FY25 Annual Report

Annual Report 2025

Driving operational performance

FY25

OUTCOMES

9.75cpu

Distributions paid to Unit Holders

98.6%

Occupancy

$2.47

Net Tangible Assets (NTA) per unit

3.7%

Like-for-like Net Property Income (NPI) growth

AWARDS AND RECOGNITION

ANNUAL REPORT 2025 | 3

Contents

GRESB SECTOR LEADER IN DEVELOPMENTS FOR LISTED HEALTHCARE GLOBALLY

GOLD AWARD FOR VITAL'S ANNUAL REPORT

CIVIC, HEALTH AND ARTS PROPERTY AWARD ORMISTON HOSPITAL STAGE 1 EXPANSION

MBA NSW 2024 AWARDS - EXCELLENCE IN SUSTAINABILITY - COMMERCIAL CATEGORY

| MACARTHUR HEALTH PRECINCT STAGE 1 (GENESISCARE, CAMPBELLTOWN)

About Vital and Northwest 4

Overview of Vital 6

FY25 Key Events 10

Manager's Report 12

Financial Summary

and Portfolio Metrics 16

Asset Allocation 17

Australian Portfolio Overview 18

New Zealand Portfolio Overview 20

Completed Developments 22

Committed Developments 28

Sustainability 34

Our Board 54

Our Executive Team 56

Corporate Governance 58

Financial Statements 68

Vital's Structure 116

Directory 118

2025 NEW ZEALAND COMMERCIAL

PROJECT AWARDS - GOLD | ORMISTON HOSPITAL STAGE 1 EXPANSION

All values in this report are in NZ dollars unless stated otherwise.

DEVELOPMENT EXCELLENCE AWARDS 2025 - WINNER - HIGHLY COMMENDED HEALTH SOCIAL INFRASTRUCTURE | MACARTHUR

HEALTH PRECINCT STAGE 1 (GENESISCARE, CAMPBELLTOWN)

As part of its sustainability efforts, hard copy Annual Reports will no longer be mailed unless specifically requested by Unit Holders. As with previous results, the full Annual Report will be emailed to Unit Holders and will be available on the NZX and be posted on Vital's website: https://www.vitalhealthcareproperty.co.nz/financial-results/. This initiative will save approximately 252,000 pages of printing per annum and reduce our greenhouse gas emissions both through reducing printing and mailing.

Investors who would like to receive a printed Annual Report can request one by calling Computershare on +64 9 488 8777, emailing enquiry@computershare.co.nz or mailing a request

to: Computershare Investor Services Limited, Private Bag 92119, Auckland 1142.

4 | VITAL HEALTHCARE PROPERTY TRUST

Northwest (Australia and New Zealand) is the manager of Vital, with over 50

professionals in the region. We have offices in Auckland, Melbourne and Sydney.

TSX listed owner and manager of NZ$10.3b of healthcare infrastructure across four continents.

Vision

Be the leading global diversified healthcare real estate entity.

Mission

Provide best in-class real estate solutions to the healthcare industry and deliver exceptional shareholder value to investors.

Values

EXCELLENCE

Delivering exceptional outcomes

INTEGRIT Y

Doing what's right

PARTNERSHIP

Succeeding together

ANNUAL REPORT 2025 | 5

Vital is an NZX listed property trust which owns ~$3.2b of healthcare property in New Zealand

and Australia.

Vision

To be Australia and New Zealand's leading listed healthcare property fund.

Mission

Deliver stable and growing total Unit Holder returns, including an attractive risk-adjusted income distribution, sourced from healthcare real estate.

6 | VITAL HEALTHCARE PROPERTY TRUST

Overview of Vital1

NORTHERN TERRITORY

WESTERN AUSTRALIA

4%

SOUTH

AUSTRALIA

8%

QUEENSLAND

12%

NEW SOUTH WALES

21%

VICTORIA

22%

TASMANIA

1 All numbers quoted on this page relate to income producing properties only and exclude strategic land holdings.

ANNUAL REPORT 2025 | 7

30%

NORTH ISLAND

$3.2b 5.5%

Avive Clinic, Melbourne

PORTFOLIO VALUE

WEIGHTED

AVE CAP RATE

3%

SOUTH ISLAND

$148.8m NET PROPERTY

INCOME

18.5 years WALE

8 | VITAL HEALTHCARE PROPERTY TRUST

Key Numbers

Tenant diversification

% of Rent

21.9%

18.4%

1.5%

1.7%

2.3%

3.0%

3.0%

4.2%

Sub-sector diversification

% of Value

13.7%

13.9%

16.4%

AMBULATORY

CARE

A

C

M

A

B

R

U

E

L

2

A

2

T

.

