Vital Healthcare Property Trust · NZX:VHP
Vital Healthcare Property Trust — Shareholder Meeting (November 2020)
26 slides from Vital Healthcare Property Trust's shareholder meeting presentation, Nov 17, 2020
Slide 1: Annual Meeting 17 November 2020
ANNUAL MEETING 17 November 2020
Slide 2: Meeting Agenda
MEETING AGENDA Introduction from the Chair of the Meeting Address of the Chairman of the Manager PRESENTED BY: Address by the Fund Manager Annual Financial Statements Bernard Crotty Questions Chairman Re-election of Graham Stuart General Business Aaron Hockly Closing of the meeting F
Slide 3: Board of the Manager
BOARD OF THE MANAGER VITAL MANAGER HAS A MAJORITY OF INDEPENDENT DIRECTORS Bernard Crotty Andrew Evans Graham Stuart Dr Michael Stanford Paul Dalla Lana Chairman Independent Director Independent Director Independent Director Director 3 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 4: In Attendance
IN ATTENDANCE IN PERSON OR VIA ZOOM MANAGEMENT TEAM SUPERVISOR, AUDIT & LEGAL AARON HOCKLY JUSTINE WEALLEANS FUND MANAGER TRUSTEES EXECUTORS MICHAEL GROTH THOMAS MOEKE CHIEF FINANCIAL OFFICER DELOITTE CHRIS ADAMS TOBY SHARPE EXECUTIVE DIRECTOR, PROJECTS BELL GULLY RICHARD ROOS EXECUTIVE DIRECTOR, PO
Slide 5: Address by the Chairman of the Manager
ADDRESS BY THE CHAIRMAN OF THE MANAGER Bernard Crotty Chairman 5 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 6: Comparative Returns
COMPARATIVE RETURNS VITAL HAS CONTINUED TO OUTPERFORM ON A TOTAL RETURN(1) BASIS Vital vs S&P/NZX Real Estate Index 900 Outperformance against the S&P/NZX All Real Estate Index since inception 800 Vital (1) 17.1% outperformance versus benchmark over last 700 S&P/NZX All Real Estate Index 12 mont
Slide 7: COVID-19
COVID-19 VITAL’S PORTFOLIO AND TENANTS HAVE PERFORMED VERY WELL DESPITE PANDEMIC ✓ >99% of rent of collected; well above peers in New Zealand and Australia ✓ Majority of tenants have recovered to pre-pandemic operating levels ✓ Pandemic highlighted the importance and resilience of Vital’s assets Des
Slide 8: Key Achievements Over the Last 12 Months
KEY ACHIEVEMENTS OVER THE LAST 12 MONTHS GOVERNANCE AND OTHER INITIATIVES BENEFIT UNITHOLDERS ✓ Appointment of Graham Stuart as Independent Chairman (subject to his re-election) ✓ Dr Michael Stanford appointed as an additional Independent Director ✓ Revised fee structure resulted in $2.2m reduction
Slide 9: Address by the Fund Manager
ADDRESS BY THE FUND MANAGER Aaron Hockly Fund Manager - Vital 9 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 10: Operational Highlights
OPERATIONAL HIGHLIGHTS SIGNIFICANT ACHIEVEMENTS IN FY20 AND SUBSEQUENTLY Acquisitions and Financial Portfolio Developments ✓ 5.6% increase in AFFO per unit (FY20) ✓ >99% of rent collected for FY20 and Q1 ✓ $71.3m of acquisitions completed in FY21 despite COVID-19 FY20 ✓ FY21 distribution guidance of
Slide 11: Property Portfolio
PROPERTY PORTFOLIO PORTFOLIO REMAINS DIVERSIFIED, LOW RISK & HIGH-QUALITY AT 30 SEPTEMBER 2020 $2.2bn Portfolio value 7 3.4% 99.1% 4 NPI growth FY20 occupancy (excluding FX) 2 14 23% 5.53% 77% 5 11 18.5 year weighted WALE average cap NEW ZEALAND AUSTRALIA 1 rate $347.1m 82% 12% 6% committed Hospital
Slide 12: Aged Care Acquisitions
AGED CARE ACQUISITIONS IN MARCH 2020 VITAL ACQUIRED THREE AGED CARE FACILITIES IN AUSTRALIA FOR $60.1M Quality assets with Strategic Leading Operator growing income acquisition ✓ 311 single ✓ 16.6-year WALE ✓ Purchase price: Baycrest Aged Care NZ$60.1m bedrooms with ✓ Bolton Clarke has private ensui
Slide 13: Aged Care Acquisitions (continued)
