FY26 Sustainability Report and Climate Related Disclosure

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

NZX RELEASE




28
th
October 2026
Sustainability Report and Climate Related Disclosure
2026
Vital Healthcare Properties Management Limited as manager of Vital Healthcare Property Trust (Vital) has today
released its FY26 Sustainability Report and Climate Related Disclosure for the reporting period ended 30 June 2026.
The Climate Related Disclosure has been prepared voluntarily with reference to the Aotearoa New Zealand Climate
Standards.
– 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

Jarrod Gill
Head of Investor Relations, Vital Healthcare Properties Management Limited
Tel +61 408 612 998, Email jarrod.gill@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 (~79%* of portfolio value), ambulatory care facilities (~17%* of portfolio
value) and life science facilities (4%* 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 30 June 2026, NZD/AUD exchange rate of 0.8213.

---

Sustainability
Report & Climate
Related Disclosure
2026

Tēnā koutou,
Vital Healthcare Properties Management Limited (the Manager), as manager of Vital Healthcare Property Trust (Vital),
presents this Sustainability Report and Climate Related Disclosure for the year ended 30 June 2026 (FY26).
Following internalisation on 31 December 2025, Vital is now
managed by a dedicated team of professionals employed directly
by Vital. This report has been updated to reflect this new operating
model. It is intended to assist Unit Holders and other stakeholders
to understand Vital’s sustainability performance and the climate-
related risks and opportunities that may affect Vital’s strategy,
resilience, financial performance and long-term asset quality.
Vital remains a Climate Reporting Entity (CRE) under current
legislation. Proposed legislative changes would remove Vital from
the mandatory climate reporting regime. Pending these legislative
changes, for FY26 the Financial Markets Authority (FMA) has
provided no-action relief for entities which would cease to be
CREs following the legislative changes. This no-action relief means
that the FMA will not take any action in respect of a CRE's failure
to prepare and lodge climate statements. Vital has nevertheless
elected to prepare a Climate Statement in accordance with the
Aotearoa New Zealand Climate Standards.
FY26 highlights
• Internalisation of management was completed on 31
December 2025, with the new structure strengthening
governance, improving alignment with Unit Holders and
providing a scalable platform for future growth.
• Vital has reviewed and reaffirmed its overall approach
to sustainability
1
, including Board endorsement of
continued GRESB participation and ongoing climate and
sustainability reporting.
• Vital delivered Green Star developments at RDX and
Endoscopy Auckland and commenced Green Star projects
at Coomera Health Campus – Stage 1 and Macarthur
Health Precinct – Stage 2.
• For the fourth consecutive year, Vital has been recognised
as a GRESB Global Sector Leader
2
, achieving Global
Sector Leader – Listed Healthcare for Standing Investments
and Global Sector Leader – Healthcare for Development
in 2026.
• Limited Assurance has been achieved over Vital’s full
Greenhouse Gas inventory.
Future focus
In FY26 Vital continued its approach to managing climate-related
risks and opportunities through a year of significant organisational
change, building on the foundations established in previous years.
A key focus was the continuation of site-level climate resilience
assessments across the property portfolio to better understand
their vulnerability to physical climate risks. These assessments are
designed to inform both mitigation strategies and adaptation
pathways, supporting Vital's ambition to maintain a future-ready
portfolio and will be used to inform maintenance planning, asset
level risk management and future capital planning.
We continue to improve the quality, accuracy and completeness
of our environmental performance data through our automated
data collection platform and to work with our tenants to capture
tenant consumption data so that we remain well positioned to meet
evolving disclosure expectations.
Focusing on climate-related performance and enhancing the
sustainability and resilience of our portfolio remains a key strategy
designed to support asset performance as we seek to deliver
sustainable and growing Unit Holder returns.
Now in our third year of climate reporting, our approach has
matured and we continue to deepen our understanding in areas
where data, methodologies and climate science are still evolving.
A key 30 June 2027 priority is the completion of a periodic
review of Vital’s net zero emissions by 2050 commitment, having
regard to the nature of Vital’s business, operating model, market
developments and continuing work to develop a transition plan.
In 2022 Vital set a target to achieve net zero emissions by 2050.
This target was aligned with the “Paris Agreement” to limit the
increase in global temperatures to 1.5°C above pre-industrial
levels. This target is to be reviewed by the Board of Vital in the year
ended 30 June 2027 having regard to the ambition behind the
target and the nature of Vital’s operating model, and continuing
work to develop a transition plan.
Vital remains committed to continuous improvement, transparency
and collaboration as we work toward our long-term
decarbonisation and climate resilience objectives.
1
Vital’s broader five-year strategy, including its longer-term sustainability ambitions, has not been reviewed as part of this process.
2
GRESB Sector Leader awards recognise the highest-scoring entities in each sector and region, including entities scoring within one point of the highest score.
Introduction
Nā māua noa, nā
27 October 2026
Dr Michael Stanford
Independent Director & Chair of the Audit Committee
Graham Stuart
Independent Chair
Contents
Introduction 3
Sustainability Report 4
Healthy Planet 12
Thriving Partners 12
Strong Communities 13
Inclusive Company 13
Enablers 13
Climate Statement 14
Governance 16
Strategy 18
Risk Management 28
Metrics and Targets 30
Glossary & Acronyms 37
Appendices 38
At a glance
This report outlines Vital’s sustainability performance and
explains how climate-related risks and opportunities are
considered across the portfolio. It retains the four climate
disclosure pillars used in prior years - governance, strategy,
risk management and metrics and targets - while also
reflecting Vital's transition to an internally managed structure.
The report covers Board, Audit and Risk Committee and
management oversight, integration of climate considerations
into investment and asset decisions, progress on climate
resilience assessments, greenhouse gas emissions reporting,
green building outcomes, utility data coverage and broader
environmental, social and governance (ESG) initiatives.
For FY26, the report introduces an ESG highlights section,
linking climate-related performance with Vital’s wider
sustainability priorities across portfolio resilience, tenant
engagement, community contribution, employee capability
and governance accountability.
All values in this report are in NZ dollars unless
otherwise stated.
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
|
3

T (92%)LL (87%)
T (90%)LL (81%)
LL (95%)T (82%)
LL (96%)T (68%)
HEALTHY PLANET
During FY26, Vital continued to focus on practical actions
designed to improve the environmental performance and
long-term resilience of its portfolio. This included maintaining
renewable electricity coverage for landlord-controlled
base-building meters, continuing site-level climate resilience
assessments and Green Star Performance ratings to
understand operational performance.
Vital also delivered Green Star developments
1
at RDX and
Endoscopy Auckland and commenced works at Coomera
Health Campus – Stage 1 and Macarthur Health Precinct
Stage 2, demonstrating the important role development
plays in creating modern, efficient and resilient healthcare
infrastructure for future generations. These initiatives support
Vital’s ability to identify efficiency opportunities, engage
constructively with tenants and prioritise asset-level upgrades
that improve operational performance, and strengthen
portfolio resilience and support long-term value creation.
Metric / IndicatorFY26 ResultCommentary
Greenhouse Gas
emissions (tCO
2
e)
48,373.76 tCO
2
e
across Scopes 1, 2
and 3
FY26 location-based emissions were 48,373.76 tCO
2
e, 16% below the restated FY24
baseline and 46% above FY25, mainly due to higher capital goods emissions from
completed development activity.
Scope 3 represented 97.15% of total emissions, with downstream leased assets remaining
the largest category.
Renewable electricityMaintained for
landlord controlled
base building meters
Vital maintains renewable electricity for our landlord-controlled base-building consumption
through a combination of GreenPower agreements, pass-through contracts and renewable
energy certificates. This supports minimal or zero Scope 2 emissions under the market-based
reporting approach.
Onsite climate
risk assessments
17 completedDuring FY26, Vital completed 17 site-level climate risk assessments (taking total assessments
to 21 of Vital’s portfolio of 34 properties) to identify practical adaptation actions and site-
specific resilience priorities. These assessments will be used to inform maintenance planning,
asset-level risk management and future capital planning. The remaining assessments are
expected to be completed in the first half of FY27, after which findings will be reviewed
across the portfolio to identify common themes and priority actions. Refer to page 29 in the
climate statement for further information on the process for assessing our climate related risks.
Green Star
Performance
100% coverage of
eligible assets
For the past four years, Vital has completed Green Star Performance ratings across all
eligible assets. The ratings help track asset performance over time and identify ongoing
operational improvement opportunities with tenants and facilities managers across the
portfolio.
Future FocusImproving tenant utility data coverage, strengthening assurance-ready emissions processes, progressing
asset-level resilience planning/priority actions and identifying and progressing practical energy,
electrification and renewable opportunities across the portfolio.
1
Boulcott Hospital’s expansion did not meet Vital’s criteria for Green Star certification based on the GRESB definition of a major expansion.
Sustainability Report
Vital’s sustainability programme provides the framework for how we manage environmental, social and governance
(ESG) matters. It reflects our role as a long-term owner of essential healthcare infrastructure and guides how we
seek to create long term sustainable value for Unit Holders, support our tenants and contribute to the communities in
which we operate. The below outlines our priorities and progress against them during the reporting period.
The ESG content has been structured around Vital’s sustainability pillars and supports alignment to the United
Nations Sustainable Development Goals most relevant to Vital’s activities, including health and wellbeing,
sustainable cities and communities, responsible consumption and production, and climate action.
About Vital
Vital is the only specialist owner of healthcare property listed on
the NZX with a portfolio of hospitals, ambulatory care and life
science facilities across New Zealand and Australia valued at
approximately $3.5 billion.
Vital is a long-term investor, owning a portfolio of healthcare
property with the purpose of delivering long term stable
income and capital returns to its investors.
Vision: To be New Zealand and Australia’s leading listed
healthcare property fund.
Mission: To deliver stable and growing total Unit Holder returns
including an attractive risk-adjusted income distribution, majority
sourced from healthcare real estate.
100%
LL - Landlord coverageT - Tenant coverage
100%
100%
100%
Electricity
Gas
Water
Waste
Metric / IndicatorFY26 ResultCommentary
Utility Data CoverageImproved coverageUtility data coverage is tracked separately for landlord and tenant-controlled consumption
across electricity, gas, water and waste. This helps identify where data is complete, where
estimates are still required, and where further tenant engagement is needed to improve
portfolio-wide reporting quality and support ongoing operational improvement.
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VITAL HEALTHCARE PROPERTY TRUST

Vital’s tenant relationships are central to the performance and resilience of the
portfolio. High occupancy and long weighted average lease expiry reflect the
specialised nature of healthcare assets and the importance of maintaining strong,
long-term relationships with healthcare operators. During FY26, engagement with
tenants continued to focus on service quality, operational continuity and opportunities
to improve sustainability outcomes, including improved utility data sharing, energy
efficiency discussions and support for future electrification opportunities where relevant.
Vital’s community contribution reflects the role its
assets play in supporting health and wellbeing
across New Zealand and Australia. This year,
employee volunteering and community investment
supported a range of organisations and
initiatives aligned with local community needs.
These activities help connect employees with the
communities in which Vital operates and reinforce
the broader purpose of investing in essential
healthcare infrastructure.
Future Focus
Strengthening tenant engagement, improving data-sharing and collaboration,
supporting tenant decarbonisation opportunities and maintaining high-quality
spaces that enable healthcare providers to deliver essential services.
Future Focus
Continuing to support community organisations aligned with
health and wellbeing, improving volunteering data capture
and creating opportunities for employees to participate in
meaningful local initiatives.
Metric / IndicatorFY26 ResultCommentary
Employee volunteeringContinued
community
volunteering
Employees contributed to local communities through hands-on
volunteering, giving their time to initiatives that address local needs and
provide practical support beyond Vital’s financial contributions.
Community investment / donations$59,343Vital directed $59,343 to causes connected with its purpose, spanning
healthcare and family support, inclusion, youth development and
immediate community needs.
Community organisations supported9Nine organisations and programmes benefited from Vital’s support in
FY26: Starship Foundation, Ronald McDonald House and Epworth
Foundation; Keystone Trust; Sailability, the Inclusion Alliance; Foodbank,
Auckland City Mission and Nurturing Families Christmas Club.
STRONG COMMUNITIESTHRIVING PARTNERS
Metric / IndicatorFY26 ResultCommentary
Occupancy97.2%Supports tenant continuity and income stability.
Weighted average lease expiry (WALE)18.1 yearsReflects the long-term nature of Vital's healthcare partner relationships.
Tenant engagement survey / Net
Promoter Score (NPS)
30Tenant NPS improved to 30 in FY26, up from -9 in the prior survey,
indicating a stronger balance of tenant advocates relative to detractors.
NPS measures how likely respondents are to recommend Vital, with
scores above zero generally positive and scores above 30 generally
considered strong. Results should be read alongside survey timing,
response rate and site coverage, as changes in respondents may affect
period-on-period comparability.
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VITAL HEALTHCARE PROPERTY TRUST