O

2

R

%

Y

22.2%

SPECIALT Y HOSPITAL

19.7%

58.1%

%

8

.

7

7

L

A

T

I

P

S

O

H

ACUTE

HOSPITAL

1 Joint venture between Evolution Healthcare and Allevia

ANNUAL REPORT 2025 | 9

9.75cpu

FY26 DISTRIBUTION GUIDANCE

$4.9m

LIKE-FOR-LIKE NET PROPERTY INCOME GROWTH OVER FY25

~$2.2b

COMMITTED AND POTENTIAL DEVELOPMENT PIPELINE

2.0%

DISTRIBUTION 10-YEAR CAGR PER ANNUM FY15 - FY25

42.1%

BALANCE SHEET GEARING

Maitland Private Hospital, Maitland

10 | VITAL HEALTHCARE PROPERTY TRUST

FY25 Key Events

JULY 2024

QUARTER 2

OCTOBER 2024

• A$57.4m Macarthur Health Precinct Stage 1 (GenesisCare Integrated Cancer and Health Centre) achieved Excellence in Sustainability - Commercial Category at the Master Builder's Association NSW 2024 Awards.

• GRESB - Vital was again recognised as a Global Sector Leader for ESG in Developments for listed healthcare globally.

• Prime Minister Rt Hon. Christopher Luxon opened the $38.1m Ormiston Hospital Stage 1 Expansion, operated by Southern Cross Healthcare.

• Inaugural Climate Related Disclosure was released.

ANNUAL REPORT 2025 | 11

QUARTER 3

JANUARY 2025

• GenesisCare Integrated Cancer and Health Centre awarded 6 Star Green Star Design & As Built v1.3 certified rating.

• $11.5m Level 5 expansion at Wakefield Hospital commenced.*

  FEBRUARY 2025

• Health Minister Simeon Brown officially opened Wakefield Hospital Stage 2 redevelopment, which is operated by Evolution Healthcare.

• South Australia's Minister for Health and Wellbeing,

  Hon. Chris Picton MP officially opened the A$43.4m Playford Health Hub Stage 2 tenanted by Calvary, Sonic Healthcare, GenesisCare, SA Health and Radiology SA.

• Keystone Trust Student awarded the 2025 Vital Healthcare Property Trust Keystone Scholarship.

JUNE 2025

QUARTER 4

MAY 2025

• Ormiston Hospital Stage 1 Expansion achieved Gold in the Health category at the New Zealand Commercial Project Awards.

• Playford Health Hub Stage 2 awarded 6 Star Green Star Design & As Built v1.3 certified rating.

  JUNE 2025

• Ormiston Hospital Stage 1 Expansion achieved an Excellence award in Civic, Health and Arts Category at the PCNZ Awards.

• $1.1b debt refinancing - Vital extended debt maturity to 3.83 years with improved terms and no maturities until March 2027.

*Funding approved in May 2025.

12 | VITAL HEALTHCARE PROPERTY TRUST

Manager's Report

Distributions of 9.75cpu delivered, underpinned by occupancy increasing to 98.6% and structured rent reviews.

Tēnā koutou,

Northwest Healthcare Properties Management Limited (Northwest), the Manager of Vital Healthcare Property Trust (Vital), is pleased to report Vital's results for the year ended 30 June 2025 (FY25).

FY25 highlights included:

• Like-for-like net property income (NPI) up 3.7%1.

• Enhanced occupancy of 98.6% with over 9,400sqm of vacancy leased, primarily space at recently completed developments.

• Distributions of 9.75cpu (consistent with guidance) delivered on a 93.6% AFFO pay-out ratio.

• Completed $1.1b debt refinance, delivering improved terms and longer duration.

• Delivered two value enhancing developments:

  • A$16.0m expansion of Maitland Private Hospital (NSW), completed in September 2024. This expansion provided additional mental health and surgical beds, day oncology chairs, consulting suites and car parking.

  • Stage 2 ($91.5m) of Vital's $141.4m investment into the redevelopment of Wakefield Hospital (WGN). This state-of-the-art facility was officially opened by the Hon. Simeon Brown, Minster of Health in February 2025.

