Group’s finance facilities
comprising a common terms deed and bi-lateral facility agreements (refer note 11.a), financing arrangements are cross collateralised across
the Group’s investment properties and other assets and are managed on an aggregate basis.

30|VITAL HEALTHCARE PROPERTY TRUST
6. Taxation
Income tax recognised in the consolidated statement of comprehensive income
6 months
Dec-25
$000s
6 months
Dec-24
$000s
Profit/(loss) before tax for the period(116,511)(42,848)
Taxation (charge)/credit - 28% on profit before income tax32,62311,997
Effect of different tax rates in foreign jurisdictions8,082(9,568)
Tax exempt income/(loss)4,8723,316
Foreign tax credits5,1372,741
Tax charges on overseas investments(5,243)(4,886)
Over/(under) provided in prior periods(2,215)88
Other adjustments(747)(130)
Taxation benefit/(expense)42,5093,558
The taxation (charge)/credit is made up as follows:
Current taxation(5,194)(9,920)
Deferred taxation47,70313,478
Taxation benefit/(expense)42,5093,558
Significant estimates and judgements
Significant estimates and judgements made in the determination of current and 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 deferred 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 $12.2m (30 June 2025: $10.3m) relating to Australian denied debt deductions have not been recognised.
These tax losses can be carried forward and utilised for 15 years from the date incurred subject to specific conditions.
Uncertain tax positions
The recognition and measurement of current and deferred tax has considered the following uncertain tax positions:
•The current and deferred tax consequences of the payment made to Northwest to retire as Manager of Vital has been recognised as if
the payment is fully tax deductible. A private binding ruling has been sought from Inland Revenue seeking confirmation of this treatment
but currently remains outstanding.
•The Group is in the process of revising tax depreciation claims in relation to the financial years ended 30 June 2021 and 2022 in relation
to Australian and New Zealand investment properties. 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 2026|31
7. 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.
(7.a) Reconciliation of Carrying Amounts
Dec-25
$000s
Jun-25
$000s
Carrying value of investment property at the beginning of the six months3,170,5663,213,689
Acquisition of properties-1,187
Capitalised costs30,310127,060
Capitalised interest costs10,64624,870
Net capitalised incentives(979)(2,130)
Disposal of properties(54,530)(23,275)
Classified as held for sale-(41,294)
Foreign exchange translation difference157,473(32,819)
Revaluation gain/(loss) on investment property40,563(76,602)
Carrying value gain/(loss) on investment property under construction-(20,120)
Remeasurement of Right of Use asset476-
Carrying value of investment property at the end of the six months3,354,5243,170,566
The Group owns the freehold title to all properties except the car parks at the rear of Allevia Hospital Ascot and Ascot Central ("Ascot Car
Parks") and the GenesisCare Integrated Cancer and Health Centre ("GenesisCare") which are the subject of ground leases ("right-of-use"
assets). These ground leases have a weighted average term remaining of 13.3 years and 53.2 years respectively (30 June 2025: 13.8 and
53.7 years). As at reporting date the fair value of these right-of-use assets are $3.9m and $6.9m respectively (30 June 2025: $3.5m and
$6.3m). The ground lease at the GenesisCare property has two 15 year options permitting Vital to extend the ground lease commencing
28 February 2079 and 28 February 2094.
(7.b)
 Acquisition of Property
During the period the Group did not acquire any property.
(7.c)
 Disposal of Property
The Group:
•divested Toronto Private Hospital (previously classified as an Investment property held for sale) in Toronto, NSW Australia for A$38.3m
(excluding transaction costs) on 29 August 2025.
•divested 21 George Street in Stepney, SA Australia for A$2.5m (excluding transaction costs) on 4 September 2025.
•divested a 50% interest of Kawarau Park Health Hub in Lake Hayes, Queenstown New Zealand for $36.0m (excluding transaction
costs) on 1 December 2025
•divested 17 Wolseley Street in Woolloongabba, QLD Australia for A$14.0m (excluding transaction costs) on 22 December 2025.
(7.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:

32|VITAL HEALTHCARE PROPERTY TRUST
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-25
$M
Jun-25
%
Dec-25
%
Jun-25
%
Dec-25
%
Jun-25
Years
Dec-25
Years
Jun-25
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-25209.1191.95.35.3100.0100.025.225.7
Maitland Private HospitalEast Maitland, New South WalesHospital (Acute/Specialty)Healthe CareJun-25163.4149.95.65.6100.0100.021.522.0
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2599.791.16.06.0100.0100.021.321.8
Kellyville Private HospitalKellyville, New South WalesHosptial (Mental Health)AuroraDec-2554.250.45.65.6100.0100.021.522.0
GenesisCare Integrated Cancer &
Health CentreCampbelltown, New South WalesAmbulatory CareGenesisCareJun-2551.347.65.45.4100.0100.013.213.7
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2543.240.25.35.3100.0100.025.225.7
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-25450.9414.04.95.098.998.622.122.7
South Eastern Private HospitalNoble Park, VictoriaHospital (Mental Health/Rehab)AuroraDec-2598.289.55.45.5100.0100.015.215.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health/Rehab)Epworth FoundationJun-2584.377.85.45.4100.0100.018.519.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2540.036.06.36.3100.097.83.64.1
Avive Clinic - Mornington PeninsulaMount Eliza, VictoriaHospital (Mental Health)AviveDec-2533.330.75.55.5100.0100.022.823.3
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2514.712.06.36.875.775.73.43.9
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-25157.6145.65.45.4100.0100.019.720.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2565.562.55.85.6100.0100.09.710.2
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2564.958.85.35.4100.0100.018.619.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2563.459.05.35.3100.0100.016.116.6
South Australia
Playford Health HubElizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2599.190.95.45.492.292.28.79.3
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2597.488.95.65.6100.0100.05.56.0
Burnside Hospital Stepney, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundationJun-2583.577.17.17.1100.0100.020.721.3
Total Australia1,973.71,813.95.45.599.199.018.519.0

INTERIM REPORT 2026|33
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-25
$M
Jun-25
%
Dec-25
%
Jun-25
%
Dec-25
%
Jun-25
Years
Dec-25
Years
Jun-25
Australia
New South Wales
Lingard Private HospitalMerewether, New South WalesHospital (Acute)Healthe CareJun-25209.1191.95.35.3100.0100.025.225.7
Maitland Private HospitalEast Maitland, New South WalesHospital (Acute/Specialty)Healthe CareJun-25163.4149.95.65.6100.0100.021.522.0
Hurstville Private HospitalHurstville, New South WalesHospital (Acute)Healthe CareDec-2599.791.16.06.0100.0100.021.321.8
Kellyville Private HospitalKellyville, New South WalesHosptial (Mental Health)AuroraDec-2554.250.45.65.6100.0100.021.522.0
GenesisCare Integrated Cancer &
Health CentreCampbelltown, New South WalesAmbulatory CareGenesisCareJun-2551.347.65.45.4100.0100.013.213.7
Lingard Day CentreMerewether, New South WalesAmbulatory CareHealthe CareJun-2543.240.25.35.3100.0100.025.225.7
Victoria
Epworth Eastern HospitalBox Hill, VictoriaHospital (Acute)Epworth FoundationJun-25450.9414.04.95.098.998.622.122.7
South Eastern Private HospitalNoble Park, VictoriaHospital (Mental Health/Rehab)AuroraDec-2598.289.55.45.5100.0100.015.215.7
Epworth CamberwellCamberwell, VictoriaHospital (Mental Health/Rehab)Epworth FoundationJun-2584.377.85.45.4100.0100.018.519.0
Ekera Medical CentreBox Hill, VictoriaAmbulatory CareImaging AssociatesJun-2540.036.06.36.3100.097.83.64.1
Avive Clinic - Mornington PeninsulaMount Eliza, VictoriaHospital (Mental Health)AviveDec-2533.330.75.55.5100.0100.022.823.3
120 Thames StreetBox Hill, VictoriaAmbulatory CareNewlife IVFJun-2514.712.06.36.875.775.73.43.9
Queensland
Belmont Private HospitalCarina Heights, QueenslandHospital (Mental Health)AuroraDec-25157.6145.65.45.4100.0100.019.720.2
Palm Beach Currumbin ClinicCurrumbin, QueenslandHospital (Mental Health)AuroraJun-2565.562.55.85.6100.0100.09.710.2
Western Australia
Marian CentreWembley, Western AustraliaHospital (Mental Health)AuroraDec-2564.958.85.35.4100.0100.018.619.1
Abbotsford Private HospitalWest Leederville, Western AustraliaHospital (Mental Health)AuroraDec-2563.459.05.35.3100.0100.016.116.6
South Australia
Playford Health HubElizabeth Vale, South AustraliaAmbulatory CareSA HealthJun-2599.190.95.45.492.292.28.79.3
Tennyson CentreKurralta Park, South AustraliaAmbulatory CareICON Cancer CareJun-2597.488.95.65.6100.0100.05.56.0
Burnside Hospital Stepney, Clinic & Cons.Stepney, South AustraliaHospital (Acute)Burnside Hospital FoundationJun-2583.577.17.17.1100.0100.020.721.3
Total Australia1,973.71,813.95.45.599.199.018.519.0