This has been a transition year for Vital’s people and
operating model following internalisation. The establishment
of a dedicated in-house management team provided an
opportunity to build stronger organisational capability,
clarify accountabilities and support a more connected team
across New Zealand and Australia. Employee engagement,
training and internal promotion metrics provide an indication
of culture and capability development.
Metric / IndicatorFY26 ResultCommentary
Annual training hours12 9 .1Training in FY26 included a mix of role-specific development and
mandatory team training to support capability, compliance and risk
awareness. Mandatory training covered topics such as cyber security,
modern slavery and financial services-related obligations, while role-
specific learning supported employees to build the skills needed for
their role and responsibilities.
Employee engagement score54%The 54% employee engagement score reflects the survey completed
in early 2025, before Vital’s internalisation. It provides useful historical
context but should not be treated as a post-internalisation measure
of employee sentiment. Vital expects to conduct its next engagement
survey in FY27, which will provide the first post-internalisation benchmark
and help identify priorities for strengthening connection, communication
and ways of working across the trans-Tasman team.
Internal promotions20.6%Internal promotions support retention, recognise existing capability
and create visible career pathways for our employees. They also
help preserve business knowledge and continuity during a period of
organisational change, while enabling team members to grow into roles
that strengthen Vital’s in-house capability.
INCLUSIVE COMPANY
Future Focus
Embedding Vital’s internal operating model, supporting continued employee
development, succession planning and building a more connected trans-Tasman
team. In FY27, focus areas include practical AI adoption and training, strengthening
collaboration across New Zealand and Australia, improving ESG and climate
capability and issuing the next employee engagement survey in early 2027 to
identify further improvement opportunities.
1
Prior to internalisation, Vital did not directly employ staff. To improve comparability with FY26, FY24 and FY25 employee metrics have been restated on a pro forma basis to
reflect the dedicated workforce supporting Vital during those periods. This includes Northwest employees who were dedicated solely to Vital services at the time, together with
employees now dedicated to Vital following internalisation where their roles are considered representative of services historically provided to Vital. Prior-year figures should be
read as pro forma workforce metrics and not as employees directly employed by Vital in FY24 or FY25.
MetricFY26 Count FY26 %FY25 Count
1
FY25 %FY24 Count
1
FY24 %
Workforce35100.0%33100.0%34100.0%
Age: <2000.0%00.0%00.0%
Age: 21-3025.7%39 .1 %514.7%
Age: 31-401954.3%1854.5%1647.1%
Age: 41-50411.4%412.1%514.7%
Age: 51-60822.9%721.2%720.6%
Age: 61-6412.9%13.0%12.9%
Age: 65+12.9%00.0%00.0%
Gender: Male1542.9%1442.4%1338.2%
Gender: Female2057.1%1957.6%2161.8%
Management 10100%10100%10100%
Management: Male660%660%550%
Management: Female440%440%550%
Executive Leadership3100%4100%4100%
Executive Leadership: Male266.7%375 %375 %
Executive Leadership: Female133.3%125%125%
ESG training completion rate100%100%100%
Absentee Rate(*)1.2%1.2%0.8%
Injury Rate000
Fatalities000
Turnover rate (voluntary)5.9%9 .1 %3 .1 %
Turnover rate (involuntary)2.9%0.0%0.0%
Workforce Metrics
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VITAL HEALTHCARE PROPERTY TRUST

Metric / IndicatorFY26 ResultCommentary
Internalisation completed31 December 2025Internalisation strengthened alignment between the Manager, Board
and Unit Holders by bringing management capability in-house. It also
supports clearer oversight, decision-making and accountability across
strategy, operations, risk management and sustainability reporting.
GRESB recognitionGlobal Sector Leader –
Listed Healthcare
Vital maintains its strong position in the 2026 GRESB Assessment,
with continued Global Sector Leader status across both assessments,
retaining a 4 Star rating and ranking 2nd globally within both its
Healthcare Standing Investments and Development peer groups.
Human rights and modern
slavery supplier screening
371 suppliers invitedSupplier screening demonstrates Vital’s ongoing approach to supply
chain due diligence. By inviting our suppliers to complete modern
slavery assessments, Vital is seeking to improve visibility of supplier
practices, identify potential human rights risks and support more
informed engagement with higher-risk suppliers.
ENABLERS: GOVERNANCE & ACCOUNTABILITY
Following internalisation, Vital has
continued to embed ESG oversight
in its governance and management
processes. During FY26, the focus was
on maintaining clear accountability
for climate and sustainability matters,
improving evidence and controls
for public reporting and supporting
assurance readiness. This included
refining ownership of ESG data,
continued supplier due diligence
through the modern slavery screening
programme and preparation for evolving
sustainability reporting requirements in
New Zealand and Australia.
Future Focus
Embedding ESG governance under the internal operating model, strengthening
evidence and controls for external reporting, preparing for future sustainability reporting
requirements and improving transparency through investor ESG platforms and disclosures.
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VITAL HEALTHCARE PROPERTY TRUST

Enablers
Reporting & Risk ManagementMaterial Topic(s)
Submit to GRESB.
Transparency & Reputation
Management
Regulatory Compliance
Carbon Emissions
& Reporting
Corporate Ethics
& Governance
Advance Climate Related Disclosure reporting.
GHG Emissions Reduction
Review and assess emissions reduction programme.
ESG in Existing Processes
Integrate sustainability into investment, leasing and risk management processes.
Building Utility PerformanceMaterial Topic(s)
Efficiently collect, track, analyse and report energy and utility data.
Energy Management
Waste Management
Water Management
Building Certifications
& Performance
Renewable electricity for landlord-controlled base-building meters.
Energy Management Plan
Review and progress 3-year capital budget roadmaps to implement energy
conservation measures identified from energy audits in line with reduction targets.
Environmental Building Certifications
Minimum 5 Star Green Star target for new major developments and refurbishments.
1

Climate Risk Assessments
Complete climate risk site assessments across the portfolio.
Healthy Planet
Thriving Partners
Tenant Satisfaction and ExperienceMaterial Topic(s)
Complete air quality testing at all landlord controlled properties.
Pollution & Air Quality
Tenant Safety, Wellbeing,
& Inclusivity
Tenant Satisfaction
& Experience
Improve tenant utility data coverage.
Deploy tenant satisfaction survey.
Employee Satisfaction and PerformanceMaterial Topic(s)
Deploy employee satisfaction survey.
Employee Satisfaction
& Retention
Employee Training
& Development
Sustainability Training
Have a sustainability-engaged and educated workforce.
Inclusive Company
Key Commitments & KPIs
Status:
In progress
Substantially
Complete
On Track
Sustained /
Complete
These commitments align with our 5-year Sustainability Strategy and span several years.
1
As defined by GRESB.
Strong Communities
Community and Supplier EngagementMaterial Topic(s)
Increase employee participation in community volunteering
programs to foster local engagement and support.
Corporate Philanthropy
& Volunteerism
Community Engagement
Human Rights
Biodiversity &
Environmental
Rehabilitation
Continue modern slavery supplier screening and due diligence.
Launch initiatives aimed at improving local biodiversity at existing assets.
Continue to support the Keystone Trust both through financial
contributions, scholarship and mentoring programmes.
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VITAL HEALTHCARE PROPERTY TRUST

Climate
Statement
Statement of approval and basis of preparation
This Climate Statement was approved by the board of directors
(the Board) of Vital Healthcare Properties Management Limited
(the Manager) on the 27th of October 2026.
Vital's Manager presents this Climate Statement in relation to
Vital Healthcare Property Trust (Vital) for the 12 months ended
30 June 2026 (FY26).
Following internalisation of management which completed
on 31 December 2025, Vital is internally managed and the
Manager is an entity owned for the benefit of Vital Unit Holders.
This is Vital's third annual climate statement and its first prepared
on a voluntary basis.
Vital remains a Climate Reporting Entity (CRE) under current
legislation. Proposed legislative changes would remove Vital
from the mandatory climate reporting regime. Pending these
legislative changes, for FY26 the Financial Markets Authority
(FMA) has provided no-action relief for entities which would
cease to be CREs following the legislative changes. This
no-action relief means that the FMA will not take any action
in respect of a CRE's failure to prepare and lodge climate
statements. Vital has nevertheless elected to prepare this Climate
Statement in accordance with the Aotearoa New Zealand
Climate Standards.
Vital's management structure
Vital internalised its management from 31 December 2025, with
a dedicated internal management team now employed in the
Vital platform for the benefit of Unit Holders.
Internalisation has aligned management and Unit Holder
interests and strengthened Vital's governance framework.
Responsibility for portfolio and asset management, development
and project management, leasing, investment analysis, finance,
legal and sustainability now sits with Vital's own executive
leadership and management team, reporting to the Chief
Executive Officer and, through the Chief Executive Officer, to the
Board.
Accountability for climate-related matters, including data
collection, emissions reporting, resilience assessments, tenant
engagement and disclosure preparation, sits with Vital's
sustainability function, supported by the asset and facilities
management, development, finance and legal teams.
Assurance
Although several external parties contributed to the preparation
of this Climate Statement, including reviews by Vital's carbon
auditor and Vital's legal adviser, the only component which
has received external assurance is the greenhouse gas (GHG)
inventory.
Vital's FY26 GHG inventory was prepared in accordance with
the GHG Protocol Corporate Standard and Corporate Value
Chain (Scope 3) Standard. Independent limited assurance
over Vital's Scope 1, Scope 2 and Scope 3 emissions was
provided by McHugh & Shaw Limited in accordance with
NZ SAE 1 Assurance Engagements over Greenhouse Gas
Emissions Statements and ISO 14064-3:2019. In its assurance
report dated 22 September 2026, McHugh & Shaw Limited
concluded that nothing had come to its attention that caused it to
believe that Vital's gross GHG emissions, or the related methods,
assumptions and estimation uncertainty disclosures, were not
fairly presented, in all material respects, in accordance with the
GHG Protocol Corporate Accounting and Reporting Standards.
Use of Adoption provision 2: Anticipated financial impacts
Vital has elected to utilise Adoption Provision 2 under NZ CS 2
and has therefore not disclosed anticipated financial impacts of
climate-related risks and opportunities in FY26.
Presentation of disclosures
For readability, the order of disclosures in this Climate Statement
differs from the order in which they appear in the standards
referenced.
Currency and date
All numbers are in New Zealand dollars as at 30 June 2026,
Vital's last balance date, unless otherwise stated.
Scope
As Vital's portfolio of assets is trans-Tasman, the climate-related
disclosure encompasses assets in both countries. The reporting
entity and boundary for this Climate Statement are consistent
with Vital's financial reporting entity and reporting period.
Purpose of this Climate Statement
The purpose of this Climate Statement is to report
on Vital's climate-related risks and opportunities,
enabling investors and other stakeholders to assess
Vital's strategy, governance, risk management and the
use of metrics and targets to manage these risks and
opportunities, based on relevant industry scenarios.
These plausible scenarios are not presented as
expectations of what will happen but what could
happen to assist Vital's stakeholders to better
understand Vital's strategy and investments.
Guide to reading this
Climate Statement
Disclaimer
This Climate Statement includes forward-looking statements
and metrics and other disclosures about the future, which are
inherently uncertain. It also includes disclosures that are based
on incomplete or estimated data and related judgements,
opinions and assumptions.
Those disclosures are subject to known and unknown risks,
uncertainties and other factors, many of which are beyond Vital's
control.
Climate change is an evolving challenge, with high levels of
uncertainty, particularly over long-term time horizons. Risks and
opportunities described in this Climate Statement, and Vital's
strategies to achieve its targets, may not eventuate or may be
more or less significant than anticipated.
Any forward-looking statements included in this Climate
Statement are based on Vital's current views and expectations
and are current only as at the date of this Climate Statement.
They may be amended in future disclosures as data quality and
methodologies continue to evolve and improve.
To the maximum extent permitted by law, Vital does not accept
responsibility for the accuracy or completeness of any forward-
looking statements or any liability whatsoever for any loss arising
from any use of this Climate Statement or reliance on anything
contained in it or omitted from it.
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VITAL HEALTHCARE PROPERTY TRUST