AGED CARE ACQUISITIONS (continued) TWO PROPERTIES LOCATED IN SOUTH EAST QUEENSLAND, ONE IN NORTHERN NEW SOUTH WALES Darlington Aged Care Baycrest Aged Care Tantula Rise Aged Care 13 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 14: Completed Developments
COMPLETED DEVELOPMENTS TWO DEVELOPMENTS COMPLETED IN FY20 Lingard Day Centre, Newcastle (2020) The Hills Clinic, Sydney (2020) Asset Lingard Day Centre, Newcastle Asset The Hills Clinic, Sydney Asset Type Day Surgery / MOB Asset Type Mental Health Total Cost A$27.7m Total Cost A$8.3m Project Yield 6
Slide 15: Wakefield Hospital, Wellington
WAKEFIELD HOSPITAL, WELLINGTON ENHANCING WELLINGTON’S PRE-EMINENT PRIVATE HOSPITAL INCLUDING SEISMIC RESILIENCE (ABOVE CODE) Project Summary Redevelopment of Wellington’s leading private hospital Adopting base isolation will ensure enhanced seismic resilience; exceeds building code requirements
Slide 16: Royston Hospital, Hastings
ROYSTON HOSPITAL, HASTINGS EXPANSION AND REDEVELOPMENT OF LEADING HAWKE’S BAY PRIVATE HOSPITAL Project Summary Extension of the existing hospital and reconfiguration of reception, admission and recovery areas Two new theatre shells for future expansion New stand-alone day surgery unit with one
Slide 17: Epworth Eastern, Melbourne
EPWORTH EASTERN, MELBOURNE ENABLING EPWORTH TO MEET RISING DEMAND FOR HEALTHCARE SERVICES IN THIS CATCHMENT Project Summary Construction of a new 14 storey tower comprising 5 operating theatres, 62 beds, an emergency department and seven levels of specialist consulting 80+% leased to Victoria’s
Slide 18: Equity Raising
EQUITY RAISING $157.5M EQUITY RAISING PRIMARILY FROM EXISTING UNITHOLDERS COMPLETED IN OCTOBER & NOVEMBER 2020 Placement UPP Proceeds used to $125m placement undertaken in October $32.5m raised from existing unitholders Fund part of existing development 2020 pipeline: $250.8m cost to complete
Slide 19: Annual Financial Statements
ANNUAL FINANCIAL STATEMENTS Ormiston Hospital 19 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 20: Questions
QUESTIONS ASKING QUESTIONS Any unitholder or appointed proxy / representative attending the meeting is eligible to ask questions. If you would like to ask a question, select x then type and submit your question. It will be sent to the Chairman to answer. Please note that not all questions may be abl
Slide 21: Re-election of Graham Stuart
RE-ELECTION OF GRAHAM STUART 21 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 22: Voting
VOTING RESOLUTION 1 – THAT GRAHAM STUART BE RE-ELECTED AS AN INDEPENDENT DIRECTOR OF NORTHWEST HEALTHCARE PROPERTIES MANAGEMENT LIMITED, THE MANAGER OF VITAL HEALTHCARE PROPERTY TRUST Vote Type Units Voted % of Units Voted % of Total Units For 172,373,600 71.57% 33.53% Against 61,645,106 25.60% 11.9
Slide 23: General Business
GENERAL BUSINESS 23 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 24: Closing Remarks
CLOSING REMARKS Thank you for attending today’s Annual Meeting. Those attending in person are welcome to join us for refreshments in the foyer. Ascot Hospital 24 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL MEETING 2020
Slide 25: Disclaimer
DISCLAIMER This presentation has been prepared by NorthWest Healthcare Properties Management Limited (the "Manager") as manager of the Vital Healthcare Property Trust (the "Trust"). The details in this presentation provide general information only. It is not intended as investment , legal, tax or fi
Slide 26: Annual Meeting
ANNUAL MEETING 17 November 2020
Vital Healthcare Property Trust — Shareholder Meeting (November 2020) on 6ix