34|VITAL HEALTHCARE PROPERTY TRUST
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-25
$M
Jun-25
%
Dec-25
%
Jun-25
%
Dec-25
%
Jun-25
Years
Dec-25
Years
Jun-25
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-25202.0188.75.55.5100.0100.029.622.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Evolution Southern Cross LimitedDec-25131.5122.25.55.5100.0100.025.025.5
Allevia Hospital AscotGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-25127.5125.05.45.4100.0100.013.914.4
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2597.095.05.85.8100.0100.023.924.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2588.686.15.45.492.392.315.215.6
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2570.967.95.95.9100.0100.021.613.0
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2568.567.75.55.5100.0100.023.924.4
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2552.548.65.55.5100.0100.019.716.9
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2541.039.85.85.9100.096.94.54.6
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareHealth New Zealand - CanterburyJun-2540.539.55.85.895.182.28.18.3
Kawarau Park (50% interest)
1
Lake Hayes, QueenstownHospital (Acute)Southern Cross CLT LimitedJun-2536.572.05.85.8100.0100.05.86.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2534.134.05.55.5100.0100.010.511.0
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2527.424.76.16.1100.0100.020.521.0
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-258.88.411.011.496.897.310.411.5
Total New Zealand1,026.71,019.65.65.699.097.919.917.8
Properties held for development354.1337.1
Investment properties - non current3,354.53,170.6
Investment properties held for sale
2
-41.3
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,354.53,211.95.55.599.098.619.018.5
1This property was 50% divested in Dec-25
2Toronto Private Hospital held for sale at Jun-25, divested in Aug-25.

INTERIM REPORT 2026|35
Latest
independent
valuationFair valueMarket capitalisation rateOccupancyWALE
PropertiesLocationSub sectorMajor TenantDate
$M
Dec-25
$M
Jun-25
%
Dec-25
%
Jun-25
%
Dec-25
%
Jun-25
Years
Dec-25
Years
Jun-25
New Zealand
Wakefield HospitalNewtown, WellingtonHospital (Acute)Evolution HealthcareJun-25202.0188.75.55.5100.0100.029.622.4
Grace HospitalTauranga, Bay of PlentyHospital (Acute)Evolution Southern Cross LimitedDec-25131.5122.25.55.5100.0100.025.025.5
Allevia Hospital AscotGreenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-25127.5125.05.45.4100.0100.013.914.4
Royston HospitalHastings, Hawkes BayHospital (Acute)Evolution HealthcareDec-2597.095.05.85.8100.0100.023.924.4
Ormiston HospitalFlatbush, AucklandHospital (Acute)Ormiston Surgical and Endoscopy LimitedJun-2588.686.15.45.492.392.315.215.6
Boulcott HospitalLower Hutt, WellingtonHospital (Acute)Boulcott Pulse Health LimitedDec-2570.967.95.95.9100.0100.021.613.0
Bowen HospitalCrofton Downs, WellingtonHospital (Acute)Evolution HealthcareJun-2568.567.75.55.5100.0100.023.924.4
Endoscopy AucklandEpsom, AucklandHospital (Acute)Evolution HealthcareJun-2552.548.65.55.5100.0100.019.716.9
Ascot CentralGreenlane, AucklandAmbulatory CareFertility Associates LimitedJun-2541.039.85.85.9100.096.94.54.6
68 Saint Asaph StChristchurch Central, ChristchurchAmbulatory CareHealth New Zealand - CanterburyJun-2540.539.55.85.895.182.28.18.3
Kawarau Park (50% interest)
1
Lake Hayes, QueenstownHospital (Acute)Southern Cross CLT LimitedJun-2536.572.05.85.8100.0100.05.86.2
Hutt Valley Health HubLower Hutt, WellingtonAmbulatory CareRopata Health LimitedDec-2534.134.05.55.5100.0100.010.511.0
Kensington HospitalWhangarei, NorthlandHospital (Acute)Kensington Hospital LimitedDec-2527.424.76.16.1100.0100.020.521.0
Ascot Carpark (right of use asset)Greenlane, AucklandHospital (Acute)Ascot Hospital and Clinics LimitedDec-258.88.411.011.496.897.310.411.5
Total New Zealand1,026.71,019.65.65.699.097.919.917.8
Properties held for development354.1337.1
Investment properties - non current3,354.53,170.6
Investment properties held for sale
2
-41.3
TOTAL FAIR VALUE OF
INVESTMENT PROPERTIES3,354.53,211.95.55.599.098.619.018.5
1This property was 50% divested in Dec-25
2Toronto Private Hospital held for sale at Jun-25, divested in Aug-25.