Role of management
The Board has delegated responsibility for identifying, monitoring
and managing key risks and opportunities, including climate-related
matters, to Vital's executive leadership team, supported by the ESG
Steering Committee and the Operational Risk Committee.
The ESG Steering Committee coordinates climate and sustainability
workstreams, including emissions reporting, resilience assessments,
tenant engagement, disclosure preparation and transition planning.
It is chaired by the Sustainability Manager and sponsored
by the Chief Financial Officer. Its membership provides direct
representation from the asset management, development, finance,
legal and facilities management functions, with the CEO and
investor relations receiving the minutes of the meetings.
The ESG Steering Committee meets quarterly. A register of climate-
related risks, opportunities and current impacts is a standing agenda
item together with any asset level climate impacts reported by
property managers, anticipated climate impacts and emerging
transition risks identified by the sustainability function or General
Counsel.
The Operational Risk Committee comprises Vital's executive
leadership team and members of the management team across
asset management, development, finance and investment. It meets
monthly and considers climate-related risks as part of Vital’s broader
Risk Management Framework.
Material climate-related matters may be escalated by the
ESG Steering Committee to the Operational Risk Committee,
executive leadership team, Audit and Risk Committee or Board as
appropriate. The Board is updated on ESG Steering Committee
activities through standing quarterly Board reporting.
Climate-related risks are also considered through Vital's investment,
acquisition, disposal and development processes including business
proposals, short-term capital deployment planning and Board
approval papers.
Skills & ExperienceGraham StuartAngela BullMichael StanfordMike BradyZachary Vaughan
Accounting / Finance / Economics
•
OOO
•
Commercial Real Estate /
Asset Management / Valuation
••
OO
•
Corporate Governance
•••••
Legal / RegulatoryO
•
O
••
Healthcare Operator
•
Sustainability / ESG including
Climate Related Matters
OOOO
•
•
O
HIGHLY SKILLED / EXPERIENCEDMODERATE SKILLS / EXPERIENCE
Board skills and experience matrix
Role of the Board
The Board has overall responsibility for the oversight of climate-
related risks and opportunities for Vital.
The Board oversees risks and opportunities associated with
climate factors and the preparation of climate statements, and
ensures that Vital's records and documents, including financial
reports, climate statements and climate-related records, are true,
correct and consistent with the basis of preparation described in
this statement.
The Board approves and guides the management of climate-
related risks and opportunities presented by the ESG Steering
Committee and the Operational Risk Committee via members of
Vital's executive leadership team, including the Chief Executive
Officer, Chief Financial Officer and General Counsel.
Vital’s commitment to achieving a minimum 5 Star Green Star
rating on all new major developments is a Board approved
target and remains a prominent consideration during the
evaluation process for acquisitions and developments.
The Board has had visibility of Green Star commitments as
well as progress against Vital’s net zero 2050 target and the
metrics disclosed in the Climate Statement as part of its review
and approval of the Climate Statement and through associated
Board update papers and presentations.
Climate-related risks and opportunities are reported to the
Board and, where applicable, the Audit and Risk Committee
through standing quarterly board reports.
Board training
Vital delivered an extensive programme of climate-specific
Board training and discussion sessions during FY23 and FY24,
ahead of, and through, its first two reporting periods. These
sessions covered the role of boards and executives in integrating
climate risks into governance, strategy and financial decision-
making, with a focus on fiduciary duties, scenario analysis,
credible transition planning and the interaction between climate
performance and long-term value. Drawing on that programme
and on the climate and sustainability experience Directors bring
from their other governance roles, the Board considers that it
currently holds sufficient climate-related knowledge to discharge
its oversight responsibilities. No Vital delivered climate-specific
training was therefore provided during FY26.
Board climate capability continues to be maintained and
tested between formal training sessions through standing
quarterly climate reporting to the Board and the Audit and Risk
Committee, the Board's annual review of the skills matrix and its
review and approval of this Climate Statement.
Governance
Board composition and experience
Currently, the Manager’s Board is comprised of six highly
qualified Directors based in Auckland, Melbourne, Queensland
and Toronto, four of whom are independent.
The Board is expected to have appropriate experience and
skills across multiple competencies including sustainability and
climate-related matters, and Directors are expected to contribute
to all elements of Vital’s strategy and Risk Management
Framework.
The Board exercises its responsibilities collectively and no one
Director assumes responsibility for any singular matter.
The skills matrix includes a self-assessment of each Director’s
awareness and understanding of climate change and
sustainability/ESG matters.
Mark Menhinnitt was appointed as an independent director,
effective 1 September 2026. He was not a Director for the
FY26 reporting period and has been excluded from the below
skills matrix.
Role of the Audit and Risk Committee
The Board has established an Audit and Risk Committee to assist the
Board to discharge some of its responsibilities, including in relation
to climate-related disclosures.
The Audit and Risk Committee is responsible for reviewing
climate-related disclosures, overseeing the effectiveness of Vital’s
governance, controls, and reporting processes for those disclosures,
including compliance with applicable sustainability reporting
standards and legislation and the integrity of disclosures provided to
the market and recommending approval by the Board.
The Committee is also responsible for ensuring that appropriate
controls and assurance processes are undertaken for the
preparation, review, verification and approval of climate-related
disclosure reporting.
The Committee is informed of climate-related risks and opportunities
in the context of climate-related disclosures, including through
reports from the ESG Steering Committee, the Chief Financial
Officer and external auditors and assurance providers.
Vital Board: oversees, reviews and approves Vital’s strategy and risk management framework, including
Vital’s sustainability strategy and transition plan, climate-related disclosures and environmental targets.
Audit and Risk Committee: reviews climate-related disclosures and the adequacy of controls and assurance over
climate-related information, and informs the Board of material climate-related risks and opportunities.
People and Culture Committee: oversees remuneration strategy, executive performance objectives, including any
climate or sustainability-related objectives, and people related matters that support Vital’s social sustainability objectives
including culture, engagement, wellbeing, capability development and succession planning.
Operational Risk Committee: assesses, monitors and reviews climate-related risks and opportunities.
Sustainability function: supports day-to-day management of climate-related risks and opportunities,
including data collection, emissions reporting, resilience assessments and disclosure preparation.
ESG Steering Committee: identifies, analyses and monitors climate-related risks and opportunities, oversees
climate and sustainability reporting, data quality and assurance readiness and escalates material matters to ORC,
the Audit and Risk Committee and as required, the Board.
Structure
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
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Strategy
Business model and sustainability strategy
Vital invests in essential healthcare infrastructure (primarily
hospital, ambulatory care facilities and life sciences/research
facilities) and is landlord to many of Australia and New
Zealand's leading private hospital operators.
Healthcare is a defensive sector with expenditure largely
government or insurer funded or non-discretionary. As a result,
Vital's income has generally been less impacted by economic or
business cycles compared to other asset classes.
Ageing and growing populations in both Australia and New
Zealand coupled with rising life expectancy and ongoing
improvements in science, technology and care continue to
lead to increased demand for healthcare. Increased demand
supports Vital's investments.
Key characteristics of Vital's business model include:
• A market-leading weighted average lease expiry or term
(known as WALE or WALT).
• Embedded revenue growth under leases with structured annual
rent reviews.
• Strong, established tenant/operators and high occupancy rate.
• Defensive operating fundamentals based a cure healthcare focus.
Sustainability forms a key component of all aspects of Vital's
Board approved strategy and vision. Key sustainability aspects
of Vital's strategy are summarised below. The ambitions
described have not been formally adopted as "targets" or
"metrics" for the purposes of this Climate Statement.
1
This ambition is periodically reviewed by the Board of Vital having regard to the nature of Vital’s business, operating model, market developments and continuing work to
develop a transition plan. The next Board review is scheduled to occur in the year ended 30 June 2027. No interim emissions reduction targets are reported for this year. Vital
continues to improve the completeness and reliability of emissions data, particularly where consumption is tenant-controlled or estimated. During FY27, Vital will continue to
strengthen its emissions inventory, improve tenant utility data coverage and assess practical decarbonisation opportunities across the portfolio.
Specifically in relation to climate change, Vital:
• Considers climate change risks and opportunities as part of
all acquisitions, divestments and developments
• Has a programme in place to upgrade the efficiency of
its property portfolio informed through the completion
of portfolio-wide energy audits and subsequent capital
planning for end-of-life replacements/upgrades.
Transition planning and
climate resilience status
Vital’s transition planning continues to develop. While a
standalone formal transition plan has not yet been adopted,
climate-related considerations are embedded in asset
management, development design, investment decision-making,
emissions reporting, tenant engagement and site-level resilience
assessments.
During FY26, Vital completed 17 additional site-level climate
resilience assessments, taking the total completed to 21. These
assessments will be used to inform maintenance planning, asset-
level risk management and future capital planning.
Based on work completed to date, Vital's assessments have
not indicated material portfolio-level impacts under the climate
scenarios assessed, noting that resilience varies by asset and
hazard type and further assessment work is underway. A formal
transition plan remains under development and will be refined
as resilience assessments are completed, emissions data quality
improves and financial impacts are assessed further.
FY26 climate-related impacts
The Manager monitors the impacts of climate-related events and
transition risks on Vital’s assets, developments and operations.
To determine whether any material current physical or transition
climate-related impacts during FY26, Vital undertook a
portfolio-wide assessment of climate-related events across New
Zealand and Australia. For each event identified, Vital assessed
the impact on asset performance, operations and tenants, the
response required and the associated directly attributable
financial costs.
Physical climate hazards assessed included extreme heat,
wildfires, poor air quality, storms, flooding, erosion, landslides,
drought, water shortages, rising sea levels and storm surge, while
transition risks considered included regulatory requirements,
reporting obligations, insurance impacts and asset resilience
initiatives. These impacts were then assessed against Vital’s
approved qualitative and financial materiality framework.
The assessment identified weather-related repair and
remediation costs associated with storm-related water ingress
at BioOra Health & Technology Centre in Christchurch. This cost
was below Vital’s materiality threshold and no other assessed
event resulted in a current physical impact that affected Vital’s
financial position, financial performance or cash flows during
FY26.
Healthy Planet
Thriving Partners
Actively progress net zero by 2050¹ commitment through
capital allocation to deliver new properties, adapt existing
properties and inform our approach to acquisitions and
disposals, to be:
• Energy-efficient, designed and operated to support
lower emissions, and be powered by 100% renewable
energy for all new developments and any Vital-
purchased electricity
• Resilient to the physical impacts of climate change, with
portfolio-wide management and mitigation plans in place
• Verified by third party certifications for all developments
and existing assets, where possible
Build for our current team members and future employees
through developing and delivering a peer comparable
‘people strategy’ that:
• Creates a culture that demonstrates Vital's values and
promotes sustainability to encourage long-term thinking
• Prioritises diversity, inclusiveness and equity through
action and transparent disclosures
• Builds capacity through professional development,
training and leadership opportunities
• Ensures workplace safety and wellbeing through
tracking, transparent disclosures and zero injury targets
Move sustainability engagement with operating
partners from passive one-way engagement to strategic
collaboration, achieving top quartile NPS performance that
prioritise tenants:
• Improving asset efficiencies and reducing Vital's Scope 3
emissions
• Activating renewable energy strategies across 20% of
tenant-controlled assets by 2030
• Executing green clauses across all new leases, renewals
and development deeds reflective of Vital's ESG strategy
Investing in the communities we serve and influencing the
sustainability practices of our supply chain through:
• Protecting human rights and sourcing sustainably,
aligned with our modern slavery requirements
• Supporting the community through volunteering and
charitable giving
Strong CommunitiesInclusive Company
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
|
1918
|
VITAL HEALTHCARE PROPERTY TRUST

