FY25 Annual Results Presentation
Driving operational performance
13 AUGUST 2025
Contents
Investing in Healthcare Property
across Australia and New Zealand 3
FY25 Highlights 6
Financial Results and Capital Management 11
Property and Sector Update 17
Development Activity 21
Outlook 26
Appendices 28
Presenters
Chris Adams
CO-HEAD,
ANZ REGION
Michael Groth
CHIEF FINANCIAL OFFICER
Richard Roos
CO-HEAD,
ANZ REGION
All amounts are in NZD unless otherwise shown VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 2
Investing in Healthcare Property across Australia and New Zealand
VITAL IS THE ONLY SPECIALIST HEALTHCARE LANDLORD LISTED ON THE NZX
Australia New Zealand
DELIVERING ON STRATEGY
Active property management with both occupancy and WALE enhanced
~$2.1b
20 * PROPERTIES;
5.5% WACR
~$1.1b
14 * PROPERTIES;
5.6% WACR
Two value enhancing developments delivered
$11.5m accretive capacity expansion at Wakefield initiated
$1.1b debt refinance secured on improved terms and fiexibility
NZ 9.75cpu
DISTRIBUTION PAID IN FY 25 AND GUIDANCE MAINTAINED FOR FY 26
HIGH- QUALITY PORTFOLIO
Further enhanced over the past two years through non-core asset sales
Predominantly located in health precincts Diversified by geography and tenants
18.5years
WALE 1
*Excludes strategic land held for development
1 Inclusive of landlord options
2 On a constant currency basis
~$3.2b
34 * PROPERTIES;
5.5% WACR
3.7%
LIKE- FOR- LIKE, NET PROPERT Y INCOME GROWTH 2
EMBEDDED VALUE
Strategic land holdings and brownfield expansions potential over time
Unmatched healthcare property development team
MEDIUM- TERM OUTLOOK
Hospital operator profitability improvements emerging Attractive tenant demand dynamic and sector fundamentals
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 3
Growing demand for healthcare
Ageing population and growth (including chronic disease) supported by recent and proposed government policy / funding
Growing need for health and life sciences space
Health and life science growing rapidly, driven by increased funding and emerging technologies
Sustained population migration
Shift of population creating outsized need for medical facilities in local markets
Transition towards healthcare precincts
Demand for precincts that combine educational and clinical facilities with other amenities
Increased M&A activity
Consolidation and transaction activity increasing number of sophisticated players at scale
Shift to ambulatory care
Increasing number of procedures being performed outside of hospitals
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 4
Why healthcare real estate?
Vital focuses on the cure parts of the healthcare real estate spectrum; a defensive asset class that provides attractive risk-adjusted returns, driven by an ageing and growing population
Ormiston Hospital Stage 1 Expansion, Auckland
7
7.3% gross yield1
Defensive, diversified and long duration cash flows
5
Embedded value in strategic land for shovel ready developments
3
Sector tailwinds underpinned by robust consumer demand
1
Majority independent board and experienced management team
4
High-quality portfolio
2
Why invest in Vital?
Unit Price trading at a 19.8% discount to
NTA of $2.47 per unit
6
1 Based on 12 August closing price of $1.98 per unit assuming NZ domiciled investor with a 33% tax rate. Cash yield before tax benefit is ~4.9%.
RDX, Gold Coast (Artist's Impression)
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 5
FY25
Highlights
Wakefield Hospital Stage 2, Wellington (Development now completed)
FY25 Highlights
OPERATIONAL PERFORMANCE FOCUS DELIVERED STRONG LEASING OUTCOMES,
COMPLETION OF HIGH-QUALITY DEVELOPMENTS AND AN ENHANCED BALANCE SHEET
9.75cpu
DPU maintained, 93.6% AFFO payout ratio
3.7%
increase in like-for-like net property income1
98.6%
Occupancy,
up 0.6% versus FY24
18.5 years
WALE versus 18.1 years in FY20 despite passage of time
3.8 years
weighted average debt duration - no maturity before March 2027
1st
place globally in GRESB for listed healthcare in developments
2
completed developments for total cost of $108.8m
$49.7m
realised from FY25 asset sales at a 7.0% discount to book value
1 On a constant currency basis
Ormiston Hospital Stage 1 Expansion, Auckland
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 7
Portfolio further strengthened
WALE
18.5 years
OCCUPANCY
98.6%
BUILDING A RESILIENT PORTFOLIO
Leasing highlights
The strong leasing success and early extensions increased Vital's WALE to 18.5 years, up from 18.3 years at 30 June 2024.