36|VITAL HEALTHCARE PROPERTY TRUST
(7.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-25
$000s
Jun-25
$000s
Capital expenditure commitments11,95339,030
•the Group has committed to providing:
–
up to A$2.0m for air conditioning replacement works at Burnside Hospital Stepney, Clinic and Consulting suites (incorporated into
the valuation of this property).
–
capital expenditure commitments relating to the cost to complete committed development projects.
–
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.
(7.f)
 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 2025 was determined through independent professional valuers for approximately
36% of the income producing portfolio by value (30 June 2025: 64%) 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 2025 included: Absolute
Value, Ernst & Young, CBRE New Zealand, Colliers International, Cushman & Wakefield, Jones Lang LaSalle Australia and New Zealand,
Savills Australia and Valued Care. The properties which have been independently valued at 31 December 2025 are disclosed above in
note 7.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 2026|37
Capital Structure, Financing and Risk Management
This section outlines how the Group manages its capital structure and related financing activities and presents the resultant returns delivered
to Unit Holders via distributions and earnings per unit.
8. Units on Issue
Dec-25
$000s
Jun-25
$000s
Balance at the beginning of the period1,217,6841,204,977
Issue of units under Distribution Reinvestment Plan3,9676,247
Issue of units under placement and unit purchase plan (note 4a)235,008-
Issue of units to satisfy Manager's incentive fee-6,600
Issue costs of units(4,864)(140)
Balance at the end of the six months1,451,7951,217,684
Dec-25
000s
Jun-25
000s
Reconciliation of number of units
Balance at the beginning of the year678,896671,923
Issue of units under the Distribution Reinvestment Plan1,9043,327
Issue of units under placement and unit purchase plan120,966-
Units issued to satisfy Manager's incentive fee-3,646
Balance at the end of the six months801,766678,896
Distributions related to the six month period to 31 December 2025 were 4.875 cents per unit (2025: 4.875 cents per unit), including the
second quarter distribution of 2.4375 cents per unit declared subsequent to the reporting date (2025: 2.4375 cents per unit). Refer Note15
for details.
9.
 Earnings per Unit
Dec-25Dec-24
Profit/(loss) attributable to Unit Holders of the Trust ($000s)(74,002)(39,290)
Weighted average number of units on issue (000's of units)708,186674,850
Basic and diluted earnings per unit (cents)(10.45)(5.82)
Recognition and measurement
Basic and diluted earnings per unit is calculated by dividing the profit attributable to Unit Holders by the weighted average number of
ordinary units on issue during the reporting period.

38|VITAL HEALTHCARE PROPERTY TRUST
10. Distributable Income
Statutory profit attributable to Unit Holders is determined in accordance with NZ GAAP and includes a number of non-cash items including
fair value movements, straight-line lease accounting adjustments, 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-25
$000s
6 months
Dec-24
$000s
Adjusted funds from operations
Operating (loss)/profit before tax and other gains and losses(172,072)36,475
Add/(deduct):
Current tax expense(5,194)(9,920)
Incentive fee--
Strategic and internalisation expenses213,9392,862
Current tax on translation of foreign currency funding transactions(1,030)130
Current tax on interest rate swap restructure and property disposals1,7301,235
Amortisation of borrowing costs1,0981,100
Amortisation of leasing costs & tenant inducements1,8371,851
IFRS 16 Operating lease accounting(75)(57)
Funds from operations (FFO)40,23333,676
Add/(deduct):
Actual capex from continuing operations(313)(228)
Adjusted funds from operations (AFFO)39,92033,448
AFFO (cpu)5.644.96
Distribution per unit (cpu)4.8754.875
AFFO payout ratio86%98%
Units on issue (weighted average, 000s)708,186674,850