Selected temperature outcomes and emissions pathways
1
Scenario 1
Net Zero by 2050
(1.5 ̊C) – SSP1 -1.9
1
| RCP2.6
Scenario 2
2
Delayed Transition
(<2 ̊C) – SSP1 -2.6 | RCP2.6
Scenario 3
Hot House World
(3 ̊C+) – SSP3 -7.0 | RCP8.5
0
30000
20000
10000
-10000
40000
50000
60000
70000
80000
1990
Global Carbon Emissions (Mt CO
2
)
199520002005201020152020202520302035204020452050205520602070208020902100
The temperature outcomes for scenarios 1 and 3 are
defined under NZ CS 1 and scenario 2 is consistent with the
Construction & Property and Health Sector Scenarios. The
graphs show the projected global GHG emissions trajectory
for each of these scenarios and are illustrative only and do not
represent predictions or expectations of the future, including in
relation to Vital's future GHG emissions.
Vital's three specified climate scenarios are based on the same
underlying assumptions and data sets as the Health Sector and
Construction & Property Sector scenarios but adapted to use
only relevant data sets for Vital. Vital has not conducted any
additional or separate modelling for its climate scenarios.
1
The SSP-RCP scenarios incorporate assumptions about future socioeconomic
developments, such as population growth, economic trends, and technological
advancements. The SSP-RCP scenarios assume a certain level of global cooperation
and implementation of climate policies. (NZ Ministry for the Environment).
2
Scenario Two (Delayed Transition, <2°C – SSP1-2.6 | RCP2.6) shows global
emissions falling below zero because the delayed peak in emissions is followed
by a rapid and stringent decarbonisation effort after 2030. This shift creates strong
financial incentives for innovation in carbon removal technologies, with sequestration,
capture, and storage required to play a major role in reducing emissions by 2050.
Source: NZGBC Climate Scenarios for the Construction and Property Sector, found
on page 24 of the report, in the section “Emissions Trajectory and Alignment of
Global Action” under Scenario Two – Disorderly (Delayed Transition).
Vital's Climate Scenario Narratives
This next section provides narratives for Vital's three climate-
related scenarios, which reflect possible future states to test the
resilience of Vital's current business model and strategy, and
help identify potential climate-related risks and opportunities.
The scenarios are hypothetical and do not represent
predictions or expectations of the future.
Scenario analysis
Vital played a key role in developing sector-specific climate
scenarios by contributing to two national reports: the New
Zealand Green Building Council – Construction and Property
Sector Scenarios; and Climate Change Scenarios for the Health
Sector.
The scenario analysis has been used to inform Vital's transition
plan. No scenario workshops or refreshes were required or
undertaken during FY26. The reviews completed in prior years
confirmed that the New Zealand sector scenarios developed
in FY24 remain relevant to Vital’s business and portfolio and no
new bespoke regional sector scenarios have been released in
Australia, where the majority of our portfolio is situated.
This scenario analysis at a sector level, adjusted for Vital
specifically, enabled a comprehensive list of climate-related risks
and opportunities to be generated, along with their associated
current and anticipated direct and indirect business impacts.
Our focus during the year instead shifted from developing
scenarios to monitoring them. We have established a signals
and triggers framework, which has been incorporated into our
risk register. Building on the external drivers identified through
our climate scenarios, we developed a set of signals and
triggers to monitor observable developments across policy,
market conditions, technology and the physical climate that
would indicate a particular scenario is beginning to materialise.
Monitoring these signals allows us to detect at an early
stage where a change to our transition plan, or to our climate
strategy more broadly, may be warranted and to respond in a
considered rather than reactive way. The register is reviewed
by the ESG Steering Committee, with material movements
escalated to the Operational Risk Committee and, where
appropriate, to the Board. Increases in extreme weather, energy
and construction costs, and insurance pressures will be reflected
in updated assumptions, further testing and closer monitoring of
individual assets.
Vital has considered climate-related risks and opportunities
across its business activities and stakeholder relationships,
however it has not yet undertaken a formal value chain mapping
exercise. Instead, the potential implications of climate-related
risks and opportunities are considered through existing risk
management, investment, asset management and capital
planning processes. This supports assessment of how climate-
related matters may affect asset performance, operating costs,
resilience, tenant relationships and long-term Unit Holder value.
The methodology used to develop Vital's climate scenarios has
not materially changed since FY24. Further information on the
scenario development process, assumptions and stakeholder
engagement is available in Vital's FY24 Climate Statement
and the New Zealand Construction & Property Sector and
Health Sector Climate Scenario reports, which remain publicly
available and continue to underpin Vital's climate scenario
analysis.
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
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VITAL HEALTHCARE PROPERTY TRUST

Scenario 1 —
Net Zero by 2050
Scenario 2 —
Delayed Transition
Scenario 3 —
Hot House World
Pathway
Orderly. SSP1-1.9 | RCP2.6Disorderly. SSP1-2.6 | RCP2.6Hot house. SSP3-7.0 | RCP8.5
Temperature
outcome by
210 0
1.5°C above pre-industrialStabilises below 2°CGreater than 3°C
Policy and
transition
Steady global decline to net
zero by 2050; stringent energy
and carbon caps; procurement
targeting recycled materials and
circular economy principles
Emissions rise through the 2020s,
then abrupt and stringent policy
from around 2030; NZ leads,
Australia slower
Policy development stalls; focus
shifts from mitigation to adaptation
and post-disaster recovery
Energy
NZ grid 100% renewable by
2050, Australia close behind;
onsite renewables displace fossil
fuels
NZ targets full grid decarbonisation
by 2050; electricity price hikes;
existing buildings remain reliant on
fossil fuels
No further grid decarbonisation;
Australia remains fossil-fuel reliant;
fixed-term energy contracts
withdrawn
Market
and tenant
demand
Demand for low-carbon, energy-
efficient buildings; costs can be
passed through
Investor and tenant pressure for
resilient assets; early movers benefit,
late movers face stranding
Demand rises for resilient
healthcare buildings; capital flows
to owners with credible adaptation
plans
Physical and
insurance
Severe events persist to 2050,
stabilising by 2100; premiums rise
initially; retreat from floodplains,
coastal and wildfire-prone areas
Premiums escalate; insurance
availability reduces by 2040;
sea level rise impacts yet to fully
manifest
Escalating rainfall intensity and
cyclones; clean-up and business
interruption costs; water supply
constraints at health facilities
Demographic
shifts
Modest net immigration; domestic
migration from high-risk areas;
urban density increases
Ageing population strains health
services; movement away from
vulnerable coastal and wildfire-
prone areas; services follow
population
Migration into NZ and within
both countries; settlement patterns
reshape; property prices surge in
safer areas
Implications
for Vital
Higher construction costs offset by
operational savings and resilience;
certification and disclosure become
baseline expectations; penalties for
missed emissions targets
Sharpest risk of stranded assets and
unrecoverable capex; opportunity
in early investment in batteries and
onsite generation; insurance a
material cost driver
Adaptation capex dominates; hot
days extend construction timelines;
energy price volatility flows through
to operating costs; resilient portfolio
becomes a competitive advantage
Narrative
The world limits warming to 1.5°C
through steady, coordinated
decarbonisation. New Zealand's
grid reaches 100% renewable by
2050 with Australia close behind.
Low-carbon materials are costly
and slow through the 2020s and
2030s but become the cheaper
option by 2040. Regulation tightens
progressively: energy and carbon
caps on new buildings, mandatory
performance disclosure for existing
ones, and financial penalties for
missed targets. For Vital, this means
higher construction costs offset
by lower operating costs and
improved resilience, with tenant
demand for efficient buildings
allowing costs to be shared.
Insurance premiums rise initially
before stabilising, and capital flows
toward assets with credible climate
credentials.
Emissions continue rising through the
2020s before worsening physical
impacts trigger an abrupt global
policy shift around 2030. The
response is rapid but disorderly,
and New Zealand moves faster
than Australia. Regulatory change
is sudden rather than signalled,
disrupting the building sector.
Early movers benefit from future-
proofed assets while late movers
face stranding and unrecoverable
capital expenditure. Electricity
prices spike, and insurance
becomes materially harder to
obtain in exposed locations by
2040. For Vital, this is the scenario
carrying the sharpest risk to asset
values and the strongest case for
acting ahead of regulation, with
opportunity in early investment in
onsite generation and storage.
Climate policy stalls and emissions
grow until 2080, pushing warming
beyond 3°C. Attention shifts from
mitigation to adaptation and
post-disaster recovery. Rainfall
intensity and cyclone frequency
increase, with owners absorbing
repeated clean-up and business
interruption costs. Damage to
energy infrastructure makes building
efficiency and self-generation
essential, and energy providers
withdraw fixed-term contracts.
Water supply to health facilities
becomes a constraint. Rising heat
compresses construction schedules
and reshapes settlement patterns
away from coastal and fire-
prone areas. For Vital, adaptation
capital expenditure dominates
— but demand for resilient private
healthcare facilities rises, and
owners with credible adaptation
plans gain improved access to
capital.
Anticipated impacts of climate risks and opportunities
Following completion of the climate scenario process, material
climate-related risks and opportunities were identified for
Vital. Climate-related risks and opportunities are categorised
as “physical” and “transition” (refer to the glossary). There are
interdependencies between these categories and the impacts
of risks and opportunities can be both physical and transitional.
These risks are not independent of each other and are not listed
in order of materiality.
Vital engaged a third-party specialist to develop a tailored
analytical model forecasting the quantum of climate-related
financial risks and opportunities. The model incorporates
comprehensive data collection, gap analysis and evaluation
of Vital's risk tolerance, and aligns with domestic guidance
and standards set by the External Reporting Board and
international frameworks including the International Financial
Reporting Standards.
The approach quantifies the financial impacts of climate change
through a five-stage process:
• Identifying relevant climate scenarios,
• Identifying climate exposures under the selected climate
scenarios (pathways and time horizons),
• Quantifying financial impacts under each scenario,
• Performing sensitivity and stress testing, and
• Developing tailored risk mitigation and adaptation strategies.
Building on the desktop analysis and modelling, Vital has
continued detailed vulnerability, risk and resilience site
assessments using the Public Infrastructure Engineering
Vulnerability Committee (PIEVC) Protocol to identify adaptation
strategies and associated costs. Seventeen assessments were
completed in FY26, taking the total to 21, with the balance of the
portfolio scheduled for early FY27.
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Opportunities
Time
Horizon
Transition Opportunities for Vital as an entity
TechnologyS
• Climate change is leading to the emergence of new products, services and markets, offering a chance to expedite
decarbonisation efforts in the healthcare real estate sector and allowing Vital to capitalise on its market-leading position.
• Climate change necessitates development of a long-term strategy for sustainable development, promoting asset resilience and
providing an on-going competitive advantage.
• There is an opportunity for providers of specialised healthcare facilities to make a positive impact and contribute to improved
public health outcomes.
• Resilience of Vital's portfolio and carbon targets could provide improved access to capital (debt and equity) as investors and
financiers look to fund climate-resilient assets.
Development ConsiderationsM
Contribute to public health populationM
Access to capitalS
Transition Opportunities
Risks
Scenarios
most impacted
Time
Horizon
Potential impact to properties and developmentsPotential impacts on Vital as an entity
Rainfall
Intensity
Hot House WorldM
• Properties are likely to suffer more regular damage as the
frequency of high rainfall events increases, potentially limiting
tenant use of buildings, reducing tenant profitability, reducing
rent collection, increasing operating costs and increasing
maintenance and capital expenditure as plant, equipment and
potentially parts of buildings require more regular repairs and /
or replacement.
• Property damage from high winds which may result
from surrounding infrastructure or vegetation, with similar
consequences.
• Reduced equipment lifecycle periods due to increased operation
and reliance on surrounding infrastructure (electricity grid
connections). An increase in the number of hot days will drive
up development costs and extend construction timelines, leading
to delays in development delivery, tenant occupation and / or
tenant profitability.
• Decrease in available water supply affecting operations.
Availability of water intensive construction materials such as
concrete could result in increased construction costs and / or
construction delays.
• Failure to comply with regulatory obligations or an inability to
meet communicated commitments may expose Vital to additional
costs and / or reduced access to capital.
• Failure to deliver sustainability initiatives may affect investment
opportunities and returns including through a reduced pool of
viable tenants due to a lack of climate-resilient assets.
• Stranded Asset: Extreme weather events such as
rainfall intensity, cyclones, temperature rises and
drought-like conditions will become more frequent
over time. An existing asset could become ‘stranded’
(i.e. unviable to be operated by either tenant or
landlord), impacting Vital's returns, asset values,
access to capital and / or access to insurance.
• Acquisition and Divestment: Climate-related risks
are considered during acquisition due diligence and
where identified, may be factored into pricing and
return assumptions. Some residual risks may remain
where impacts are uncertain or only become clear
after acquisition.
• Development: An asset during or post construction
may be adversely impacted by climate change such
as increased intensity of cyclone events, increasing
number of hot days or increasing rainfall intensity.
• Asset Management: Vital's portfolio traditionally has
long term lease duration (20+ years); chronic physical
climate-related impacts expose Vital to potentially
unrecoverable costs.
• Capital Management: Efficiently priced capital (debt
and equity) may not be available on acceptable
terms because of insufficient climate change ambition
and/or progress on climate resilience / greenhouse
gas emission reductions.
Cyclone
Events
Hot House WorldL
Average
Temperature
Rise
Delayed Transition,
Hot House World
M-L
Drought-like
conditions
Hot House WorldM
Reputation
Net Zero by 2050,
Delayed Transition,
Hot House World
M
Market
Conditions
Hot House WorldM-L
Physical Risks
Transition Risks
Selected time horizons
Short term Present-2030: consistent with the earliest expiry
dates of material leases in Vital's portfolio and where
material changes related to maintenance and capital
expenditure are likely to start becoming evident.
Medium term 2031-2050: when the majority of Vital's
leases expire.
Long term 2051-2100: consistent with estimated building
lifecycles and where relevant development decisions are
expected to become more materially impacted.
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
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VITAL HEALTHCARE PROPERTY TRUST