NEW LEASING & EXTENSIONS
51,000 sqm
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 8
Playford Health Hub, Adelaide
Sustainability achievements
Vital achieved sector leader status (first place) for listed healthcare globally in developments by GRESB1. In addition, Vital was ranked second place across healthcare listed entities globally. These results and awards below
are a reflection of our commitment to sustainability and responsible investment practices.
Sustainability performance is a key driver in:
seeking to advance the long-term resilience and value of our property portfolio by future-proofing against regulatory and climate-related risks
seeking to enhance Unit Holder returns by lowering borrowing costs and improving access to capital markets
Playford Health Hub, Adelaide
2025GRESB SECTOR LEADER IN DEVELOPMENTS FOR LISTED HEALTHCARE GLOBALLY
CIVIC, HEALTH AND ARTS PROPERTY AWARD ORMISTON HOSPITAL - STAGE 1 EXPANSION
2025 NEW ZEALAND COMMERCIAL PROJECT AWARDS -GOLD | ORMISTON HOSPITAL - STAGE 1 EXPANSION
GOLD AWARD FOR VITAL'S ANNUAL REPORT
MBA NSW 2024 AWARDS - EXCELLENCE IN SUSTAINABILITY - COMMERCIAL CATEGORY | MACARTHUR HEALTH PRECINCT
STAGE 1 (GENESISCARE, CAMPBELLTOWN)
DEVELOPMENT EXCELLENCE AWARDS 2025 - WINNER - HIGHLY COMMENDED HEALTH SOCIAL INFRASTRUCTURE | MACARTHUR HEALTH PRECINCT STAGE 1 (GENESISCARE, CAMPBELLTOWN)
1 The Global Real Estate Sustainability Benchmark (GRESB) is an international and independent standards organisation which reviews over 2,200 entities in 80 markets representing over US$7.0 trillion in investments.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 9
Sustainability
Two 6 Star Green Star 'Design & As Built' developments completed in FY24 achieved 6 Star Green Star certification in FY25
GenesisCare Integrated Cancer and Health Centre, Sydney
17% 45%
BETTER ENERGY LOWER EMBODIED
PERFORMANCE EMISSIONS
13% 100%
BETTER WATER ENERGY FROM
PERFORMANCE RENEWABLE SOURCES
RDX, Queensland -
6 Star Green Star Design certification achieved
Artist's impression
Endoscopy Auckland -Targeting 5 Star Green Star
RDX, Gold Coast (Artist's Impression)
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 10
Playford Health Hub, Adelaide
34%
BETTER ENERGY
PERFORMANCE
25%
BETTER WATER
PERFORMANCE
32%
LOWER EMBODIED
EMISSIONS
100%
ENERGY FROM
RENEWABLE SOURCES
Financial Results and Capital Management
Ormiston Hospital Stage 1 Expansion, Auckland
Financial performance
INCREASED OPERATING PROFIT BEFORE TAX
ACTUAL F Y25 | ACTUAL F Y24 | (%) CHANGE | |
Net property income | 148,834 | 144,533 | 3.0% |
Corporate expenses | (5,854) | (5,798) | (1.0%) |
Management fees | (17,652) | (24,684) | 28.5% |
Realised transaction gains / (losses) | 151 | 479 | (68.4%) |
Strategic transaction costs | (2,872) | - | - |
Net finance expenses | (45,169) | (40,606) | (11.2%) |
Operating profit before tax and other income | 77,438 | 73,924 | 4.8% |
Property revaluations and other losses | (125,231) | (182,127) | 31.2% |
Profit (loss) before income tax | (47,793) | (108,203) | 55.8% |
Adjusted funds from operations (AFFO) | 70,369 | 72,899 | (3.5%) |
Adjusted funds from operations (cpu) | 10.41 | 10.90 | (4.5%) |
Distributions per unit (cpu) | 9.75 | 9.75 | - |
All values shown as $000 Average NZD/AUD exchange rate in the period | 0.9121 | 0.9249 |
LIKE- FOR- LIKE NET PROPERT Y INCOME GROWTH
