Vital Healthcare Property Trust : First Quarter Update – FY 2022

Key achievements over the start of FY22 (including October 2021) include:

1. Continued Deployment of 5-Year Portfolio Strategy

Vital acquired a "Cancer Centre of Excellence" in Adelaide known as Tennyson Centre for ~A$93m in mid-October 2021. Tennyson Centre is located between Adelaide's Airport and CBD and is ~300m from Ashford Hospital. Tenants are primarily engaged in the identification, assessment and treatment of cancer through oncology, radiotherapy, imaging and consulting with tenants such as ICON Cancer, Genesis Care, Sonic and Nexus Day Hospitals.

Also in mid-October, Gold Coast Surgery Centre was sold for ~A$13m (before costs) ~5% above its book value. The sale removes an asset with persistent vacancy from the portfolio.

2. Delivering Value for Unitholders

Vital's development of Playford Health Hub in Adelaide has recorded success across all three stages:

• Stage 1: ~A$22m multi-deck car park and retail suites is due for completion in mid-Nov 2021. The project was anchored via a long-term lease to SA Health for ~50% of the car park with the retail component now substantially pre-leased.

• Stage 2: ~A$39m Specialist Medical Centre is ~60% pre-leased and design work has significantly progressed. Construction is expected to commence in mid-2022.

• Stage 3: ~A$50m (plus expected capital contribution from operator in excess of $25m) for 100+ bed private hospital advanced discussions underway.

~NZ$74m of new and extended brownfield developments were approved across five of Evolution Healthcare's facilities in New Zealand: Grace Hospital, Tauranga (which Evolution operates in a joint venture with Southern Cross); Royston Hospital, Hastings; Royston Day Surgery Unit, Hastings; stage 2 of Wakefield Hospital, Wellington (stage 1 opened during the quarter); and Bowen Hospital, Wellington.

Full details of current developments are included in the attached release.

3. Balance Sheet Strengthened Further

A$315m of new debt facilities were secured increasing funds available to support the activities noted previously, diversifying lenders (syndicated banks increased from two to six) and extending weighted average debt term from 2.5 years to 3.9 years (pro forma as at 30 June 2021).

NZ$142.8m of new equity capital was raised primarily from existing unitholders via a NZ$115m placement and a NZ$27.8m unit purchase plan with all of Vital's unitholders who opted to participate able to do so at or above pro-rata. The proceeds will support the developments and acquisitions referred to above.

FY22 guidance

Vital remains on track to achieve FY22 earnings guidance of at least 11.8 cents per unit (at least 2.0% above FY21) and distribution guidance of 9.5 cents per unit (7.0% above FY21).