• Commenced an $11.5m capacity expansion of Wakefield Hospital in June 2025.

• Awarded Sector Leader (the highest possible achievement) by GRESB for ESG in healthcare for listed entities globally for development.

• Profitability of our underlying hospital tenants improved with key rental affordability metric increasing to 57% from 51%.2

Our commitment to sustainability

Vital's approach to sustainability is grounded in understanding and addressing the ways our operations affect both people and the environment. We remain committed to actively enhancing our long term sustainability outcomes, both commercially and for the communities in which we operate.

In FY25 we released our first climate-related disclosure, aligned with the Aotearoa New Zealand Climate Standards developed by the External Reporting Board (XRB). This sets out our climate governance, strategic priorities, risk approach and performance measures.

Key highlights this year include:

• Submission to GRESB for the fifth consecutive year, demonstrating continued transparency and performance benchmarking. Results are expected in October 2025.

• Commenced climate-resiliency property assessments to better understand and manage physical climate risks.

• Achieved 6 Star Green Star Design & As Built certifications at Playford Health Hub Stage 2 and the GenesisCare Integrated Cancer Centre, seeking to deliver sustainable design, construction and resilient properties.

• Continued implementation of our Refiect Reconciliation Action Plan (RAP), tracking against key initiatives that support reconciliation and cultural awareness.

• Leveraged an industry-leading modern slavery platform, with suppliers actively participating in risk assessments and transparency efforts.

Portfolio overview

Active asset management remained a high priority throughout FY25.

Over 51,000sqm of space were leased, extended or renewed during the year, representing 22% of Vital's total income and 20% of the portfolio's lettable area, locking in secure, defensive and long term cashfiows for Unit Holders.

These strong leasing outcomes, including over 9,400sqm of new leasing activity, lifted portfolio occupancy from 98.0% to 98.6% and increased weighted average lease expiry (WALE) by 0.2 years to 18.5 years, despite the passage of time.

It is worth noting that Vital's WALE was 18.1 years in FY20, increasing despite five years passing refiecting leasing, developments, divestments, acquisitions and other initiatives undertaken during this time.

The weighted average valuation capitalisation rate on Vital's property portfolio softened to 5.54% at 30 June 2025, resulting in an unrealised value reduction of $96.7m. Signs have emerged that valuations are stabilising.

1 On a like-for-like, constant currency basis

2 Rent cover ratio = Rent / EBITDAR (Earnings before interest, tax, depreciation, amortisation and rent) for last twelve months to 31 March 2025.

3.7%

INCREASE IN LIKE- FOR- LIKE NET PROPERT Y INCOME

~$3.2b

PROPERT Y PORTFOLIO

ANNUAL REPORT 2025 | 13

2024 GRESB SECTOR

LEADER - DEVELOPMENTS

In conjunction with our highly supportive banking group, $1.1b of debt extensions were completed in the year resulting in:

• Improved terms, multicurrency fiexibility and pricing enhancements

• Weighted average debt duration extended to

  3.8 years with no debt maturing until March 2027

• Interest rate hedging cover increased to 82%, with a weighted average duration of 3.2 years

Playford Health Hub, Adelaide

Developments

Good progress was made during the financial year in completing Vital's committed developments.

The projects at Maitland Private Hospital and Wakefield Hospital totalling $108.8m were successfully operationalised in FY25.

New opportunities are being considered on a selective value adding basis and include the commencement of a new $11.5m capacity expansion project at Wakefield Hospital.

At 30 June 2025, Vital had $249.9m of developments under way in New Zealand and Australia, with approximately $36.9m remaining to spend (excluding land costs).

Acquisitions

No significant acquisitions were made during FY25.

Divestments

Over FY25, the following assets were divested, realising gross proceeds of $49.7m:

1. In October 2024, the sale of Hirondelle Private Hospital (NSW) to a private investor settled for A$24.0m.

2. In December 2024, Epworth Rehabilitation (VIC) was sold with vacant possession to Arcare for A$19.3m as services ceased at this facility. This sale included two adjacent residential houses.

3. In May 2025, a residential house in Sydney no longer required for expansion of a nearby Vital asset was sold for A$1.7m.

The above sales were achieved at an average 7.0% discount to book value.