3.7%
AFFO
10.41cpu
DPU
9.75cpu
Net property income up 3.0%
Rent reviews and development rent partially offset by impact of asset disposals
Higher interest expense as developments complete
Management fees down substantially
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 12
Net property income
RENT REVIEWS AND DEVELOPMENTS UNDERPIN 3. 0% NET PROPERTY INCOME GROWTH
NET PROPERT Y INCOME ( NPI)
+3.0%
LIKE- FOR- LIKE NPI
+3.7%
OCCUPANCY IMPROVEMENT TO 98 . 6 %
+0.6%
NE T PROPE RT Y INCOME DRIVE RS
($M)
4.9
(11.0)
9.6
1.4
148.8
144.5
(0.5)
160
Positive leasing momentum and results achieved:
+$9.6m additional development income
+$4.9m income from rent reviews and increased occupancy Partially offset by current and prior year property disposals
155
150
145
140
135
130
125
120
~82.5% of Vital's leases (by income) are CPI linked
115
110
105
100
FY24 Development income
Rent reviews and leasing activity
Disposals(1) Amortisation and other(2)
Foreign exchange
FY25
1 Disposals of non-core assets; Epworth Brighton (VIC), Alverna Grove (VIC), Hurstville Houses (NSW) and Hirondelle Private (NSW)
2 Amortisation, non-recurring R&M and abatements
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 13
Balance sheet
STRONG BALANCE SHEET AND CAPITAL POSITION
WEIGHTED AVERAGE PORTFOLIO CAP RATE
SOFTENED BY 23 BPS TO
5.54%
NET TANGIBLE ASSETS PER UNIT
DOWN 22 CENTS TO
$2.47
NEW EQUIT Y RAISED VIA DRP
$6.2m
Strong balance sheet:
Property values stabilising
$133m investment in developments and value-adding capex
Proceeds from asset sales, debt liquidity and DRP funded development spend
30 JUNE 2025 | 30 JUNE 2024 | (%) CHANGE | |
Investment properties1 | 3,211,860 | 3,239,973 | (0.9%) |
Other assets | 36,232 | 64,786 | (44.1%) |
Bank debt | 1,368,449 | 1,292,653 | 5.5% |
Other liabilities | 200,128 | 206,979 | (3.3%) |
Debt to gross assets2 | 42.1% | 39.1% | 3.0% |
Unit Holder funds | 1,679,515 | 1,805,126 | (7.0%) |
Units on issue (000s) | 678,896 | 671,923 | 1.0% |
Net tangible assets ($/unit) | 2.47 | 2.69 | (7.9%) |
All values shown as $000s Period end NZD/AUD exchange rate | 0.9275 | 0.9131 |
1 Including property held for sale
2 Calculated in accordance with Vital's Trust Deed
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 14
Capital management
MA JOR DEBT REFINANCE COMPLETED - IMPROVED TERMS AND DURATION
BANK FACILITIES | 30 JUNE 2025 | 30 JUNE 2024 |
Debt to gross assets (Trust Deed)1 42.1% 39.1% | ||
GEARING - TRUST DEED
42.1%
WEIGHTED AVERAGE DEBT MATURIT Y
INTEREST COVER
3.0x
TOTAL DEBT ABLE TO BE DRAWN IN MULTI- CURRENCY
Bank loan to value ratio - actual2 | 43.6% | 40.4% |
Bank loan to value ratio - covenant | 55.0% | 55.0% |
Weighted average duration to maturity | 3.8 yrs | 3.5 yrs |
Undrawn facility limit (A$) | $56.8m | $144.0m |
DEBT MATURIT Y PROFILE - 30 JUNE 2025 ( A$M)
3.8 years ~$728m
$500
$450
$400
$350
$300
$250
$200
$150
$100
$50
$0
FY26 FY27 FY28 FY29 FY30
FY31
FY25 proactive capital management focus:
$1.1b debt facilities refinanced
Strong banking partner support and appetite Improved terms, multi-currency fiexibility and pricing No debt maturing until March 2027
Headroom sufficient to cover committed development spend
FY32
Defensive, diversified and long-dated cash fiows, together with disciplined capital management support current gearing levels.