INTERIM REPORT 2026|39
11. Borrowings
Dec-25
$000s
Jun-25
$000s
AUD denominated loans1,150,8181,156,532
NZD denominated loans222,662211,917
Borrowing costs(4,002)(4,810)
Total borrowings1,369,4781,363,639
Current liability--
Non current liability1,369,4781,363,639
Total borrowings1,369,4781,363,639
Dec-25
$000s
Jun-25
$000s
Total borrowings at the beginning of the year1,363,6391,287,477
Drawdowns during the year280,956358,056
Repayments during the year(360,746)(264,022)
Additional facility refinancing fee(10)(1,640)
Facility refinancing fee amortised during the year1,0982,094
Foreign exchange movement84,541(18,326)
Total borrowings at the end of the six months1,369,4781,363,639

40|VITAL HEALTHCARE PROPERTY TRUST
(11.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 (2025: eight financiers) that provide facilities to the Group. The facilities' expiry profile and
undrawn facility limits are as follows:
Dec-25Jun-25
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Common Terms Deed - AUD
Facility A150.015.0May-3050.015.5May-30
Facility A225.0-May-2825.0-May-28
Facility A475.075.0May-3275.030.0May-32
Facility D275.0-Mar-2775.0-Mar-27
Facility D350.0-Apr-2850.0-Apr-28
Facility L75.0-Sep-2875.0-Sep-28
Facility K221.0-Mar-2921.0-Mar-29
Facility K170.16.0Mar-2870.1-Mar-28
Facility K313.0-Mar-2813.0-Mar-28
Facility M119.019.0Mar-2919.0-Mar-29
Facility M212.010.0Mar-2812.0-Mar-28
Facility O50.0-May-3050.0-May-30
Total AUD Facility535.1125.0535.145.5
Common Terms Deed - NZD
NZ$m LimitNZ$m UndrawnExpiryNZ$m LimitNZ$m UndrawnExpiry
Facility B75.0-Mar-2875.05.0Mar-28
Facility A50.0-May-2850.0-May-28
Total NZD Facility125.0-125.05.0
Common Terms Deed -
Multicurrency (A$/NZ$)
A$m LimitA$m UndrawnExpiryA$m LimitA$m UndrawnExpiry
Facility A5150.00.6May-29150.00.2May-29
Facility B150.00.7May-2850.0-May-28
Facility C162.5-May-2862.5-May-28
Facility C262.5-May-2962.5-May-29
Facility C3125.0-May-30125.0-May-30
Facility D1100.0-Apr-29100.0-Apr-29
Facility N125.06.7May-30125.06.7May-30
Total Multicurrency Facility675.08.0675.06.9
In addition to the above, the Group has available a A$5.0m (30 June 2025: A$5.0m) bank guarantee facility of which A$0.8m (30 June
2025: 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 2026|41
CovenantDec-25Jun-25
Banking Covenants
Loan to value ratio< 55%42.3%43.6%
Interest cover> 2.00x3.023.02
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%1.0%0.9%
(11.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 5.01% per annum (
31 December 2024: 5.19%).
12. Derivatives
(12.a) Interest Rate Swaps
Dec-25
$000s
Jun-25
$000s
Current assets
Interest rate derivative assets2,1391,085
Non-current assets
Interest rate derivative assets13,558231
Current liabilities
Interest rate derivative liabilities(141)(4,870)
Non-current liabilities
Interest rate derivative liabilities(4,649)(9,066)
Total10,907(12,620)
During the period the Group recognised an unrealised fair value gain of $23.7m (31 December 2024: $11.7m loss) on interest rate
contracts. The Group's interest rate swaps effective at the reporting date are as follows:
Dec-25
$000s
Jun-25
$000s
Notional value of interest rate swaps - AUD830,500905,630
Notional value of interest rate swaps - NZD200,000150,000
Average fixed interest rate A$3.51%3.26%
Average fixed interest rate NZ$3.58%3.73%
Floating rates based on AUD BBSY3.69%3.75%
Floating rates based on NZD BKBM2.55%3.36%
Interest rate derivatives mature over the next four years and have fixed interest rates ranging from 2.90% to 4.37% (30 June 2025: four
years, fixed interest rates from 2.50% to 4.37%).
In addition to the above, at balance date Group has:
•one A$ forward start swap with a total notional value of A$50m and fixed rate of 2.89% (2025: six swaps, A$300m notional value at
fixed rates ranging from 2.89% to 3.60%) and one NZ$50m forward start swap with a fixed rate of 3.19% (2025: one swap, NZ$50m
notional value at a fixed rate of 3.15%). These swaps become effective in Mar-26 and Jun-26 and have tenors of one and two years
respectively (2025: start dates Sept-25 to Mar-26, tenors ranging from one to three and a half years);