14 | VITAL HEALTHCARE PROPERTY TRUST

Net property income

Net property income increased by 3.7% over FY25 (on a like-for-like, constant currency basis), refiecting contributions from the structured rent reviews from the portfolio, improved occupancy and leasing outcomes.

In FY25, approximately 83% of Vital's rent was linked to CPI, with 75% of this having a weighted average annual cap of

~3.6% with the balance being uncapped. This rent review structure is designed to provide Vital's Unit Holders with sustainable income growth opportunities.

Financial results

Cash from operations (measured by AFFO) was $70.4m (down 3.5%) and 10.41cpu (down 4.5%). This outcome refiects increased tax expense, following law changes, and interest expense versus growth in net property income after taking into account the impact of completed developments and divested property.

Expenses were $71.4m, 1.1% higher than FY24 refiecting higher borrowings costs and strategic transaction costs, offset by lower management fees.

Vital's NTA per unit decreased by 7.9% to $2.47 primarily due to $96.7m of unrealised property revaluation losses attributable to +23bps portfolio capitalisation rate softening, partially offset by development margin gains, rental growth

and leasing. Additionally there were $28.7m of unrealised fair value losses on the value of derivatives driven by the declining interest rate environment.

Capital management

Vital's strong balance sheet was maintained throughout FY25, with gearing as at 30 June 2025 of 42.1%, well below financial covenants.

During FY25, with the strong support from Vital's banking partners, over $1.1b of debt facilities were extended on improved terms and fiexibility resulting in a weighted average duration of 3.8 years at 30 June 2025 and no debt maturing until March 2027. 82% of Vital's borrowings were hedged at an average fixed rate of 3.32% at 30 June 2025.

Vital's distribution reinvestment plan remained active for FY25 raising $6.2m to fund Vital's development opportunities. A 2.0% issue price discount applied on and from the third quarter distribution payment.

FY26 guidance

The Board and management are pleased to provide FY26 distribution guidance of 9.75cpu (payable quarterly), consistent with FY25 distributions.

Refer to disclaimer on back page of this report for limitations to this guidance.

GenesisCare Integrated Cancer and Health Centre, Sydney

ANNUAL REPORT 2025 | 15

New Zealand healthcare sector

New Zealand's private healthcare sector continues to perform well, with strong underlying demand for services being experienced by our key hospital tenants.

Signs have recently emerged of the stabilisation in property valuations and construction costs, although still high, are moderating. We expect demand for new private healthcare infrastructure to emerge over the coming year.

Australian healthcare sector

The broader Australian healthcare sector is showing signs of emerging from its recent short-term challenges, as pressures from health infiation, private health insurance funding dynamics and higher interest rates begin to moderate.

Hospital operator profitability continues to improve as the impact of recently renegotiated private health insurance rates takes effect, however this has yet to fully translate into broader confidence in the sector.

Longer term healthcare sector thematics

Over the long-term, sector thematics for New Zealand and Australian healthcare services are unchanged and positive.

A strong and viable private healthcare sector remains fundamental to the delivery of healthcare services across both countries.

FY26 outlook

We believe the Vital business is well placed for FY26 and beyond as we begin to see many of the headwinds that have impacted healthcare property and the real estate sector more generally begin to abate, including higher interest rates, operator challenges in Australia and a risk off position from investors.

The recovery in New Zealand is further advanced than Australia, with continued strong operator performance and a stabilisation of property valuations and moderation in construction costs observed.

The continuation of this trend will allow the fundamentals of the Vital business to again emerge including strong demand for health services, an attractive income return from a diversified tenant base and opportunities to leverage the embedded value in the Vital portfolio.

The Board and management remain confident around Vital's strategy for delivering medium-long term returns for our

Unit Holders.

We encourage you to join us and look forward to welcoming you to our Annual General Meeting being held on 6 November 2025.

Nā māua noa, nā

Ageing and growing populations, rising life expectancies and continued technological advancements in health solutions, combined with public funding capacity constraints underpin Vital's confidence in the sector and its ability to deliver longterm risk adjusted returns for Unit Holders.

Vital's strategic positioning

Vital's property portfolio is characterised by high-quality, well located healthcare properties with embedded development opportunities that can be activated over time.

Graham Stuart

Independent Chair

13 August 2025

Chris Adams

Co-Head A/NZ Region

This, combined with high income security afforded by a long weighted average lease term (WALE) to a high-quality and diversified tenant mix, provides the expectation for Vital to deliver long term Unit Holder value.