1 Trust Deed debt ratio is based on total borrowings to gross asset value of the Trust
2 Bank LVR is based on total indebtedness to secured property value as determined by external valuers
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 15
Interest rate hedging1
INTEREST R ATE RISK EXPOSURE SUBSTANTIALLY MITIGATED
3.57%
72%
Hedged
42%
Hedged
3.56%
3.68%
19%
Hedged
4%
Hedged
82%
Hedged
3.32% 3.55%
HEDGED AT 30 JUNE 2025
82% at 3.32%
HEDGED AT 30 JUNE 2026
72% at 3.55%
WEIGHTED AVERAGE INTEREST RATE HEDGE DURATION
3.2 years
FY25
FY26 FY27 FY28 FY29
Interest rate risk management milestones:
$684m interest rate hedging completed
Interest rate risk protection increased and duration extended
1 Excluding borrowing margins and costs
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 16
Property and Sector Update
Ormiston Hospital Stage 1 Expansion, Auckland
Market dynamics
MEDIUM-TERM PROSPECTS FOR PRIVATE HEALTHCARE IN THE INTEGRATED AUSTRALIAN AND NEW ZEALAND HEALTHCARE SECTORS REMAIN STRONG
Focal areas for operators
Prioritising activities which support margin growth and improve operating efficiency
Continued focus on efficiency, case mix management and technology investment
Focus on maximising use of existing assets and select brownfield capacity expansions to drive operating performance
What this means for Vital
NZ operators continue to trade strongly, with potential to support Te Whatu Ora health targets
Performance of Australian operators is improving, following a period in which cost inflation outpaced revenue growth
High-quality, well-located assets will continue to perform
Increased focus on advocacy and engagement
with policy makers, prioritising actions which improve the long-term sustainability of private healthcare
High barriers to entry; replacement costs well in excess of Vital's portfolio value and other barriers protect existing investments
Maitland Private Hospital, Maitland
Performance of Vital's operators continue to improve, demonstrated through improving Rent/EBITDAR (51% vs 57% pcp1)
1 Last twelve months performance to 31 March 2025 VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 18
Portfolio overview
DIVERSIFIED TENANT AND INCOME BASE
% OF RENT
AUSTRALASIA' S HIGHEST QUALIT Y INVESTABLE HEALTHCARE PORTFOLIO
$3. 2B PORTFOLIO DIVERSIFIED ACROSS AUSTRALIA AND NZ
Aurora Healthcare | 18.4% |
Healthe Care | 16.4% |
Evolution Healthcare | 13.9% |
Epworth HealthCare | 13.7% |
Southern Cross | 4.2% |
Allevia | 3.0% |
Burnside | 3.0% |
GenesisCare | 2.3% |
Boulcott Hospital | 1.7% |
Endoscopy Auckland1 | 1.5% |
Other | 21.9% |
(BY VALUE)
WA
4%
NT
QLD
12%
SA
8% NSW
21%
VIC
22%
98.6%
occupancy
NORTH ISLAND
30%
3.7%
NPI growth (like-for-like, constant currency basis)
5.5%
WACR
(5.5% AUS; 5.6% NZ)
82.5%
of rental increases linked to CPI
78%
hospitals
18%
ambulatory care
4%
life sciences
TAS
3%
SOUTH ISLAND
FY26 income growth underpinned by CPI linked (~61%), market linked (~26%) and fixed (13%) rent reviews with no exposure to Healthscope
1 Joint venture between Evolution Healthcare and Allevia VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 19
Lease expiry profile
LOW-RISK EXPIRY PROFILE SUPPORTS SUSTAINABLE, PREDICTABLE AND DEFENSIVE CASH FLOWS
Vital's market-leading WALE increased to 18.5 years, up from 18.3 years in FY24 after a year passing, reflecting asset management initiatives, the strength of Vital's portfolio and tenant demand
Lease expiries over the next three years are below the 10-year average, with no major single tenant exposure
Renewal confidence supported by historical renewal rates
7.5%
5.0%
2.5%
10-year average annual lease expiry of only 1.7%
(as % of total portfolio income)
0.0%
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
FY35
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 20
Development Activity
GenesisCare Integrated Cancer and Health Centre, Sydney
Development update
$108.8m of developments completed in FY25
Run-off of existing committed development program with $36.9m left to be spent
$11.5m Wakefield Hospital Level 5 capacity expansion initiated
~$530.0m of projects completed in the last