42|VITAL HEALTHCARE PROPERTY TRUST
•eight callable swaptions (at the counterparty's option) with a notional value of A$628m with fixed rates ranging from 2.89% to 3.92%
(2025: five swaptions, A$348.5m notional value at fixed rates ranging from 2.89% to 3.92%), callable dates ranging from Mar-26 to
Dec-28 and tenors of between two and three years (2025: callable dates Mar-26 to Jun-27, tenors ranging from one to three years);
•one callable swaption (at the counterparty's option) with a notional value of NZ$50m at a fixed rate of 2.99% (2025: one swaption,
NZ$50m notional value at a fixed rate of 2.99%), a callable date of Jun-26 and a tenor of one year (2025: callable date of Jun-26,
tenor of one year);
•one NZ$50m cross-currency ("XCCY") basis swap for a 1-year term, maturing in Mar-26 (2025: one NZ$50m XCCY basis swap,
maturing Mar-26). This transaction settles quarterly with VHP paying BKBM and receiving BBSY which in Dec-25 were 2.53% and
3.74% respectively (2025: 3.36% and 3.76% respectively).
Recognition and measurement
Interest rate derivatives are categorised as financial instruments at fair value through profit or loss and are initially recognised and
subsequently measured at fair value derived from 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.
(12.b)
 Forward Exchange Contracts
Dec-25
$000s
Jun-25
$000s
Current assets
Foreign exchange derivative assets-374
Non-current assets
Foreign exchange derivative assets-63
Current liabilities
Foreign exchange derivative liabilities(998)-
Non-current liabilities
Foreign exchange derivative liabilities(125)-
Total(1,123)437
During the period the Group recognised an unrealised fair value loss of $1.6m (31 December 2024: $0.1m gain) on forward exchange
contracts. The Group's forward exchange contracts outstanding at the reporting date are as follows:
Dec-25
$000s
Jun-25
$000s
Notional value of foreign exchange contracts - AUD24,25120,001
Average foreign exchange rate0.90870.9121
Recognition and measurement
Foreign exchange contract 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.

INTERIM REPORT 2026|43
(12.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 (2025: nil).
13. Commitments and Contingencies
Other than the contractual obligations disclosed in Note 7.e and Note13.a, there are no other commitments and contingencies in effect at
the reporting date (2025: nil).
(13.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.
(13.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 / foreign
owner surcharges.
14.
 Trade and Other Receivables
Dec-25
$000s
Jun-25
$000s
Trade receivables4,0481,232
Loss allowance(522)(473)
3,526759
Other receivables1,5252,559
Total trade and other receivables5,0513,318

44|VITAL HEALTHCARE PROPERTY TRUST
Other Notes
15. Subsequent Events
•On 19 February 2026 a cash distribution of 2.4375 cents per unit was announced by the Trust. The Record Date for the final distribution is
26 February 2026, and payment is scheduled to be made to Unit Holders on 12 March 2026. No imputation credits will be attached to
the distribution.
16. Related Party Transactions
Effective from 31 December 2025 the management of Vital has been internalised and will be performed by Vital Healthcare Properties
Management Limited, a wholly owned subsidiary of the Group.
For the period up until 31 December 2025, Vital was 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 23.9% (2025: 28.3%) 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.
For the period to 31 December 2025 the external management fee regime outlined below applied. From 31 December 2025 these
arrangements ceased.
Remuneration of the Manager
Vital paid 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 was 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 were 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 was 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 were 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:

INTERIM REPORT 2026|45
a. Leases or licences
Vital paid the Manager leasing or licence fees where the Manager negotiated leases or licences. The fees were 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 were charged at 50% of a new lease or licence fee.
Leasing or licence fees were 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 paid the Manager property management fees where the Manager acted as the property manager. These fees were charged at 1%
- 2% of gross income depending on the number of tenants at the property and may have been recovered from tenants if permitted under
lease agreements.
Property management fees, net of recoveries from tenants, were expensed through the consolidated statement of comprehensive income in
the year in which they arise.
c. Facilities management
Vital paid the Manager a facilities management fee where the Manager acted 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 have been
recovered from tenants if permitted under lease agreements.
Facilities management fees were expensed, net of recoveries from tenants, through the consolidated statement of comprehensive income in
the year in which they arise.
d. Project management
Vital paid project management fees to the Manager for managing capital expenditure projects where the purpose of the project was 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 were 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 were capitalised to the respective investment or property in the consolidated statement of financial position.
Additional Costs
The Additional Costs structure was as follows:
a. Acquisitions
Vital paid 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 were 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 were capitalised to the respective investment or property in the consolidated statement of financial position.
b. Disposals
Vital paid 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 were charged at 1% of the contracted sale price of the relevant investment or
property actually received, provided that, if a third party agent was engaged to provide services for the disposal, then the fee payable to
the Manager would be net of the third party agent’s costs and commissions.

46|VITAL HEALTHCARE PROPERTY TRUST
Disposal fees were expensed through the consolidated statement of comprehensive income in the year in which they arise.
c. Development Management
Vital paid fees where the Manager acts as a development manager on Vital developments. These fees were charged at 4% of the
committed spend (excluding land) approved by the Board of the Manager provided that, if a third party agent was engaged to provide
development management services, then the fee payable to the Manager was reduced by the non-rentalisable third party costs paid.
Development management fees were capitalised to the respective property in the consolidated statement of financial position.
Other amounts
In accordance with the Trust Deed, the Manager was permitted to engage related parties to provide services to the Trust. The provision of
these services was subject to compliance with the restrictions on related party transactions in the Financial Markets Conduct Act 2013.

INTERIM REPORT 2026|47
Transactions with related parties
Amounts charged by the Manager and related parties and owing are as follows:
31 Dec 2025
$000s
31 Dec 2024
$000s
30 June 2025
$000s
Statement of
Comprehensive
Income
Statement
of Financial
PositionTotal
Amounts
Owing/
(Receivable)
Statement of
Comprehensive
Income
Statement
of Financial
PositionTotal
Amounts
Owing/
(Receivable)
Base fee8,885-8,885-8,888-8,888-
Incentive Fee--------
Activity Fees:-
Leasing/licensing
1
8375683925482,2292,277246
Property
management
2
1,297-1,297181,209-1,209349
Other services
3
-226226----125
AFSL fee644-644-651-651-
10,90998211,8914310,7962,22913,025720
Additional Costs:
Acquisitions
4
-11-----
Disposals
5
297-29716286-86-
Development
management
6
-368368--7217211,213
297369666162867218071,213
Other Amounts:
Vital Internalisation214,000-214,000-----
Reimbursement of
third party expenses:
Other expenses36-36-183-183-
Amounts paid
to directors:
7
Graham Stuart90-90-42-42-
Angela Bull----36-36-
Michael Stanford61-61-60-60-
214,187-214,187-321-321-
225,3931,351226,74420511,2032,95014,1531,933
1Amounts outstanding at 31 December 2025 are: NorthWest Healthcare Properties Management Limited Nil (Jun 25: Nil); NorthWest Healthcare Australian Property Limited Nil (Jun
25: $0.2m)
2Property Management and Facilities Management fees, exclusive of recoveries from tenants, incurred by the Trust totalled $1.3m and Nil respectively for the 31 December 2025 period
(Jun 25: $2.4m and Nil respectively).
Amounts outstanding at 31 December 2025 are: NorthWest Healthcare Properties Management Limited Nil (Jun 25: $0.1m); NorthWest Healthcare Australian Property Limited $0.3m
(Jun 25: $0.2m)
3Amounts outstanding at 31 December 2025 are: Northwest Healthcare Properties Management Pty Ltd $0.2m (Jun 2025: $0.1m)
4Amounts outstanding at 31 December 2025 are: NorthWest Healthcare Properties Management Limited Nil (Jun 25: Nil); NorthWest Healthcare Australian Property Limited Nil (Jun
25: Nil)
5Amounts outstanding at 31 December 2025 are: NorthWest Healthcare Properties Management Limited Nil (Jun 25: Nil); NorthWest Healthcare Australian Property Limited $0.3m (Jun
25: Nil)
6Amounts outstanding at 31 December 2025 are: NorthWest Healthcare Properties Management Limited $0.2m (Jun 25: $0.5m); NorthWest Healthcare Australian Property Limited
$0.2m (Jun 25: $0.7m)
7Directors' fees for Michael Stanford are currently paid by the Manager from 7 November 2025. Angela Bull was paid by the Manager until 7 November 2025.