Northwest Healthcare Properties Management Limited, the Manager of Vital Healthcare Property Trust

Vital has completed over $272m of capital recycling initiatives since FY23, including

~$50m in FY25, investing the proceeds from the sale of these non-core properties into high-quality developments like the recently completed Maitland Private Hospital expansion and the redeveloped

Wakefield Hospital. This focus on actively curating the property portfolio, offers the potential for enhanced Unit Holder return benefits over the medium term, reflecting enhanced property quality, resilience and performance.

16 | VITAL HEALTHCARE PROPERTY TRUST

Financial Summary

Financial summary

All figures are in New Zealand dollars (NZD) unless otherwise stated

Portfolio metrics

All figures are in New Zealand dollars (NZD) unless otherwise stated

1 Excludes properties held for development

Asset Allocation

ANNUAL REPORT 2025 | 17

The indicative target asset allocations listed below provide an indication of how we could move the portfolio over time subject to appropriate acquisition and /

or development opportunities becoming available.

HOSPITALS

Comprises Targeting

Public, private, speciality, Government supported rehabilitation and mental or high private health health hospitals insurance catchments with

growing populations

OUT- PATIENT/ AMBULATORY CARE

Comprises

Administration, diagnostic services and specialist consulting, primary care out-patient facilities

Targeting

Facilities located in a healthcare precinct1 and/or from where healthcare is delivered

Indicative target portfolio weighting

50 - 70%

(30 June 2025: 78%)

Indicative target portfolio weighting

10 - 20%

(30 June 2025: 18%)

AGED CARE

Comprises Targeting

Residential aged care High quality operators with facilities (excluding substantial balance sheets

retirement facilities) and <45.0% rent/EBITDAR and high-quality infrastructure

Indicative target portfolio weighting

10 - 20%

(30 June 2025: 0%)

LIFE SCIENCES/ RESEARCH

Comprises Targeting

Biotechnology, Specialised facilities and/ pharmaceutical, biomedical, or facilities located in a university, health education healthcare precinct1

and other research facilities

Indicative target portfolio weighting

5 - 15%

(30 June 2025: 4%)

1 Healthcare precinct = area or hub for healthcare delivery typically including at least two of a public hospital, major private hospital, health teaching facility or health research facility

18 | VITAL HEALTHCARE PROPERTY TRUST

Australian Portfolio Overview

WESTERN AUSTRALIA

2

SOUTH

AUSTRALIA

3

QUEENSLAND

2

NEW SOUTH WALES

7

VICTORIA

6

PRIVATE

HOSPITALS

AMBULATORY CARE

• 14 hospitals (acute and specialty - mental health, rehabilitation)

• 5 hospital operators

• 83.0% of AUS portfolio value; 86.0% of AUS portfolio rent

• WALE: 20.7 years

• 6 assets, multiple tenants

• 17.0% of AUS portfolio value; 14.0% of AUS portfolio rent

• WALE: 9.5 years

  
  
  

  ANNUAL REPORT 2025 | 19

  SOUTH AUSTRALIA

• Burnside Hospital - Stepney

• Playford Health Hub - MOB, Retail and Carpark

• Tennyson Centre

• Belmont Private Hospital

• Currumbin Clinic

• GenesisCare Integrated Cancer and Health Centre

• Hurstville Private Hospital

• Kellyville Private Hospital

• Lingard Day Centre

• Lingard Private Hospital

• Maitland Private Hospital

• Toronto Private Hospital

  
  
  

  WESTERN AUSTRALIA

• Abbotsford Private Hospital

• Marian Centre

• 120 Thames Street

• Avive Clinic Mornington Peninsula

• Ekera Medical Centre

• Epworth Camberwell

• Epworth Eastern Hospital

• South Eastern Private Hospital

  ~$2.1b

  201 PROPERTIES (AUS)

  Full details of individual

  properties are available at:

  https://www.vitalhealthcareproperty.co.nz/portfolio/

  1 Income Producing Property (excludes strategic assets)

  20 | VITAL HEALTHCARE PROPERTY TRUST

  New Zealand Portfolio Overview

  NORTH ISLAND

  NORTH ISLAND

  12

  • Ascot

  • Ascot Carpark (Right of Use)