Alignment with capital deployment and funding processes
Our current understanding of Vital's climate-related risks
and opportunities continues to inform our strategy planning,
capital deployment and funding decision-making processes.
This includes, for example, budgeting for capital expenditure,
acquisitions, divestments and developments. Following the
internalisation of management, these decisions are made by
Vital's Board or management team under delegated authorities
approved by the Board, with climate-related considerations
embedded in investment and capital approval memoranda.
More specifically:
• Portfolio-wide building audits have not only provided
insights into our future capital expenditure requirements but
also inform our strategy towards building a more climate-
resilient portfolio.
• Site acquisition and due diligence processes consider
climate-related risks for all new acquisitions such as flooding
and guides capital deployment decisions.
• Divestments have in part been informed by climate
hazards assessments undertaken across the portfolio
and where assets have been identified as at potential
future risk. Other sustainability considerations, such as
Green Star certifications, have also been a factor in our
divestment decisions.
Vital's transition plan
Vital's transition plan reflects the long-term nature of its property
asset ownership and specialised focus on healthcare real estate.
Healthcare facilities inherently require service continuity and
resilience. Vital's assets are therefore already designed with
these provisions in mind. Vital's approach integrates mitigation
and adaptation measures in its core business strategy to support
a structured, long-term transition.
Ongoing improvements to data monitoring systems and
assurance of our greenhouse gas inventories help ensure
mitigation data is accurate and reliable. Our mitigation
strategies are informed by regular energy audits that identify
energy conservation measures and inform decarbonisation
pathways, alongside renewable electricity contracts for Scope
2 emissions. Adaptation planning is supported by climate risk
and resilience assessments, informing capital planning. Site-level
measures include critical infrastructure upgrades (e.g. improved
drainage systems and equipment upgrades) and Emergency
Preparedness Plans at all landlord-controlled properties. The
transition plan also addresses upstream impacts by focusing on
reducing embodied carbon in new developments in line with
Green Star development benchmarks.
Transition risks such as market shifts, reputational pressures and
regulatory obligations are also accounted for. To manage
these risks, we have embedded signals and triggers into our
risk register to guide actions when defined risk thresholds
are met. Vital's transition planning is aligned with internal
capital allocation and funding decisions. The transition plan is
reviewed annually.
Potential benefits: Improved energy efficiency,
cost savings and emissions reductions.
Potential benefits: Risk-informed decisions,
future-proofed portfolio.
Transition plan –
Mitigation
Other mitigation mechanisms and activities include:
• Data tracking of utility consumption across the
portfolio including tenant data.
• Annual third-party assurance of GHG inventory.
• Green Star Performance ratings and improvement
roadmap.
• Renewable energy contracts for all landlord-
controlled base building electricity.
• Activating renewable energy strategies across 20%
of tenant-controlled assets by 2030.
• Reducing embodied carbon in new developments
aligned with Green Star requirements.
Energy audits to identify energy
conservation measures and end-of-life
upgrade opportunities. Periodic audits
assess building energy performance and
identify equipment upgrade opportunities.
Strategic Ambition: Have a programme
in place to upgrade the energy efficiency
of the property portfolio informed through
the completion of portfolio-wide energy
audits and subsequent capital planning.
Transition plan –
Adaptation
Other adaptation activities include:
• Forecast capital allocation and equipment upgrades.
• Operational changes (Emergency Preparedness
Plans).
• Assessment of current impacts and climate hazards.
• A signals and triggers framework to monitor
predefined climate thresholds and guide timely
action.
Site measures include:
• Incorporation of climate risks and adaptation/energy
conservation measures into forward capital planning.
• Upgrades to critical building systems (e.g. transition
from gas to electric, low GWP refrigerant equipment
upgrades).
• Emergency response plans at all landlord-controlled
sites.
• Evaluation of climate events and property-level
exposure.
Climate risk and resilience assessments.
Portfolio-wide site assessments underway
to understand physical and transitional
climate risks.
Strategic Ambition: Resilient to climate
impacts with portfolio-wide management
and mitigation plans in place.
SUSTAINABILITY REPORT & CLIMATE RELATED DISCLOSURE 2026
|
27

Our approach to assessing physical climate risk
We assess the potential impacts of physical climate hazards on each property across a range of climate scenarios and time horizons,
identify the level of vulnerability and the actions needed to maintain or improve resilience. Identified risks are then assessed for
financial materiality. On-site climate assessments have been completed for 21 of 34 assets to date.
Key takeaways
• We assess a range of physical climate hazards across
multiple climate scenarios and time horizons.
• Vulnerability classifications identify where resilience actions
may be required, but do not necessarily indicate current
financial exposure, asset impairment or severe climate risk.
• Most identified actions can be incorporated into existing
asset management, maintenance or capital planning
processes.
• Only those climate-related impacts that meet our financial
materiality thresholds are disclosed as current or anticipated
financial impacts.
Climate scenarios and
time horizons
Vulnerability classification
Climate hazard assessment
Adaptation response
Property resilience
assessment
Financial materiality assessment
1
4
2
5
3
6
Identified vulnerabilities and adaptation actions are
assessed against Vital's financial materiality framework
to determine whether they are expected to result in
material current or anticipated financial impacts.
Assessed using both qualitative
and quantitative considerations
(including AFFO and Net Asset
Value benchmarks).
We assess risks across multiple
climate scenarios and time horizons to
understand a range of possible futures.
We assess the following physical
hazards relevant to our properties.
*Earthquake is included as part of Vital's broader property resilience assessment framework but is not classified as a climate-related hazard
For each property, we assess how climate
hazards may affect the asset, considering:
Each property is given a
vulnerability classification based
on the assessment findings.
We identify the most appropriate
response for each property,
which may include:
Baseline
Existing controls
are adequate;
monitoring only.
Severe
Potential service
continuity,
insurability or
asset viability
concerns.
Informs our
climate-related
disclosures
Monitoring and
further investigation
Building
characteristics
and location
Earthquake*
Short term (to 2030)
Severe Convective Storms
Routine
maintenance
Existing controls
and resilience
measures
Windstorm / Cyclone
Medium term (to 2050)
Flooding
Lifecycle
replacement
Operational
resilience and
service continuity
Bushfire Risk
Long term (to 2100)
Extreme Heat
Targeted adaptation
measures
Potential
impacts on asset
functionality
Managed
Adaptation
actions identified
through normal
maintenance
or lifecycle
replacement.
Priority
One or more resilience
actions identified to
reduce climate-related risk
or improve resilience over
time. Actions may be near
term or aligned to longer-
term climate scenarios and
asset renewal cycles.
Time horizonsClimate scenarios
ScenarioSSPRCP (equivalent)
Low emissionsSSP1-2.6RCP 2.6
Medium emissionsSSP1-2.6RCP 4.5
High emissionsSSP5-8.5RCP 8.5
Risk Management
Risk Management Framework
The Board has approved a risk management framework which
informs the Manager's approach to identifying, managing
and reporting risks (Risk Management Framework). The Risk
Management Framework has climate-related risks embedded in
the overall risk categories, as well as its own category. The Risk
Management Framework is reviewed regularly and is approved
by the Board. Risk ownership sits with Vital's executive leadership
team, with each material climate-related risk assigned an
internal risk owner. The climate-related risks noted above were
established using the following process:
• Material climate-related risks are identified through structured
internal assessment drawing on sector scenario analysis,
asset-level hazard and resilience assessments (flood, seismic,
cyclone etc.), third-party physical and financial risk modelling
using downscaled climate data and Green Star climate
change assessments where relevant.
• Feedback from these workshops resulted in identification of
the six most material risks being: chronic increases in rainfall
intensity; cyclone events; average temperature rise; drought-
like conditions; reputation; and market conditions.
• The above process included identifying direct and indirect
climate-related risks, physical risks and transition risks as well
as considering severity, likelihood, geographical location and
local impact versus enterprise-wide risks across short, medium
and long-term risk horizons.
As part of Vital’s risk management and decision-making
processes, quantitative climate risk assessments are used to
inform our understanding of portfolio exposure and asset-level
resilience priorities and capital planning. These assessments,
including average annual loss or estimated financial exposure
by asset, are not currently disclosed given their inherent
uncertainty, including in relation to the underlying data,
assumptions and modelling methodologies.
Climate-related risks continue to form part of our Risk
Management Framework and are managed and assessed
through our group wide risk management processes, with
oversight from the ORC and Audit and Risk Committee. These
risks have been ranked and prioritised against other types of
risks for Vital as part of the wider risk process.
This process is expected to be repeated not less than annually.
In addition, management performs ad-hoc assessments when
material, relevant events or impacts emerge or relevant research
is released.
Tools & methods used
Vital uses the following key tools and methods to identify the
scope, size and impact of climate-related risks:
Third-Party Financial and Climate-Related Risk
Model
• A bespoke model created using downscaled data
to focus on assessing climate-related financial risks
through comprehensive data collection, gap analysis
and evaluation of risk tolerance.
• It will also be used to identify the average annual
loss associated with each physical and transition risk
on an asset-by-asset basis, including current and
future developments. The FY25 outputs continue to
inform our understanding of asset-level exposure and
the model remains available to identify the average
annual loss associated with each physical and
transition risk on an asset-by-asset basis, including
current and future developments.
1
Vital classifies projects as major refurbishments or new developments in accordance with the definitions used by GRESB, as set out in Vital’s ESD Guidelines. In the GRESB's Real
Estate Assessment, a major refurbishment is defined as alterations that affect more than 50% of the total building floor area or cause the relocation of more than 50% of regular
building occupants.
Green Star
• Vital has committed that all future new developments and
major refurbishments
1
will be at least 5 Star Green Star.
• The Green Star rating tools for Design & As Built and
Buildings includes Climate Change Assessments and a
Climate Adaptation Plan for each registered development.
Intergovernmental Panel on Climate Change
• The climate science reports published by IPCC AR5 and
AR6 help validate climate science projections.
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Metrics and Targets
GHG emissions reporting
Organisational Boundary and Consolidation Approach
The Manager has measured Vital's GHG emissions in
accordance with the GHG Protocol Corporate Standard: 2004
and the GHG Protocol Supply Chain (Scope 3) Standard:
2011 in respect of the operational emissions of its organisation,
utilising the operational control consolidation method. Emissions
factors have been derived from a range of sources, with the
goal of using the most specific and relevant factor to the nature
of the activity being quantified.
The scope of the GHG emissions inventory includes all activities
in the operational boundaries of Vital, covering its operations
as well as the operations of the 20 properties Vital owns in
Australia and the 14 properties in New Zealand.
FY25 Restatement – Wastewater
Treatment Emissions Correction
During preparation of the FY26 inventory, a review of
wastewater treatment calculations identified that the FY25
inventory inadvertently applied the CO
2
component of the
Ministry for the Environment (MfE) wastewater treatment
emission factor (0.058 kg CO
2
-e/m3) rather than the total
wastewater treatment emission factor (0.476 kg CO
2
-e/m3).
As a result, wastewater treatment emissions were understated
in the FY25 inventory. The calculation methodology has been
corrected in FY26 to apply the full published MfE wastewater
treatment emission factor. The impact of this correction has been
assessed against Vital’s historical recalculation policy and prior
year emissions have been restated where deemed material.
FY24 and FY25 Restatement –
Scope 1 & Scope 2 Emissions
During preparation of the FY26 inventory, Vital reviewed the
application of its operational control boundary and identified
that landlord-controlled natural gas and electricity at Ascot
had previously been captured within Scope 3, rather than
Scope 1 and Scope 2. Vital operates, maintains and manages
the central gas boilers and the relevant landlord-controlled
electricity supply at Ascot, and retains control of the associated
meters. There are no lease obligations requiring tenants to
service, maintain or replace the boilers. Under the GHG
Protocol’s operational control approach, emissions from sources
over which Vital has the authority to introduce and implement
operating policies fall within Vital’s reporting boundary.
Accordingly, natural gas emissions associated with the Ascot
boilers have been reclassified from Scope 3 to Scope 1, and
emissions from landlord-controlled purchased electricity have
been reclassified from Scope 3 to Scope 2. This reflects a
correction to a historical data classification and a refinement of
Vital’s reporting boundary. The FY24 base year and subsequent
comparative periods have been restated where material to
ensure consistency, comparability and alignment with the GHG
Protocol. Refer to Appendix A for details of the restatement for
both reporting periods.
GHG Inventory Assurance
Independent assurance was completed by McHugh & Shaw
Limited (ISO 14064-3:2019). The assurance level achieved is
Limited Assurance (Scopes 1, 2 and 3) for Vital's Greenhouse
Gas Emissions Inventory across New Zealand and Australia for
the reporting period 1 July 2025 to 30 June 2026. A copy of
the independent audit opinion is included as Appendix A.
Development CertifiedRegistered Tool
Area Coverage
(GFA)
Playford Health Hub Stage 2 (SA)8,731m
2
GenesisCare Integrated Cancer & Health
Centre (NSW)
3,258m
2
RDX (QLD) 14,854m
2
Endoscopy Auckland (NZ AKL) 1,400m
2
Coomera Health Campus - Stage 1 (QLD)
5 Star
(Design & As Built v1.3 - AU)
4,572m
2
Macarthur Health Precinct - Stage 2 (NSW)
5 Star
(Buildings v1)
10,317m
2
Targets
Net zero by 2050 target
In 2022, Vital set a target to achieve net zero emissions by
2050. This target is aligned with the “Paris Agreement” to limit
the increase in global temperatures to 1.5°C above pre-
industrial levels. This target is to be reviewed by the Board of
Vital in the year ended 30 June 2027 having regard to the
ambition behind the target and the nature of Vital’s operating
model, and continuing work to develop a transition plan. The
next Board review is scheduled to occur in the year ended 30
June 2027. No interim emissions reduction targets are reported
for this year.
Vital's 2050 target is not verified or validated by any external
third party. Vital has not utilised any offsets for the FY26
reporting period to reduce its reported emissions and has not
yet determined the extent to which achievement of its net zero by
2050 target will or may rely on offsets. Vital’s decarbonisation
approach prioritises reducing direct emissions through asset
performance improvements, renewable energy procurement
and tenant engagement before considering offset solutions.
Development Green Star ratings — certified / registered
3
1
Vital classifies projects as major refurbishments or new developments in accordance with the definitions used by GRESB, as set out in Vital’s ESD Guidelines. In the GRESB's Real
Estate Assessment, a major refurbishment is defined as alterations that affect more than 50% of the total building floor area or cause the relocation of more than 50% of regular
building occupants.
2
In FY26, Boulcott Hospital reached practical completion but did not qualify for Green Star certification, due to the project not meeting the internal criteria agreed to pursue
Green Star certification. Refer to footnote above.
3
Green Star registrations are valid for a defined period. As at 30 June 2026, Park Road and St Asaph Street have been removed from the above schedule, reflecting a change
in the prioritisation of Vital's development pipeline. As these developments remain in feasibility, their registrations will need to be renewed once the projects progress. Vital
remains committed to achieving a minimum 5 Star Green Star rating for these developments when they proceed.
Vital continues to take the following steps to reduce Scope 2 &
3 emissions:
• Renewable energy contracts: All landlord-controlled base
building meters are supported by renewable electricity
contracts, eliminating market-based Scope 2 emissions and
supporting the decarbonisation of the grid.
• Reducing Scope 3 through tenant collaboration: We
continue to work with tenants to reduce their emissions by
reviewing the results of the energy audits and identifying
energy conservation measures. We also plan to explore
renewable energy contracts for tenant electricity
consumption.
Development targets — Green Star Ratings
Vital is committed to achieving a minimum of 5 Star Green Star
rating for all new developments and major refurbishments
1, 2
.
Embodied carbon commitments align with the Green Building
Councils of New Zealand and Australia : NZGBC – integration
of life-cycle assessment and material benchmarks into Green
Star frameworks; GBCA – 40% reduction in upfront embodied
carbon by 2030, with a goal of net zero embodied emissions
by 2050.
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31