five years enhancing the quality and resilience of Vital's portfolio
Development activity is focused on new high-quality facilities, capacity expansion and portfolio renewal to support operators and drive future Unit Holder earnings and value growth
Maitland Private Hospital, Maitland
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 22
COMPLETED DEVELOPMENTS
Wakefield Hospital - Stage 2
Staged redevelopment of Wellington's largest private hospital
$49.9m Stage 1 completed in 2021, $91.5m Stage 2 acute services building operational from January 2025
100% leased to Evolution Healthcare
Seismically resilient facility with base isolators and services movement joints
State-of-the-art operating theatres and catheterisation laboratories
Hospital operations, including surgery, continued throughout this major transformation
Early activation of built space with commencement of
$11.5m capacity expansion project on Level 5
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 23
COMPLETED DEVELOPMENTS
Maitland Private Hospital
A$16.0m mental health and oncology expansion completed in September 2024
100% leased to Healthe Care
Stage 1 included a new level constructed 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
Stage 2 relocated the day oncology unit, providing an increase of 5 chairs to 12, added an additional 67 car parks and improvements to the hospital entry
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 24
COMMIT TED DEVELOPMENTS
Boulcott Hospital - Refurbishment and Expansion
$24.8m ~6.0% Mid-25
estimated yield on cost forecast
development cost completion
Wakefield Hospital - Level 5 Expansion
$11.5m ~7.0% Late-25
estimated yield on cost forecast development cost (blended) completion
Strategically focused on precincts and growing ambulatory care exposure
Grace Hospital - Expansion
$36.7m ~5.5% Mid-26
estimated yield on cost forecast development cost completion
All developments are 100% pre-leased with the exception of RDX which is subject to a 57% 12-month net property income guarantee from practical completion. Signed Agreements for Lease and Heads of Terms are currently below this level at 30 June 2025.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 25
Endoscopy Auckland
$32.2m ~5.4%
estimated yield on cost development cost
Mid-late-25
forecast completion
RDX
A$134.2m
estimated development cost
~5.6%
forecast yield on cost (blended)
Early-26
forecast completion (delayed from Mid-25)
Outlook
Whāia te iti kahurangi ki te tūohu koe me he maunga teitei.
Seek the treasure you value most dearly. If you bow your head, let it be to a lofty mountain.
Whakataukī Māori proverb
Kapa Haka Group from South Wellington Intermediate School performing during the Wakefield Hospital Stage 2 redevelopment official opening
Outlook and guidance
A FOCUS ON FUNDAMENTALS TO DRIVE OPERATIONAL PERFORMANCE AND UNIT HOLDER VALUE
Vital is a 'best in class' investment platform. | |||
FY26 focus 9.75cpu distribution guidance Continued enhancement and optimisation of portfolio Disciplined capital deployment aligned with long-term value creation | Medium term Sector tailwinds Development upside from shovel ready projects and brownfield expansions AFFO and distribution growth | Sustainability Core of everything we do Positive long-term commercial and community outcome focus | |
An attractive risk-adjusted income return, opportunities to leverage embedded portfolio value and underlying demand for health services offer longterm Unit Holder value.
Playford Health Hub, Adelaide
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 27
Appendices
Board and Management
Maitland Private Hospital, Maitland
Kirsty Bowyer joined the team in New Zealand in 2023 and is responsible for overseeing the planning, design and construction of Vital's development projects across New Zealand. With more than 15 years of experience in the construction and property industry including major healthcare infrastructure projects, Kirsty brings a deep and practical understanding of the complexities of healthcare development, combining technical expertise with strategic leadership.