  • Ascot Central

  • Boulcott Hospital

  • Bowen Hospital

  • Endoscopy Auckland

  • Grace Hospital

  • Hutt Valley Health Hub

  • Kensington Hospital

  • Ormiston Hospital

  • Royston Hospital

  • Wakefield Hospital

    2

    SOUTH ISLAND

    SOUTH ISLAND

    • 68 Saint Asaph Street

    • Kawarau Park Health Hub

  PRIVATE

  HOSPITALS

  AMBULATORY CARE

  •9 hospitals (all acute)

  •6 hospital operators

  • 84.1% of NZ portfolio value; 84.3% of NZ portfolio rent

    •WALE: 19.2 years

  • 5 assets, multiple tenants

  • 15.9% of NZ portfolio value; 15.7% of NZ portfolio rent

  • WALE: 10.2 years

ANNUAL REPORT 2025 | 21

Ormiston Hospital Stage 1 Expansion, Auckland

~$1.1b

Full details of individual properties are available at:

14 PROPERTIES (NZ) https://www.vitalhealthcareproperty.co.nz/portfolio/

22 | VITAL HEALTHCARE PROPERTY TRUST

Completed Developments

During FY25, Vital completed two developments with a total development cost of $108.8m. Details of the completed developments follow on pages 24-25 of this report.

Playford Health Hub, Adelaide

ANNUAL REPORT 2025 | 23

24 | VITAL HEALTHCARE PROPERTY TRUST

Wakefield Hospital - Stage 2

Wakefield Hospital has undergone a major transformation to deliver leading healthcare services and is the largest private hospital in Wellington. Vital's contribution capped at a total of $141.4m all in cost for Stage 1 and 2, was reached in June 2024 with the balance funded by operator Evolution Healthcare.

Spanning 6 storeys across multiple buildings and connected via a spacious atrium, this redevelopment provides a seismically resilient facility with 7 fully digital operating theatres, 2 cardiac catheterisation labs, 10 ICU/ HDU beds, a 37-bed inpatient ward, 3,000sqm specialist medical consulting suite, full radiology unit and new administration and front of house areas.

47

NEW BEDS INCLUDING 10 HDU/ ICU BEDS

~10,000sqm

NLA STAGE 2 ONLY

1km

TO WELLINGTON PUBLIC HOSPITAL

5.9%

% OF VITAL' S PORTFOLIO

~$141.4m

TOTAL DEVELOPMENT COST

( INCLUDING $ 91. 5 M FOR STAGE 2 )

January 2025

OPERATIONS COMMENCED

Passive design, thermal performance and energy efficient systems

SUSTAINABILITY FEATURES

ANNUAL REPORT 2025 | 25

Maitland Private Hospital

Located in NSW, servicing the Maitland and greater Hunter region, the two stage expansion increased services capacity for mental health and oncology for operator Healthe Care.

The initial stage of the redevelopment built a new level above the existing mental health ward supporting an increase in the mental health service capacity by 24 beds, including high quality consulting suites, communal areas, group rooms and gymnasium.

The second stage relocated the day oncology unit, providing an increase of 5 chairs to 12, creating an improved space for the provision of services, whilst leveraging the views of the Hunter region.

An additional 67 car parks and improvements to the hospital entry interface and roadways were also completed as part of Stage 2.

24

NEW MENTAL HEALTH BEDS + 4 SURGICAL

BEDS REFURBISHED

1,155sqm

NLA

1.8km

TO MAITLAND HOSPITAL

4.7%

% OF VITAL' S PORTFOLIO

~A$16.0m

DEVELOPMENT COST

September 2024

PRACTICAL COMPLETION ACHIEVED

Utilisation of existing common plant to minimise additional infrastructure

SUSTAINABILITY FEATURE

26 | VITAL HEALTHCARE PROPERTY TRUST

Asset Management Case Study

Wakefield Hospital, acquired by Vital in 2017, has been transformed to provide high quality healthcare in a state-of-the-art private hospital and specialist facility, in partnership with Evolution Healthcare.

• Vital has contributed a total of $141.4m to the major redevelopment of Wakefield Hospital (Stage 1 and 2).

• The asset is strategically located ~1km from the Wellington Public Hospital.

• A 30-year lease term will commence from Stage 2b practical completion, forecast for late 2025.

• Level 5 expansion commenced in January 2025 to fitout 34 additional surgical beds, unlocking existing shell space, with a blended net yield of ~7.0%.

• Future operating theatre expansion planning is already under way to meet healthcare demand.