Reporting period
The GHG emissions inventory set out below covers the FY26 reporting period.
Emissions intensity FY26
FY25
(restated)
FY24 base year
(restated)
Unit
Total GHG Emissions 48,374 33,095 57,248
tCO
2
e
Scope 1 645 687 980
tCO
2
e
Scope 2 732 712 615
tCO
2
e
Scope 3 (excluding Capital Goods) 30,957 30,27731,296
tCO
2
e
Scope 3 total 46,997 31,696 55,654
tCO
2
e
Gross floor area of assets owned by Vital 242,066 259,043 236,358
m
2

Gross property income from rentals 177,925,047 154,908,000 150,978,000
NZD
GHG emission per square meter 0.19984 0.12776 0.24221
tCO
2
e/m²
GHG emissions per $m rental income 272 214 379
tCO
2
e/$
Total Capital Goods emissions 16,040 1,419 24,358
tCO
2
e
Capital Goods emissions per $m rental income 90.15139 9 .15 917 161.33333
tCO
2
e/$1m GPI
Capital Goods emissions per total portfolio GFA
1
0.06626 0.00548 0.10305
tCO
2
e/m²
FY26 v FY25
Scope / Category
FY26
(tCO
2
e/
m²)
FY26
(tCO
2
e/
$m rental
income)
FY25
(tCO
2
e/
m²)
FY25
(tCO
2
e/
$m rental
income)
FY24
(tCO
2
e/
m²)
FY24
(tCO
2
e/
$m rental
income)
Variance
(tCO
2
e/
m²)
Variance
(tCO
2
e/
$m rental
income)
Scope 1 & 2
(operational)
0.0067. 740.0059.030.00710.56 5.3% -14.3%
Scope 3 (capital
goods emissions)
1, 2
0.8331,252.410.7451,369.27 1.2952,506.23 11.8% -8.5%
Total (Scopes 1, 2
& 3)
0.200271.880.128213.640.2423 7 9 .18
56.4% 27.3%
Emissions intensity (based on restated emissions)
Intensity by scope/category
1
Calculated based on the Gross Floor Area (GFA) of developments completed during the reporting period
2
Calculated based on annual forecast fully leased rental income on developments completed during the reporting period
Scope / Category
FY26
(tCO
2
e)
% of Total
YoY %
change
FY25
restated
(tCO
2
e)
FY24
restated
(tCO
2
e)
Scope 1 644.571.33 -6%6 8 7.16979.65
Scope 2 (market-based) 0.00- 0.00 0.00
Scope 2 (location-based) 732.361.51 3%712.43614.54
Scope 3 46,996.82 9 7.15 48%31,695.71 55,653.75
Category 1 – Purchased goods & services 1,801.46 4%8%1,669.87 1,581.27
Category 2 – Capital goods 16,040.19 33%1031%1,418.83 24,357.78
Category 3 – Fuel and energy-related activities 103.06 0%100%51.53 2 5 .17
Category 5 – Waste generated in operations 1,052.15 2%310 %256.54 548.71
Category 6 – Business travel 121.36 0%363%26.19 248.50
Category 7 – Employee commuting 12.01 0%-29%16.92 11.81
Category 13 – Downstream leased assets 27,866.60 58%-1%28,255.83 28,880.50
Total direct emissions644.57 687.16 979.65
Total Indirect emissions47,729.19 32,408.14 56,268.29
Total emissions 48,373.76 33,095.30 57,247.94
Scopes and Categories
Analysis of trends
Vital’s FY26 location-based emissions were 48,373.76 tCO
2
e,
16% below the restated FY24 baseline and 46% above
FY25. The year-on-year increase was mainly due to Scope
3 - Category 2 capital goods emissions from completed
development activity.
Scope 3 remained the dominant source of emissions at
46,996.82 tCO
2
e, or 97.15% of total location-based emissions,
with downstream leased assets the largest category.
In FY26, Vital reported total location-based GHG emissions
of 48,373.76 tCO
2
e. Scope 3 represented 97.15% of total
emissions, with downstream leased assets the largest source
at 27,866.60 tCO
2
e, or 57.61% of total emissions. Capital
goods were the second-largest category at 16,040.19
tCO
2
e, increasing by 1,031% year-on-year due to completed
development activity at RDX, Endoscopy Auckland and Boulcott
Hospital. Scope 1 emissions reduced by 6% to 644.57
tCO
2
e, while Scope 2 location-based emissions increased
by 3% to 732.36 tCO
2
e. The FY26 profile reflects the timing
of development completions and ongoing tenant energy use
across the portfolio.
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Other metrics and key performance indicators
Exposure to climate-related risks and opportunities
Vital continues to develop its understanding of the extent to
which its assets and business activities are vulnerable to climate-
related risks and aligned with climate-related opportunities.
As at 30 June 2026, Vital completed detailed climate resilience
assessments for 21 properties, representing 64% of the portfolio
by number. The assessments considered a range of physical
climate hazards across different climate scenarios and time
horizons and evaluated each property’s vulnerability, resilience
and potential adaptation needs.
All assessed properties are exposed to one or more climate-
related hazards to some extent and have opportunities identified
to maintain or improve resilience. Given the nature of the
assessments, and the fact that exposure and opportunities exist
across the assessed portfolio to varying degrees, Vital has
not presented a percentage of assets exposed to physical or
transition risks or aligned with climate-related opportunities at
this stage. This approach will continue to be reviewed as climate
resilience assessments are completed across the remainder of
the portfolio.
All assessed properties had opportunities identified to maintain
or improve resilience. Vulnerabilities were classified as Baseline,
Managed, Priority or Severe. Approximately 52% of assessed
properties had one or more Priority adaptation actions
identified. A Priority classification means one or more resilience
actions have been identified that could further reduce climate-
related risk or improve resilience over time. These actions may
relate to near-term resilience improvements or longer-term
adaptation measures aligned with projected climate impacts
under future scenarios, and do not necessarily indicate an
immediate requirement for capital expenditure or remediation.
No properties assessed to date have been classified as Severe.
The most common areas identified for resilience improvement relate
to average temperature rise, cyclone events (specifically wind and
convective vulnerabilities), and rainfall intensity leading to flooding.
Identified adaptation responses range from monitoring
and routine maintenance through to lifecycle replacement
initiatives and targeted resilience improvements. Most can be
incorporated into existing asset management, maintenance
and capital planning processes, with implementation
responsibilities varying between landlord-controlled assets,
tenant-controlled assets and shared arrangements.
The results remain subject to management validation and will
continue to be refined as assessments are completed across
the remainder of the portfolio.
Climate vulnerability and action prioritisation are assessed
separately from financial materiality. A Priority classification
does not, by itself, mean that a property or identified action is
financially material. Identified vulnerabilities and adaptation
actions are assessed under Vital’s materiality framework, which
combines qualitative considerations with an assessment of
potential effects on revenue, expenses, cash flows, assets and
liabilities. AFFO is used as the benchmark for profit and loss and
cash-flow impacts, while Net Asset Value is used for balance-
sheet impacts.
Based on the assessments and cost information completed
to date, no near term identified climate-related impact or
adaptation measure has been assessed as having a material
current financial impact. Cost estimates remain subject to
further validation, including confirmation of timing, scope and
responsibility for implementation. Assessment of potential
future and aggregate financial impacts will continue as the
remaining resilience assessments are completed and identified
actions are incorporated into asset management and capital
planning processes.
Industry-based metrics
Vital currently measures and manages climate-related risks
and opportunities against Green Star ratings and the other key
performance indicators described below, which are relatively
common in the real estate and healthcare industries.
Category
2026 Peer Group
Ranking
2026 Score2025 Score 2024 Score
YoY Change
(2025-2026)
Standing Investments
2nd in Peer Group /
13 Entities
88.1/100
(GRESB Average: 80.9,
Peer Group Average 76.7)
87/100 82/100 1.1 point
Developments
2nd in Peer Group /
14 Entities
96.2/100
(GRESB Average: 86.2,
Peer Group Average: 79.9)
97/100 99/100
0.8 point
Rating 20262025 2024 2023
YoY change
(2025-2026)
B+BB-C+ 1 place
N/A*
4.1/5
(Aug 2024)
4.1/5
(Aug 2024)
2.7
(2021)
N/A*
14.9 Low Risk
(May 2025)
14.9 Low Risk
(May 2025)
16.1 Low Risk
(Apr 2024)
17.2 Low Risk
(Sept 2023)
No 2026
assessment
undertaken
BBB
(Mar 2026)
BBB
(Dec 2024)
A
(Dec 2023)
BBB
(Dec 2022)
No change
C Prime
(Jan 2026)
C-
(Oct 2024)
C-
(Dec 2023)
C-
(Dec 2022)
1 place
Other investor ratings (all factor in climate in some way):
External Benchmark Reporting Scores
Global Real Estate Sustainability Benchmark (GRESB)
Vital again achieved strong results in the 2026 GRESB
Assessment, with Standing Investments improving to
88.1/100 and remaining 2nd overall while ranking 1st
globally among Healthcare Listed entities.
Developments achieved 96.2/100, maintaining 2nd
overall and 1st among Oceania Listed entities for both
GRESB Score and Development Score.
These outcomes provide independent validation
of Vital's sustainability performance and ongoing
commitment to responsible management of its
healthcare property portfolio.
*Craig's Investment Partners no longer conduct their own ESG Scoring and now rely on a third-party rating provider.
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ActivityInvestmentComments
Completed Green
Star developments
$195.6m
RDX and Endoscopy Auckland reached completion during FY26 and were
delivered as Green Star developments. These developments support Vital’s
climate-related strategy through higher-performing design outcomes and third-
party sustainability certification for new healthcare infrastructure.
PIEVC Protocol climate
site assessments and
Energy Audits
$226,397
Site-level climate resilience and energy assessments were undertaken
across the portfolio using the PIEVC Protocol and detailed energy audit
methodologies. The assessments evaluated physical climate risks, identified
adaptation and resilience actions, assessed energy performance and end-
of-life plant replacement opportunities, and informed maintenance planning,
asset management, capital allocation, and pathways to reduce operational
emissions over time.
Early investigation
assessments
$73,410
Early-stage investigations to inform future climate-related capital decisions,
including geothermal investigations at Grace Hospital and Ascot, and boiler
replacement investigations at Kensington Hospital, Ascot and Kawarau Park.
These costs are included where the assessment considered lower-emissions or
resilience-related options; they do not represent completed physical upgrades.
Capital deployment
Vital discloses capital expenditure, financing or investment
deployed toward climate-related risks and opportunities where
this expenditure supports emissions reduction, climate resilience,
energy efficiency, climate-risk assessment or future capital
allocation decisions. In FY26, this included completed Green
Star developments, equipment efficiency upgrades, PIEVC
Protocol climate site assessments, energy audits and early-stage
investigations into lower-emissions or resilience-related options.
Some expenditure relates to assessment, due diligence and
feasibility work rather than completed physical upgrades; these
items are included where they directly inform Vital’s management
of climate-related risks and opportunities and future asset-level
capital planning.
Management remuneration
The Manager does not receive remuneration linked to climate-
related risks or opportunities or the outcome of climate-related
initiatives.
Prior to the internalisation of management, the remuneration of
employees who provided services to Vital was calculated under
the Manager’s corporate scorecard framework. This scorecard
incorporated both financial and non-financial measures. While
climate-related risks and opportunities did not carry a specific
weighting, performance against sustainability and ESG initiatives
formed part of the overall assessment of key performance
indicators, alongside People, Culture and Sustainability targets,
which together had a weighting of 10%.
Following the internalisation of management, Vital's employees
are remunerated directly by Vital under remuneration
arrangements approved by the Board on the recommendation
of the People and Culture Committee. Remuneration comprises
fixed remuneration and a short-term incentive (STI) assessed
against a corporate scorecard of financial and non-financial
measures. Members of the management team also participate
in long-term incentive (LTI) arrangements designed to align
management outcomes with the creation of long-term Unit
Holder value. Further information on the STI and LTI frameworks
is provided in the Remuneration Report included in Vital’s FY26
Annual Report.
Internal price on carbon
Vital does not currently utilise an internal emissions price, however, this remains under consideration.
Glossary & Acronyms
Glossary
Climate-related scenarios: A plausible and challenging
description of potential future developments, based on a
coherent and internally consistent set of assumptions about
key driving forces and relationships, covering both physical
and transition risks in an integrated manner. Not intended to
be probabilistic or predictive.
External Reporting Board (XRB): New Zealand's External
Reporting Board, which establishes national reporting
standards for entities in the private, public, and not-for-profit
sectors.
Intergovernmental Panel on Climate Change (IPCC):
The United Nations body responsible for assessing
climate science and providing governments with scientific
information to inform the development of climate policies.
Internalisation of management: The transition of Vital
from an externally managed structure to an internally
managed model from 31 December 2025, under which
employees, management functions, oversight and reporting
responsibilities sit directly in Vital and report to the Board.
Physical Risks: Risk posed to Vital by potential physical
impacts of climate change. These risks can be “acute”
(event-driven, including increased severity of extreme
weather events) or “chronic” (longer-term shifts in climate
patterns).
Representative Concentration Pathways (RCP): A
greenhouse gas concentration trajectory adopted by the
IPCC. Four pathways were utilised for climate modelling in
the IPCC Fifth Assessment Report (AR5) in 2014.
Transition plan: An aspect of an entity's overall strategy
that sets out its targets, actions and resources for its transition
towards a lower-carbon economy, including actions such
as reducing greenhouse gas emissions from its assets and
operations.
Transition risks: Risks associated with the transition to a low
emissions, climate-resilient global and domestic economy,
including changes in policy, legal frameworks, technology,
market conditions, and reputation.
Acronyms
CAPEX — Capital expenditure
ESG – Environmental, Social and Governance
GHG — Greenhouse Gas
GBCA — Green Building Council of Australia
GRESB — Global Real Estate Sustainability Benchmark
HVAC — Heating, ventilation, and air conditioning
IPCC — Intergovernmental Panel on Climate Change
IRR — Internal rate of return
NZ CS — Aotearoa New Zealand Climate Standards
NZGBC — New Zealand Green Building Council
NZX — New Zealand's Stock Exchange
OPEX — Operating expenses or expenditure
ORC — Operational Risk Committee
PIEVC — Public Infrastructure Engineering Vulnerability Committee
R&M — Repairs and maintenance
RCP — Representative Concentration Pathways
SSP — Shared Socio-economic Pathway
tCO
2
e — Tonnes of carbon dioxide equivalent
WALE — Weighted average lease expiry
WALT — Weighted average lease term
XRB — External Reporting Board
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Appendices
Appendix A