Before joining Northwest, Kirsty spent 13 years at Johnstaff, one of Australia's leading property and construction consultancies. During her time there, she held various senior roles, leading the end to end delivery of capital works programmes across both Australia and New Zealand.
Over the course of her career, Kirsty has delivered more than
$2.5 billion worth of healthcare real estate. Her leadership is characterised by a strong commitment to clinical user engagement, operational efficiency and design excellence.
Kirsty is also a committee member of the New Zealand Health Design Council, where she contributes to national discourse on health infrastructure innovation.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 29
Alex Belcastro, formerly the Chief Business Development Officer at Ramsay Health Care managing a multi-billion-dollar hospital asset portfolio, joined our team in 2021.
Alex leads precinct transactions, leasing and developments. She also provides strategic leadership to the development and leasing divisions and heads our Strategy and Research function.
With over 18 years of specialised experience in social infrastructure, she has facilitated large-scale transactions and developments across public and private sectors.
Her diverse background spans advisory, operational, and ownership roles, adding valuable real estate expertise to our platform.
Holding a Master of Construction Management and a Bachelor of Planning and Design from the University of Melbourne, Alex has also honed her skills through executive education at Harvard Business School.
Chris Adams jointly leads the Northwest business in Australia and New Zealand, and manages Northwest's NZX-listed Vital Healthcare Property Trust, which he has been part of the leadership team since 2017.
He has extensive experience in the property industry in Australia, New Zealand and the United Kingdom, including over 25 years' direct experience in health property.
Chris was one of the founding Executives at ASX-listed Generation Healthcare REIT which was acquired by Northwest in 2017. Prior to that he established Vital Healthcare Property Trust's presence in Australia in 1999 following various roles with the group in New Zealand.
Chris holds a Bachelor of Property from the University of Auckland.
Experienced management team Grace Hospital, Tauranga
Chris Adams
CO-HEAD, A/NZ REGION
Alex Belcastro
SENIOR VICE PRESIDENT
- DEVELOPMENTS AND PRECINCTS
Kirsty Bowyer
VICE PRESIDENT -DEVELOPMENT
Michael Groth has over 18 years' experience as a senior finance executive in the listed and unlisted property funds and funds management industry. Prior to joining the team in 2019, Michael's most recent position was as Group Chief Financial Officer of the Melbourne based and ASX-listed real estate fund manager, APN Property Group Limited.
Michael has extensive experience in financial management and reporting, taxation, treasury and capital management, corporate structuring, acquisitions, disposals and equity raisings in the listed and unlisted property and funds management industry.
Michael holds a Bachelor of Commerce and Bachelor of Science and has been a member of the Chartered Accountants Australia and New Zealand since 2000.
Vanessa Flax joined the team in 2019, prior to which she was a special counsel at Ashurst Australia.
Vanessa has 25 years of deep and broad ranging property law experience in Australia and New Zealand, including acting as primary legal adviser (for approximately 15 years) for Vital and Northwest.
Vanessa's legal experience covers all aspects of real estate property transactions, including acquisitions, divestments and sales, leasing and Crown leasing, development transactions and due diligence.
Vanessa has a Bachelor of Arts and Bachelor of Laws from the University of Witwatersrand, South Africa.
Experienced management team
Playford Health Hub, Adelaide
Vanessa Flax
VICE PRESIDENT, REGIONAL GENERAL COUNSEL
AND COMPANY SECRETARY
Michael Groth
CHIEF FINANCIAL OFFICER
Richard Roos
CO-HEAD, A/NZ REGION
Richard Roos jointly leads the Northwest business in Australia and New Zealand. He has over 25 years' experience in commercial real estate financing, acquisitions and property management, of which the last 17 years have been in healthcare real estate in senior roles for Northwest in Canada and Australia.
Richard is responsible for asset management, transactions, people and culture, and ESG. He is also focused on building and expanding strong relationships with Northwest's operator partners.
VITAL HEALTHCARE PROPERTY TRUST | ANNUAL RESULTS 2025 | 30