  Under Vital's ownership, the redevelopment has transformed the facility, delivering improved

  sustainability and seismic resilience, increased rental income, lease duration and property valuation.

  	4 MAY 2017 ( AT ACQUISITION)	30 JUNE 2025	IMPROVEMENT
  Rental Income	~$1.4m	~$11.1m	693.0%

  
  
  

  ANNUAL REPORT 2025 | 27

  Leasing Highlights

  68 ST ASAPH STREE T

  • Renewed car parking agreement - designed to optimise operations and increase income

  • New Lease to Basis, improving occupancy to 82%, up from 71.1% in FY24

  • Strong interest in remaining unlet space

  120 THAMES STREE T

  • Vacancies successfully leased

  • Asset occupancy 100.0% post balance date, up from 75.7% in FY24

  TENNYSON CENTRE

  • Strong tenant retention with all major tenants renewed, maintaining asset occupancy at 100.0%

  • WALE 6 years

  ASCOT HEALTH PRECINCT 1

  • Ascot Central

    • ~4,800sqm GFA

    • 100.0% leased, up from 96.9% in FY24

    • 15 tenants, anchor tenant Fertility Associates

    • WALE ~5.0 years

  • Ascot

    - ~11,400sqm GFA

    • 100.0% leased, up from 98.4% in FY24

    • 11 tenants, anchor tenant, Allevia Health

    • WALE ~15 years

  • Ascot Carpark

    • 97.3% leased, up from 91.5% in FY24

PL AYFORD HEALTH HUB

• Strong tenant covenants including being anchored by the South Australian Government (OPERA Clinic and Lyell McEwin Renal Dialysis unit)

• Occupancy increased to 92% since practical completion in May 2024

1 Health Precinct = area or hub for healthcare delivery typically including at least two of a public hospital, major private hospital, health teaching facility or health research facility

28 | VITAL HEALTHCARE PROPERTY TRUST

Committed Developments

Vital has five committed developments under way at a total projected cost of $249.9m with $36.9m remaining to spend.

Vital's committed and potential development pipeline of ~$2.2b (assuming strategic land is fully developed)1 remains extensive with a focus on asset resilience, quality and portfolio growth.

1 This potential development pipeline is expected to be delivered over a long period of time (~10 years) and is subject to market conditions being supportive and a range of other requirements including minimum tenant precommitments.

RDX, Gold Coast (Artist's Impression)

ANNUAL REPORT 2025 | 29

Boulcott Hospital, Wellington

SUSTAINABILIT Y FEATURES

Immediately adjacent to the public Hutt Valley Hospital and Vital owned Hutt Valley Health Hub, Boulcott Hospital is undergoing a refurbishment and expansion to increase theatre capacity and support services, whilst maintaining operational continuity.

This complex refurbishment and expansion includes 2 additional operating theatres, increased capacity within the day stay and recovery units, a new kitchen and associated support services.

Master planning has commenced for future expansion at Boulcott Hospital and Vital's adjacent site at Hutt Valley Health Hub.

An Importance Level 3 facility (building code and seismic rating compliance)

Passive design and thermal performance

Energy efficient systems

Reduced embodied carbon

$24.8m

estimated development cost

20.0 years1

WALE

~6.0%

yield on cost

Mid-25

forecast completion

1 Estimated on practical completion

Boulcott Hospital, Wellington (Theatre - under construction)

30 | VITAL HEALTHCARE PROPERTY TRUST

Endoscopy Auckland, Epsom

SUSTAINABILIT Y FEATURES

Adjacent to the existing Vital owned Endoscopy Auckland on Gillies Avenue in Epsom, this 1,400sqm new stand alone endoscopy and day surgery facility at 22 Kipling Avenue

is under construction and will be operated by a joint venture between Evolution Healthcare and Allevia Health.

This 3-storey facility will provide 4 procedure rooms, a sterile services department, associated support services and basement parking. Construction works are materially progressed with internal fitout works well under way.

Consent for an on grade car park at 24 Kipling Avenue to support the new facility has been granted and works are expected to commence in August 2025.

An Importance Level 3 facility (building code and seismic rating compliance)

Passive design and thermal performance

Reduced embodied carbon

Energy efficient systems

$32.2m

estimated development cost

20.0 years1

WALE

~5.4%

yield on cost

Mid-late-25

forecast completion

5 Star Green Star design review rating has been lodged

Render

1 From practical completion