PO Box 31-095, Ilam, Christchurch, 8444, New Zealand. Ph 021 453 752
info@mchugh-shaw.co.nz •• wwwwww..mmcchhuugghh--sshhaaww..ccoo. .nnz z
INDEPENDENT ASSURANCE REPORT ON VITAL HEALTHCARE PROPERTY TRUST’S
GREENHOUSE GAS (GHG) STATEMENTS
TO THE DIRECTORS OF VITAL HEALTHCARE PROPERTIES MANAGEMENT LIMITED
Registered address:
Level 17, HSBC Tower, 188 Quay Street, Auckland, New Zealand
Our Assurance Conclusion
Limited Assurance Conclusion – Scope 1, 2 and 3 emissions
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the gross GHG emissions, and gross GHG emissions methods,
assumptions and estimation uncertainty, within the scope of our limited assurance engagement (as outlined
below) included in the Vital Healthcare Property Trust’s (Vital) GHG Inventory Report for the year ended 30
June 2026, are not fairly presented and not prepared, in all material respects, in accordance with the
Greenhouse Gas Corporate Accounting and Reporting Standards.
Scope of the Assurance Engagement
We have undertaken a limited assurance verification engagement over the following GHG statements within
the GHG Emissions Inventory Report (dated 22/09/2026) for the year ended 30 June 2026:
•GHG Emissions Scope 1, 644.57 tCO
2
e, on page 11.
•GHG Emissions Scope 2 (location-based), 732.36 tCO
2
e, on page 11.
•GHG Emissions Scope 2 (market-based), 0.00 tCO
2
e, on page 11.
•GHG Emissions Scope 3, 46,996.82 tCO
2
e, on page 11.

It is important to note that the level of assurance obtained in a limited assurance engagement is considerably
lower than that involved in reasonable assurance engagement.
Although we considered the effectiveness of management’s internal controls when determining the nature
and extent of our procedures, our assurance engagement was not designed to provide assurance on internal
controls for emission sources subject to limited assurance.
Key Matters to the GHG Assurance Engagement
In this section we present those matters that, in our professional judgement, were most significant in
undertaking the assurance engagement over GHG statements. These matters were addressed in the context
of our assurance engagement, and in forming our conclusion. We did not reach a separate assurance
conclusion on each individual key matter.


Independent Assurance Report | Page 2
Key Matter Procedures to address the Key Matter
Downstream Leased Assets
•Downstream Leased Assets (Category 13)
represent 58% of total emissions. Due to a
change in the utility database in FY25 used
to manage electricity and gas data from
assets some data was not available. The
operational control varies per assets and in
some cases by emission source depending
on the agreement in place with the asset
tenant(s).


Financial-spend
•As explained on page 16 of the GHG
Inventory Report Vital has measured the
emissions from Category 1 Purchased Goods
& Services and a portion of Category 2
Capital Goods using the spend-based
approach. The spend-based components
account for approximately
5% of Vital’s total
GHG emissions for the period ending 30
June 2026. This calculation method
estimates emissions by multiplying the value
of Purchased Goods & Services and Capital
Goods with relevant emission factors.
However, this method involves inherent
uncertainty and may result in significant
discrepancies between estimated and actual
emissions. Due to the high level of
estimation, improvements to the calculation
method or assumptions could lead to
material changes and restatements of
previously reported amounts.

Downstream Leased Assets
•We understood the application of the
operational control consolidation approach
for each asset and emission source i.e.
landlord controlled, or tenant controlled.
•Assessed the categorisation of emissions in
line with the consolidation approach.
•Assessed the reasonableness and
conservativeness of the estimated data to fill
data gaps and the transparent disclosure of
that in the GHG Inventory Report.

Financial-spend
In considering Vital’s measurement and disclosure
of Category 1 and Category 2 emissions measured
using the spend-based approach we:
•Ensured we understood the spend-based
calculation method, along with its
assumptions and estimation uncertainties
including treatment of GST, inflation and
currency conversion;
•Assessed whether the application of the
spend-based calculation approach by Vital
aligned with the GHG Protocol Value Chain
Standard;
•Assessed the reasonableness of the selected
spend-based emission factors and their
application in the calculation process;
•Assessed the categorisation of Vital’s dollar
spend on Purchased Goods & Services and
Capital Goods through analysis and inquiry;
•Assessed the disclosures made by Vital in
relation to the spend-based calculation
method, assumptions and uncertainties in
estimating these emission sources.

Emphasis of Matter
•We draw attention to sections 1.5 and 1.6 of the GHG Inventory Report and the restatement of FY24
(base year) and FY25 emissions. The FY24 restatement was not subject to assurance.
•We draw attention to Table 2 in the GHG Inventory Report where it is stated the fugitive emissions
from medical gases are excluded due to lack of data and this could be material to the emissions total.
•We draw attention to the reporting of market-based electricity throughout the GHG Inventory Report
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Independent Assurance Report | Page 3
where 100% of Scope 2 electricity consumed in New Zealand is covered by Renewable Energy
Certificates (NZECS certificates issued by BraveTrace) and in Australia is covered by 100% Pool
Passthrough Agreements.
•Our assurance conclusion is not modified in response of each matter stated above.
Other Matter
•The emissions calculations for New Zealand-based activities use the latest emission factors released
by the Ministry for the Environment during the reporting period (May 2026 v2).
Comparative Information
The comparative GHG statements (that is GHG statements (ISO 14064-1) for the periods ended 30 June 2024)
have been subject to limited assurance by Toitū Envirocare (ISO 14064-3), with their assurance report dated
on 13 September 2024. The GHG disclosures (Aotearoa New Zealand Climate Standards) for the period ended
30 June 2025 have been subject to reasonable and limited assurance by McHugh & Shaw (NZ SAE 1) and the
FY25 restatement covered by this assurance engagement.
Materiality
Based on our professional judgement, determined quantitative materiality for the GHG statements is at 1%
for individual emission sources, and not totalling more than 5%. Qualitative materiality has been determined
with due consideration to relevance to users of the climate statement, as well as the potential impact of
omission, misstatement, or obscurement of any information.
Competence and Experience of the Engagement Team
Our work was carried out by an independent and multi-disciplinary team including sustainability assurance
and environmental practitioners. The assurance lead retains overall responsibility for the assurance conclusion
provided.
Vital Healthcare Properties Management Limited’s Responsibilities for the GHG Statement
Vital Healthcare Properties Management Limited as the managers of the Vital investment scheme are
responsible for the preparation and fair presentation of the GHG statements in accordance with the
Greenhouse Gas Protocol Corporate Accounting and Reporting Standards. This responsibility includes
designing, implementing and maintaining a data management system relevant to the preparation and fair
presentation of GHG statements that is free from material misstatement.
Inherent Uncertainty in GHG Quantification
GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to
determine emissions factors and the values needed to combine emissions of different gases.
Our Responsibilities
Our responsibility is to express an opinion on the GHG statement based on our verification. We are responsible
for planning and performing the verification to obtain assurance that the onsite GHG statements are free from
material misstatement.
As we are engaged to form an independent conclusion on the GHG statement prepared by management, we
are not permitted to be involved in the preparation of the GHG information as doing so may compromise our
independence.


Independent Assurance Report | Page 4
Other Relationships
Other than in our capacity as assurance practitioners, and the provision of the assurance for this engagement,
we have no relationship with, or interests, in Vital Healthcare Properties Management Limited or Vital
Healthcare Property Trust.
Independence and Quality Management Standards Applied
This assurance engagement was undertaken in accordance with:
•ISO 14064-3:2019 Greenhouse gases – Part 3: Specification with guidance for the validation and
verification of greenhouse gas assertions; and
• NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Statements issued by the External
Reporting Board (XRB). NZ SAE 1 is founded on the fundamental principles of independence, integrity,
objectivity, professional competence and due care, confidentiality, and professional behaviour.
Professional and ethical standards are held in high regard and our quality management system aligns with the
standards ISO 9001:2015 and ISO 14065:2020 and we comply with the Carbon and Energy Professionals New
Zealand Code of Ethics and Code of Professional Conduct.
Summary of Work Performed
Our verification strategy used a combined data and controls testing approach. Evidence-gathering procedures
included but were not limited to:
•Enquiries to obtain an understanding of the overall governance and internal control environment, risk
management processes and procedures relevant to GHG information;
•Evidence to support the reporting boundaries, organisational and legal structure reported;
•Recalculation of the GHG emissions;
•Analytical review and trend analysis of the GHG information;
•Evaluation of relationships among GHG and non-GHG data;
•Interview of personnel involved in data collection;
•Review of emissions factors used within the calculations for source appropriateness;
•Review of uncertainty and data quality;
•Review of the assumptions, estimations and quantification methodologies; and
•Seeking written representation from governance on key assertions.
Limited Assurance Conclusion
Our limited assurance verification engagement was performed in accordance with NZ SAE 1, and ISO 14064-
3: 2019 – Specification with guidance for the verification and validation of greenhouse gas statements, issued
by the International Organization for Standardization (ISO). This requires that we comply with ethical
requirements (as outlined above), and plan and perform the verification to obtain limited assurance that the
GHG statements are free from material misstatement.