48|VITAL HEALTHCARE PROPERTY TRUST
Other Related Parties

a. RDX
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 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.
On 31 December 2025 Lumina prepaid A$4.677m in respect to its forecast RDX net operating income guarantee obligation. The final
amount payable will be subject to a 'true up' adjustment based on the actual net operating income of RDX for the 12 month period post
practical completion.
b. Internalisation of Management
On 10 November 2025 the Group entered various agreements ("Internalisation Transactions") with Northwest to:
•Relinquish Northwest’s management rights by Northwest retiring as Manager of Vital;
•Provide certain development consulting services to Northwest for up to 6 years in connection with Northwest’s Galaxy fund;
•Acquire, for net asset value, Northwest entities established to facilitate Vital’s on-going internalised management (holders of the required
regulatory licences, employees and operating contracts); and
•Provide and receive certain transitional services for a period of up to 2 years (subject to two six-month extension options).
On 31 December 2025 the Internalisation Transactions settled, with Vital paying Northwest $210.5m, being $214m for Northwest to retire
as Manager of Vital and secure the development consulting services contract, adjusted for the estimated net asset deficiency of Northwest
entities acquired. The estimated net asset deficiency is subject to a 'true-up' adjustment which has not yet been determined.
Refer Note 4 for additional details on the Internalisation Transactions.
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 Unit Holders 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 20 to 48 which comprise
the consolidated statement of financial position as at 31 December 2025, 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 2025 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
(‘N Z SR E 2410’). 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 Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (‘PES 1’) as
applicable to audits and reviews of public interest entities. We also have fulfilled our other ethical
responsibilities in accordance with PES 1.
Other than in our capacity as auditor, we perfor m other assurance services in relation to the Group’s reporting

pack to the Group’s Parent. We als o 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 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 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.
INTERIM REPORT 2026|49

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
19 February 2026
50|VITAL HEALTHCARE PROPERTY TRUST

Directory
VITAL HEALTHCARE
PROPERTY TRUST
Auckland Office
Level 17, HSBC Tower
188 Quay Street, Auckland 1010
PO Box 6945, Victoria Street West, Auckland
Free: 0800 225 264 (Toll free NZ)
Tel: +64 9 973 7300 (Auckland)
Email: enquiry@vhpt.co.nz
Melbourne Office
Level 45, Rialto South Tower,
525 Collins Street,
Melbourne, VIC 3000, Australia
Sydney Office
The Great Room –
Level 14, 1 O’Connell Street
Sydney, NSW 2000, Australia
DIRECTORS AND NORTHWEST
REPRESENTATIVE DIRECTORS
Graham Stuart – Independent Chair
Mike Brady – Northwest
Representative Director
Angela Bull – Independent Director
Dr Michael Stanford – Independent Director
Zachary Vaughan – Northwest
Representative Director
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
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 11, 51 Shortland Street
Auckland 1140
Telephone: +64 9 308 7100
PUBLIC TRUST
Level 16, SAP Tower
151 Queen Street
Auckland 1010
Telephone: +64 9 304 1818
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
The Hongkong and Shanghai
Banking Corporation, incorporated
in the Hong Kong SAR, acting
through its New Zealand Branch
HSBC Tower
188 Quay Street
Auckland 1010
New Zealand
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 2026|51

DISCLAIMER:
This document has been prepared by Vital 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.