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Independent Assurance Report | Page 5
Limited Assurance Procedures
•Limited sample testing, tracing and retracing of data trails back to primary data including natural
gas, refrigerant loss, electricity records, financial expenditure, waste management, wastewater,
business travel, employee commuting survey, and tenant electricity, gas, diesel and refrigerant
loss records; and electricity transmission and distribution loss calculations.

The data examined during the verification were historical in nature. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.



Jeska McHugh, Assurance Lead
CEP NZ Certified Carbon Auditor (#CCA1005)
McHugh & Shaw Limited
May Stewart, Independent Reviewer
May Stewart Consulting
On behalf of McHugh & Shaw Limited
Christchurch, New Zealand
22 September 2026
Christchurch, New Zealand
25 September 2026













This report including the opinion expressed herein, is issued to the Directors of Vital Healthcare Properties
Management Limited in accordance with the terms of our agreement for the purpose of disclosing GHG
emissions. We consent to the release of this report by you to interested parties, but we disclaim any
assumption of responsibility for any reliance on this report by any other party than for which it was prepared.
Appendix B – Greenhouse Gas Emissions – additional information
Organisational
background
Name: Vital Healthcare Property Trust
Contact person: Liz Ingram
Contact email: liz.ingram@vhpt.co.nz
Area of business: New Zealand and Australia
Vital Employees as at 30 June 2026: 33
Business description: Vital Healthcare Property Trust is an owner, developer and manager of
healthcare real estate and is the only specialist owner of healthcare property listed on the NZX.
Standard
compliance
Greenhouse Gas Protocol
Baseline year1 July 2023 – 30 June 2024 (Financial Year)
For the purposes of assurance of Vital’s GHG emissions inventory, the restated FY24 baseline year will
be adopted.
Reporting period1 July 2025 – 30 June 2026 (Financial Year)
The reporting period for the Climate Statement is consistent with Vital’s financial reporting year and is
in compliance with NZ CS requirements.
Organisational
boundary
To 31 December 2025, the activities collectively cover all Vital and Northwest’s legal entities:
• Northwest NZ Finance Holdings Ltd
• Northwest Healthcare Properties Management Ltd
• NWI NZ Management Company Ltd
• NWI Australia Management Company PTY Limited
• NWH Australia Property Pty Ltd
• Vital Healthcare Property Trust
• Vital Healthcare Property Limited
• Vital Healthcare Australian Property Trust
• Vital Healthcare Investment Trust
To 30 June 2026, following internalisation of management on 1 January 2026, activities only
cover Vital legal entities:
• Vital Healthcare Property Trust
• Vital Healthcare Property Limited
• Vital Healthcare Australian Property Trust
• Vital Healthcare Investment Trust
• Vital Healthcare Properties Management Limited
• Vital Healthcare Management (Aus) Pty Limited
• Vital Healthcare Australian Property Limited
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Reporting
boundary
Business operations direct and indirect emissions resulting from:
• Direct (Scope 1)
• Fugitive emissions from refrigerants
• Indirect electricity (Scope 2)
• Office Electricity
• Landlord controlled purchased electricity
• Indirect (Scope 3)
• C1 Purchased goods and services
• C2 Capital goods
• C3 Fuel- and energy related activities
• C4 Upstream transportation and distribution
• C5 Waste generated in operations
• C6 Business travel
• C7 Employee commuting
• C13 Downstream leased assets
Reporting boundary
exclusions
• Indirect (Scope 3)
• Fugitive medical gases from tenants (within C13)
• Upstream transportation (C4)
• Emissions from site-works (within C2)
• Transport, processing, use and end-of-life of sold products (C9-12)
• Franchises (C14)
• Investments (C15)
Operational control approach
As a specialist, internally managed healthcare landlord, Vital
Healthcare Property Trust manages many assets which all fall
within its organisational boundary. During the reporting period,
Vital divested Toronto Private Hospital which has been excluded
in this year’s inventory. Vital sold a 50% share of Kawarau
Park on 1 December 2025. The ownership is a Co-Ownership
structure with Vital Healthcare Property Limited and Queenstown
Health Hub Limited each owning 50% of the whole precinct. For
the purpose of this inventory, all data points are captured and
50% is reported.
As at 30 June 2026, Vital owned 20 assets in Australia and 14
in New Zealand which are included in the GHG Inventory.
Vital reports embodied carbon emissions associated with
developments in the GHG Inventory under Capital Goods once
they have reached practical completion.
Property and land held for development as referenced within the
Vital Annual Report are not included within the GHG Inventory
based on the organisational boundary defined for this exercise
using the operational control approach.
Scopes and Categories
FY24
Prior to this
restatement
FY24
Restated
tCO
2
e
FY25
Prior to this
restatement
FY25
Restated
tCO
2
e
Scope 139.77979.651. 776 8 7.16
Scope 2 (market-based)0000
Scope 2 (location-based)338.32614.54363.22712.43
Scope 3 55,653.7555,653.75 31,583.1931,695.71
Category 5 – Waste generated
in operations
548.71 548.71144.02256.54
Total emissions56,031.8457,247.93 31,948.1833,095.30
FY24 base year and FY25 restatement summary:
Excluded emissions sources
Scope and CategoryEmission SourceReason for Exclusion
Scope 3 – Category 2 –
Capital Goods
Emissions
occurring during
construction
Small materials
Emissions arising from site-work and constructions, while likely material,
have been excluded due to the difficulty of obtaining robust data for the
emissions generated.
Miscellaneous capital goods have been excluded from the calculation
of Scope 3 Category 2 GHG emissions due to a complex mix of very
small items (i.e., nuts, bolts, nails, screws etc) and a lack of specific
emission factors. The exclusion of these capital goods is not thought to
be material to the GHG Inventory.
Scope 3 – Category 4 –
Upstream and Distribution
Whole categoryScope 3 Category 4 “Transport for purchased goods and services” is
included in the purchase price and therefore captured in Categories 1
and 2.
Scope 3 – Category 8 –
Upstream leased assets
Whole categoryExcluded to avoid double counting. Vital leases corporate office
space; however, the associated energy consumption (e.g., purchased
electricity) is already captured and reported under Scope 2. Other
upstream leased assets are not applicable, as Vital owns rather than
leases its investment property portfolio.
Scope 3 – Category 9 –
Downstream Transportation
and Distribution
Whole categoryThis category is not relevant to Vital as it does not produce any products.
Scope 3 – Category 10 –
Processing of Sold Products
Whole categoryThis category is not relevant to Vital as it does not produce any products.
Scope 3 – Category 11 –
Use of Sold Products
Whole categoryThis category is not relevant to Vital as it does not produce any products.
Scope 3 – Category 12 – Fugitive emissions
of medical
gasses
Due to a combination of lacking data and technical uncertainty around
the emissions associated with the consumption of medical gasses, this
emission source is excluded.
End-of-Life Treatment of Sold
Products
Whole categoryThis category is not relevant to Vital as it does not produce any products.
Scope 3 – Category 13 –
Downstream Leased Assets
Fugitive emissions
of medical
gasses
Due to a combination of lacking data and technical uncertainty around
the emissions associated with the consumption of medical gasses, this
emission source is excluded.
Scope 3 – Category 14 –
Franchisees
Whole categoryThis category is not relevant to Vital as it does not have any franchisees.
Scope 3 – Category 15 –
Investments
Whole categoryThis category is not relevant to Vital as it does not have any material
investments.
Calculation methods
A calculation methodology has been used for quantifying
the emissions inventory based on: Emissions = activity data ×
emissions factor. Emissions factors have been derived from a
range of sources, with the intent to use the most specific and
relevant factor to the nature of the activity being quantified,
reflecting the geography of activity across New Zealand
and Australia. Due to the lack of available emissions factors
in Australia, emissions factors from New Zealand have been
applied in the instances where Australia emission factors were
unable to be sourced. A spend based model was used to
calculate emissions from Scope 3 Category 1 Purchased
Goods and Services (and a portion of Category 2), which has
limitations both with regards to activity data and emission factors
used.
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Data sources, uncertainties, assumed data and data quality score by emissions source
Scope &
Category
Emissions source(s)Data source(s)Uncertainty and limitationsAssumed data
Data Quality
Score
% supplier
/ value
chain data
Scope 1Fugitive refrigerant
emissions from
HVAC systems.
Refrigerant top-
ups, including
quantity if
undertaken.
Leakage rates can vary significantly
between different models of
equipment and age.
8.5% of data was
assumed and no
default leakage
rates were applied
(from MfE 2025).
Medium
Scope 2Electricity
consumed in
offices.
Supplier
invoices.
N/A0%High
Scope 3 –
Category
1
All purchased
goods and services
not included in other
Scope 3 categories.
Financial data,
converted to USD
and corrected for
inflation to match
with emission
factors.
All calculations (excluding water
which uses the MfE emissions factor)
were done using spend-based
emission factors which carry large
uncertainty as emissions per dollar-
spend, in reality, varies significantly.
The OpenCEDA Emission Factors
select are based on Producer cost.
N/ALow0%
Scope 3 –
Category
2
Asset construction,
leasehold
improvements, and
other capitalised
equipment and
furniture.
Information
requested
from on-site
construction
contractors and
quantity surveyor
reports.
Emissions factors from EPD’s were used
where available. Material quantities
that were not supplier-specific applied
general emission factors BRANZ and
NABERS which may vary in accuracy
for each product.
All data is reported
at practical
completion.
Low95.6%
Scope 3 –
Category
3
Upstream emissions
from electricity
consumption.
Supplier
invoices.
N/AN/AHighN/A
Scope 3 –
Category
5
Solid waste from
operations.
Waste reports
from third parties
or onsite facilities
managers.
The applied emission factors are
not specific to the types of waste
produced by the assets, causing
some uncertainty as different waste
streams may produce more or
less emissions depending on their
biodegradability in landfills.
8% of waste data
was estimated as
tenant data was
not available. These
estimates were
done by applying
the average
tonnage per gross
floor area of similar
building typologies
with available data
across the portfolio.
Medium 98.9%
Wastewater.Supplier
invoices.
Wastewater emission factors are
not available for Australia and have
been proxied with New Zealand
emission factors which are not
geographically accurate.
Assumed wastewater figures are
based on water consumption
and a calculated conversion rate
of water to wastewater which is
representative of the average across
all available portfolio data, but not
individual assets.
5% of wastewater
data was estimated
as wastewater data
was not available
for specific assets.
To estimate their
wastewater
quantities, their
water consumption
applied a
conversion factor.
This factor was
calculated based
on all assets with
both water and
wastewater data
to estimate the
average conversion.
Medium96.8%
Construction waste.Supplier
invoices.
The construction waste generated
and disposed of in Australia was
applied a New Zealand emission
factor which is not geographically
representative. This is due to no
emission factor representing
construction and demolition waste
being available for Australia.
N/AHigh100%
Scope &
Category
Emissions source(s)Data source(s)Uncertainty and limitationsAssumed data
Data Quality
Score
% supplier
/ value
chain data
Scope 3 –
Category
6
Business travel
associated with
Vital activities.
Corporate travel
management
supplier data.
Air travel emissions factors selected
include radiative forcing. Radiative
forcing factors are still an area
of scientific debate, with varying
multipliers. The uncertainty lies in
how accurate these multipliers are in
reflecting real-world impacts.
N/ALow100%
Scope 3 –
Category
7
Employee
commuting
associated with
Vital activities.
Employee survey.Being based on survey data,
the calculations represent an
extrapolation of a snapshot in time,
based on the survey respondents.
This may not be representative
across the year and could
have skews based on specific
respondents and non-respondents.
Employee
commuting emissions
are based on Vital
employee survey
results collected
in early 2026. As
the survey reflects
a point in time, the
results have been
extrapolated across
the FY26 reporting
period to estimate
commuting emissions
for the full financial
year.
Low100%
Scope 3 –
Category
13
Electricity, natural
gas and diesel
consumption in
leased assets.
Tenant reporting
and letters of
authority.
Assumed electricity, natural gas and
diesel data is based on a mixture
of extrapolations and averages
from comparable assets within the
portfolio which is likely not accurate
to real consumption.
23% of electricity,
22% of natural gas
data, were based
on assumed data.
All assumptions
were either based
on extrapolation
(to cover gaps
in reporting)
or average
consumption per
gross floor area in
comparable assets
(by geography and
asset type).
Medium
70.8%
Fugitive refrigerant
emissions in leased
assets.
Tenant reporting.Leakage rates can vary significantly
between different models of
equipment and age.
50% of data was
assumed based
on default leakage
rates from MfE
2025 due to lacking
data availability.
Low
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. 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. Past
performance is no indication of future performance. This document should be read in conjunction with Vital's
market announcements lodged with NZX, available at www.nzx.com/companies/VHP
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